Sub-prime AUTO loan securities? Are these people insane? No. Greedily exploiting the poor.
It was the invention and subsequent abuse of sub-prime mortgage securities that crashed our economy. Now these idiots are trading sub-prime auto loan securities. Private equity firms are investing in chains of used-car lots, and auto loans are being packaged into securities much like subprime mortgages. They’re attracted by the industry’s average profit of 38% for each car sold. […] […]Read more ›