[jcoop]

http://www.wsj.com/articles/how-a-gr...ses-1484587393

Key info from this breaking story:

The errors were significant enough, the people said, to cause the company to breach covenants with its big-bank creditors such as Wells Fargo & Co. and push out three top executives.

But as the firm shifted to compete with online lenders, CAN’s loan systems allowed some employees to grant borrowers a few extra days to get payments made beyond what was stated in loan agreements, people familiar with the situation said. Such “grace days” were more common in cash advances, and typically don’t happen in the loan business unless there is a formal modification. Otherwise, the loans need to be declared delinquent.

Last summer, top CAN executives learned the issue was widespread enough to cause the firm to misstate delinquencies to investors and creditors. In November, the board of directors put Mr. DeMeo, along with the company’s chief financial officer and chief risk officer, on leave. They aren’t expected to return, the people say

CAN is looking to sell more than $100 million in loans and assets to strengthen its financial position and has laid off about 250 staffers in Georgia and Costa Rica, or 55% of its overall workforce, according to people familiar with the matter.

Can you possibly post the entire article, I am not subscribed to the WSJ.

[Sean Cash]

Can you possibly post the entire article, I am not subscribed to the WSJ.

not without risking a copyright infringement claim.

[morgan.quinn]

Can you possibly post the entire article, I am not subscribed to the WSJ.

(If you copy the story headline, open a new browser, and paste it into a Google search the original article link will work and the full article will appear. Works with most subscription sites)

[mcaguru]

Can you possibly post the entire article, I am not subscribed to the WSJ.

Just a joke no connection to your request.... i had an old uncle Irving that was so upset with a negative New York Times oped on is Israel that he wrote a letter to the editorial board that if they don't apologize he WILL NEVER borrow the paper from his neighbor again!!