"I haven't seen anything this scummy since the worst of the subprime mortgage lenders," Whitney...

"I haven't seen anything this scummy since the worst of the subprime mortgage lenders," Whitney Tilson says of World Acceptance (WRLD +0.3%). In a letter sent out Sunday evening, Tilson (who is short the stock) applauds Pultizer prize-winning ProPublica's lengthy piece on the company and its installment loans which ProPublica says sometimes end up carrying annual rates of up to 200%. The piece also flags what it calls "useless" credit insurance products from which Citron Research (long-time WRLD detractor) claims the company derives more than half its profits. WRLD (which is heavily shorted) denies the charges and says it provides a valuable service.

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Comments (2)
  • valuedriver
    , contributor
    Comments (121) | Send Message
    Where to begin with the inane comments from Tilson. Another investment manager not sophisticated enough to appreciate the legal landscape of an installment lender. Seems Tilson is short at lower levels and is suffering. And Citron research? Ah yes, told folks to short in Sept 2009 when the stock was 27. Its 89 today.
    These folks dont like the ethics of the business but fail to appreciate its both legal and regulated. Who actually gives money to Tilson? The guy is a charlatan.
    20 May 2013, 04:19 PM Reply Like
  • valuedriver
    , contributor
    Comments (121) | Send Message
    Just wondering what he thinks now about the new 50mm dollar share repurchase? Here is an answer, he doesnt think, period.
    23 May 2013, 07:24 AM Reply Like
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