A Dallas-based auto lender built on giving car loans to illegals has just gone belly up, and it’s dragging Wall Street down with it.
Tricolor Holdings was once hailed by the US Treasury as a “community development” success story. Now, they’ve just filed for bankruptcy as fraud allegations and a full-blown federal investigation overtake them. The company, which sold overpriced used cars to illegals and wrapped the scheme in a feel-good “social lending” label, is leaving major US banks like JPMorgan, Barclays, and Fifth Third staring at massive losses.
Hellbound and Down 