Having covered the 2004 Democratic Convention, I thought that the Rev. Al Sharpton clearly gave the most entertaining speech. Moreover, I thought that he ran a principled campaign though it failed to bear fruit in terms of actual delegates.
He took stands on issues that other candidates, including John Kerry, refused to take. His support for same-sex marriage, for example, was by far the most eloquent--far distancing himself from the rest of the field that opted for the safe shores of nuance.
I felt that Sharpton had gone a long way in demonstrating that he was much more than a loud mouth charlatan that was addicted to media attention--a belief I had maintained since the Tawana Brawley fiasco.
Perhaps I spoke too soon.
Until recently, those living in one of the 20 states where LoanMax does business could have seen Sharpton as its pitchman stating:
"When I'm out fighting for the little guy and I need quick cash I find comfort in knowing that LoanMax is here for me."
LoanMax is essentially a cash checking front for Anderson Financial. It requires customers to sign their car titles away for a loan. LoanMax's interest rate is a staggering 30%!
Thus, Sharpton is a pitchman for a predatory lender. Ironically, before the commercial spots ran, Sharpton had considered a national campaign in opposition to predatory lending.
This is not Sharpton's television debut. He was in a brief reality television series and it has been reported that he will star in a sitcom titled "All in the Family."
LoanMax, however, may be taking things a bit far. Though Sharpton has pulled the spots the damage has been done.
LoanMax targets the same "little guy" that Sharpton claims he is fighting for. One is required to put up their car as collateral, including turning over a second set of keys to the loan officer. The interest rate to pay back the loan has exceeded 350 percent in some cases--and if a single payment is missed the "little guy" will lose his or her car.
According to LoanMax president Rod Aycox, LoanMax makes approximately 500,000 loans a year, repossessing roughly 5 percent, which is roughly 25,000 cars.
Frankly, I go both ways on predatory lending. I fully understand, and support, the intellectual arguments against the practice--it can be nearly impossible to pay off the loan if one has no savings.
But the options are limited for low-income individuals with poor credit who need money. The LoanMaxs of the world serve this population. We can decry their predatory nature, but I don't see a viable alternative.
The question is: should Sharpton use his name to provide LoanMax the cover of credibility? Sharpton is seen as a leader in many minority working-class and poor communities. Which is why LoanMax wanted him to pitch their product. But with that leadership comes responsibility.
Whatever credibility Sharpton has amassed obviously can be leased to the highest bidder. His desire for relevance blinds him to the truth that with each reality television show, sitcom, or pitchman for predatory lenders, he becomes more and more irrelevant.
Moreover, if Sharpton is to stand on the side of justice he can ill-afford to cheapen his cause by stopping for any random advertiser that happens to honk their horn as they pass by his financial street corner.
Unless of course that's his real occupation and he just moonlights as a social justice advocate.