Aaron Acceptance Corp., should we feel sorry?
G. Whizz
It now appears that all the Aaron Acceptance Corp. investors will get
is about 15 cents on their investment dollar. Many of the 'investors'
have lost their life savings and will have to work through their
retirement years. While their situation is a terrible end to a life of
hard work, I cannot help to think about the motivations these
'investors' had that saw their placing their 'entire life savings'
into the hands of the Aaron people.
I know only know one such person and remember very well their
'investing' their life saving into 'second mortgages' through the
Aaron group at rates approaching 20%.
I also remember thinking that a 2nd mortgage of close to 20% return to
the mortgage hold must have a whopping front end load and/or a
significant 'markup' that would see the Aaron people getting their
'pound of flesh'. To me the arithmetic was simple, it all added up to
GREED!
Aaron Acceptance Corp. was well known as a 'lender of last chance' and
as such their rates were high, higher than prevailing rates at more
conventional lenders. People that went to Aaron were either high ratio
risks or projects requiring unconventional financing and therefore the
justification of the unconscionable high rates demanded.
The 'investors' that participated in funding these loans were
receiving rates double and sometimes triple conventional 'savings
and/or investment securities' and as such and in that context, were
buying into an 'investment in GREED'.
It really seems to me that, Greed begets Greed which beget Greed and
eventually there is and end to the cycle in which they all loose.
The Aaron Acceptance Corp. investors have come to their ultimate of
their cycle of greed.
Should we feel sorry?
Patrick Sullivan
: Should we feel sorry?
You pay your money; you take your chances...
--
Dave 2
>
> Aaron Acceptance Corp.
>
> It now appears that all the Aaron Acceptance Corp. investors will get
> is about 15 cents on their investment dollar.
Before you go off half-cocked, you might want to correctly identify Eron
Mortgage Corp., as opposed to Aaron Acceptance Corp.
> The Aaron Acceptance Corp. investors have come to their ultimate of
> their cycle of greed.
>
> Should we feel sorry?
I feel very sorry for Aaron Acceptance Corp, given the number of people (you
are not alone) who get the two companies confused.
--
"Never take no cut-offs, and hurry along as fast as you can"
- Virginia Reed
Warning: Address has been modified.
alt
Patrick Sullivan wrote in message <7f291t$umn$1...@frasier.island.net>...
>G. Whizz (whizz_...@yahoo.com) wrote:
>
>: Should we feel sorry?
>
>You pay your money; you take your chances...
Isn't that a Bruce Cockburn line?
"You pay your money and you take your chance
when you deal with love and romance"
I don't think he mentioned anything 'bout AAC in the song!<grin>
atag.
Rod Rempel
alive, and they made a firm promise: your money would
go into the project you invested in.
If you then won/lost on your investment I firmly agree,
it was then "you take your chances..." and don't whine
about it.
I didn't go in because I have a thing about investing in
a piece of property 4000 miles away without seeing it.
It was also pretty obvious they were sucking such
huge management fees, commissions, ... out of the
money that the only one getting rich would be the Arron
people.
Why I feel sorry: they pooled the money and did some
blatantly unethical (if not clearly illegal) stuff in their
managing of the investment. We are now told that the
president took out something like $5M and the VP $2+M.
If there were honest controls in place, neither (the
pooling or management suck) would have been
able to take place. Kinda too bad.
Do I think they should be baled out? No.
But I also don't think fishermen, foresters
(especially pulp mills in NDP minister's ridings),
condo owners, early HepC patients, or farmers should be
baled out. "You take your chances...right?".
If we are pouring tax $$ into some poor "victims", at
least these people were victims of a fraud that should
have been controlled under government mandated rules
(and it wasn't).
--
* Rod Rempel rre...@infoserve.net
* If two million people do a stupid thing,
* it's still a stupid thing.
G. Whizz <whizz_...@yahoo.com> wrote in message
news:37140dbf...@news.intouch.bc.ca...
> Aaron Acceptance Corp.
> ...
> significant 'markup' that would see the Aaron people getting their
> 'pound of flesh'. To me the arithmetic was simple, it all added up to
> GREED!
> ...
> The 'investors' that participated in funding these loans were
> receiving rates double and sometimes triple conventional 'savings
> and/or investment securities' and as such and in that context, were
> buying into an 'investment in GREED'.
>
> It really seems to me that, Greed begets Greed which beget Greed and
> eventually there is and end to the cycle in which they all loose. ...
> Should we feel sorry?
>
G. Whizz
Thanks for the correction
G.Whizz
Patrick Sullivan
: Patrick Sullivan wrote in message <7f291t$umn$1...@frasier.island.net>...
: >G. Whizz (whizz_...@yahoo.com) wrote:
: >
: >: Should we feel sorry?
: >
: >You pay your money; you take your chances...
: Isn't that a Bruce Cockburn line?
: "You pay your money and you take your chance
: when you deal with love and romance"
No. Bruce Cockburn ripped off this cliche from someone else. It's been
around for awhile.
: I don't think he mentioned anything 'bout AAC in the song!<grin>
Nope. Don't think he did either.
I personally liked Bruce Cockburn's songs "Lovers in a Dangerous Time" and
"Coldest Night of The Year".
: atag.
Pat
--
alt
>>Mortgage Corp., as opposed to Aaron Acceptance Corp.
>
>the registration of two different firms with the names so similar?
Guess it depends on how the words are pronounced though eh? I mean, Eron
could be pronounced EeRon rather than as Aaron, and then the people at the
Ministry of Finance and Corporate Relations would be doing the right thing
to register both names.
Also, when we registered our corp. name, there was already a company with
the same first name Alttech (or some variation), but we had to choose a
'middle' name that was different (e.g. something to define our 'market').
So we became Alttech Ventures rather than Alteck (sp?) Transport... EeRon
Mortgage Corp is certainly a different name than Aaron Acceptance Corp...
atag.
