Check out the article -you will understand how uber abuses it's drivers -that they can not possibly make minimum wage, they drive tired 14+ hours a day, 6 days a week. The latest finance deal is with the investment banks that are paid a mint to sweep ubers #$%$ to inattentive investors. The list of finance 'partners' that have dumped uber continues santander, toyota...
uber s#$%$es the #$%$ of the earth -criminals, rapists, illegals anyone that has no chance to get a real job.
Elizabeth Warren needs to look at the clear abuse by uber.
I guess uber is providing a service to murderers and rapists that would not have a car and victims without uber.
Regulations are coming!! Uber is being driven out of cities worldwide!
New Story in Fortune, not paid lies like GG and hickman produce.
"Taxi trade groups have vocally opposed Uber?s rapid expansion
A group representing 5,000 Uber Technologies drivers in New York City filed a lawsuit on Thursday accusing the ride-share company of depriving drivers of various employment protections by misclassifying them as independent contractors.
The proposed class action lawsuit filed in federal court in Manhattan by the New York Taxi Workers Alliance is the latest to claim Uber drivers should be considered employees entitled to minimum wage, overtime pay, and reimbursements for expenses."
This looks just like the suits in other states that uber has had to pay off. The best result will be media exposure for the #$%$ policies uber uses to deprive the city of revenue and deprive it's drivers of all employment protections. Taxi drivers pay the city uber #$%$s do not!
Another article today says government will crack down on predatory lending. THAT WAS QUICK!!
Well, that is not as bad as the uber driver shooting a dozen people between fares.
Uber seeks out criminals with no credit or prospects because they are the only ones who will sign their life away to be uber slaves.
Just days ago the professional liars (or liar with multiple accounts) on this board were claiming MFIN would run into a cash crunch and that their portfolio was way overvalued. Now that we have clear proof to the contrary they instantly pollute the board with lies that not only ignore their previous lies, they defy all logic!
The truth is far simpler
-The loans MFIN produces are high yield and high quality.
-The loans are of higher market value than what MFIN management marks them in "book value".
-MFIN trades at a severe discount to this demonstrably conservative book value.
-global interest rates are going down, not up due to foreign risks MFIN has no exposure to. So MFIN funding rates are going down for the foreseeable future.
-MFIN has an impressive history of putting capital to work fast. Past raises have fueled growth IN THE SAME QTR. And even after selling the loans MFIN likely will continue to service payments.
Keep these truths in mind as the professional dirtbags spin stories about how $100M of cash in the bank is a bad thing (remember just last week they were spinning lies that MFIN would run short of cash). And their even more bizarre lies about how book value is too high when the market is saying the opposite WITH $100M CASH!
The clear explanation is that the short sellers are in way over their heads. At last report it would take all of the shares traded for 29 days to cover their lousy losing bet. Volume is declining so it is getting easier to manipulate but harder to cover. So when you see the board filled with bizarre, counter intuitive claims by the same bozos that were piling up stories to the contrary last week -you know why BECAUSE THEY ARE PAID TO LIE!!
I also saw another story today saying the government will crack down on exactly this sort of predatory lending.
How will uber deny employment rights now that they are providing the cars, maintenance, and deducting the cost directly from driver payments?
The California case was a STEAL at only $100mill reimbursement for select drivers. NY has had far greater revenue.
uber has all it's cars lojack'd -not providing the data to authorities (which they requested frequently) should be prosecuted for obstruction of justice!
uber IS organized crime! The statistics continue to buid.
WHY SHOULD UBER BE EXEMPT FROM TAXES AND REGULATIONS!!!!
For starters the uber leases are at much much higher rates -20-30%
second, the uber leases are sold to poor people BY CLAIMING they are GETTING A JOB BY SIGNING!
Third -the uber leases are twenty plus pages long with all kinds of legal traps the signers can not possibly understand. Violates lending clarity laws.
fourth -uber skims the payments off of driver earnings IMMEDIATELY! That can only happen in major delinquency for law abiding lenders like MFIN.
fith -all uber leases are lojacked -the entire "lease" deal is a scam to cover the fact uber evades all labor laws like minimum wage!
uber lease deals are a scam that uber uses to evade labor laws and get rich on the abuse of the poor!
What lines on the earnings report would indicate the rate MFIN is producing Consumer loans? If MFIN can keep originating and selling loans earnings are going to accelerate significantly!
Is it time for another short squeeze?
uber lending and leasing 'partners' have all filed directly to court battles for violating lending laws. The latest wall street mystery finance fabrication to take up the position is clearly constructed to hide it's owners.
Do they have any expensive debt to pay down?
Does this all go right back to producing more consumer loans? Could the loan growth rate increase? What should we be looking for in the next earnings report?
I presume that MFIN will continue to service the loans they sold -does that show up as higher margins?
It sure looks like MFIN can grow it's high margin consumer loan business at will. Every time they have raised capital they have been able to put it to work with amazing speed. Now that banks are realizing they will not be able to park cash at the Fed for a profit in the future MFIN loans are looking pretty damn good.
It will be interesting when the labor lawyers get into this -I am quite sure that uber will have a long string of of violations when they are ordered to disclose the business relationship with the predatory lenders. ALL of the cars 'financed' are at ridiculous rates and all are 'lojacked' wired to report their position at all times so they can be repossessed efficiently. This arrangement blows the best argument uber has for claiming drivers are contracts not employees -or humans with any rights. uber claims drivers are not employees because they provide a service with their own skill and equipment. WELL NO THEY DO NOT OWN THE EQUI[PMENT -UBER AFFILIATES DO AND THEY ARE PAID FOR AND MAINTAINED DIRECTLY BY UBER AFFILIATE.
My point is that the connection between uber and the lease provider is so damning to their case that they will violate all court orders.
MFIN has shown repeatedly that they can turn capitol into high performance high yield loans. The medalion loan percentage is below 50% and it is shrinking fast. The most likely result of this news is that MFIN will INCREASE the consumer loan growth rate -which was impressive already!
As it uber had not proved it was #$%$ before...
This goes to show that the loans they are making are solid, despite being high yield. I am only surprised to see them described as "prime credit" but I guess that is based on their excellent low default ratios.
The takeaway is that the market value of MFIN loans may be higher than book.
At the very least the next earnings report has a strong tail wind. What I want to see is accelerated consumer loan generation. The paid #$%$ on this tread are acting like MFIN sold some sacred irreplaceable loans when the truth is that MFIN's most impressive capability is generating high yield low risk loans.