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1 article from 2009

28 September 2009 10:40 AM, PDT | Vanity Fair | See recent Vanity Fair news »

Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.86. Daniel Sadek. Meet Predator Zero in the subprime-mortgage game: Armed with a third-grade education and the $250 he paid for a California lender’s license, Sadek quit his job as a Mercedes-Benz salesman (in Orange County!) and opened Quick Loan Funding, whose TV commercials promised,“No income verification! Instant qualification! You can’t wait, and we won’t let you!” According to a competitor, Sadek would have written a loan to “an insolvent arsonist.” By 2007, Quick Loan had approved $4 billion in subprime mortgages and was pulling in almost $200 million a month selling them to Citigroup, Wells Fargo, and Bear Stearns. His personal take-home was $5 million each month, which he splashed out on fast cars, million-dollar Vegas gambling jaunts, and a $26 million feature film—Redline—whose »

1 article from 2009