Rick Scott's Top "Let's Get to Work" Donor Just Laid Off Almost 500 People

Categories: Politicks

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Bill Edwards is one of Rick Scott's top individual donors. He wrote a $500,000 check to Scott's Let's Get to Work re-election PAC. Ironically, almost 500 of Edwards' employees will not get to work soon. One of his companies, Mortgage Investment Corp. (MIC), abruptly announced yesterday it's laying off 476 workers, including 256 people at its St. Petersburg headquarters. Fewer than 40 people will remain employed as the company winds down.

Of course, Edwards' MIC has not been without its controversy. It's been accused of misleading customers and violating National Do Not Call Registry rules. In fact, in June the company was hit with a $7.5 million fine, the largest fine handed down for violating the Do Not Call law. What's worse is that many of those misled customers were military veterans.

From the Tampa Bay Times:

The FTC said telemarketers from Mortgage Investors misled service members that the company was affiliated with the U.S. Department of Veterans Affairs and that they could receive low-interest, fixed-rate mortgages at no cost. In reality, regulators said, the company was only offering adjustable rate mortgages that left consumers liable for higher payments with rising interest rates. It also required consumers to pay closing costs.

Edwards, however, doesn't blame those shady business practices but rather new laws. He claims the company couldn't figure out how to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act without going broke.

"We've attempted to decipher all 2,300 pages of the Dodd-Frank Act," Edwards told the paper. "Our entire team has dedicated enormous energy to reviewing all aspects of the new regulations that are now coming into effect. Sadly, we've concluded that it's no longer cost-effective for us to originate new loans for our nation's veterans, nor do we understand how to implement these new government guidelines."

That law was passed in 2010, and the company has had three years to figure it out.

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6 comments
smooth
smooth

Another "lier for life" who went into politics because no one in the business world would hire a known crook. These aren't people they are worms.

drakemallard
drakemallard topcommenter





 

the gop=It's mostly bullchit and garbage, and none of the stuff I tell you is true.”


"Sure, we lie to start wars, hoot people in the face and wipe our wealthy butts with the Constitution. We ignore hurricane victims, war vets, the american people and terrorist threats and blame the results on the last Administration. Yeah, we take bribes and go on golfing trips paid for by lobbyists. Yes, we can't wait to get our grubby hands on your Social Security, shipped your  jobs to China and run up another trillion dollar debt.  make you  take reduced benefits, no overtime and the vanishing pension that disappears the the minute you go to collect it. The true is we don't care about you and your families. We vote for   own raises, healthcare, and pension plans, and you are left to pay the bill. Yes we profited off of disaster, destabilized our currencies, and raised our cost of living.monopolized your freedom, stripped away  education and liquidated your savings, Send your kids to wars base on lies and corp greed destroyed the middle class, and used your tax dollars to bailout are unending greed.  the gop/tea KOCH party


If these elected officials want to keep their jobs, we must petition our government to make them actually do their jobs, or else vote them out of office immediately. Remember: they work for us. It's time they remember that.

People should not be afraid of their governments. Governments should be afraid of their people.  Vote all of the the tea KOCH party Congress Out in Nov 2014




Anthonyvop1
Anthonyvop1 topcommenter

No idea how business works do ya Kyle?

 

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