Comments on: Oh Eliot… http://allfinancialmatters.com/2006/05/09/oh-eliot/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Andrew - Money Supply & Debt Blog http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3803 Andrew - Money Supply & Debt Blog Tue, 09 May 2006 22:44:23 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3803 I suspect Spitzer would like to be President someday. If that is the case, then he is picking his targets wisely. I believe that if you dig hard enough with any business or organization some law, rule, or regulation is being broken somewhere. I suspect Spitzer would like to be President someday. If that is the case, then he is picking his targets wisely. I believe that if you dig hard enough with any business or organization some law, rule, or regulation is being broken somewhere.

]]> By: Guy from CA http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3802 Guy from CA Tue, 09 May 2006 22:04:11 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3802 JLP My problem is that we paying H&R Block for honest advice in doing taxes. They take that opportunity to rip us( the least knowledgeble among us) off with other "products". What if Eliot Spitzer went after unions first, then you would accuse him of being pro-business because he is not doing anything against this ripp-off. I do agree that it is all politics and very little substance but it is better then nothing. Regards JLP
My problem is that we paying H&R Block for honest advice in doing taxes. They take that opportunity to rip us( the least knowledgeble among us) off with other “products”.
What if Eliot Spitzer went after unions first, then you would accuse him of being pro-business because he is not doing anything against this ripp-off.
I do agree that it is all politics and very little substance but it is better then nothing.

Regards

]]> By: Kirk http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3800 Kirk Tue, 09 May 2006 20:18:02 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3800 Pat, The underreporting of income comes from a GAO study where 10 of 19 chain stores didn't report side business income. http://www.gao.gov/cgi-bin/getrpt?GAO-06-563T The selling of tax data comes from a complaint from the California AG's office http://msnbc.msn.com/id/11373754/ Sharing of tax return data is not illegal if you are doing it with companies of shared ownership. So, what the California AG's office is alleging is that it was shared with outside firms for marketing purposes. Not all of H&R Block's workers are bad apples. I'm saying management is and that it does corrupt the organization. Pat,

The underreporting of income comes from a GAO study where 10 of 19 chain stores didn’t report side business income.

http://www.gao.gov/cgi-bin/getrpt?GAO-06-563T

The selling of tax data comes from a complaint from the California AG’s office

http://msnbc.msn.com/id/11373754/

Sharing of tax return data is not illegal if you are doing it with companies of shared ownership. So, what the California AG’s office is alleging is that it was shared with outside firms for marketing purposes.

Not all of H&R Block’s workers are bad apples. I’m saying management is and that it does corrupt the organization.

]]> By: JLP http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3799 JLP Tue, 09 May 2006 20:08:22 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3799 SB, Interesting... SB,

Interesting…

]]> By: SB http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3797 SB Tue, 09 May 2006 19:22:07 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3797 JLP said: "But, Spitzer NEEDS the teachers’s unions, therefore, he will not go after them." I guess he missed this bit of news - "ALBANY, N.Y. (AP) _ State Attorney General Eliot Spitzer canceled his speech to the state's largest teachers' union that endorsed his campaign for governor because he is investigating its leadership, according to a published report." ... "Spitzer is investigating the union's practice of accepting cash from an investment company that is then allowed to try to sell retirement plans to union members." The whole article can be read here: http://www.newsday.com/news/local/wire/newyork/ny-bc-ny--governorsrace-sp0507may07,0,3712741.story?coll=ny-region-apnewyork Regards. JLP said: “But, Spitzer NEEDS the teachers’s unions, therefore, he will not go after them.”
I guess he missed this bit of news –
“ALBANY, N.Y. (AP) _ State Attorney General Eliot Spitzer canceled his speech to the state’s largest teachers’ union that endorsed his campaign for governor because he is investigating its leadership, according to a published report.” … “Spitzer is investigating the union’s practice of accepting cash from an investment company that is then allowed to try to sell retirement plans to union members.”

The whole article can be read here:
http://www.newsday.com/news/local/wire/newyork/ny-bc-ny–governorsrace-sp0507may07,0,3712741.story?coll=ny-region-apnewyork

Regards.

]]> By: mapgirl http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3796 mapgirl Tue, 09 May 2006 19:05:35 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3796 I don't think it's criminal of H&R Block to take advantage of people's impatience and stupidity. It's in the fine print. They're just too impatient to read it, too stupid to understand it, too impatient to get their money. Pure and simple. But you have to admit, they are charging usurious fees. I'm not sure I get the annuity/teacher's union thing. Are the teachers forced to buy the annuity? I didn't think they were. It sounds like it's just another offering like NYSTRs (NY State Teacher's Retirement, similar to CALPERS) or TIAA-CREF. I don’t think it’s criminal of H&R Block to take advantage of people’s impatience and stupidity. It’s in the fine print. They’re just too impatient to read it, too stupid to understand it, too impatient to get their money. Pure and simple. But you have to admit, they are charging usurious fees.

I’m not sure I get the annuity/teacher’s union thing. Are the teachers forced to buy the annuity? I didn’t think they were. It sounds like it’s just another offering like NYSTRs (NY State Teacher’s Retirement, similar to CALPERS) or TIAA-CREF.

]]> By: JLP http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3794 JLP Tue, 09 May 2006 18:05:40 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3794 Kirk, I think the H&R Block anticipation loans are a total ripoff. But, if people are too stupid to figure out for themselves that they aren't a good deal, what are we supposed to do. I guarantee you that some people KNOW how much the loan is costing them but they don't care. Kirk,

I think the H&R Block anticipation loans are a total ripoff. But, if people are too stupid to figure out for themselves that they aren’t a good deal, what are we supposed to do. I guarantee you that some people KNOW how much the loan is costing them but they don’t care.

]]> By: Pat http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3793 Pat Tue, 09 May 2006 18:03:20 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3793 Kirk - Block does not sell your tax return data. In fact, you have to sign a waiver for them to even share it in house with their other divisions of Block. They also do not underreport your income (I'm not saying there are no dishonest preparers) as a company policy. In fact, Block has a reputation for being too much of a stickler for the rules (see http://www.taxguru.net) and not being aggresive enough on behalf of their clients. Furthermore, I can tell you from the office I work in that we do *not* push people into the banking products. We present the choices and let the people make the call. The people that do choose the products are presented with a special notice that they are taking a loan (in case they don't realize). Most people don't care - especially the ones early in the season who just want their money ASAP. I can tell you that I try to suggest to people that they'll save money be avoiding the loans. Please either get some sources for your statements or have some other means of backing them up before you accuse Block as a company of illegally preparing returns (which is what deliberately underreporting your income would be), or selling personal data, which is completely contrary to the privacy policy every client receives before we touch their personal information. Kirk –

Block does not sell your tax return data. In fact, you have to sign a waiver for them to even share it in house with their other divisions of Block.

They also do not underreport your income (I’m not saying there are no dishonest preparers) as a company policy. In fact, Block has a reputation for being too much of a stickler for the rules (see http://www.taxguru.net) and not being aggresive enough on behalf of their clients.

Furthermore, I can tell you from the office I work in that we do *not* push people into the banking products. We present the choices and let the people make the call. The people that do choose the products are presented with a special notice that they are taking a loan (in case they don’t realize). Most people don’t care – especially the ones early in the season who just want their money ASAP. I can tell you that I try to suggest to people that they’ll save money be avoiding the loans.

Please either get some sources for your statements or have some other means of backing them up before you accuse Block as a company of illegally preparing returns (which is what deliberately underreporting your income would be), or selling personal data, which is completely contrary to the privacy policy every client receives before we touch their personal information.

]]> By: Kirk http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3792 Kirk Tue, 09 May 2006 18:00:21 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3792 We'll probably have to agree to disagree on this one. Part of the mentality is due to the (misleading) advertising on H&R Block's part that doesn't disclose that it's a loan at 1000% APR. The advertising simply says "get your refund now". Putting all the details in the teeny print when you know you're taking advantage of someone doesn't cut it and a lot of states agree. A judge threw out a $360 million settlement last year that H&R Block negotiated as inadequate to the harm done. No matter what a company says, paying $360 million in a settlement is not "not admitting guilt". http://theinvestimist.com/2006/02/16/hr-block-sued-again-over-refund-anticipation-loans/ We’ll probably have to agree to disagree on this one. Part of the mentality is due to the (misleading) advertising on H&R Block’s part that doesn’t disclose that it’s a loan at 1000% APR. The advertising simply says “get your refund now”. Putting all the details in the teeny print when you know you’re taking advantage of someone doesn’t cut it and a lot of states agree. A judge threw out a $360 million settlement last year that H&R Block negotiated as inadequate to the harm done. No matter what a company says, paying $360 million in a settlement is not “not admitting guilt”.

http://theinvestimist.com/2006/02/16/hr-block-sued-again-over-refund-anticipation-loans/

]]> By: JLP http://allfinancialmatters.com/2006/05/09/oh-eliot/comment-page-1/#comment-3791 JLP Tue, 09 May 2006 16:54:12 +0000 http://allthingsfinancialblog.com/2006/05/09/oh-eliot/#comment-3791 Kirk, Back when I was taking the H&R Block tax class, I was talking with a lady who worked for them. She said that people INSIST on getting their money right away even though they pay through the nose to get it. She said it is a mentality-thing and NOT pushiness on H&R Block's part. DISCLAIMER: AllFinancialMatters has advertised for H&R Block in the past. However, when it comes to blogging about personal finance, I call them as I see them. Kirk,

Back when I was taking the H&R Block tax class, I was talking with a lady who worked for them. She said that people INSIST on getting their money right away even though they pay through the nose to get it. She said it is a mentality-thing and NOT pushiness on H&R Block’s part.

DISCLAIMER: AllFinancialMatters has advertised for H&R Block in the past. However, when it comes to blogging about personal finance, I call them as I see them.

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