Home | Richest Man Slim Cited for Profiting From Phones for Poor
Richest Man Slim Cited for Profiting From Phones for Poor
FeaturedNewsComments Off on Richest Man Slim Cited for Profiting From Phones for Poor
Congressional Republicans want to rein in a $2.2 billion U.S. mobile-phone subsidy for the poor, saying it’s riddled with fraud and benefits the world’s richest man, Mexican billionaire Carlos Slim.
Slim’s TracFone Wireless Inc. received about a quarter of the funds from the U.S. government’s Lifeline program, according to the latest figures. Today, a House subcommittee asked why the program, paid for by fees charged to U.S. phone subscribers, tripled in cost since 2008.
“It’s not fair that people save and work and pay for phones from whatever funds they have, and other people get them for free,” Representative Tim Griffin, an Arkansas Republican who wants to eliminate the mobile subsidy, said in an interview before the hearing. “It’s not fair the biggest beneficiary of this is Carlos Slim, the billionaire owner of TracFone.”
Slim owns Mexico’s biggest phone company, America Movil SAB (AMXL), which offers mobile service in 17 Latin American countries and the U.S. Its TracFone unit is the largest recipient under the U.S. Federal Communication Commission’s Lifeline program, taking in $451.7 million, or 28 percent, of payments in 2011, the last year for whichrecords are available.
The Foundation for New Hampshire Independence educates fellow citizens on the benefits of self-determination and nationhood for the 'Live Free or Die' state.
Follow and share us to expand our reach!
Subscribe to our newsletter for the latest events and opportunities to promote New Hampshire independence. We treat your information confidentially and we'll only send one or two emails per month.
Donations from supporters like you are what keep us going. As a 501(c)(3) educational organization, donations to the Foundation for New Hampshire Independence are tax-deductible. Please consider contributing so that we may expand our educational efforts.