The Finance Firms Are At It Again

Wow oh wow oh WOW. The sheer evilness of this. A private equity firm is making money off of poor or working people, reminiscent of the subprime lending debacle. What this private equity firm does is just send a live check to the “victim” and the "victim" can use the live check by signing it as a regular check for whatever they need and then the “victim” is on the hook. He gets dragged into court if he starts falling behind in repayments and end up being fined for other fees, including fees for the private equity’s attorney.

We went through this 10+ years ago and the finance people are at it again: preying on vulnerable people who may not really understand what they are getting into. The financial firm preys on them by dangling money as a temptation and these people are in a weakened, sometimes desperate state, so they can’t resist the lure, as it may be seen as a way out of whatever jam they are in.

These finance people know the psychological state the “victims” are in.

I just can’t believe they are doing it again.

And on top of this insult, Timothy Geithner is the president of this private equity firm – you know, the guy who was the Treasury Secretary who bailed out the banks and said the banks engaged in predatory lending. And he’s involved in this?

There are two other private equity firms mentioned in the article but the article does not go into details about their activities, so they may not be as reprehensible. Whatever the case may be, it seems like a lot of private equity firms have gotten into the payday lending.

And the Republicans just rolled back the Dodd-Frank regulations that came out of the Great Recession of 2008 and the Consumer Financial Protection Bureau has probably been eviscerated (not sure but Tea Party/Freedom Caucus conservative Mick Mulvaney is heading this now so it stands to reason that he is more or less shutting it down).

Read the article here and weep.

Oh my, here’s another article on the dastardly hedge funds, no better than private equity firms and it references the above article. The author regards this as bullshit and demonic behavior.