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January 19, 2006

American banks and illegal aliens

11 million illegal aliens is just too big a demographic for amoral bankers to resist.

the fast-growing undocumented population is coming to be seen as an untapped engine of growth. In the past several years, big U.S. consumer companies -- banks, insurers, mortgage lenders, credit-card outfits, phone carriers, and others -- have decided that a market of 11 million or so potential customers is simply too big to ignore. [...]

So with a wary eye on the heated political debate, business is targeting the Valenzuelas and millions of others who have entered the country illegally. Many companies do so more or less openly. Wells Fargo has half a million matrícula accounts, a majority of them, they acknowledge, opened by unauthorized aliens who lack regular residency or citizenship papers. At the Valenzuelas' branch, fully 80% of accounts are opened by matrícula holders. Blue Cross of California, whose parent, WellPoint Inc. (WLP ), is the nation's largest health insurer, sells health insurance to matrícula holders from company-staffed desks set up inside Mexican and Guatemalan consular offices in the U.S. Sprint Corp. (FON ) accepts such an I.D. for cell-phone contracts.

Other companies, such as Kraft Foods Inc. (KFT ), won't discuss the status of their customers but explicitly target Hispanic newcomers -- more than half of whom are estimated to enter the U.S. illegally, according to a new study by Pew. The consumer-products giant provides workbooks at local English-as-a-second-language classes that include instructions for using coupons for products such as Kraft's Capri Sun drinks in U.S. grocery stores. It also hosts bilingual sweepstake events in Hispanic neighborhoods. "We need to fish where the fish are," says Robert Simpson, Kraft's director of multicultural marketing. He calls part of the Hispanic audience he's trying to reach the "unacculturated," meaning people unfamiliar with American culture and customs.

The corporate Establishment's new hunger for the undocumenteds' business could have far-reaching implications for America's stance on immigration policy, which remains unresolved. Corporations are helping, essentially, to bring a huge chunk of the underground economy into the mainstream. By finding ways to treat illegals like any other consumers, companies are in effect legalizing -- and legitimizing -- millions of people who technically have no right to be in the U.S. It's even happening in mirror image, with some Mexican companies setting up programs to follow customers who move to the U.S.

I'm speechless. How is this any different than courting the business of criminal fugatives? Do banks make loans to people serving time in prison?

What is it about the word illegal that doesn't register with these people?

Posted by Darleen at January 19, 2006 07:16 AM

Comments

The Congress could do something about the situation.

But it won't.

Posted by: Carl W. Goss at January 19, 2006 05:48 PM