Hip Hop Mogul Russell Simmons showed up on Wall Street this morning in a CNN live interview to show his support for Occupy Wall Street? That’s right, the rich millionaire who owns a questionable debit card company and media empire in which the whole Occupy Wall Street movement is completely against. Yet, the majority of naive and ignorant protesters stand their in awe of this “celebrity”?
What does this really show us?
Is this a clear sign that the protestors have no real knowledge of how capitalism even works by allowing a man to represent them that is a part of the very same system in which they are protesting?
Simmons “Rush Card” is his most recent pre-paid debit card venture. The pre-paid debit card industry has always been an industry that is built upon a lack of knowledge within the community.
If we compare the fees affiliated with the Rush Card compared to the typical bank offered debit card, we can clearly see the advantage of the cards offered by the banking institutions.
Rush Card vs. Typical Bank Card
Activation Fee: Rushcard = $19.95 Typical Bank Card = Free
Convenience Fee: Rushcard = $1.00 Typical Bank Card = Free
ATM Cash Withdrawal: Rushcard = $1.95 Typical Bank Card = Free (At Branch)
ATM Balance Inquiry: Rushcard = $.50 Typical Bank Card = Free
Bill Payment: Rushcard = $1.00 Typical Bank Card = Free
Inactivity: Rushcard = $2.95 Typical Bank Card = Free
Refund of Rushcard/Bank Card via Check: Rushcard = $5.00 Typical Bank Card = Free
As you see, there is no financial reason for one to choose the Rushcard over a typical banking institution which offers debit cards as a part of their services. With the continuous onslaught of technology, it is becoming increasingly easier to open bank accounts.
As you can see, the HYPOCRISY of both Russell Simmons and the protestors are astounding. So what is the goal of Wall Street protestors if they do not even know what they are doing?