We need a general tweet of the day thread

She’s not wrong.

Winners Win. Taking manufacturing of critical products away from the chicoms is unamerican to a leftard. Maybe Cali should rejoin the Union and get some of these new economic opportunities.

https://instapundit.com/

Indictments begin!

I blame Trump and his DEI/ESG policies. If your investment advisor recommends "Social Bonds" - Run.

PS Why the fuck do we have a US Treasury’s CDFI (“Community Development Financial Institution”) program? They should all be fired today. Might have to wait until the dems shutdown the government and Trump starts firing away.

https://ace.mu.nu/#416621

Tricolor Auto’s Failure Has It All - ESG, Woke Capital, Illegal Immigration, Securities Fraud, Government Diversity Programs, BlackRock, etc.

—Buck Throckmorton

Tricolor Auto Group, the nation’s seventh largest used car dealer (and 3rd biggest in Texas and California), just filed for Chapter 7 bankruptcy – e.g. liquidation. Its target customer had been illegal aliens, and with President Trump deciding to start enforcing the nation’s immigration laws, there has suddenly been a major “market correction” in that market segment. Not only has the customer base largely evaporated, but so have loan repayments, which Tricolor also serviced.

The “tri colors” that the name references are the colors of the Mexican flag – red, white, and green.

While the sudden loss of customers and loan repayments was the catalyst that caused the final collapse of Tricolor, its failure has revealed so much more, including securities fraud, Wall Street ESG gimmickry, race-based federal programs, etc.

Tricolor has securitized more than $2 billion of its very high risk auto loans over the past seven years. The most recent issuance was in June of this year, with JP Morgan Chase and other money center banks peddling more than $200 million of “social bonds” to credulous investors. These securities are certified as “social bonds” by the US Treasury’s CDFI (“Community Development Financial Institution”) program because Tricolor focuses on selling its cars and financial services to underserved communities, specifically Spanish-speaking non-citizens. Tricolor’s CEO, Daniel Chu, was quoted by Barron’s in 2022 as stating, “No one else is providing meaningful dollar credit to an illegal immigrant.”

As documented in this recent Barron’s article (“Tricolor Files for Bankruptcy, The Auto Lender Was Once an ESG Favorite,”) “Financial institutions until recently touted their social bond purchases as part of their commitment to ESG—or environmental, social and governance—principles. BlackRock took a $90 million stake in Tricolor in 2021 as part of its Impact Opportunities Fund focusing on businesses and projects owned, led by, or serving members of minority groups.” Of course BlackRock was involved.

You may recall that a major contributor to the financial crash of 2008 was Wall Street wizards packaging up a bunch of sub-prime mortgages, securitizing them, and then selling those “mortgage backed securities” to investors as something other than perfumed garbage. That is effectively what Tricolor has been doing with its auto loans, with the help of Wall Street.

In a Tricolor press release from March of this year titled “Tricolor Closes $328 Million Securitization to Advance Financial Inclusion at Scale in Underserved Communities,” CEO Chu stated, ”By providing deserving people with access to reliable, affordable transportation, Tricolor, which operates across six states and ranks as the third largest used auto retailer in Texas and California, helps move them into the financial mainstream and reverse systemic financial inequities in America.” Like the other securities issuance I referenced, JP Morgan Chase also promoted these odious securities, along with Barclay’s and Fifth Third Bank.

Per Car Dealership Guy, Tricolor’s bonds have collapsed to a value of 12 cents on the dollar, virtually wiping out the investors who bought those bonds. But as bad as this all sounds so far, it’s actually worse. There was massive fraud by Tricolor, which is causing losses to all parties who did business with it.

The winning continues! Commie judges all need to be removed.

Worth contemplating.

I'll take the ribs and bacon please!

vanilla sucks!