Consumer Confidential: Why Is University of California Investing in Payday Lender Ace Cash Express?
The University of California makes money when American workers become trapped in endless cycles of high-interest debt. That’s because the university has invested millions of dollars in an investment fund that owns one of the country’s largest payday lenders, ACE Cash Express, which has branches throughout Southern California. ACE isn’t an upstanding citizen even by the bottom-feeding standards of its industry. In 2014, Texas-based ACE...
Born at the Right Place, Right Time
Washington — What are your odds of being a millionaire, do you think? One in 10? One in 50? One in 100? If you’re over 62, your odds of having at least $1 million in net wealth (your total assets minus your total debt) are relatively achievable — about 1 in 7. But if you are under 40, your odds are low: 1 in 55. In the last 25 years, the odds that an old person is a millionaire have improved slightly. But for young people, they have...
