"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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