How can we trust these fintechs that aren't in fintech
and aren't in lending and aren't in Tech who can even trust
anymore in fantastic. If you can't trust the random cell phone guy and
the reputation management guy, right?
I mean isn't that fintech that's what the the investigative
report wants you to believe so it's
just paints this insane picture of what fintex did
during PPP and I'm sure people are sick of hearing
about PPP fraud. But the reason it's something
we're talking about now is that there is conversations
at Federal levels of allowing fintext
to become SBA lenders. There
has been a long pause for for a
long time to allow other companies new companies
to become SBA lenders a lot have wanted to join
the program not as Brokers, but actually become SBA lenders on their
own.
But people at the federal level like wait a minute. We can't trust
these fintechs, didn't you? See what blue
Acorn did they were all bad with this PPP, didn't
you see what wamplay did they were bad with PPP?
How can even trust a fintech really you can't trust the
local cell phone store guy who can you trust you know?
So that's the reason why it's so important and there are
complaints as to how this report was put
together. I certainly I mean I almost
feel like an inner like an inner like rage reading.
Yeah. I'm like, I'm like, yeah, this activity is sure
it's worth to criticism that it gets
but I'm like
These aren't fintech lenders. Yeah, who are these
people anything? I think what's interesting is that number one? These
companies did not even exist prior to like early
2020 like there won't even in existence the what the
wampli one wasn't existence but not in any they did not
do any lending or fintech but not in the capacity of like, you know categorizing it
as as a real fintech company and then
you have you know, all the mess they got
into and now, you know, you have two companies that
I mean ultimately in my eyes it's a fail they
were failures and now they pretty much get the blame for the
entire industry. The investigator is new the background of both
companies because I got the information that we just shared
about their background from the report itself nevertheless, they
classified them as fintex and made the
report titled how thin text facilitated PPP fraud
even though those companies were not
fantex.
But I guess they so badly wanted to call someone
the bad guy. So then yeah, they couldn't say how random
cell phone accessories to our mall. Kiosk guys
facilitated. PPP fraud didn't have the same ring. Yeah, probably make
the government look bad. Yeah, so they had. Oh no Finn text from batteries.
Yeah, so we'll make the fintech the bad guy in the story. There were
other companies mentioned in this report.
Names like cabbage. We've kind of talked about
some of the the problems that cabbage had or encountered or
has been accused of and so forth sure, you know, I can
see why some criticism of them would be warranted. Yeah. I don't
know that they were
so so responsible with whatever they did
you could say that Finn text in general because of them were bad
actors or something of that nature, but even then
They focus really on Blue Acorn and wampley. These were
the two two companies. Were you repeatedly hear those names and what
they did over and over and over. I think it was a dumb report personally.
No, it's worth
investigating what went wrong, but I think that just mischaracterized everything.
Yeah. No, I I definitely come to that same
conclusion because it's interesting. Like I said, you know these guys
they in being repeated it in this
report about in text. So it's interesting.