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.
About the author: Mike Adams is a natural health author and award-winning journalist with a strong interest in personal health, the environment and the power of nature to help us all heal He has authored more than 1,800 articles and dozens of reports, guides and interviews on natural health topics, and he has created several downloadable courses on survival and preparedness, including his widely-downloaded course on personal safety and self-defense. Adams is an honest, independent journalist and accepts no money or commissions on the third-party products he writes about or the companies he promotes. In 2010, Adams launched TV.NaturalNews.com, a natural health video site featuring videos on holistic health and green living. He also launched an online retailer of environmentally-friendly products (BetterLifeGoods.com) and uses a portion of its profits to help fund non-profit endeavors. He's also a noted pioneer in the email marketing software industry, having been the first to launch an HTML email newsletter technology that has grown to become a standard in the industry. Adams volunteers his time to serve as the executive director of the Consumer Wellness Center, a 501(c)3 non-profit organization, and regularly pursues cycling, nature photography, Capoeira and Pilates. He's also author of numerous health books published by Truth Publishing and is the creator of several consumer-oriented grassroots campaigns, including the Spam. Don't Buy It! campaign, and the free downloadable Honest Food Guide. He also created the free reference sites HerbReference.com and HealingFoodReference.com. Adams believes in free speech, free access to nutritional supplements and the ending of corporate control over medicines, genes and seeds. Known as the 'Health Ranger,' Adams' personal health statistics and mission statements are located at www.HealthRanger.org
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Sunday, October 26, 2003
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