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[onthefence]

no response as of yet.

You are assuming he even got the message.

[Tokyo Joe]

Welcome back Pensioner!

Good to see you again Pensioner, welcome. Now all we need is to get Muleshoes over.

I sent Muleshoes a PM from prosper a couple of weeks ago while some of us were in IRC

From: flyingmissle
Received: Nov-26-2008 7:38 PM PST
To: MuleShoes
Subject: Prosper issued Cease and Desist from SEC. Also other lenders file class action suit against Prosper
Hi,
As a large Prosper lender, I thought you might be interested in the fact that Prosper was issued a Cease and Desist letter from the SEC (http://www.sec.gov/litigation/admin/2008/33-8984.pdf). In addition, a number of Prosper lenders have filed a lawsuit hoping to get class action status.

I know you were a big supporter of Prosper and invested a lot of time and money. Prosper was selling securities illegally and you may be entitled to compensation for that..

Here is a link where you can read more http://www.prospers.org/forum/prosper_order_to_cease_and_desist_by_sec-t10903.0.html

Regards,
FM

no response as of yet.

Consider yourselves lucky.  The last thing you guys need is muleshoes/Hotout23 (I forget exactly his original name) coming back here.  He'll wreck your case with xode-esque rants against the "system", he'll call you all sheep, he'll throw drama fits, and he'll derail you completely.

[onthefence]

Consider yourselves lucky.  The last thing you guys need is muleshoes/Hotout23 (I forget exactly his original name) coming back here.  He'll wreck your case with xode-esque rants against the "system", he'll call you all sheep, he'll throw drama fits, and he'll derail you completely.

Muleshoes was not that bad.  He had a theory, however misguided it may have been, that offering typically 'high risk' people a low interest rate would reduce their odds of defaulting.  His theory turned out to be horribly horribly wrong.  I personally am very thankful he performed this test.  He provided us with valuable information.

What was the last we heard from him?  Something about him feeling bad that borrowers gave him the shaft.  There are plenty of wackos out there.  And mule-shoes certainly had an unconventional idea.  And his heart was in the right place.  Sadly his brain wasn't on this single issue.  But I would by no means rank him in the classes of xode.

[Gogmagog]

Lets not forget the most important point in all of this mess.

Prosper has outperformed the Stock market in any 2.5 year period you wish to use. 

I'd like to thank Chris Larsen and Co. for biting the bullet and helping me realize my investment goals.   

[Mtnchick]

Lets not forget the most important point in all of this mess.

Prosper has outperformed the Stock market in any 2.5 year period you wish to use. 

I'd like to thank Chris Larsen and Co. for biting the bullet and helping me realize my investment goals.   

So you will be opting out of the class action suit - good to know someone will be

[pensioner]

Yup, it's me.  If I don't sound like the old pensioner, it is just because my attitude toward Prosper has taken an about face.

Hi Pensioner, welcome.

You should get access to the verified lenders forum here.  The instructions are at http://www.prospers.org/wiki/HowToGetLenderAccess.  There may be stuff there that would be of interest to you.  And the required step of adding "verified identity" to your Prosper member profile would also eliminate any doubts as to whether you are really you.

Thanks.  I did the "verify identiy" thing.  We'll see how much time I actually spend on this board.  For me it's depressing.

[Mark12547]

Thanks.  I did the "verify identity" thing.  We'll see how much time I actually spend on this board.  For me it's depressing.

Yes, it is good to "see" you here! Thank you for making an appearance! 

I agree, though, the boards can get rather depressing; the lenders' love of Prosper have, in most cases, been ... let's just say ... suspended. 

[onthefence]

Thanks.  I did the "verify identiy" thing.  We'll see how much time I actually spend on this board.  For me it's depressing.

Geez, Pensioner.  OK.  You made a mistake.  You bought the marketing & customer service spiels hook line & sinker.  People make mistakes & you really tried you best with what you thought was true at the time.

On the up side, you may be able to recover some of you damages.  If Prosper had originally filed their security registration with something like this:
http://www.sec.gov/Archives/edgar/data/1416265/000110465908074769/a08-29602_1s1a.htm

I suspect you would have gambled a lot less on this endeavor.  Smart people get taken too.  You aren't the first, and you won't be the last.  Stop beating yourself up.  Learn from your mistakes.  Grow from them.  Take action to correct the error.

Being a victim is easy.  Just keep beating yourself up on the matter. 

Or you can man up.  Dust yourself off.  Take action.

[NewHorizon]

Any word from L5 about all this, pensioner?

[Mark12547]

Another news story: Peer-to-peer lending alternative runs into a regulatory wall in baltimoresun.com.

It mentions that all peer-to-peer sites have (LendingClub: had) regulatory obstacles on the investing side and Prosper has faced:

• SEC C&D
• The $1 million to some 20 states (see the NASAA thread)
• Some lenders filed a lawsuit and seek class action status

The article writer thinks that once the regulatory issues are straightened out, person-to-person lending sites are likely here to stay. (The author didn't specifically state that Prosper is here to stay.)

In other words, the article doesn't really tell regular readers of this board anything we didn't already know, but it puts a good set of issues in one place.

[BigGulp]

Consider yourselves lucky.  The last thing you guys need is muleshoes/Hotout23 (I forget exactly his original name) coming back here.  He'll wreck your case with xode-esque rants against the "system", he'll call you all sheep, he'll throw drama fits, and he'll derail you completely.

Muleshoes was not that bad.  He had a theory, however misguided it may have been, that offering typically 'high risk' people a low interest rate would reduce their odds of defaulting.  His theory turned out to be horribly horribly wrong.  I personally am very thankful he performed this test.  He provided us with valuable information.

What was the last we heard from him?  Something about him feeling bad that borrowers gave him the shaft.  There are plenty of wackos out there.  And mule-shoes certainly had an unconventional idea.  And his heart was in the right place.  Sadly his brain wasn't on this single issue.  But I would by no means rank him in the classes of xode.

I have his number...(assuming it's still active)

...Gulp

[Tokyo Joe]

I would put him and xode very squarely in the same neighborhood.  muleshoes got banned repeatedly from the forums for being a prick.  And he was a prick.  I'm glad he lost his money; he had a horrible effect on the borrowers, and he got nasty when people told him what was going to happen.  I'll add to the above that he was also arrogant, patronizing, and pretended to be a philosopher, but couldn't manage to ever come up with consecutive sentences that made sense.

But whatever, if you want him, go get 'im.

[onthefence]

I would put him and xode very squarely in the same neighborhood.  muleshoes got banned repeatedly from the forums for being a prick.  And he was a prick.  I'm glad he lost his money; he had a horrible effect on the borrowers, and he got nasty when people told him what was going to happen.  I'll add to the above that he was also arrogant, patronizing, and pretended to be a philosopher, but couldn't manage to ever come up with consecutive sentences that made sense.

But whatever, if you want him, go get 'im.

I don't recall muleshoes getting banned, but I don't doubt it.  I don't recall him getting nasty with people.  He was very arrogant, flagrant & a constant salesman of his lending philosophy.  I can see how that could grate on other people.  And he certainly did rebel rouse the poor credit grades into being very aggressive, demanding & in some cases vicious in their attacks.  Very few lenders were swayed by this.  Sure there were a few suckers who indiscriminately followed the leads of big lenders & greedily followed their bids without doing any due diligence.  I find it difficult to be sympathetic towards lemmders.

xode is all over the place in trying to justify his position.  Muleshoes was pretty consistent in his argument that it was the high interest rates that caused high risk borrowers to default.  He ended up being very wrong.  But his logic was straight forward and consistent.

Just to make sure the passage of time wasn't hazing my judgment of him I dug up one of his old threads:
http://prosperreport.com/prosper/forums/archive/threads/8/7/8732.1.htm

ETA:  What I liked most about muleshoes was that flagrant salesmanship wasn't about trying to make a buck off of someone else.  It was a genuine & idealistic effort to do something good.  (Disclosure: I also admire of  Don Quixote).

[onthefence]

I have his number...(assuming it's still active)

Why not.  I would be curious to know what his thoughts & position on this are now.

[God-Father]

Just to make sure the passage of time wasn't hazing my judgment of him I dug up one of his old threads:
http://prosperreport.com/prosper/forums/archive/threads/8/7/8732.1.htm

ETA:  What I liked most about muleshoes was that flagrant salesmanship wasn't about trying to make a buck off of someone else.  It was a genuine & idealistic effort to do something good.  (Disclosure: I also admire of  Don Quixote).

For the help of newbies like me.  MULESHOES was the GL for Fairplay Lending.  I believe in the above thread that he must therefore be FAIRPLAY.