The Economist Interviews Russell Simmons

We all know Russell for his contributions to the music industry, specifically hip hop – and fashion. –but did you know about his steps into the financial world?

Launched five years ago to provide America’s estimated 60m-70m unbanked consumers with a cheaper, more reliable alternative to payday cheque-cashers, the Black Rush card—along with its companion, the Pink Baby Phat card—has been thriving during the subprime crisis, which has driven more people out of mainstream financial services, says Mr Simmons. It is now poised to start making serious profits, he predicts—unless, that is, “Wal-Mart kills us” with its rival card. (There is a lively debate about which card offers better terms.)

The article also provided some information about Russell that I didn’t know. (I’m not one for a lot of television…soooo) He does yoga and is very involved politically and philanthropically speaking. Go Simmons!

http://www.economist.com/people/displaystory.cfm?story_id=12415323