The moron’s internal monologue:
"OMG. I’ve got a structured settlement for sale, should I go with Novation Capital or Washington Square Financial? My friend says the Washington Square Financial has OVER 100 years of combined experience in this area, and Novation ONLY has 20. They say more is better right?…………………………………………………………"
Novation Capital?
"With more than twenty years of combined experience, the people at Novation have purchased over $1,000,000,000 (one billion) in structured settlements and other similar cash flows" Source: Novation Capital web site 11/11/2007
Washington Square Financial?
"With more than 100 years of combined experience managing billions of dollars in assets over thousands of transactions, the principals and staff of Washington Square Financial are leaders in the field." Source: Washington Square Financial, LLC web site 11/11/2007
By my calculations 100 years ago was 1907. According to Wikipedia, 1907 was the year that the helicopter and the electric dishwasher were invented. My grandparents hadn’t even met. Arizona and New Mexico hadn’t even joined the Union. Oklahoma had only just joined. Income taxes didn’t come into play until 1913. More importantly the creation of IRC* 130 was 75 years in the future and IRC* 5891 was 95 years!
Back then Teddy Roosevelt introduced us to "Bull Moose". Now Andy Hillman and Co (Washington Sq) are introducing us to another kind of "bull". Robin Marc Shapiro and Co (Novation) aren’t much better. At least there is some touch with reality on their numbers.
Fact is that Washngton Square Financial’s state filing for Florida was May 18, 2007. My math says not even 6 months. How about yours? There is also another company in Massachussetts, apparently unrelated, also called Washington Square Financial that was established in 1992.
Why is it that these two companies must succumb to using these cheesy sales tactics? And what "advertising genius" thought that they could get over on consumers with the smelly stuff?
*IRC= United States Internal Revenue Code
Cheese House math: 100 years could mean 1 very old dude with over 100 years in the biz, or 2 X 50, or 3 times 33.33 or 4 X 25 or 5 X 20 or you get the picture
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