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Messages - GS

#31
Investors - LC / wave of grace notes
May 20, 2014, 11:00:00 PM
I had my first BK note in April, too.... A B2 with a FICO that never dipped below 700 ... Oh well.  It's part of the game.
#32
Investors - LC / Unfunded
April 10, 2014, 11:00:00 PM
Good question.  I've heard there hasn't been an unfunded loan in years, but with the recent climb in number of loans, I'm wondering if some are getting passed up.  This morning I noticed one with only 4 days left and 60% funded. 

I think LC will jump in the last couple of days with Prime or LC Advisers and fund every loan, just so they can say they all get funded. 
#33
While I agree with the initial post that HFT is basically skimming, front running, and market manipulation, I have to disagree with the original poster when he says the stock market is like a casino.  Long term, the course of the market is set by investors, not day traders and HFTs.  Sure, they can manipulate the market a bit day to day, and even apparently cause a "flash crash", but if you are in the market long term, and an actual investor, as the stock market was intended to be used, the HTFs will have little affect on your returns.  If you buy and sell once or twice a quarter, like I do, they may get me for a couple cents a year, but they are not having any real affect on my investment returns.  I'm paying way more in ETF fees that HFTs are getting from me.

As for slowing them down, I heard someone propose a rule that you have to hold any stock you purchase for some set amount of time, like an hour, or a day.  It's not a radical idea.  The IRS actually has a "free ride" rule, where if I sell, then buy a different stock the same day, with the same cash, then I have to hold that stock past the settlement period ... about 3 days ... before I can sell it again.  That rule does not apply to margin accounts, so HFTs avoid that rule by setting their accounts up as margin accounts (even if they don't use margin).  So, make the "free ride" rule apply to margin accounts, problem solved....
#34
Investors - LC / Folio and IRAs
March 12, 2014, 11:00:00 PM
Someone pointed out that LC apparently does not have a securities brokerage license.  I assume that's why they have to make it clear that  Folio is handling the trades, it also appears to be the "catch".  LC can't claim the money and notes are staying within the IRAs for tax purposes, while also claiming the money and notes are being transferred in and out of IRA accounts for SEC compliance purposes ... I guess.

It's kinda frustrating that I have to guess ...
#35
So, now that Mt. Gox has gone belly up and apparently decided to keep what they were holding, it seems that the best option for trading is a Chinese site ... yeah ...  good luck with that.  Maybe the Nigerians should jump in here to elevate the bit-coin cred.
#36
Investors - LC / Folio and IRAs
January 03, 2014, 11:00:00 PM
Core,

If any of this is true, then I was already screwed for 2013 anyway ... I don't think the few trades I made after October make much of a difference.    But, as we already pointed out, how does posting a drastic policy change statement in "obscure corners" then not enforcing it, despite the fact that it could be easily enforced, qualify as notice?  Until November, at least, the Folio FAQs still said any LC member could participate, and I was unaware that had been changed until I checked today.   Apparently, if you call or email a question, you get no meaningful response.  I bet most users who use Folio and don't read Lend Academy have no idea this is even going on. 

My guess, if there is a tax related problem, is that LC and regulators are working out a solution, users will be held harmless, and it will be resolved without the IRS raiding my house.
#37
Investors - LC / Folio and IRAs
January 03, 2014, 11:00:00 PM
#38
Investors - LC / Folio and IRAs
December 19, 2013, 11:00:00 PM
We don't even know for sure if this is about taxes and legality.  It could be that Folio wants to cut off IRA accounts because of the additional accounting and paper work burden.  Or maybe Folio told LC they want an additional yearly fee to handle IRA accounts and LC balked, since they advertise free IRAs if you have over $10K.  So far, the "tax problem theory" is just theory.
#39
Investors - LC / New LC Prime
December 03, 2013, 11:00:00 PM
Ah crap ... I don't have prime, but all my filters are gone, too.  Perhaps this is a glitch and they will be restored.
#40
Investors - LC / 640-659 FICO applicants follow-up
November 26, 2013, 11:00:00 PM
According to above:

DELAWARE, the legal rate of interest is 5% over the Federal Reserve rate.

So that makes the max rate of a Delaware Corp. about 5.25%?

In Florida (18%?), I've gotten CCs at Home Depot and HH Gregg with 29.99% rates after a 6 month interest free period.  Needless to say, I take advantage of some promotional discount, then pay them off.
#41
Investors - LC / LCAC - "undefined" loans
November 13, 2013, 11:00:00 PM
I noticed the same thing.  It would scan about 30 then stop working.  I'd get an error message when I tried to open it manually.  Thanks for the update.
#42
Yesterday, I had my first note miss a payment since the rule change.  I figured it would go to IGP and I could put it for sale today.  NOPE.  Now it's listed as Processing Payment Plan, with a new withdrawal date scheduled in a few days, and won't let me post it.  I assume that by time I'm allowed to post it for sale (assuming the second withdrawal attempt fails), it will be at or near 16 days overdue.  I'll have to see how this plays out. 

LC blew it with the way they are handling this.  I can understand why they wanted to close the loophole, but I can think of a few better ways to do it than this. 
#43
Investors - LC / Folio and IRAs
November 04, 2013, 11:00:00 PM
This blows.  My strategy is built around selling notes if their FICO slips.  I never would have opened an IRA under these conditions, and now I feel my money is trapped there since there is no way to exit, ... outside of letting my notes die off for the next 5 years. 
#44
Investors - LC / Folio and IRAs
October 28, 2013, 11:00:00 PM
An explanation would sure be nice.  At this point, I'm starting to suspect that LC knows something bad has happened, that might become a tax nightmare for IRA holders, but doesn't want to admit any wrong doing. 
#45
Investors - LC / Folio and IRAs
October 24, 2013, 11:00:00 PM
I really don't understand why this is an IRA/IRS problem.  Folio says it holds no cash or notes, and seems to just act as a 3rd party that matches buyers with seller, for a commission.  I don't know why they'd be involved in reporting my income to the IRS when they are not actually handling the cash.  The IRS report should be handled by LC, and if ever called into question, it should be easy to match up the folio buy/sell record with the LC account activity report.