Originally published October 26 2003
Banks Talk Privacy, But They Actually Sell Your Private Data And Fight Privacy Legislation
by Mike Adams, the Health Ranger, NaturalNews Editor
Believe it or not, there's a bill pending in the Senate that would block States from protecting the privacy of consumers. A chief supporter of this bill is Citigroup, the banking conglomerate, according to this story.
In a hilarious act of "making it personal," a group that's in favor of tighter privacy legislation hired a skywriter to write part of the social security number of Citigroup's chief executive in the sky over New York City.
According to this WIRED story, Citigroup has spent $4.6 million lobbying on the bill. That goes to show you just how much of a threat new privacy laws pose to Citigroup's profits.
To many banks, a customer is just a number... just another opportunity to sell your data to a direct marketing firm or business branch that will try to interrupt your day and sell you yet another financial "product." And your social security number? That's for sale, too.
Unfortunately, as States try to answer consumer demand for increased privacy, banks and other institutions are fighting it tooth and nail. Why? Because consumer privacy is bad for business. If they can't sell your customer profile, they lose money. And they don't like that. They don't want to have to engage in permission marketing, after all.
Meanwhile, their PR and marketing departments are going to keep explaining to you in colorful brochures and fancy language just how much they respect your privacy. Just sign right here, on the dotted line, and don't read all that legal language.
Analysis: Financial institutions play the two-faced tango by promising you privacy while lobbying lawmakers to eliminate laws that protect it.
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