Northern Valley Beacon

Information, observations, and analysis from the James River valley on the Northern Plains----- E-Mail: Enter 'Beacon' in subject box. Send to: Minnekota@Referencedesk.org

Thursday, September 15, 2005

 

They keep politicians and other state officials in bank vaults, don't they?

The South Dakota Attorney General's office keeps announcing things it is doing in behalf of South Dakota consumers who got dry-shaved by the Dan Nelson Auto Group. (If you aren't sure what "dry-shaved" means, please consult the African American Dictionary of Military Nomenclature, or your neighborhood jiveass.)

Its latest deal is with FSB Financial Ltd., which bought loans from the bankrupt and thoroughly disgraced Dan Nelson Auto Group's in-house loan-sharking operational called Car Now Acceptance. Day-amn. This is probably all very boring, unless you are one of the 369 South Dakotans who got dry-shaved. Under new terms agreed to by the Attorney General's office, the loan rates will be only 17.95 percent and some other provisions are included, according to an Argus Leader story.

In other Dan Nelson-connected news, the Subaru dealership that Nelson crashed will be taken over by the guy who originated it, Terry Schulte, if all the folks who have to approve the deal approve it.

In case you forgot, this story made blog space because the bank that lent Dan Nelson Auto a bit of cash--almost $30 million--had Nelson's good friend and stick-buddy (also a military term) John Thune on its board of directors. The question raised is whether John Thune provided the bank lubricant for Nelson while he dry-shaved a whole bunch of cats out there in Iowa and South Dakota of uncertain financial means who needed cars with a bunco scam. (If you are uncertain about what "bunco" is, ask your Attorney General.)

No evidence has emerged that John Thune helped arrange the loans with MetaBank, even though Dan Nelson Auto was a dubious candidate for such loans at the time they were made. His company was in shaky financial condition and was engaged is some shady practices. The main thing that makes John Thune a suspect in collusion is the dishonest and utterly malicious campaign he conducted in 2004. He can save every friggin' air base in the nation, but that won't lift the huge, stinking albatross from around his neck. Whether the boys were getting it on with lots of lubricant down in the bank vault is not really the issue. The issue is the screwings that take place in the loan departments of various financial organizations.

Now that the Cold War has been declared over for more than 10 years, is there anything that can be done about Little Kremlin--Pierre, South Dakota?

We don't expect Republican legislators to take any interest in all this, but they have, in fact, squealed of late about some of the dry-shaving going on. (Here we continue the operating analogy with an allusion to the movie Deliverance.) They thought it was something of an outrage when the state entered into negotiations with Burlington Northern Santa Fe who wants to buy a state-owned rail line, but keep parts of the deal secret. You see, the Dan Nelson-John Thune-MetaBank arrangement is just a symptom of a state government that does strange things with bankers, and nobody ever knocks on the vault door to ask what is going on in there.

The Democrats in the state legislature are a minority and get dry-shaved often, and we fear that they are beginning to enjoy it. For people without much of a voice, a little abusive attention can be better than no attention at all. We sincerely hope that the Democrats have not reached that state of desperation. But why aren't they making an audible and constant noise about the totalitarian goings-on in state government?

Do our politicians want to operate South Dakota as a sovereign state or as a bank-controlled gulag? It may be late to rattle the tumblers on the bank vault door, but maybe something of democratic principle can be salvaged in this state. Unless our representatives enjoy the dry-shaving.


Comments:
I'd like to provide some details and background information on the South Dakota Attorney General's agreement with FSB.
The most important fact is that FSB, a company based in Arlington Texas has no legal obligation to make any deals that help consumers. FSB is another victim of DNA/SDAC/Metabank, and the press release makes reference to the lawsuit FSB filed against Dan Nelson in May. They purchased 1100 contracts from DNA/SDAC over the past year and a half.
They're just now learning about the fact that the loans they purchased from the consumer loan portfolio, which Metabank allowed Dan Nelson to borrow against, have been "edited", and many of these loans are either inactive or in default. The documents they looked at prior to purchase, indicated the loans were current. However, these loans were continually "edited", with the full knowledge of Metabank to make it appear that payments had been made. In fact, they hadn't been made for some time(321 days for example). In spite of DNA/SDAC/Metabank's criminal actions related to the loans, FSB has taken the high road and decided to try and make things as right as they possibly can for the customers.
Steve Burke, FSB's CEO has been working with me on individual customer's issues for about a month, and prior to that, FSB had already lowered interest rates, paid repair bills, forgave any past due payments, approved lower pay-offs for customers trying to get financing on a different vehicle. They have been completely open to any other ideas that would make it better for the customers, even it meant FSB's loss. Mr.Burke has answered all of my calls and has backed up all of FSB's promises, and even beyond if necessary. He has been personally involved and participated in the resolution of the problems himself. He doesn't have to use "Paid Liars", to do the job, or more acurately to hide behind.
What you need to know is that Metabank's partnership with DNA/SDAC has victimized these large companies as well as the consumers. I resent anyone attempting to show any appearance of impropriety on the part of FSB in this particular situation, because they were hoodwinked by the Used Car Mafia/Metabank.
I want to inform the public about the fact that Metabank is not a victim, but a victimizer.
I have some questions regarding Security National Bank in Sioux City who is the largest holder of Metabank's stock. Metabank recently paid out dividends, according to a press release.
The criminals are still robbing and paying themselves as usual.
I also read about the Robbers of Other Banks, Metabank's charity barbeques in Iowa and South Dakota. Go to their website, if you can stomach it, and get the details. Hey idiots(Tyler and Jim Haahr) didn't your mother tell you charity begins where you live? Take care of the critically wounded consumers whose injuries are the result of your disregard for the law. Maybe some of us should attend your next barbeque which takes place tonight in Sac City, Iowa(check Metabank's website) or next week in Laurens, Iowa? There are also some of these charity barbeques in South Dakota, on the calender if anyone wants to contribute "something" to the assholes in charge mortally injuring consumers.
 
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