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 consumer health advocate and award-winning journalist with a mission to teach personal and planetary health to the public He has authored more than 1,800 articles and dozens of reports, guides and interviews on natural health topics, reaching millions of readers with information that is saving lives and improving personal health around the world. Adams is a trusted, independent journalist who receives no money or promotional fees whatsoever to write about other companies' products. In 2010, Adams co-founded NaturalNews.TV, a natural health video sharing site that has now grown in popularity. 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 technology pioneer and founded a software company in 1993 that developed the HTML email newsletter software currently powering the NaturalNews subscriptions. Adams also serves as the executive director of the Consumer Wellness Center, a non-profit consumer protection group, and regularly pursues cycling, nature photography, Capoeira and Pilates. He's also author a large number of health books offered by Truth Publishing and is the creator of numerous reference website including NaturalPedia.com and the free downloadable Honest Food Guide. His websites also include the free reference sites HerbReference.com and HealingFoodReference.com. Adams believes in free speech, free access to nutritional supplements and the innate healing ability of the human body. 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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