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  1. #1
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    Not just bad actors...

    "Today in NBC News, FTC Commissioner Rohit Chopra said that he is looking for a solution to wipe out all merchant cash advance companies: "We've started suing some of them and I'm looking for a systemic solution that makes sure they can all be wiped out before they do more damage." "


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  3. #3
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    Quote Originally Posted by SFC View Post
    "Today in NBC News, FTC Commissioner Rohit Chopra said that he is looking for a solution to wipe out all merchant cash advance companies: "We've started suing some of them and I'm looking for a systemic solution that makes sure they can all be wiped out before they do more damage." "
    so basically they attacking the low hanging fruit to win something before going after the big dogs like paypall square amazon?

  4. #4
    Veteran Reputation points: 134971 Chambo's Avatar
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    "Wipe out all cash advance companies" makes for a good soundbite and headline, but that isn't what he is really looking to do. He wants to get rid of the criminal element and get the industry regulated, so the merchants have a suitable remedy (i.e. arbitration) and the brokers can be regulated and corralled in. Too many bad actors and young spoiled punks floating around who think rules don't apply to them and they can do whatever they want....while helping to tear down the foundations of small business. To be doing this in an election year too?

  5. #5
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    "NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. On the video, in which Par executives also appear, Vagnozzi promises investors returns of between 10 percent and 14 percent, saying that the outsized returns were possible because merchant cash advance companies like Par charge interest rates of 35 percent and more."

    Maybe the rep was wrong or was fired, but Par told me that their rates were so low because they had family-only money, and they weren't beholden to investors.

  6. #6
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by abfunders View Post
    "NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. On the video, in which Par executives also appear, Vagnozzi promises investors returns of between 10 percent and 14 percent, saying that the outsized returns were possible because merchant cash advance companies like Par charge interest rates of 35 percent and more."

    Maybe the rep was wrong or was fired, but Par told me that their rates were so low because they had family-only money, and they weren't beholden to investors.
    Plus, the argument "but it is NT a loan" just got killed when their investor pitch talks of charging 35% interest to the customers.

    Told ya guys man, when the Feds want you......

  7. #7
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    Eh, I was never really that good at acting anyway. That's why I got into sales.

  8. #8
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    Quote Originally Posted by Chambo View Post
    Plus, the argument "but it is NT a loan" just got killed when their investor pitch talks of charging 35% interest to the customers.

    Told ya guys man, when the Feds want you......
    Don't trust a reporter's description. Unless you saw the video tape, who says he used the term "interest"? This is how rumors get started.

  9. #9
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    Quote Originally Posted by Michael I View Post
    so basically they attacking the low hanging fruit to win something before going after the big dogs like paypall square amazon?
    No chance they go barking up that tree.

  10. #10
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    thats all she wrote folks

  11. #11
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    Damn this guys really out to get us. He must've got swindled into taking a bad deal lol

  12. #12
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Quote Originally Posted by SFC View Post
    "Today in NBC News, FTC Commissioner Rohit Chopra said that he is looking for a solution to wipe out all merchant cash advance companies: "We've started suing some of them and I'm looking for a systemic solution that makes sure they can all be wiped out before they do more damage." "
    But the Payday Lenders are cool, right? This is political; Payday Lenders support Biden who has been their sugar daddy his whole political life.
    MCA lenders have been Trump supporters, get it now?

    The actuaries in federal positions like FTC will use (abuse) their authority in every way possible to hurt Trump because they believe his re-election is an existential threat to them - they're right.

    Disclosure: I'm not a supporter of any political party and I don't believe voting changes anything important.

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  14. #14
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Quote Originally Posted by Chambo View Post
    "Wipe out all cash advance companies" makes for a good soundbite and headline, but that isn't what he is really looking to do. He wants to get rid of the criminal element and get the industry regulated, so the merchants have a suitable remedy (i.e. arbitration) and the brokers can be regulated and corralled in. Too many bad actors and young spoiled punks floating around who think rules don't apply to them and they can do whatever they want....while helping to tear down the foundations of small business. To be doing this in an election year too?
    It's really gangster like isn't it? Basically we have a federal bureaucrat threatening an entire industry along with all of their employees & vendors with elimination. No mention of the thousands of otherwise un-lendable business and THEIR employees who would lose access to capital also. So here we have Uncle Sambino putting the "word on the street" that without due process and because of some unresolved accusations of fraud that IT WILL BE SO! F*$k them.

  15. #15
    Veteran Reputation points: 134971 Chambo's Avatar
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    Reminds me of the late 90's Boilerroom cleanup that swept through Wall Street.

    Alot of the same chest thumping and whining back then too...heh, almost ver batim,

    But they got rid of 90% of the riff raff though..

    Alas, you young bucks never want to learn from past history...y'all think you are better and smarter than your predecessors....when you ain't even original

  16. #16
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Quote Originally Posted by Chambo View Post
    Reminds me of the late 90's Boilerroom cleanup that swept through Wall Street.

    Alot of the same chest thumping and whining back then too...heh, almost ver batim,

    But they got rid of 90% of the riff raff though..

    Alas, you young bucks never want to learn from past history...y'all think you are better and smarter than your predecessors....when you ain't even original
    I was one of those guys! The riff raff never went away, trust me! Now they borrow at 0% from the Fed and skate while their companies are convicted of felonies like Chase, WF and Citi and then pay fines waaaay less than the $$ they steal.

    This is gang warfare where the "Muscle" is when the authorities work to advantage of one side against the other.

  17. #17
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    I wonder if they will target Amazon, Paypal, Shopify - Better Yet where is this dudes problem with Mr Wonderful?..... $1 a Cupcake in Perpetuity is alot more criminal than 14% of Sales for 12-18 Months.

  18. #18
    Senior Member Reputation points: 7556 cmarks's Avatar
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    Quote Originally Posted by capaxess View Post
    But the Payday Lenders are cool, right? This is political; Payday Lenders support Biden who has been their sugar daddy his whole political life.
    MCA lenders have been Trump supporters, get it now?

    The actuaries in federal positions like FTC will use (abuse) their authority in every way possible to hurt Trump because they believe his re-election is an existential threat to them - they're right.

    Disclosure: I'm not a supporter of any political party and I don't believe voting changes anything important.
    Nope,,, payday lenders support trump, had their convention at Trump Doral, hes allowing for consumers to fight for themselves by weakening regulations.
    Can find many articles on showing this:
    https://www.washingtonpost.com/busin...audio-reveals/

    https://www.buzzfeednews.com/article...g-payday-loans

    https://www.propublica.org/article/t...-and-cashed-in
    Chris Marks
    funderintel.com

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  20. #20
    Senior Member Reputation points: 99227 ridextreme's Avatar
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    Letitia James, New York state's attorney general, is continuing to investigate the merchant cash advance industry, according to her spokesman, Fabien Levy. "Many small businesses are struggling and trying to figure out how they can get by," Levy said. "We don't want them to feel they have no other option but to go to these predatory lenders."

    So the NY AG doesn't want merchants that got denied by banks to "feel" they have no other option to get funding, when the reality is, they don't. I would love to here where a "struggling business" with bad personal credit can get funds to meet the following weeks payroll outside of MCA... NYS has become a dictator state run by power trip thugs.

  21. #21
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    Rohit Chopra is a Democrat - & is only 1 of 5 Commissioners

    https://www.ftc.gov/about-ftc/biographies/rohit-chopra


    Don't jump off the bridge yet - IMO - there will be changes within the industry
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  22. #22
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    I told u you this very thing a year ago...because somebody i know who works with feds...
    Last edited by golf2014; 08-11-2020 at 11:26 PM.

  23. #23
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    Find other work next year
    Last edited by golf2014; 08-11-2020 at 11:26 PM.

  24. #24
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    ^^also extreme

  25. #25
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    Ok then dont. Stay and see. 49 to 49 cents on dollar...like that really had a chance to succeed ??



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