This Thursday, busloads of people will head to Sallie Mae's annual shareholder meeting in Delaware to protest Sallie Mae's reprehensible business practices and overpaid CEO Albert Lord.Shareholder meetings are perfect opportunities for protest: they happen once a year, and the company's top executives are rubbing elbows with their shareholders. It's a lot of money in one spot -- money that is the direct result of high-interest loans and harassing phone calls to borrowers. Albert Lord, Sallie Mae's CEO, rakes in millions each year -- he has so much money that he built a private, 244-acre golf course for himself. Today is the day to put Albert Lord on notice.Since Rebuild the Dream members can't all attend the protest, we've created a virtual solidarity action -- and it's easy for you to do.
Why put Sallie Mae on notice?
How much money does Mr. Lord make off students? The Shareholder Committee granted Mr. Lord a bonus of $2.5 million in 2011 -- $1.25 million of which was in cash.In addition to making millions off of private student loans, Albert Lord has boldly claimed that the student loan debt bubble doesn't actually exist.From 2002 to today, Sallie Mae has spent $25,470,000 lobbying the federal government. Sallie Mae has been one of the most aggressive lobbyists in Washington, D.C. on issues impacting students and student debt, allowing them to continue to use predatory lending practices.Read Molly Katchpole's report on some of Sallie Mae's draconian collecting practices -- including encouraging debtors to sell their blood to pay for student loans.