Home Store In Memoriam Deborah Newsletter Forum Topics Blogfeed Blogroll Facebook MySpace Contact Us About

FOX Business Bigwig Neil Cavuto and Guest Heap Criticism on Bank of America

Reported by Marie Therese - April 8, 2007 -

Neil Cavuto is supposedly the "fair and balanced" Senior Vice President of the FOX News financial division. His weekday show, Your World with Neil Cavuto, has the least amount of real finanical information I've ever seen on a show that bills itself as the most powerful name in business news. For the past week, it's been a lot of political propaganda and posturing and very little real business news, statistics, or in-depth financial analysis. Unless FOX radically ups the ante, CNBC has very little to worry about when the FOX Business Channel comes online in a few months. For instance, last Wednesday April 4, 2007, after interviewing rabidly anti-Mexican Presidential candidate Tom Tancredo, Cavuto followed up with a segment with John Morganelli, District Attorney of Northampton County, Pennsylvania, who said in no uncertain terms that Bank of America is aiding and abetting the "illegal invasion of our country" by issuing $500 credit cards to non-citizens. With video.

Cavuto set the stage by reporting that nine illegal immigrants had been captured after arriving for work at the Bethlehem Hotel in Bethlehem, Pennsylvania. He made a phony connection between this raid and the fact that two of the detainees had Bank of America VISA cards in their possession. His guest, DA John Morganelli walked a thin line as he implied that Bank of America was acting counter to the law.

DISTRICT ATTORNEY JOHN MORGANELLI: "As you know a few months ago back in February, when Bank of America essentially announced that they were marketing to illegal aliens, you may recall, Neil, that the Latin American director of the bank, Brian Tuite at that time said - Neil, you know, he didn't hide it - he said we're - these people are coming for quality of life, they deserve a chance and he didn't really care if they were here illegally."

Morganelli then went on to say that to protest BofA's decision, he had closed out his own personal account. "This is what they're doing," Morganelli said. "This corporate giant is aiding and abetting violations of federal law."

Of course, John Morganelli knew full well when he made this statement that Bank of America is doing no such thing.

Using that obsequious, silky, ingratiating tone of his, Neil Cavuto made the assertion that "these are legitimate cards", yet went on to comment that people who possess them could use them to "look legit".

BofA itself claims that by issuing these legal credit cards under careful control and with very small limits it has tapped into a huge unserved market and, in their view, they are building a loyal customer base for the future. Every bank in the United States has issued credit cards to foreigners based on proper legal identification from their country of origin and a clean rap sheet. FOX News and people like DA Morganelli only object when the people holding the cards are poor and from nations south of the border.

If people like Neil Cavuto, Tom Tancredo and John Morganelli had their way, the banking laws would be changed so that only citizens of the United States could obtain credit cards.

I predict that, given the history of the lobbying efforts of the credit industry in the United States, Cavuto and his ilk are going down in flames on this issue.

As I watched the tape of this segment, I was struck by a final bit of irony.

Nine poor immigrants were arrested during Holy Week in Bethlehem, Pennsylvania, a city named for the birthplace of a Jewish itinerant preacher-carpenter who irritated the powers-that-be one day two thousand years ago when he drove the moneychangers out of the Temple in order to clean the "thieves" out of his Father's house. There are some theologians who believe it was for this act of social and economic protest that Jesus was ultimately arrested, tried and put to death.

Were the prophet Jesus to be arrested today for a similar crime, the pundits on FOX News would be the first in line calling him a "left-wing, anti-capitalist, un-American anarchist rowdy" and would take to the airwaves demanding that he be punished to the fullest extent of the law!