Tuesday, January 31, 2017

Russell Simmons Sells The RushCard


Russell Simmons sells his pre-paid debit card company to Green Dot...

According to reports Russell Simmons just unloaded the RushCard for a whopping $147 million dollars.

The RushCard debuted in 2003 and famously went through a month long shutdown in 2015 cutting users off from their cash after a systems upgrade failed [click here if you missed that].

Green Dot is not liable for any settlements from the crash and an investigation by the Consumer Financial Protection Bureau is ongoing.

Green Dot will retain The RushCard name and its 750k card holders.

8 comments:

Anonymous said...

Investigation is way toooooo long.

Kitty B. said...

Russy my man, you smart guy you....sold company, now you're off the hook for the settlements lol

Anonymous said...

Black folks are always the guinea pigs; I saw a commercial this weekend while I was cleaning the house for the SAME kind of card, but marketed to white people. Notice how they're moving people away from having solvent savings...All it takes is a hack and all the money is gone/Those Rush Card people never got their money back. Do yourself a favor and put it under your mattress if you're thinking of a Rush or Pre-paid card. Or just put the bare minimum to pay your bills on it and keep the rest in a safe place. As the old folks say "your money is better with you."

Anonymous said...

My comment got deleted: Black folks are always the guinea pigs; I saw a commercial this weekend while I was cleaning the house for the SAME kind of card, but marketed to white people. Notice how they're moving people away from having solvent savings...All it takes is a hack and all the money is gone/Those Rush Card people never got their money back. Do yourself a favor and put it under your mattress if you're thinking of a Rush or Pre-paid card. Or just put the bare minimum to pay your bills on it and keep the rest in a safe place. As the old folks say "your money is better with you."

Anonymous said...

Professional coon

Anonymous said...

LOL!! Now he wants to sell the company before he really gets sued!!

LaShanda Friedrich said...

I still do not see the appeal of having a Rush card and I do not know the demoographics of people who use them. There are so many banks that will work with people who have a history of bad credit. We need to do better than this! Instead of him uplifting his people and helping them learn the ropes of the financial world, he exploited them and left them vulnerable. Russell added to the already tumultuous relationship blacks have with money in this country.

This lets me know that my dream of providing financial literacy to our youth is all the more warranted.

Anonymous said...

The economy is about to take swan dive off of cliff. Don't let these lamestream media sites fool you. Major power players are selling their shit left and right (credit cards, retail, mortgages, etc.) yeah uncle russy doesn't want the headache of dealing with major lawsuits coming down the turnpike. @9:49 is correct; stash some money in a ziploc bag under your mattress, and have some valuables you can barter with (silver/gold, storable dry food) and find an alternative place to dwell that's outside a major urban area. President Orangutan is going to pull the plug on our economy and all nine levels of hell will break loose.

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