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(NPR)   Financial technology "companies" were responsible for the most rampant fraud in the COVID-related Paycheck Protection Program   (npr.org) divider line
    More: Obvious, Loan, Debt, low-interest loans, potential fraud, sprawling congressional report, fintech called Kabbage, fintech Blueacorn, little-known financial technology companies  
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669 clicks; posted to Business » and Main » on 06 Dec 2022 at 9:50 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



14 Comments     (+0 »)
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2022-12-06 8:50:56 AM  
Many boats and vacation homes were purchased with that money.  And those were the legal payouts.
 
2022-12-06 9:56:08 AM  
"Closing these monster loans will get everyone paid," wrote Blueacorn co-founder Stephanie Hockridge in internal company messages included in the report, adding that loan reviewers should "delete" certain smaller loans.
"Who f***ing cares?" she allegedly wrote. "We're not the first bank to decline borrowers who deserve to be funded."


Wow.  They crossed a terrible banker with a terrible techbro, but it's a woman.  Welcome to Web3.0!
 
2022-12-06 10:09:46 AM  
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2022-12-06 10:28:08 AM  
As long as a few people who were already rich made even more money at the expense of taxpayers, it's still America
 
2022-12-06 10:41:30 AM  
But it was the COVID checks for regular folks that are causing all this inflation today!

Also those lazy hippie students demanding student loan relief are just going to make it worse!

Giving millions of free money to businesses with no oversight totally didn't have an effect, because it went to rich people.
 
2022-12-06 10:45:26 AM  
We're we supposed to police that system? Huh, well sorry 'bout that. Let me have you speak to our fall guy.
 
2022-12-06 11:14:26 AM  
I live on the Gulf coast of Florida and I can't even explain how many people I met at bars who offered to file a fraudulent Deepwater Horizon BP claim for me.
 
2022-12-06 12:02:44 PM  

farkitallletitend: We're we supposed to police that system? Huh, well sorry 'bout that. Let me have you speak to our fall guy.


Whenever there is a economic pants shiatting event like COVID and the government dumps money on a problem, there's going to be a bunch of fraud.  Private companies were tasked with getting dollars in hand to people who applied, first and foremost.  Making sure they qualified was not really part of the deal.  Seriously, it was not.  And that's on Congress.

It'll take years to charge the largest offenders and possibly claw back some of that money. The rest will just get away with it.
 
2022-12-06 12:04:07 PM  
Isn't this just capitalism running as intended?
 
2022-12-06 12:14:37 PM  
So I am sure the lawsuits to recoup that money plus heavy fines will be released soon, along with prison time of at least 5 years for those at the top who were aware of this will be happening soon, right?

I need to go recruit some of the PolTab Eeyores to stop by the Business Tab
 
2022-12-06 12:30:22 PM  

OhioUGrad: So I am sure the lawsuits to recoup that money plus heavy fines will be released soon, along with prison time of at least 5 years for those at the top who were aware of this will be happening soon, right?

I need to go recruit some of the PolTab Eeyores to stop by the Business Tab


Oh. I know this one!
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2022-12-06 12:35:50 PM  
Literally capitalists.
 
2022-12-06 12:39:34 PM  
That tracks with what I know of the only person I've ever known who worked for a company like that.
 
2022-12-06 1:10:15 PM  

tricycleracer: I live on the Gulf coast of Florida and I can't even explain how many people I met at bars who offered to file a fraudulent Deepwater Horizon BP claim for me.


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