MercoPress. South Atlantic News Agency

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  GeoffWard2

  A salutory warning to the Brasilian credit-bubble-people.

  Jul 16th, 2011 - 08:17 pm - Link - Report abuse 0
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  Sergio Vega

  Well, I hope the justice can be quick, hard and fair with all the responsible people from La Polar for their predatory business way. Also with the external Auditor company which didn´t make their work properly backing up the La Polar financial reports to the Chilean Authority (SVS) affecting dramatically hughe ammount of creditors, the most with low incomes.
  In the other hand, common people must understand that to hold a credit card is like to have a dangerous weapon mainly if you have low incomes as the most of the La Polar creditors had.
  All was planned so by the La Polar management staff offering the cards in a undiscriminated way to anyone without economic back up as an income enough to be a good payer in the long term to get a critic mass of money loans and sales to raise fictitiously the share price and after that to hide that fact they readjusted the creditors due balance by themselves without advise to creditors which meant more “ghost” profit for the company....from at least 5 years ago !!!

  Jul 16th, 2011 - 11:57 pm - Link - Report abuse 0
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  GeoffWard2

  True, Sergio, good analysis;
  
  but in the same way as a credit bubble always bursts very publicly, a credit scam always bursts - because of your free press.
  
  How did the bank think it could get away with it -
  - or are the real perpetrators some other people and the bank the 'fall guys'?
  Seems unlikely, but thousands of disgruntled 'poor people' with their money stolen from them will always show up, if not in the (blind?) audit, but certainly in the media, and then the courts.

  Jul 17th, 2011 - 07:08 am - Link - Report abuse 0
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