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ddayen's profile
David Dayen
David Dayen
David Dayen
@ddayen

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David Dayen

@ddayen

Executive editor @theprospect. Author, Monopolized, Chain of Title. Infrastructure Summer newsletter only at http://prospect.org . #D1A Tips: ddayen-at-prospect-dot-org

Los Angeles, CA
Joined August 2007

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    David Dayen‏ @ddayen 14 Apr 2020

    So here's my scoop: banks have been given the green light by regulators to take the $1,200 CARES Act payments and use them to offset an individual's existing debts.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …

    7:58 AM - 14 Apr 2020
    • 8,868 Retweets
    • 10,610 Likes
    • Tab Burch Jon Doe John Farmer Lindsay Katai Alicia Kanatzar LI Chihuahua Rescue Jason D Bulsa Tom Traver feyza korkmaz
    823 replies 8,868 retweets 10,610 likes
      1. New conversation
      2. David Dayen‏ @ddayen 14 Apr 2020

        I got audio of a webinar between regulators and bank compliance officers. Banks have been asking whether they can use the payments to offset debts. "There's nothing in the law that would preclude that action," Treasury said twice on the call.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …

        34 replies 1,065 retweets 1,650 likes
        Show this thread
      3. David Dayen‏ @ddayen 14 Apr 2020

        This can even happen in the case of a "charged-off" account with a negative balance that a customer abandoned & thought was closed. If direct deposit was set up with the IRS to go to that account, the bank can keep the money & pay off old debt with it.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …

        22 replies 642 retweets 1,152 likes
        Show this thread
      4. David Dayen‏ @ddayen 14 Apr 2020

        I checked with the five largest consumer banks. Only JPMorgan Chase said they would not use CARES Act payments to offset debts. The other four gave no response.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …

        94 replies 1,276 retweets 2,211 likes
        Show this thread
      5. End of conversation
      1. Slava Zilber‏ @v_zilber 14 Apr 2020
        Replying to @ddayen

        @jimmy_dore @LeeCamp @mtaibbi @kthalps @ggreenwald @ryangrim

        0 replies 1 retweet 11 likes
        Thanks. Twitter will use this to make your timeline better. Undo
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      1. New conversation
      2. 15+ min wage and 2K checks 2021!  🗽 🧦‏ @socalmd54 14 Apr 2020
        Replying to @ddayen

        What the fuck

        1 reply 2 retweets 86 likes
      3. d_moto  🌊 🇺🇸‏ @deb_moto 14 Apr 2020
        Replying to @socalmd54 @ddayen

        My words, too....

        0 replies 1 retweet 8 likes
      4. End of conversation
      1. New conversation
      2. LeftWingGuy1066  🐈‏ @LibGuy1066 14 Apr 2020
        Replying to @ddayen

        Its time to stop being nice. It's time to say what Trump is doing. Trump wants more dead people.

        7 replies 3 retweets 36 likes
      3. This Tweet is unavailable.
      4. Show replies
      1. New conversation
      2. Steven Danielson (@ 🏠)‏ @StevenDanielson 14 Apr 2020
        Replying to @ddayen

        wow, that misses the point. the check needs to go to immediate needs not past debts. backwards and short-sighted.

        4 replies 27 retweets 449 likes
      3. This Egg Says #GoogleLASDGangs‏ @cloudy_yah 14 Apr 2020
        Replying to @StevenDanielson @ddayen

        This is intentional. The cruelty is the point.

        3 replies 29 retweets 538 likes
      4. Show replies

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