Russell Simmons, Original Banksta
A good number of you guys will be turned off from reading this post by the picture next to it. I cannot say that I blame you. Most of you are a little too young to know the story of Russell Simmons and how well it ties into modern day Wall Street lore. As someone who witnessed the evolution of Wall Street into its modern visage, I see many similarities between the street and hip hop.
In the words Biggie (echoed later in Boiler Room ): either you're slinging crack rock or ya gotta wicked jump shot...interpret at your own whim...
Russell Simmons is a bankster,the masturbatory manifestation of all the evils attributed to Wall Street and it's slick haired, slick suited, sell-side peddlers. He lives and breathes the same excesses and manipulations. Except he manages to one up everyone. He manages to pull off the brazen backhanded arrogance of high finance, while grandstanding like a politician or savior. I would argue that the key difference between Russell and Wall Street is that even in its worst hour the BBs at least make money for some of their clients. Simmons on the other hand, is squeezing pennies out of people for whom a quarter is a big deal.
His newest rendition of how to build a billion the Def Jam way, is called the Rush Card. It is a grimy and greasy tactical approach which purports to empower, but (in reality) robs those who can least afford to be taken for an extra buck or two.
I have to admit that I have a personal stake in shining the light on this charlatan. A man who has been selling dreams and delusions to the inner city for over a quarter century. Growing up in NYC I saw Russell rise from floor to ceiling. I admit to feeling a sense of pride at the time. I even felt like a contributor by buying early Run-DMC and Beastie Boys albums. But years have passed and hip hop is no longer a movement or a culture. It has morphed into a nouveau minstrel show that I actively seek to ignore. Today, I watch one of the founders of the genre portraying Robin Hood while he is actually robbin' the 'hood.
We are so afraid to address issues that could even be construed as having a racial tinge these days, that we let people get away with legal, but highly immoral activities...as long as they are part of certain groups.
Russell Simmons (in his own way) is doing very subtly to the Black community via this card, what unscrupulous bankers and con artist mortgage brokers did to retail investors and municipalities with Mortgage Backed Securities not more than a decade ago. He is bleeding the community which gave him his lifeblood and not only is he not being punished, he is being celebrated.
Have a peek at his commentary and compare it with the evidence laid out by Farnoosh Torabi in the link provided above. In case you don't agree with my view, then you too can learn to hustle, like Russell.
True. He is to the black community what the Koch brothers are to Mid-Westerners. These people only care about their own power.
I'm still a fan of the music, but the 'movement' was only talk. I wonder about the generation that grew up who bought in. I'll give this to BB's - they don't pretend to care, and since hypocrisy pisses me off more than anything else, I can respect a person who's HONEST about their selfishness.
And no, I don't think Lloyd is doing God's work.
I don't see how the Koch brothers are relevant at all.
In defence of free markets....he's merely exploiting people's ignorance. This is unethical but not illegal. It helps confirm my belief that we have a power management system, with a side of justice system served with ideology.
How about you explain your comparison instead of acting like you're taking the moral high ground?
In regards to Russell Simmons, I can't say I'm outraged. He may be a complete douche, but there is nothing evil going on here. I like that the article above is very level-headed in its criticism of the RushCard and its selling points.
Is Rush Card still running. I assumed it faded away just like all highly usurious branded prepaid cards. Speaking of which late last year a friend sent me a link about these tacky rappers (YMCM - Wayne & bro) pedding their own branded card.lol.... I actually do believe theirs may have sold especially to hipster teens & preteens.
Simmons is an old G though & definately has a knack for SI. Midas on a side note, do you have a connection with the industry especially with the local moguls..... I may want to talk to you about a tech start up there. Cheers.
nnm
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I don't have a wicked jump shot.
However, I find it hard to blame Simmons. People need to be responsible for themselves. [Insert Atlas Shrugged quote here].
Nobama, I second everything you said with certainty. Great post!
It's time for people to take a little responsibility. You can't continue to blame everyone else for your faults.
I disagree with her first sentence that "you shouldn’t have to pay money to access your money." Who is supposed to pay for ATM, branches, tellers, debit cards, checks? And I don't buy the "you provide a cheap source of funding to the banks for lending" b/c they're not making squat over the 2 grand I keep in my checking account..If you want free access to your money, stick it all under the mattress.
These cards are ridiculous and unsustainable, as our free checking accounts.
ZING
Left out "are"..should read as are our...but good value-add, thanks.
I am only speaking to the Rack card as a product/service. I do not know Russell Simmons personally and will not pretend to know anything about his character or itegrity.
A few things...he is providing a service/product that obviously has a market. It is not illegal to charge a fee for a legal service/product provided just because the people paying for the fee are not as intelligent as you. If the service provided is the only viable option someone has available to them, isn't it better than nothing?
Let's just assume that the type of person that would use a pre-paid debit card would primarily do so to avoid overdraft fees (forget about any criminal reason someone might use one) and after reading the testimonials on the product's website, that seems to be an accurate assumption. If this is an indivual's main motivation to use a pre-paid debit card (to avoid overdraft fees), then we can likely assume these individuals are very fee sensitive probably from a lack of income. The Dodd-Frank bill has essentially eliminated banks ability to charge overdraft fees, but in the abscense of this lost revenue the banks are looking for other ways to make up this revenue. It seems that part of the solution to make up this lost revnue is to start charging fees for once free products, such as checking accounts that do not have minium balances, direct debit, etc. If the fees on the Rack card are lower than the fees being charged on these checking accounts then what's the problem? It seems like a simple cost benefit analysis to me or am I missing something here?
How Russell markets or advertises the product is aother issue, but why is that people take anything for face value nowadays? This is a pre-paid debit card, of course there are going to be hidden fees associated, he has to be making money somehow.
I see these cards all the time biggest joke... along with Check cashing services and check advancing serivces and people in poverty wonder why they can't get out of poverty. Maybe if you lived within your means and stop using my money to pay to feed your kids and your money to buy the newest Jordans. Just maybe people wouldn't take you to be such suckers
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Watched it and thought the same thing. ridiculous.
Your paraphrasing is completely incorrect. CNN gave a much more complex reason for this. You should add a disclaimer.
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Walmart already has that shit on lock. You can cash any payroll, federal, or tax return check for 3 bucks.
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yes and they are usually right next to a package store or a bootleg clothing store... I wonder why....I say the chance both places are owned by the same people is pretty high
you guys are all fuckin heart, lol
an interesting aspect that nobody has brought up is who are the people who GREATLY BENEFIT from using these cards and what do they do for a living?
do i need to launch into how Russ used to peddle crushed up cocaine incense back in the day?
Well, if it wasn't for Russ crushing up that cocaine, his buyers wouldn't have been able to resell it at a small profit and buy formula for their babies and their buyers wouldn't have been able to work the triple shift at the diner to pick up extra tips and put food on their table.
...so it seems to me Russ has been helping people out for decades. Can you say 'new PR manager'?!?!? LOL.
For real, this guy is as much of a con man as the rest of the street is (according to the media, etc.) with the exception being that blacks wouldn't just outright trust a white dude in a suit peddling a stored value care that could save them money...they would assume there was a catch or that they were going to get taking advantage of. With Russell, I'm sure they are much more quick to believe what he is saying and likely to not read the fine print, which leaves them much more exposed to being taken advantage of. Simmons is taking advantage of his image and status in the black community and though I can't fault him for that (since he's making money and it isn't illegal) I am certainly allowed to think it's shady as hell.
Regards
Then you're not listening to the right stuff...
http://www.youtube.com/embed/shbAUTsG8n0
http://www.youtube.com/embed/RSvBMfYTZj8
http://www.youtube.com/embed/DHbUbDwbi_U
http://www.youtube.com/embed/ih1GM8Qf6t8
http://www.youtube.com/embed/f3TPGfCz5LM
http://www.youtube.com/embed/Y0mDigzJXC0
Backpack, snackpack, pudding pop, jetpack :)
Phat farm is the shit. who is down with kimora lee tho??
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