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« on: September 10, 2009, 06:47:48 am » |
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A June 12, 2009 letter from the United States Securities and Exchange Commission to Ed Giedgowd (Prosper's Chief Compliance Officer at the time) has been scanned to the SEC's public file for Prosper. Ref: "filename1.pdf" @ http://www.sec.gov/Archives/edgar/data/1416265/000000000009049230/0000000000-09-049230-index.htmIt provides in interesting window into behind-the-scenes interrogatories that took place prior to SEC's approval of the new Prosper securitized lending platform. Among other things the SEC writes, "...we note analysis of the prosper loan originations posted by prosper members which shows loans that are not paying according to their terms approaching 40% for your oldest tranches. We also note that ..." "In postings on the web regarding performance of Prosper loans by one of your lender members, there have been concerns expressed about the number of reported loans that closed during a paricular months changing. Please provide the staff, with a view towards improved disclosure,. your originated loans for every month that you operated prior to shutting down your site, the number that went 30, 60 and 90 days past due and the number that entered collection. Also, please address any instance where the number of reported loans in a paricular monthly set changed from when they were originated to the currently reported amount. Please refer to http://fred93blog.blogspot.com." |
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xraider
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« Reply #1 on: September 10, 2009, 06:50:57 am » |
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That is so excellent. It must have upset a stomach or two at Prosper being referred to Fred's blog. I would love to see their response!
Nice work, Fred!!
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Prosper missed me. They lifted my suspension a day early.
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112233
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« Reply #2 on: September 10, 2009, 06:54:55 am » |
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awesome
I wonder if the SEC visited here
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112233
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« Reply #3 on: September 10, 2009, 06:57:06 am » |
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That is so excellent. It must have upset a stomach or two at Prosper being referred to Fred's blog. I would love to see their response!
Nice work, Fred!!
I imagine they probably had to replace some furniture |
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bamalucky
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« Reply #4 on: September 10, 2009, 08:29:07 am » |
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Can we move this to the lobby
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There are no stupid questions, just stupid people.
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bankomatic
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« Reply #5 on: September 10, 2009, 08:41:53 am » |
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Yeaaaa, go fred!
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Chamatrain
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« Reply #6 on: September 10, 2009, 08:49:38 am » |
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If I were a named plaintiff in a legal action with Prosper, I'd make sure my attorney was aware of that information.
Superb contribution, Fred!
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« Last Edit: September 10, 2009, 08:52:59 am by Chamatrain »
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Cushie
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« Reply #7 on: September 10, 2009, 08:51:04 am » |
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WOW! Fred, you're owed a debt of gratitude. How completely awesome!
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I like long walks, especially when they are taken by people who annoy me.-- Noel Coward
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112233
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« Reply #8 on: September 10, 2009, 08:53:58 am » |
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Im kind of surprised the SEC uses blogs at face value. I mean, we all know fred and there is no concern, but the SEC doesnt necessarily know that.
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Beerbud1
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« Reply #9 on: September 10, 2009, 09:02:55 am » |
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If I were a named plaintiff in a legal action with Prosper, I'd make sure my attorney was aware of that information.
Superb contribution, Fred!
Everything gets covered in "discovery". On a side note My attorney reads here. |
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"Keep your thoughts positive because your thoughts become your words.
Keep your words positive because you words become your behavior.
Keep your behavior positive because your behavior becomes your habits.
Keep your habits positive because your habits become your values.
Keep your values positive because your values become your destiny."
-Gandhi
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Xenon481
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« Reply #10 on: September 10, 2009, 09:05:05 am » |
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This is amazing.
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112233
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« Reply #11 on: September 10, 2009, 09:08:55 am » |
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If I were a named plaintiff in a legal action with Prosper, I'd make sure my attorney was aware of that information.
Superb contribution, Fred!
Everything gets covered in "discovery". On a side note My attorney reads here. not surprising since we discovered him through org |
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Urbi_et_Orbi
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« Reply #12 on: September 10, 2009, 09:26:10 am » |
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I find this letter particularly sweet considering the arrogant and disdainful manner in which Fred93 has been treated by Prosper's management. It has become relatively well known over the years how senior management at Prosper considered Fred93 little more than a troublemaker. This is, of course, quite consistent with how you would expect Prosper to treat one of its largest lenders.
I also note that this letter is dated within just a couple of weeks prior to Giedgowd's departure.
LOL at "no factual defense."
Congrats, Fred!
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Risk_Reward
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« Reply #13 on: September 10, 2009, 09:37:54 am » |
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"Justify how your low range estimate (i.e. $0) is appropriate considering suits have
been brought and you have no factual defense (specifically regarding the Section 5
violation)."
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A standing military force, with an overgrown Executive will not long be safe companions to liberty. The means of defence agst. foreign danger, have been always the instruments of tyranny at home. Among the Romans it was a standing maxim to excite a war, whenever a revolt was apprehended. Throughout all Europe, the armies kept up under the pretext of defending, have enslaved the people. -James Madison Speech, Constitutional Convention (6/29/1787)
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Risk_Reward
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« Reply #14 on: September 10, 2009, 09:39:00 am » |
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"In addition to our comment above, as it relates to the Section 5 violation and class action
suit, please address the following:
· Tell us if the class has been certified and quantify the amounts of the notes that are
related to the suit;
· Provide us your assessment of the clais and whether or not you believe the claims
may be limited by the statute of lIItations (quantify amounts in your response if
possible);
· Tell us ifhave you obtaed any fuer discovery concerng the probabilty that a
loss contingency has occured; and
. Provide us with your most recent legal representation letter."
Edit: for some reason the copy and paste butchered the language a little.
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A standing military force, with an overgrown Executive will not long be safe companions to liberty. The means of defence agst. foreign danger, have been always the instruments of tyranny at home. Among the Romans it was a standing maxim to excite a war, whenever a revolt was apprehended. Throughout all Europe, the armies kept up under the pretext of defending, have enslaved the people. -James Madison Speech, Constitutional Convention (6/29/1787)
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