Irving’s Trevor Ahlberg likes shooting elephants, charging exorbitant fees on payday loans, and donating money to conservative causes. He likes that last one so much that — through his company, Cottonwood Financial — he’s donated close to $1 million to conservative Texas politicians since 2009. Texans For Public Justice released a report earlier this week highlighting the top recipients of predatory-lending cash, and the top givers. The recipients list was obvious: Texas Speaker of the House Joe Straus, Lt. Gov. David Dewhurst, Gov. Rick Perry, Attorney General Greg Abbott. Ahlberg topped the donor list, doling out $904,200 between 2009 and 2012. Arlington’s Texas Consumer Lenders PAC was second, with $544,775. TPJ’s Lobby Watch:
By far, the most politically active payday lender is Trevor Ahlberg of Irving-based Cottonwood Financial. This payday king single-handedly invested more than $900,000 in Texas’ last two elections. “The Top Recipients of Predatory Lender Money” table on the preceding page shows that Ahlberg is the industry’s top contributor to most of the politicians who are most indebted to the predatory-loan industry. Lieutenant Governor David Dewhurst collected the biggest Ahlberg payday ($60,000). Ahlberg’s Cottonwood Financial also is the industry’s top contributor to the Mexican American Legislative Caucus.
Two trade groups that doled out more than $500,000 apiece are the industry’s next-biggest contributors. The $62,500 that Lieutenant Governor David Dewhurst took from the Texas Consumer Finance Association makes him the top recipient of its largesse. Meanwhile, the Texas Consumer Lenders PAC was especially sweet on Speaker Straus, who scored $76,000 from this trade group. This PAC raised just over $700,000 in the 2012 cycle, collecting 43 percent of it in South Carolina, 33 percent in Texas and 24 percent in Ohio.
The money, TPJ said, ensures predatory lenders “will continue to have their evil way with the most desperate and least sophisticated borrowers.” If you haven’t read Forrest Wilder’s fantastic first-person story about getting a loan from one of Ahlberg’s Cash Stores, have at it. For the full TPJ report, hit the jump:
4 comments
Damnit. Here we go again with the f’—g nanny state. Not everyone needs to be protected from everything. These things serve a purpose. If you need cash fast, you go. If you are not bright enough (I use that term loosely) to understand how these work then stay away! Let the free market decide. Once enough people get screwed they will quit going OR another loan shop may come in with lower rates which will take away business from the others. The free market will take care of the problem.
Just leave it alone and see what happens! I know this won’t happen because everything has to be dragged down to the lowest common denomenator in our society. It is really beginning to piss me off. Let the free market work. It has for centuries, it will here as well!
These pay day loan predators have a screwed up business model. They need to package these loans up and sell them to Goldman Sachs who will in turn let the hedge funds bet on whether or not they get paid back and when they don’t let the Feds pay them off. This guy is contributing to the wrong party.
I don’t see in the piece where these people who can not get approval for traditional loans/credit should go if these establishments were not around when they are in a jam? Nice to know that Ahlberg likes to hunt elephants, that is helpful and a pertinent detail.
Trevor’s company has also donated to the Red Cross, United Way, Hurricane Sandy clean up, Tornado relief efforts, Veterans benefits and more.
But ya know, let’s just focus on the politics http://www.cashstore.com/sponsorships-and-charity-events