Friday, December 11, 2009

ACORN and Citibank, sitting in a tree,

maybe doing illegal things together...
The reason Wall Street lawyers and board rooms are concerned about ACORN beyond the current political and public relations drawbacks, ACORN’s actions of throwing sensitive private information into a public dumpster containing bank customer records begs the question, is a class action lawsuit in the offing? One document obtained by shows Citibank customers names, addresses and mortgage loan numbers were illegally disclosed, not to mention the very fact that these individuals are on this list reveals their credit worthiness since they are in a default status with regards to paying their mortgage loans.

Wall Street certainly has enough to worry about with a weak U.S. economy and uncertainty in global financial markets. But thanks to ACORN, there is now more to worry about. Citibank’s cavalier treatment of its customers sensitive, personal and financial information is potentially a serious breach of state and federal law. As the depth of the San Diego ACORN office data breach becomes more clear, Citigroup and possibly more banks, will have to prepare for the inevitable onslaught of low-income homeowners lining up to take advantage of what is truly to be a cash bonanza for the poor. Be assured that there will be many law firms willing to help “spread the wealth” to these economically disadvantaged individuals whose personal information was treated with careless disregard.

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