There’s no doubt that Mitt Romney is the candidate of the big banks and Wall Street, but now even payday lenders – the sleaziest sector of the financial industry – have put their money behind him. They know they have a friend in Mitt Romney. According to reports filed with the Federal Election Commission, seven payday loan companies donated a total of $162,500 to Romney’s Super PAC, Restore Our Future. According to a Los Angeles Times article, Restore Our Future declined to comment about the donations.
Payday lenders prey upon the poor, the desperate, and those with little to no credit, offering short-term loans at incredibly high annual interest rates, sometimes as high as 100%, according to watchdog groups. They are essentially legalized loan sharks.
Richard Cordray, the new director of the Consumer Financial Protection Bureau, has said that the agency, created by the 2010 Dodd-Frank financial overhaul legislation, would step up its oversight of the industry. Of course, “Mr. Wall Street” Mitt Romney has said that he would repeal Dodd-Frank. That is what all of his Bain Capital buddies and Wall Street billionaires have paid him to do.