PortandTerminal.com, April 9, 2020
Dahlia Loeb, Managing Director at Arcadia Investment Partners’ breathtaking callousness and greed in the face of a national tragedy has won her our #COVIDIOTS award of the day.
NEW YORK CITY – More than 6.6 million Americans lost their jobs last week, with 16 million jobs gone in the past three weeks, as the coronavirus pandemic has brought the US economy to a standstill.
Some people would see job losses like that as a national tragedy. But those people aren’t Dahlia Loeb, managing director at Wall Street investment firm, Arcadia Investment Partners.
Reuters is reporting today that Ms Loeb’s firm pitched wealthy investors in recent days on a way to make returns of 22% to 175% using U.S. government programs designed to help Americans keep their jobs and boost the coronavirus-stricken economy. Her parents must be so very proud of her.
Ms Loeb’s firm figured out a way to profit from the government plan designed to help working people who have lost their jobs due to the coronavirus crisis.
When Reuters contacted Ms Loeb’s firm they were told that the scam had been put on hold. The idea was in “formative stages” and the firm was not “presently moving forward with this strategy given reasons that include uncertainty surrounding the regulations,”.
Under Arcadia’s plan, the firm would have raised money to finance loans to small businesses guaranteed as part of a $2.2 trillion government aid package, the marketing materials show. It called the new vehicle the “Paycheck Protection Program Fund,” named after the government initiative for small businesses launched on April 3.
Arcadia proposed to juice profits by borrowing 90% to 95% of the money from funding markets that were backstopped in recent weeks by the U.S. Federal Reserve.
Reuters reports that the firm had sent the pitch as recently as this weekend to “a limited number of sophisticated investors,” according to the marketing materials, which are dated April 4 and marked confidential.
In an email sent Sunday, and seen by Reuters, Ms Loeb wrote it was a “highly time-sensitive opportunity” and had offered to discuss it with investors that day or early in the week.
This is a “highly time-sensitive opportunity” Ms Loeb said to her unnamed investors
This clever idea is coming from a New York City-based firm who’s employees witness day-in, day-out the carnage taking place in their city. As thousands of New Yorkers selflessly do what they can to help, those who chose to profit from other’s suffering make themselves more visible to all.
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