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Regulators Criticize Banks For Lending Uber $1.15 Billion (venturebeat.com)
Federal regulators criticized several Wall Street banks over the handling of a $1.15 billion loan they helped arrange for Uber this past summer, reports Reuters, citing people with knowledge of the matter. From the report: Led by Morgan Stanley, the banks helped the ride-sharing network tap the leveraged loan market in July for the first time, persuading institutional investors to focus on its lofty valuation and established markets rather than its losses in countries such as China and India. The Federal Reserve and the Office of the Comptroller of the Currency (OCC), which are trying to reign in risky lending across Wall Street, took issue with the way in which the banks carved out Uber's more mature operations from the rest of the business, the people said.
and THAT is the problem
Most are happy until they go to sell their cars and learn there is no equity left after a few years. The more you drive, the more you loose.
In theory, the people up the chain of command get a huge salary because they are responsible when something breaks.
in practice, they get to blame you.
Some of us just expect them to follow the same laws that cabbies are required to. You know like the same insurance that's required for a commercial operator. Vehicle inspections, CPR training and so on. You know, exactly the same things that were put into law because cabbies had such a terrible track record that it was killing people.
Yes, how dare people demand they actually follow the law.
Om, nomnomnom...
...long long ago, an out-of-town visitor to New York was admiring the elegant vessels harboured off the Financial District; "Those are the bankers' and brokers' yachts!" exclaimed the guide. "But where are the customers' yachts?" questioned the naÃve visitor in response...
Sanity is the trademark of a weak mind. -- Mark Harrold
Funny how it only happens to foreign corporations while wall street bankers and ratings agencies walk free after the sub-prime crisis.
Aww, that's so cute...
Which is something people also do with taxis.... If the driver wasn't going that way already and you're only covering a share of the gas money it isn't ride sharing.
The 2008 crisis taught investment banks an important lesson. If you are politically connected enough, the government will bail you out if you screw up.
There was no regulation.
Congress "deregulated" that piece of the banking industry when it repealed sections 20 and 32 of the Glass–Steagall Act in 1999.
It only took the corporations 9 years to create a national disaster.
It turns out some regulations are very, very good ideas.
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According to the latest ruleset, this post should be modded as Vorpal Flamebait +5.