A Dallas-based auto lender built on giving car loans to illegals has just gone belly up, and it’s dragging Wall Street down with it.
Tricolor Holdings was once hailed by the US Treasury as a “community development” success story. Now, they’ve just filed for bankruptcy as fraud allegations and a full-blown federal investigation overtake them. The company, which sold overpriced used cars to illegals and wrapped the scheme in a feel-good “social lending” label, is leaving major US banks like JPMorgan, Barclays, and Fifth Third staring at massive losses.
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We’re literally financing our own demise. If this doesn’t infuriate you, something is wrong.
7 responses to “A company that provided car loans to illegals just went belly up”
Color me “Surprised.”
The memes will write themselves here in three…two…one….
ROTFLMAO.
The biggest problem is that we, the Taxpayers, will likely backstop U.S. banks’ losses via “bail-ins.”
Read “The Great Taking.” Our forced generosity is already codified.
Ding-ding! Too big to fail. Yada, yada, yada. SMH.
Gee, I don’t know, if illegals can’t work, can’t get welfare, can’t get loans, etc. – maybe they will leave. How stupid is this country?
And as of recently, they can’t send money out of the US to support family ‘back home’. They will suddenly be a lot better off liquidating their US assets and carrying the cash out on a free flight home.
The losses are chump change to the big banks, the real question is how can a company like Tricolor exist? Named for the Mexican flag, making loans to people who generally can’t work ( risky), and using other banks money. Sounds like a true crime story about laundering.
Check out if and how many elected or excuse me “selected” officials had their hands in these investments or maybe their families. After all , all roads lead to D.C