12/16/08
Dockworkers in Wilmington, North Carolina were getting sucked into a trap. Needing money between paychecks, some went to James Lee, a former dockworker who had become a leader in their union—the International Longshoremen’s Association, or ILA.
Lee had opened a small store across from the union hall and begun offering loans to his fellow members. But there was a catch. Lee charged an exorbitant interest rate, upwards of 25 percent per week.
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