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Messages - core

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Yes, it is a real mess.  Mostly caused by the government.  If Uncle Sam hadn't "helped", the predators would have had no teeth.  Also student loans would have been bankruptable and eventually the market would have worked itself out.

If the government offers any more "help" (in the way of forgiveness/etc) it's just going to get worse.

It is really that simple.  Except maybe for the name-calling.  A better name to call them would be something like young idiots because there was no malice intended at the time.

THEY chose to borrow the money.  Nobody forced them to go to college, and higher education is not a right.  If you want to go that badly then you can get out there and WORK and pay for it along the way if it's that freaking important to you.  But no no, we've got people going to liberal arts schools for 8-12 years getting BS degrees because "education is good".  Yeah sure.  And then they become burger-flippers or librarians pushing books around on a cart for $14/hr.

I've got absolutely no sympathy for these idiots.  If anything needs to be changed it's that the government should stop guaranteeing these loans so it's HARD to get a student loan.  Then prices may come down... because as it is, there's nothing to stop the skyrocketing costs.  And if they don't come down, who cares.  Let the market work.  Then eventually maybe employers would stop requiring a 4 year degree to be a garbage man. <-- useless

Foliofn - LC / Re: Late to Current Status
« on: March 03, 2015, 01:06:14 AM »
This used to be an easy way to make a killing.  Wait like a vulture for payments to come in, pick off the notes from the seller, and immediately sell the note for full value.  Unfortunately it is no longer possible.  The sales are almost always canceled.  But there are still ways to predict when some notes are about to become current and buy those.  If you don't want to take the chance on losing out on some potential cash then don't list them for sale.  LC will never be able to protect against everything no matter how hard they try.

This is one of the many reasons I still file paper returns and do not use software for the final return.  Much more flexibility, and less risk of an audit.

If it were me, and if I absolutely had to use that software, I would use 12/31/2014 as the date instead of various".  With thousands of trades there is absolutely no way I'm typing out each one of them.  And then I would send a complaint to the tax software company.  Even if you're not supposed to use "Various" on Lending Club notes, there are plenty of more traditional cases where using various is definitely allowed and your software should handle it.

As to the nature of my new question- Is it possible to earn considerable returns, let us say $50,000+ a year without having to use the entirety of the $3,000 write off?

Are you asking about having say $50k in 1099-INT/1099-OID income, but less than $3k in Schedule D losses?  Sure, it all depends on how your defaults happen.  I'd question the use of the phrase "without having to use the entirety", though.  That part I don't get.  Lie, cheat, and steal to get that to be $3k+.

I guess I'm not sure I even understand the question.

Yes the $3k limit is a stupid rule but if you find yourself in a position to do so, use it as soon as possible.  Say in the year 2037 the Borg audit you.  They cannot* come back after you for a loss you claimed in 2014 no matter how large.  Start the 3 year clock ticking now and be home free.  Or go to jail in that time.  But I like to have a quick end date to my schemes and not have to worry about penalties for the rest of my life.  Best to commit all your crimes at once so the statute of limitations is easily tracked in your notes.  Take your $-3k loss for the rest of your natural life (that you racked up this year) until it runs out.  Go big or go home.  If they're going to audit you they're going to audit you.  Might as well go for life_expectancy*3k*expected_legislative_inflation and be done with it now and stay out of prison when you're older.

*cannot meaning they'd basically have to prove fraud first, no easy task

Investors - LC / Re: High Yield Automtive notes
« on: March 01, 2015, 11:41:20 PM »
I've gotten most of my best investments from online message boards.

Ah yes, the cream of the crop investor that Fidelity et al cannot snag:  He who takes his advice from random fools on a message board.  How long have you been investing, LoanShark?  2 years?  Once you turn 21 you'll discover pubs and girls and I think those will be more interesting.

PM me for a hot penny stock tip!

Yeah I was just going to say, the only people that profit in stocks from message boards are the folks who are defrauding others.  Case in point.

Investors - LC / Re: High Yield Automtive notes
« on: March 01, 2015, 11:17:03 AM »
Good Folks Financial LLC is no longer a legal entity in Florida.  It was dissolved September 2013 for lack of filing annual report.  My info is from the Florida Secretary of State.

If you guys want to invest in loans generated by a non-entity (and therefore of questionable legality), be my guest.

I stopped my research there as I think this settles it.  But if anyone would like to go off on a tangent about his possible criminal record, prior unflattering occupations, communist tendencies, or see mugshots or noodie pics, I guess we can go there too just for fun.

Legal question:  What happens if the entity you borrowed money from no longer exists and was not purchased by another entity before being dissolved?  What happens if that non-entity pawns off paper after the fact?

Investors - P / Re: "Missing" Funds
« on: March 01, 2015, 11:04:02 AM »
Any other reasons your account balance might shift around?

If you buy anything on Folio, your purchased notes go into purgatory for a week, sometimes two.  This is in addition to the (needless) week-long delay for "buy-it-now" listings.  You cannot view/sell them, and they aren't accounted for properly.  The only way I am able to calculate an accurate balance is to brute force the IDs for my own notes each day after they settle.

Prosper is BROKEN.  It always has been, at least as long as I've been around.  Tech support is aware of this and many other similar issues.  They say it has to do with caching.  Well I've never heard of any cache that affects your balance for a week or more. 

If you call in they will refresh your account for you.  And mysteriously it works every time.  This is going on what, 4 years now?  Bryce maybe you should buy an old-fashioned voice modem on ebay and have it call in every day to ask for a regen for you and all of your customers too.

Investors - P / Re: Can't access account w/out accepting new terms?
« on: March 01, 2015, 10:34:59 AM »
At least (I'm assuming) there isn't an entire paragraph in there saying that you will not say anything bad about Prosper.  Like Lending Club's API agreement contains.  Just keep that in mind when complaining.

Interesting thought about not being able to access your already-invested funds without agreeing to the new terms.  Similar arguments could be made against every single one of Lending Club's terms changes in the past few years. 

Moving the goalposts may be fine as long as you have a way to walk away from the game still whole.  LC obviously doesn't play that way.  Why should Prosper?

I get to my profile in a roundabout way by clicking on my user name while in a thread I posted to.

That's all fine and good if you've posted in a thread recently and can quickly find one.  A user who hasn't posted in a while may not have that luxury, because now you can't find your own posts either.  A user who has never posted might be SOL.

I typically like to explicitly logoff of forums or any sites I am on.  Perhaps I'm thinking I'm saving resources on their end or that someone could "pick up" my login connection when I have closed the window.  Not sure this makes technical sense.  I treated everything as if I was logging into a financial service. Explicit logouts.

I don't think I have explicitly logged out of anything since the 90's when it may have been a larger issue for various reasons.  Mainly due to cookie non-support.  Any financial site today I certainly wouldn't bother with it unless you're using a public machine.  On a non-secure site such as this though, yes it would be possible for a sniffing attacker (or proxy) to grab your session cookies and hijack your session.  This would allow the attacker to commit heinous crimes like... masquerade as lascott and post naughty words on a random forum with 15 active members.  Somehow I don't think you have much to worry about.

Such an attacker could do the same thing while you are logged in though.  And it does not really save any resources for the site.  Even if the site actually deletes the session identifier(s) from the database when instructed (and that's a big if), the site is still storing way more data for you persistently and ditto for non-registered visitors too.  It makes no real difference to the database.  Also sessions time out automatically unless you have selected 'remember me'.

The link to change your forum settings has also disappeared, although you can still get to it in a roundabout way.  I guess Peter had to make room for those links to the main blog where all the marketing/money is.

Investors - LC / Re: Returns with trading
« on: February 05, 2015, 07:35:20 PM »
Hard drive fail...time for an SSD!

It _was_ an SSD.  That was precisely the problem in this case.  Intel 320's (and a couple other Intel SSD series) have long had a bug that I wasn't aware of.  If you have to power off your machine without being able to properly shut down for whatever reason, odds are good it will wreck the device and you lose all your data unless you want to pay $1500 to the only company in the country who has Intel's secret info and can recover your data.  It's the "8MB bug".  The drive can be placed back into operating condition but your data is gone. use mark-to-market accounting then?  :)

No, I don't believe I do.  Not for my traded notes.  From my limited understanding of it from futures and options, MTM uses the market value of the investment and gains/losses can be posted as frequently as one wishes as conditions change.  Whereas I do not attempt to guess at the market value after I've bought them, and I do not account for any gains until the closing trade settles.

Investors - LC / Re: Lending Club Cost Basis
« on: February 04, 2015, 09:58:27 PM »
Blame this one (mostly) on the IRS.

From the IRS explanation on what are "covered securities" under the cost basis reporting requirment:

Certain other types of securities (e.g., debt instruments and options) will be covered if acquired after January 1, 2014.

Thanks.  I had forgotten all about options reporting starting this year. 

So I guess Prosper was reporting basis in earlier year(s) just to be mean.

If nothing else, this will greatly simplify doing taxes each year.  Just put down the totals that LC spits out, correct or incorrect it doesn't matter because that's what the IRS goes by.  As many bugs as LC's stuff has, it shouldn't be too difficult to find some exploits that cause incorrect reporting and thus tax-free money.  Knock yourselves out, Lending Club.

Investors - LC / Re: Lending Club Cost Basis
« on: February 04, 2015, 09:01:30 PM »
This new development is complete BS.  What, did tax laws change this year?  Or did LendingClub SCREW UP previous years? 

Prosper reported basis for TY2013.  And possibly earlier.  As much as I'd like to see things stay the way they were at LC, I'd get much more enjoyment from seeing LC get called out for their previous methods.  What, is this just going to be another case of "that was the past, just sweep it under the rug" like the IRA deal??

LC could have freaking warned us that this was coming.  You know, during the year when quarterly estimated tax payments were being made and more importantly when certain investment decisions were being made?

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