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Chamatrain
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« Reply #30 on: November 08, 2009, 05:50:41 pm » |
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There's a big difference between a disagreeement about what regulatory category a new product falls in and fraud.
You seem to be interested in the "fraud" aspect of PMI's business operations. I'm not sure very many here have said what they have or have not done was criminally fraudulent. What I think is that much of their methods are unethical, at least, and deceptive and not in keeping with their fiduciary responsibilities as a "loan originator." It looks like you came to Prosper about 1-1/2 years ago, so I ASSume you've read the history here. I'd remind you of the March 30, 2007 blacklisting of a number of participants, solely because one or two said something that wasn't praise; the total wiping out of their website forums, apparently to prevent a history being available and then their feeble attempt to intimidate prosperreports.com; Dr. D. Fuller's blabbing about his expertise, and record of not losing collections and then his repeated demonstrations that he probably has less of a clue about collections than the least of us here. There are established instances of PMI refusing to pursue fraudulent borrowers until forced to do so bay active lenders and/or law enforcement. The history of Larsen and Witchel is about a couple of guys who operate in a dubious manner with apparently limited real knowledge about operating a business. Being unable to open a PDF file is a good example that just came to mind. So what I'm suggesting is that I don't understand your apparent "give 'em a chance" attitude toward an organization that has shown absolutely NO intention of operating in a functional, even legal manner IMO. |
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bamalucky
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« Reply #31 on: November 08, 2009, 06:23:14 pm » |
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It's fraudelent now on the returns they are touting & have always touted.
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There are no stupid questions, just stupid people.
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onthefence
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« Reply #32 on: November 08, 2009, 08:21:46 pm » |
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HO,can you break down that $20 million?
* Prosper has successfully registered with the SEC. No small issue. The cost of registering is part of their companies current value. * Name brand recognition. OK. It may be mixed to shitty for lenders, but that doesn't affect borrowers. I believe there is some positive value in that. * They have a developed bidding, tracking & data examination system along with 3rd party developer support. There is value in that. If I were intending to open a P2P lending operation, I would rather purchase Prosper than start from scratch. Congress is currently considering a bill to take away the SEC's power to regulate p2p and reclassify p2p lending as a banking product rather than a security. That made me giggle. |
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 Lobby permission granted |
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kenL
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« Reply #33 on: November 08, 2009, 08:41:08 pm » |
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Great blog. I agree, its time to get new management with real expertise. I guess CL's real expertise is in telling a good story and convincing people to give him money.
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Senator
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« Reply #34 on: November 08, 2009, 10:26:43 pm » |
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Congress is currently considering a bill to take away the SEC's power to regulate p2p and reclassify p2p lending as a banking product rather than a security.
Linky? |
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Stats as of 6/28/2010:
Total withdrawals: $3,488.74 minus (-) Total deposits: $3,600.00 = ($111.26)
Cash balance: $0
Principal value of active notes: $0
Total active notes: 0 of 70.
Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.
I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.
It's a great time to be poor and irresponsible in America. -PPT May 2009
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msava
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« Reply #36 on: November 10, 2009, 08:38:14 am » |
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Fred you documented everything quite well. The question is, now what?
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Fred93
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« Reply #37 on: November 10, 2009, 02:58:02 pm » |
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Fred you documented everything quite well. The question is, now what? Reminds me of an old joke. A carrot and his girlfriend were on a date. Things were progressing quite well. Eventually the girlfriend said "What do we do now?"
The carrot replied "Now we wait for the bee." |
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« Last Edit: November 10, 2009, 03:22:11 pm by Fred93 »
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cubbiesnextyr
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« Reply #38 on: November 10, 2009, 03:33:46 pm » |
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Fred you documented everything quite well. The question is, now what? Reminds me of an old joke. A carrot and his girlfriend were on a date. Things were progressing quite well. Eventually the girlfriend said "What do we do now?"
The carrot replied "Now we wait for the bee."Am I the only one that doesn't get it? |
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NewHorizon
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« Reply #39 on: November 10, 2009, 04:12:36 pm » |
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Not only you. It may have to do with pollination - except that I don't see how it's analogous to Fred's blog.
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Fred93
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« Reply #40 on: November 10, 2009, 04:21:44 pm » |
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ok ok. It wasn't a great joke.
I don't think there is much action we can take. We wait for the VCs to act.
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dlv1945
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« Reply #41 on: November 10, 2009, 04:24:57 pm » |
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Fred you documented everything quite well. The question is, now what? Reminds me of an old joke. A carrot and his girlfriend were on a date. Things were progressing quite well. Eventually the girlfriend said "What do we do now?"
The carrot replied "Now we wait for the bee."Am I the only one that doesn't get it? Nope. |
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"Credit isn't a bank account." -- Bama
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Mark12547
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« Reply #42 on: November 10, 2009, 11:51:52 pm » |
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Reminds me of an old joke.
A carrot and his girlfriend were on a date. Things were progressing quite well. Eventually the girlfriend said "What do we do now?"
The carrot replied "Now we wait for the bee."
LOL - that's a great one! |
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If, as you have indicated, you don’t trust Prosper to detect fraud when it exists or to remunerate you when we find it, then you should reconsider whether you want to lend on Prosper. I did; withdrawing since Black Friday, March 30, 2007--with one exception. |
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Urbi_et_Orbi
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« Reply #43 on: June 29, 2010, 07:10:08 pm » |
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Looks like we have some developments on this topic.
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God-Father
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« Reply #44 on: June 29, 2010, 07:33:17 pm » |
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Looks like we have some developments on this topic.
What developments? |
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Long live Prosper!
Bama who? :-)
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