1 00:00:00.300 --> 00:00:03.400 How can we trust these fintechs that aren't in fintech 2 00:00:03.400 --> 00:00:06.400 and aren't in lending and aren't in Tech who can even trust 3 00:00:06.400 --> 00:00:09.700 anymore in fantastic. If you can't trust the random cell phone guy and 4 00:00:09.700 --> 00:00:11.600 the reputation management guy, right? 5 00:00:12.400 --> 00:00:15.900 I mean isn't that fintech that's what the the investigative 6 00:00:15.900 --> 00:00:18.200 report wants you to believe so it's 7 00:00:18.200 --> 00:00:21.600 just paints this insane picture of what fintex did 8 00:00:21.600 --> 00:00:24.000 during PPP and I'm sure people are sick of hearing 9 00:00:24.100 --> 00:00:27.800 about PPP fraud. But the reason it's something 10 00:00:27.800 --> 00:00:30.700 we're talking about now is that there is conversations 11 00:00:30.700 --> 00:00:34.100 at Federal levels of allowing fintext 12 00:00:33.100 --> 00:00:36.600 to become SBA lenders. There 13 00:00:36.600 --> 00:00:40.300 has been a long pause for for a 14 00:00:40.300 --> 00:00:43.400 long time to allow other companies new companies 15 00:00:43.400 --> 00:00:46.200 to become SBA lenders a lot have wanted to join 16 00:00:46.200 --> 00:00:49.700 the program not as Brokers, but actually become SBA lenders on their 17 00:00:49.700 --> 00:00:49.700 own. 18 00:00:50.600 --> 00:00:53.600 But people at the federal level like wait a minute. We can't trust 19 00:00:53.600 --> 00:00:56.300 these fintechs, didn't you? See what blue 20 00:00:56.300 --> 00:00:59.700 Acorn did they were all bad with this PPP, didn't 21 00:00:59.700 --> 00:01:02.500 you see what wamplay did they were bad with PPP? 22 00:01:02.500 --> 00:01:05.200 How can even trust a fintech really you can't trust the 23 00:01:05.200 --> 00:01:07.600 local cell phone store guy who can you trust you know? 24 00:01:08.500 --> 00:01:11.000 So that's the reason why it's so important and there are 25 00:01:11.800 --> 00:01:14.200 complaints as to how this report was put 26 00:01:14.200 --> 00:01:17.800 together. I certainly I mean I almost 27 00:01:17.800 --> 00:01:20.800 feel like an inner like an inner like rage reading. 28 00:01:20.800 --> 00:01:23.900 Yeah. I'm like, I'm like, yeah, this activity is sure 29 00:01:23.900 --> 00:01:26.100 it's worth to criticism that it gets 30 00:01:26.100 --> 00:01:27.000 but I'm like 31 00:01:27.800 --> 00:01:30.300 These aren't fintech lenders. Yeah, who are these 32 00:01:30.300 --> 00:01:33.800 people anything? I think what's interesting is that number one? These 33 00:01:33.800 --> 00:01:36.100 companies did not even exist prior to like early 34 00:01:36.100 --> 00:01:39.500 2020 like there won't even in existence the what the 35 00:01:39.500 --> 00:01:42.000 wampli one wasn't existence but not in any they did not 36 00:01:42.200 --> 00:01:45.700 do any lending or fintech but not in the capacity of like, you know categorizing it 37 00:01:45.700 --> 00:01:48.500 as as a real fintech company and then 38 00:01:48.500 --> 00:01:51.300 you have you know, all the mess they got 39 00:01:51.300 --> 00:01:54.300 into and now, you know, you have two companies that 40 00:01:54.300 --> 00:01:57.300 I mean ultimately in my eyes it's a fail they 41 00:01:57.300 --> 00:02:00.400 were failures and now they pretty much get the blame for the 42 00:02:00.400 --> 00:02:03.400 entire industry. The investigator is new the background of both 43 00:02:03.400 --> 00:02:06.200 companies because I got the information that we just shared 44 00:02:06.200 --> 00:02:10.100 about their background from the report itself nevertheless, they 45 00:02:09.100 --> 00:02:12.700 classified them as fintex and made the 46 00:02:12.700 --> 00:02:15.700 report titled how thin text facilitated PPP fraud 47 00:02:15.700 --> 00:02:18.300 even though those companies were not 48 00:02:18.300 --> 00:02:18.900 fantex. 49 00:02:19.800 --> 00:02:22.500 But I guess they so badly wanted to call someone 50 00:02:22.500 --> 00:02:25.800 the bad guy. So then yeah, they couldn't say how random 51 00:02:25.800 --> 00:02:28.400 cell phone accessories to our mall. Kiosk guys 52 00:02:28.400 --> 00:02:31.400 facilitated. PPP fraud didn't have the same ring. Yeah, probably make 53 00:02:31.400 --> 00:02:34.500 the government look bad. Yeah, so they had. Oh no Finn text from batteries. 54 00:02:34.500 --> 00:02:38.000 Yeah, so we'll make the fintech the bad guy in the story. There were 55 00:02:37.100 --> 00:02:39.300 other companies mentioned in this report. 56 00:02:40.100 --> 00:02:43.100 Names like cabbage. We've kind of talked about 57 00:02:43.100 --> 00:02:46.400 some of the the problems that cabbage had or encountered or 58 00:02:46.400 --> 00:02:49.200 has been accused of and so forth sure, you know, I can 59 00:02:49.200 --> 00:02:52.200 see why some criticism of them would be warranted. Yeah. I don't 60 00:02:52.200 --> 00:02:52.800 know that they were 61 00:02:53.500 --> 00:02:56.100 so so responsible with whatever they did 62 00:02:56.100 --> 00:03:00.100 you could say that Finn text in general because of them were bad 63 00:02:59.100 --> 00:03:02.800 actors or something of that nature, but even then 64 00:03:03.500 --> 00:03:06.200 They focus really on Blue Acorn and wampley. These were 65 00:03:06.200 --> 00:03:09.400 the two two companies. Were you repeatedly hear those names and what 66 00:03:09.400 --> 00:03:13.100 they did over and over and over. I think it was a dumb report personally. 67 00:03:12.100 --> 00:03:15.300 No, it's worth 68 00:03:15.300 --> 00:03:18.500 investigating what went wrong, but I think that just mischaracterized everything. 69 00:03:18.500 --> 00:03:21.200 Yeah. No, I I definitely come to that same 70 00:03:21.200 --> 00:03:24.300 conclusion because it's interesting. Like I said, you know these guys 71 00:03:24.300 --> 00:03:27.400 they in being repeated it in this 72 00:03:27.400 --> 00:03:30.600 report about in text. So it's interesting.