Shark attack

The attacks against Tom Knox's former role as owner of a bank that gave out payday loans now includes costumes.

Someone dressed up as a shark outside of Knox's North Philadelphia headquarters at Broad and Girard at noon today.

Witnesses (see anonymously sent photos) said the costumed shark had "400% interest" written on one side and "Tommy the Loan Shark" on the other.

Knox's Crusader Bank gave out the high-interest loans — which consumer advocates assail as predatory lending that leads customers into a spiral of crippling debt — before the FDIC insisted that it end the practice in 2000.  It's one of the biggest issues looming over his campaign that rivals make sure to note when spreading dirt about the businessman.

This from an earlier Inky story:

Already, rival campaigns are gingerly suggesting that Knox may be the kind of insider he rails against. Knox also has been involved in complicated business deals that could open him to attack. For instance, a bank Knox headed in 1999 made short-term payday loans, charging interest rates that eventually ran up to 400 percent. Federal regulators told Crusader Bank to stop this in 2000 as a condition of its sale. Knox has defended the loans as a boon to struggling people - but he said he made the right move by getting out of that business.

Heard from someone with connections to the campaign that the costume came from Brady supporters; campaign spokeswoman Kate Philips denies this.  "It sounds pretty damn clever, though," she wrote in an e-mail.

UPDATE (paraphrased via the Next Mayor): KYW reports that the protest was organized by Rev. Shine former head of the Black Clergy. The Clergy endorsed Dwight Evans, but a smaller group of black ministers endorsed Brady.

I'll stick to my source that told me this came from Brady and that Philips disavowed any knowledge that the campaign was involved. Unconfirmed report of Brady's involvement, we'll have to call that.

UPDATE 2: Tom Fitzgerald at Mayorpalooza throws some dots up and connects them for us:

Who did this? Something called the Economic Justice Coalition for Truth, fronted by Alex Talmadge, whose campaign manager in his 2005 race for District Attorney was D.A. Jones, who is campaign manager for Bob Brady for Mayor. Just sayin

Comments

[bradybradybrady]

tom knox for mayor? ridiculous. is the city going to hang itself on another tom knox ripoff scheme?

looking back at the philly inquirer, we can learn how knox made the money with which he is currently financing his campaign:

http://www.philly.com/inquirer/special/mayors_race/Knox__Sales_mogul_sees_himself_as_savior.html

'The bank charged a flat $13 processing fee per $100 borrowed, which the Office of Thrift Supervision said amounted to about 400 percent yearly interest, Knox said. Though some consider payday loans exploitative, he defended them as fair, noting that the documentation requirements were the same as for much larger loans.'

"We had people lined up around the block," Knox said, remembering the average payday loan as about $250. "If you're working and making $300 a week as your pay after tax and something happens - your kid gets sick and you have to take him to the doctor - what do you do?"

ya, well we know now how plans to save phlly, by ripping us off.

no thanks.

the "loan shark" was right on.

tom knox as mayor is an intolerable prospect.

the article listed above is pretty illuminating, quoting his colleagues as saying knox has a "tin ear" for politics.

even criticism from ed rendell:

"'Rendell said Knox was blunt. "He was so strong-headed... I'd have to come in afterward and smooth things over," he said. "He could be the bad guy. It was a good role."'

and '"In business, you snap your fingers, say, 'Do this, do that,' and it gets done," Rendell said. "The trick in politics is you have to persuade people. ... That's the test for Tom."'

at the very least, knox must be tested in the political arena before anyone can claim hes suitable for mayor.

no wonder this guy attracted an sec investigation. what kind of scandal and acrimony awaits us should we be cursed with such a cynic as mayor?

one shudders at the thought...

btw, theres more on knox's ethical bankruptcy here in a daily news article:

http://www.thenextmayor.com/vault/20070220knox.html

knox is totally unacceptable. period.

[bradybradybrady]

additionally, the city paper

http://www.citypaper.net/articles/2007/04/05/knox-landing

gives us an abbreviated overview of the knox problem:

'He is an uncompelling speaker and may not be able to be the public booster this city needs. He's light on public-service experience, so we don't know if he's in it for ego or compassion. The highly usurious loans his bank made (up to 400 percent interest rate) to poor people is not characteristic of a white knight of the underclass. In addition, his behavior with Bob Brady screams of pettiness. Challenging a document is one thing, but a jihad against Brady's pension with a non-taxpayer entity was never the issue before the court. How is Knox going to govern if he's so vindictive? His tactic of trying to discredit the only other white candidate in the mayor's race should be considered by voters.'

...but they do use the word - userer.

for all knox's rhetoric about growing up among working philly,
one would hope that he would have some empathy for those who still live in the kind of neighborhood he left. apparently he does not.

it seems the only way knox can 'take the "for sale" sign off city hall' is to buy it with his loan-sharking profits. some reformer.

we need to get serious about dealing with the future of working philly if the 'city of the future' is to be a place where anyone will want to live.