Post by Logan on Feb 3, 2016 8:21:22 GMT -6
Why is the UC system investing in a payday lender accused of trapping people in perpetual debt?
The University of California makes money when American workers become trapped in endless cycles of high-interest debt.
That's because the university has invested millions of dollars in an investment fund that owns one of the country's largest payday lenders, ACE Cash Express, which has branches throughout Southern California.
ACE isn't an upstanding citizen even by the bottom-feeding standards of its industry.
In 2014, Texas-based ACE agreed to pay $10 million to settle federal allegations that the company deliberately tried to ensnare consumers in perpetual debt.
Read more: www.latimes.com/business/la-fi-lazarus-20160202-column.html
The University of California makes money when American workers become trapped in endless cycles of high-interest debt.
That's because the university has invested millions of dollars in an investment fund that owns one of the country's largest payday lenders, ACE Cash Express, which has branches throughout Southern California.
ACE isn't an upstanding citizen even by the bottom-feeding standards of its industry.
In 2014, Texas-based ACE agreed to pay $10 million to settle federal allegations that the company deliberately tried to ensnare consumers in perpetual debt.
Read more: www.latimes.com/business/la-fi-lazarus-20160202-column.html