Payday Loan Shark Dogs Mayoral Candidate, Spotlights Controversial Lending Past
Democratic rivals of millionaire Tom Knox finally saw something to smile about yesterday: a guy dressed as a shark outside the Philadelphia mayoral candidate’s campaign office.
The walking, talking fish called itself “Tommy the Loan Shark” and wore a sign reading “400% interest,” a reference to Knox’s much-criticized past involvement in high-interest payday lending.
The appearance by Tommy (below) was one of several attacks on Knox’s cash loan past that sprouted yesterday from anonymous, self-described independent sources.
According to the Philadelphia Daily News, a conference outside Knox headquarters was led by lawyer Alex Talmadge and the Rev. Robert Shine, former head of the Black Clergy of Philadelphia.
They said they represent a newly formed organization whose mission is “exploring the issues of economic justice as they relate to the business practices of Tom Knox.”
Shine and Talmadge declined to say who else is involved in the effort.
Shine said he’d met with Knox and was “appalled” by his involvement in the payday advance business, which he referred to as “credit heroin.”
In the late ’90s Knox bought Crusader Bank, which made payday loans for about 18 months, drawing criticism from federal regulators.
Knox campaign spokesman Brad Katz said yesterday that Shine had asked Knox for financial support for Shine’s church in exchange for Shine’s support of his mayoral campaign. Knox refused, Katz said.
“That’s outrageous,” Shine said of Katz’s allegation. “I never asked him for a dime. I never asked for money for anything, period.”
Shine did say he’d asked Knox to commit to several policy initiatives for the poor, including “service centers” for the young and the elderly.
“Tommy the Loan Shark” was accompanied yesterday by Jim Nixon, a Democrat who was troubled by Knox’s payday cash loan record and who said he is forming his own organization to raise the issue.
“I’d take any of the candidates over him, and I’m going to be with Tommy the Loan Shark all across this city until this thing is done,” Nixon said.
Meanwhile, fliers began appearing in South and West Philadelphia attacking Knox’s fast payday advance lending and touting the record of rival mayoral candidate Congressman Bob Brady, according to the Knox campaign.
Brady campaign spokeswoman Kate Philips said their camp had nothing to do with the fliers or the shark. Katz said the fliers say a lot about Knox’s opponents.
“This just shows you their priorities,” Katz said.