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Wednesday, November 5, 2014

even VIPs are common man .... not here but in USA (Obama example)

Everyone of us for sure would have experienced this …… in a long queue, someone just walks through – overtakes priority and has his work completed (could be a smalltime politician or actor or somebody whom thinks himself to be important in the society – VIP culture)…….. they are everywhere – at Airports, every VIP worth his salt will try to walk through a special gate – have picked from the tarmac [they are important – they are above law !] ……… at Toll booths, as vehicles wait impatiently, those vehicles with party flag would claim that toll is not for them and they would not pay the amount …..  the user fees are for the common man who should pay for the maintenance, not the VIPs

The oft repeated Q is ‘ do you know who I am ’ – a clear threat trying to show off their might ! – things mostly work and perpetrators go scot free. 

When a new bank puts up advts of its new Credit card, people are tempted to apply for one – and there could be times when it is not approved. The reasons could be many – though the Credit card company hardly reveals it.  It could be that your loan balances are too high.  You may be enjoying high credit limits but utilising only meagre percentage of that. You could have applied for too many credit cards. May be your income level is low. – people may not readily accept the reasons and would start blaming others.

Next thing you dine in a restaurant or buy something – when it comes to payment – you flash your credit card – sometimes the transaction is not approved due to a technical glitch or the user having exceeded his limit ! – many would be carrying multiple credit cards and hence would not see any issue …. But declinature, denial of usage of a credit card would be seen as an insult – the user might call the bank and shout at the top of voice – questioning how it could happen to him ?

United States is far different – and what happened would never happen to any VIP – and if something happens, the skies could fall crushing down. “I went to a restaurant up in New York when I was — during the UN General Assembly, and my credit card was rejected,” Obama said while signing an executive order to protect consumers from identity theft. “It turned out I guess I don’t use it enough. They were — they thought there was some fraud going on. Fortunately, Michelle had hers.”…………. yes, it happened to the President of United States. 

Obama is quoted as saying - “I was trying to explain to the waitress, you know, I really think that I’ve been paying my bills,” Obama said. “Even I’m affected by this.” Obama has been concerned about the state of his credit before. In Austin in July, he ordered more than $300 worth of barbecue and realized he didn’t have enough cash. So he pulled out his credit card but asked trip director Marvin Nicholson if it was good before handing it over to the cashier. Nicholson assured Obama that the card — photos show it as a black JP Morgan card — would work, and apparently it did.

Obama isn’t the only high-profile government figure to run into financial rejection. Former Federal Reserve chairman Ben Bernanke said in Chicago this month that the market is so tight he couldn’t refinance his home.

A declined transaction of the President gets a passing reference and not any din.   The president signed an executive order which adds "chip-and-pin" protection for US government cards and payment terminals, at a time when the financial industry is moving in the same direction.

With regards – S. Sampathkumar

22nd Oct 2014.

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