[isaacdstern]

http://www.forbes.com/sites/antoinegara/2017/02/03/with-a-stroke-of-the-pen-donald-trump-will-wave-goodbye-to-the-dodd-frank-act/#28c5d8fd5b64

[Karen37a]

Yeahhhhh. And slap the volcker rule out of the hedge fund world.

I didnt like Trump because of the grab um by the P**y stuff but voted for him for this and trade agreements. And I am glad he is following thru.

I knew you could do it Isaac ! Tell Trump I said hi **

[WestCoastFunding]

Yes, because getting rid of the fiduciary rule was very important to make sure advisors don't have to give advice in best interest of clients. Make sure that advisors do what's in the best interest of the advisor. That makes sense.

And yes, let's get rid of the Volker rule so banks can use customer deposits to make speculative investments. Because what could possibly go wrong?

[Karen37a]

Westcoast they can give no docs loans to people with no income? I do not think they will ever do it again.

Sometimes its good for instutions to fail, it reminds us of whats good managment and bad management...like touching a hot stove "dont do that" lol. Now people who bought bonds blindly will not do that again..the will place their money in stronger banks/investments that will eventually lead to growth.

Alot of Stockbrokers will be getting their jobs back, to "make markets". Although the leverage levels will never reach previous levels again.

This is why I anticipated getting my hedge fund licence back months ago. The ability to have more speculative money given to me, so that I can participate in sydication was the end goal.

Less restrictions = more speculative money . More restrictions = less speculative money and less funding allocation for cash advances. People always think the opposite when it isnt actually true.

The market makers are doing a happy dance.


ps West coast. If you are not a fan of speculative investments, how would we ever "invest" or "lend" ( its not a loan) or buy future recivables that are non collateralized? How can we ever get any advances done if we are not a fan of speculative investements. Who the heck is giving the money away to people with bad credit, bad algorithms..we are not the bank.We are an extremly risky business model for clients who have very low grade profiles. This is high cost money not a loan. If they want a loan go to the bank, which they tried already , but do not have tax returns and if they do it says the made 1 million for the year and wrote off 9999999. $1 net profit. Dont forget the cash thats in the vault.

[nrh1lp]

Accounting offers predictive value, not speculative.

[Karen37a]

nrh and that may be true but in the end their is an underwriter who might make speculative decisions on the file in combination. Or at least I would.

eg mexican restaurant made 100k a month for 5 years...taco bell and chimichangans open up, one across the street the other within 1 mile. I can speculate their income will drop because of increased competition.

And the speculation that I refer to is giving 1 million dollar to an industry to fund deals when there is a 10-20% default ratio..I am speculating that i will not only get my money back but that I profit a certain %, and If I will not profit X percentage, it isnt worth the risk or the drama associated with it.

Im off to compete my work before i fire myself.

[HDF]

Assuming that there will not be regulations put on non-bank funding very soon would be foolish. This industry has a people problem. And unfortunately for some, the overall culture will change radically.

[WestCoastFunding]

Westcoast they can give no docs loans to people with no income? I do not think they will ever do it again.

Sometimes its good for instutions to fail, it reminds us of whats good managment and bad management...

Karen, that's not how it works. Banks don't fail, they explode. And during the explosion they take out other healthy institutions with it.

When a bank fails its assets flood the market in fire sale as the creditors try and get back whatever they can. As this happens, the assets plummet in price, thus: cratering prices of the same or similar assets at other institutions. When that happens their balance sheets implode and you end up with a classic run on the banks.

An example of this is 2008 with Lehman Bros. as for letting banks fail: that's exactly what Dodd Frank did with "resolution authority" which made financial institutions unwind in an orderly way when a bank fails, so as to not create so much collateral damage.

So if you are against collateral damage, and also against bailouts, then this is in the wrong direction. Without resolution authority, if a major institution fails, you can expect more govt bailouts. With resolution authority, there wasn't a bailout, but the banks own funds used to implement the banks "last will" as its winded down in orderly fashion.

Another 2008 financial crisis was nearly impossible until today. Not sure if seeing 700,000 banking jobs wiped out in a month in NYC (like 2008) is something I want to play with again.

[Happy Horse Shit]

Yes, because getting rid of the fiduciary rule was very important to make sure advisors don't have to give advice in best interest of clients. Make sure that advisors do what's in the best interest of the advisor. That makes sense.

And yes, let's get rid of the Volker rule so banks can use customer deposits to make speculative investments. Because what could possibly go wrong?

Volker rule is not about speculative securities, it is about speculation with money that belongs to investors and depositors of the bank. Speculation in a bank can be as simple as taking a position in ten year treasuries and playing long for a gain or shorting for a gain--these trades are short term most probably less than three hours in duration. It can be more than that also like making markets in stocks (mostly NASDAQ issues) So as soon as someone yells VOKER Rule it is like bandits are in the building. The majority of the trading internally for the banks was not "speculative" It was speculation meaning they were for very short periods of time, there was no goal to reach, just try to make money or break even, cut your losses right away--that is how it is supposed to work. Now I know there were some banks who got in to deep--and leverage was the enemy. Even if Dodd Frank was completely done away there would be new rules written spelling out what banks can do and what they can't--it is not like there will be new rules. In fact I would be okay with them resurrecting Glass Stengel it worked for 60 plus years, but it would make every institution choose either be just a bank or be a brokerage firm, insurance firm. Bill Clinton signed it into law as he was heavily Lobbied by Sandy Weil who owned Travelers, Smith Barney and Citigroup all separate entities, years later Weil saidin an interview it was the wrong thing to do. The Gramm-Leach Bliley rule removed the rules that prevented banks from being in the insurance business, the brokerage business etc.

[WestCoastFunding]

ps West coast. If you are not a fan of speculative investments, how would we ever "invest" or "lend" ( its not a loan) or buy future recivables that are non collateralized?.

HUH? I said I'm not a fan of banks using "GOVT INSURED DEPOSITS" to make speculative investments. If they use those deposits on bad bets, do we have to rescue grandmas bank account? **** that.

Even more, would you want a bank to use deposits to fund cash advances? If they **** up like CAN Capital, then what? A rescue, that's what.

If they want to gamble with non FDIC money (like a classic investment bank) then knock yourself out. But if they're going to play around with money that is backstopped by the govt, it's bull****. It's anti free market.

[WestCoastFunding]

Getting back to the executive order, my guess is the writer of that Forbes article didn't actually read the EO. Anyone else read the EO? It's really a whole lot of nothing. Doesn't say to change anything and even states executive branch is bound by applicable law. Quite honestly, this is more of a marketing document than something that's actually impactful. With that having been said, regulations are only as meaningful as your will to enforce them. So it's a signal to regulators to chill. But again, this executive order is bland and toothless. It's simply meant to "seem" like a promise kept lower-info types.

And I guess it worked on some.

[Karen37a]

west coast ..."toothless" is a good word. I do not think Banks should be able to 100 % go to town and do what they want because it always winds up with greedy people reaching for too much money and crashing themselves and everyone around them.BUT, when the money from banks isnt readiy availibe or investors money it does effect the abilty for us to get people approved for cash advances. ( and many other things not related to this industry) Less money =less approvals.

I am not going to keep debating regulation because no matter what anyone says I am against it. And I blew up in the past, got demolished thru 2 market crashes even though I walked off the street days weeks in advance of each crash, and I didnt cause it nor do anything unethical during the boom periods. And I still dont.

And Hdf it is very apparant your stance on the "people problem" with the zoot suit pinky ring types, in fact your abhorrence or hated for them and your opinion that they are the cause of the demise of the Financial industry and the free world, you post almost every day about it( if not every day, I do not watch)

Bottom line. I am from wall st ( meaning born and raised) and you want me to not like"speculation", I do not want the world blowing up to make money, But I am a Merchant Cash Advance broker for God sake, and so are you all ( I think ). We are pinky rings with a bit of an education. I didnt just wind up in this industry because I had no where else to go. I chose this and I like it 70% of the time. The gloom and doom crowd does nothing to help get submissions in in fact it negs you out , which is why most will go out of business, zoot suits or not.And its apparant some of you try to take us all out with you, maybe because you were backdoored who knows.

Regulation winds up being a nightmare because they never stop at one thing, they go on and on and on., regulation becomes an industry and a mini economy and the regulators, make new regulations to create new regulations and new regulation jobs and the regulators get promoted to fancy job titles, who then create a new regulation dept.It becomes a new industry or business. To keep that business alive we must propose more regulations , its like a Regulation Bubble.

New word/term created. Regulation Bubble

Then the smart ones position themselves to take advantage of this regulation or feed off of the regulation bubble with their superior knowledge and compliance skills and bet the farm on regulation then POOF they go under and take the agents down with them. Or go on a drip marketing campagin to say regulation all day long, like "we have the fastest approvals ", by time i see the parrot yelling regulation for the 100th time, i say something because its see thru. Like a chess move, blocked check mate.

Go read the Dodd Frank act its embarassing. Have a great weekend to all.

[HDF]

Karen. I have never met anyone in this business that did not initially agree or begin the conversation from their end that there is a huge problem with ethics and people. Even the bad actors say so. Then stab you in the back or try to. Sorry it hits a nerve with some. Maybe some of us should be uncomfortable. And no, this forum is far far from being a MCA broker only forum.

To each their own.

[Karen37a]

HDF
Regulation doesnt stop the backdooring from direct lenders or moles.

People always pretending it doesnt exist doesnt help.

In the end its the merchant or client who sold you out for a 1 point drop or a toaster oven. Guess we need to change the ethics of our merchants. They are seedy.

There was a chant from way back in the day when I was a mgr of Ballys Jack Lalanne" "Jack la Lanne, showing my age"..the buyer is a liar, a sales not a sale untill its ..funded ( paid )in full where are all the people who said they are going to call back or be back..on the little yellow school bus with 2 flat tires and a broken down transmision..what are we going to do...follow up follow up follow up untill they buy or cry

**that was from 1982,when I was a little girl in exercise tights and leg warmers selling 5k memberships to gold diggers looking for a husband and jack la lane black cards to men who wanted to show it to women at the bar to help them "get dates" pg version... sales are sales and people are the same, back then I told my national sales supervisor.."you cant call all buyers liars, you are very negative, maybe you need a vacation."
Once I realized that no one cared about the "tour of the gym and the nautilus equipment aerobics classes, water ballet and losing weight" I stoped giving tours sat them down, locked them in my office and got them to sign the contract, became # 1 nationwide in sales.
They cut our commission and off I went to wall st , no tours or long explanations of stocks pe , quantitive analysis , qualitive anaysis ..some fool wants to have a yacht with 4 playboy models on it , ditch his wife and kids,,how many shares...

It isnt me..its people.

I dropped to my knees at 24 years old and looked up to the sky and said..holy crap I can close anyone anytime. Thank God I am a good person.

** and you will never understand the words I am saying/typing cause Ive trained 1000s**

[HDF]

"that was from 1982, sales are sales and people are the same "

Not the people I work with. Good luck.

[Karen37a]

I like you Hdf..Financial Services and sales is just a tough gig, noones fault, it is what it is..., this is why we get Rockstar commission....im off

[Yankeeman07]

http://www.forbes.com/sites/antoinegara/2017/02/03/with-a-stroke-of-the-pen-donald-trump-will-wave-goodbye-to-the-dodd-frank-act/#28c5d8fd5b64

This belongs in the section of the Forum?

[Brian Lawrence]

Lets bring this full circle, shall we? Time travel is no machine, rather True Democracy operating at a rate of maximum efficiency

‘Why Trump’s draft Executive Order on religious liberty is bold, solid, and just what America needs.’ By Nate Madden February 02, 2017 clarifying that “freedom of religion” is not “freedom of worship”expressing different religions accepted, ability to believe any religion anyplace anytime, ability to worship in designated places.

I once learned, “those who matter don’t mind, those who mind don’t matter.

Now understand, matter exists anyplace, anytime. Those who are like minded share space in time, those of different frame of mind coexist, yet eventually matter in different places. Therefore, in time those who do not see eye to eye inevitably coexist in designated places. Hence, even marriage is problematic unless understood the need for space, more like minded the couple more they share space, less they see eye to eye less likely they be together in the future in the same marriage capacity they once knew.

Similarly, as Americans we inevitably coexist while sharing space from time to time. Political topics, no matter ones view inevitably enable individuals to assemble, congregate, share and frame of mind. Together, we unite to protect our individual right to share this land while practicing the lifestyle we as individuals deem fit.

Analogy: 3 friends get together from time to time, sometimes, 2 meet, sometime one of the two meet with the third and at times all 3 get together. True Democracy is where we all gather as friends who meet from time to time and share frames of mind. Technology and lack thereof is the portal. Time travel is relevant to when and where we are individually at any given time. Technological opportunity is best utilized when you know what to do with it. Be relevant more often than not. Add value to your annual MCA profit margin utilizing the worlds best MCA lead source. Hold my hand to the promise land, Point Click Ship LLC
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LinkedIn: Brian Rube, Lawrence

[Brian Lawrence]

can you define Rockstar commission 1-3, 3-5, 5-10 no decimal points.

[WestCoastFunding]

Volker rule is not about speculative securities, it is about speculation with money that belongs to investors and depositors of the bank. Speculation in a bank can be as simple as taking a position in ten year treasuries and playing long for a gain or shorting for a gain--these trades are short term most probably less than three hours in duration. It can be more than that also like making markets in stocks (mostly NASDAQ issues) So as soon as someone yells VOKER Rule it is like bandits are in the building. The majority of the trading internally for the banks was not "speculative" It was speculation meaning they were for very short periods of time, there was no goal to reach, just try to make money or break even, cut your losses right away--that is how it is supposed to work. Now I know there were some banks who got in to deep--and leverage was the enemy. Even if Dodd Frank was completely done away there would be new rules written spelling out what banks can do and what they can't--it is not like there will be new rules. In fact I would be okay with them resurrecting Glass Stengel it worked for 60 plus years, but it would make every institution choose either be just a bank or be a brokerage firm, insurance firm. Bill Clinton signed it into law as he was heavily Lobbied by Sandy Weil who owned Travelers, Smith Barney and Citigroup all separate entities, years later Weil saidin an interview it was the wrong thing to do. The Gramm-Leach Bliley rule removed the rules that prevented banks from being in the insurance business, the brokerage business etc.

Happy Horse **** is the type of guy that if you asked him who he thinks will win the Superbowl between the Pats and Falcons, he'll start off with "You know, back in 1969 the Jets won the Superbowl. The Jets had a quarterback named Joe Namath. Joe Namath went to college in Alabama and..."

[John Galt]

Here, here! I second the motion.

[Karen37a]

Instead of you guys complaining about the brave few who object to massive regulation when you do not know whats coming if it happened.

How about saying something positive, or standing up to the trolls who put our industry down constantly on the boards. These boards are a wealth of information and if people realize something can be done about regulation, maybe they will do it , or join in to try to stop it. How do you know to stop it if you think its a good thing because of the people who are spinning the other side of the story.And why are they spinning it? They think it will cut out the competition and they can gain market share. ( and it isnt true mid term or long term)

And HHS is a sports fan, and he is the type of guy whos office has 1 million dollars in furniture as opposed to my 2 dinky offices with refurbished computers .

I learned something from these posts in regards to Leadership ability. I am going to be more like Isaac, silient yet effective, probally going to see la traviata at the met, while lunatics argue over non productive things that do not make them any money.

( and before someone says something..an office like a palace attracts massive wealth, some women have a purse or handbag that costs 100k )

[John Galt]

But generally our prospects are not of massive wealth and hence might not need us if they were. I beg to differ.

[Karen37a]

I agree. He is my jr partner and best friend? Got pulled into this business by me and waiting to give me money if I ever decide to take it to syndicate.

This is why I am usually looking at things from the Lenders perspective, when I am just a lowly broker. Ive been on the investment side too long.

I didnt even tell him, or a few other investors about the DF... they mentioned it to me one day." did you ever see this site, they have good info on it" ..yes I am on it. They wandered onto the net to look into Cash advances so they could get a good understanding of what I was going to do with their money, if I took it. They did their own homework, without telling me, due diligence.I was actually insulted. " you dont trust my judgement" And they pretty much said..we would never give anyone that kind of money not know what we are getting into.

This is why I have been yelling for months saying " people are watching these boards" regulators, scam artists, debt restructuring companies, future brokers , potential investors

And this is why I spent time typing out the counter arguments to stories that people spun to disparage our industry because they didnt make it in sales.

no matter how many times people yelled Regulation, my potential investors have not been scared off.

Volcker rule BOO

[John Galt]

Would kind of think the term would be implode not explode. And Lehman was a mark to market implosion. Stupid rule, where are they now? Even Bernie Madoff would be whole by now. Too big to fail is true..where is AIG now? Redistribution of wealth as always, what we are about (the US)? Mark to market is good for regulators and buyers, great reason to move markets as is all the hoopla. Where after bailouts are most of those companies now, Oh gosh is the DOW lower???