Overhauled? Shut it down.

From the Star Ledger:

The EDA gave tax breaks to a predatory lender, group says. That’s why the state agency needs to be overhauled.

Last week, corporate whistleblower Kerrie-Ann Murray testified that her former employer falsified payroll paperwork to facilitate a move to New Jersey and obtain $16.8 million in tax credits from our state Economic Development Authority. The company, Jersey City-based World Business Lenders, then laid off an entire department after selling that tax credit to a third party.

Murray’s testimony is yet another example of the level of waste and corruption involving EDA’s corporate tax incentive program. What’s even more troubling was that the EDA considered an application from World Business Lenders at all.

At first glance, this seems the kind of company you want to persuade with tax incentives to do business in New Jersey. World Business Lenders claims to be a non-bank lender dedicated to serving the needs of small business owners, in particular minority-owned main street businesses unable to obtain credit or loans from banks.

But a close examination of the company history, and Kerrie-Ann Murray’s testimony, shows it’s the worst kind of subprime predatory lender, preying on vulnerable business owners who need quick access to capital. World Business Lenders makes profits off bad credit, defaulted loans, and the misery of bankruptcy. It’s the kind of company that destroys small businesses and local economies.

Company founder Doug Naidus made his fortune by selling a mortgage company to Deutsche Bank, a financial outfit responsible for servicing and foreclosing on many of the subprime loans that fueled the world financial crisis. Since then, Naidus has perfected a new kind of predatory lending — this time targeting small business owners. As a non-bank lender his company is subject to less regulatory oversight than banks, and that’s reflected in its business practices.

World Business Lenders charges interest rates as high as 125 percent, with daily loan repayments sometimes running to more than $160 per day for small business owners. Borrowers have put up cars, houses or even livestock as loan collateral. When unable to pay, the company has seized these assets, forcing bankruptcies and ruining lives. “They’re in the business of helping these businesses fail,” said Mark Pinsky, former president of Opportunity Finance Network, a national association of community development financial institutions. Nadius himself once joked that he could save his company money by paying salesmen in repossessed Pontiacs.

This entry was posted in Economics, Employment, New Jersey Real Estate, Politics. Bookmark the permalink.

48 Responses to Overhauled? Shut it down.

  1. grim says:

    FYI – this is a political hit piece

  2. chicagofinance says:



  3. D-FENS says:

    NW NJ Democrats vs South Jersey Democrats

  4. crushednjmillenial says:

    Long time reader, first time commenter.

    Does anyone know what Pumpkin does for work (just asking for industry or sector, not for specific job title or looking to doxx him or anything)? I ask because in another thread he noted that his household income was quite high and he is overall ultra-bullish about our state economy. I am wondering what industry is doing well enough for someone who doesn’t appear to be the next Einstein to be purportedly doing extremely well. I am wondering about this, because I work very hard to make not much money here in NJ.

    I mean no offense to Pumpkin. His posts do negatively clog up this site, but it is easy enough to skim them or scroll past.

  5. D-FENS says:

    He’s just your average corporate goof who failed upward.

  6. Not Bloomberg says:

    I though financial analyst of some kind.

  7. The Original NJ ExPat says:

    Something you don’t need a HS degree for. His wife is the one with the education and better job.

  8. The Original NJ ExPat says:

    I sometimes wonder if Nimfy has a job at all. I think the extent of his social contact is right here. Everything he says is first person, solitary, involves no other people, no locations, no events.

  9. The Original NJ ExPat says:

    Yeah, if works at an office at all it has to be a mail room job. He has no other background or education.

  10. Bystander says:

    Jr credit analyst. Makes 50k year. Alpha female wife makes 200k. Granny gift makes 50k income to get to his claimed 300k total. Strap-on at night

  11. Libturd, can't say I didn't warn you. says:

    He moonlights in a pop band. His stage name is Pumpkin Spice.

  12. JCer says:

    Sometimes the commentary on this board is a bit much. What weird sh*t are you guys watching/doing that these are the thoughts running through your heads? That is a disturbing image.

    Also don’t hate on wife making more, that is the dream. My wife and I have traded on and off who makes more, as long as someones income is going up it’s gravy…

  13. JustAnother PumpkinMonday says:

    This is Pumpkin at “work”, note his very professional lab coat approach. The same approach he uses on analysing the real estate, economy, and free market issues.


  14. Libturd, can't say I didn't warn you. says:

    I got a Ring doorbell 2 for free and just installed it. After programming it to work with the house wifi, the signal strength says it’s too poor, even though it’s about 20 feet from my mega powerful router. So I play with my router antennae and low and behold, my wifi completely stops working. I spend the next hour between my bridged POS Fios router and my mega powerful and muy expensivo router and my ONT to try and get my internet back. I do some research and find out that there are three hidden and barely labeled buttons (black on black writing) on the front of my router that each do dumb things. One turns the LEDs on and off. The second is a WPS button, quite common. The third button turns wifi on and off. Mfer!

  15. leftwing says:

    Guys, he’s alone most Saturday nights, posting here to an empty forum…go back and look. Sad.

  16. Libturd, can't say I didn't warn you. says:

    If I’m online on the weekend, I’m not going to be here.


  17. leftwing says:

    “NW NJ Democrats vs South Jersey Democrats”

    Wealthy political newcomer v. political establishment wealth

    No different than Trump v Bush/Romney, etc

    Less to do with geography than the upsetting of long established political interests

  18. Libturd, can't say I didn't warn you. says:

    How about those tariffs?

  19. Fast Eddie says:



  20. leftwing says:

    Portfolio basically flat, trading account up. Thank goodness for that TSLA short…put it on last Tues when the stock was a hair above 250…that’s 24 points ago :)

    Just rolled the position, locked in profits…

    See NIMfyROD, that’s how it’s done…real money, not make believe dollars…

    leftwing says:
    May 7, 2019 at 11:50 am
    put a TSLA trade on, keeps flying into cyberspace.

    basically a net credit for a deb1t put spread 15 wide, financed by 3x the number of puts twenty beneath the short leg

  21. leftwing says:

    Also, someone was asking about trading equities exposed to credit risk last week as well…I threw out TSLA as a longer term refi risk…


    Fcuk, it feels good nailing direction AND timing. Makes me h0rny.

    Be careful now though. This sucker is volatile. The above posts in no way are a recommendation to do anything now with the stock…as a matter of fact after this move I would specifically recommend doing nothing with it.

  22. ExEssex says:

    Sometimes I slip into a fake Spanish accent …. just for fun.

    RIP Ramses.

  23. Juice Box says:

    Just finished a robotics project at my current gig. Nothing as fancy as this tech at Amazon.

    Save the Robots.

    SAN FRANCISCO (Reuters) – Amazon.com Inc is rolling out machines to automate a job held by thousands of its workers: boxing up customer orders.


  24. Bystander says:


    Nothing but 12 years of Catholic school here. Blumpy brings out worst in people. His arrogance is thinly veiled as some search for intellectual understanding. I don’t fault anyone for having high income wife. Just don’t come here and fault your success as greatest millennial of all time.

  25. Blue Ribbon Teacher says:

    Crushed millennial, he’s bullish but it’s an act. He’s in The business of lying to himself and everyone else. Don’t listen to him. You are the true picture of the NJ working class.

  26. Fast Eddie says:

    Nothing but 12 years of Catholic school here.

    13 years here including kindergarten!

  27. Monday KnewIt says:

    Wow, I had a hunch. You guys fit the profile to the T.

    All you “conservatives” in this board seem to be repressed and very likely molested good old catholic boys.

    Come on, fess up. All of you that fit the profile, look up the list of pedo priest from NJ, and I guarantee you’ll be saying hi to a very good old friend.

  28. The Great Pumpkin says:


    Referencing your post from yesterday.

    Totally agree, but that’s not what I was focused on. I was speaking about the individual worth millions living like a bum. Eating bk dollar menu on a daily basis with a beater car because to this individual, everything is a waste of money. Vacation?! Waste of money, but they still need more and more money. Will never understand this mindset.

    As for the people that you referenced, more power to them, but chasing yachts is rough. They are the ultimate way of showing wealth, because they piss money away. It’s insane how much it costs to maintain and upkeep. Gas alone for a trip is insane. At the end of the day, it is a status symbol that shows you made it. You are a 1%er.

    Trick is to not try and keep up with jones, and just be happy with a set lifestyle that is great, but not over the top. It’s hard not to do this because as you alluded to, you don’t get to the big leagues in income by not being highly competitive. It’s super tough, and even I find myself doing it here and there.

    Right now, I’m satisfied with decent sized house(bigger than avg, but not over the top) and decent sized property. I like for my home to be of high quality materials both inside and out(expensive material, but not a supersized home with 5 bathrooms). It must be super clean and up to date. I also like to go on 3 or more vacations a year (I’m in Bahamas as I’m writing this watching a storm pass through). I also like nice cars. I will prob never buy a car cheaper than 60,000 ever again. Cars are not a waste of money to me, I respect and value them.

    So I’m really a down to earth guy. No matter what this blog thinks of me.

  29. The Great Pumpkin says:

    It’s a blog, so I really don’t hold back with what I say. It’s not like I know anyone here. My family has no idea my household income is 330k and growing. That’s why I’m also accused of being racist, I have no trouble stating the truth on here. Of course, can’t say this stuff in public because it’s automatically assumed you are taking a racist position when that’s pure bs. Just telling it how it is, but people can’t understand this. They rather make excuses based on racism instead of acknowledging the truth.

  30. The Original NJ ExPat says:

    LOL! It’s always Nimfy’s turn in the barrel.

    Jr credit analyst. Makes 50k year. Alpha female wife makes 200k. Granny gift makes 50k income to get to his claimed 300k total. Strap-on at night

  31. The Original NJ ExPat says:

    My parents both went to Catholic School. They vowed they would never do that to their own kids.

    Nothing but 12 years of Catholic school here.

    13 years here including kindergarten!

  32. The Great Pumpkin says:

    Listen, every corporation is always acting like the world is going to end, which is understandable because it is what keeps them alive. Nj economy is doing well, don’t listen to the bs, and draw your own analysis. Can’t worry about govt debt because every govt is in debt, and that’s why the bond market exists. They have no intention of ever paying down a debt in full on any given year…it would be economic suicide as it would take a lot of capital out of the economy. Why do you think these people buy bonds? They have no interest in risking that money, and the govt takes the risk for them. Aka helps grow the economy where individuals have no appetite to risk it. Only looking for safe.

    As for my occupation, I’m not telling. I have stalkers that hate me on here and will ruin my life if they find out my employer. No thank you. That’s a risk I’m not willing to take.

    My household income is reflective of two go getters. We compliment each other. With my investments, I’m still beating her out.

    Someone referenced “greatest millennial” nonsense. Only thing I take as Great was my call of the economy, labor market, and housing seven years out. That’s almost impossible to call and I nailed it. There are plenty of millennial 1%ers like Mark Zuckerberg kicking my ass. So I’m not claiming greatest millennial, but in comparison to the other 99% of millennials I’m doing pretty damn well for myself.

    crushednjmillenial says:
    May 13, 2019 at 1:20 pm
    Long time reader, first time commenter

  33. The Original NJ ExPat says:

    I was an altar boy, but Father Connery never came after me. Maybe because our church was brand spanking (pun intended) new and they just hadn’t built the closets yet that the skeletons would go in. I was christened by the guy who would become the Bishop of the Paterson Diocese (Rodimer) who covered up for some of the abusers. I was surprised to find this tidbit I never heard of until just now:

    Rodimer admitted his “own inadequacy” in failing to prevent at least four of his clerical colleagues, with whom he shared a Long Island beach house, from committing sexual abuse.


    Wow, I had a hunch. You guys fit the profile to the T.

    All you “conservatives” in this board seem to be repressed and very likely molested good old catholic boys.

    Come on, fess up. All of you that fit the profile, look up the list of pedo priest from NJ, and I guarantee you’ll be saying hi to a very good old friend.

  34. Bystander says:

    Coincidence that Monday Knewit and Blumpy come in at same time? That was pretty good one. Fortunately, I stuck to CYO basketball and no alter boy gigs.

  35. PumpkinFace says:

    Who called you a racist? Nobody that I can remember. The truth is you want us to call you that so you have another thing to respond to and get attention.

    You disclosed your wife’s employer … why not yours?

  36. D-FENS says:

    I did

  37. Blue Ribbon Teacher says:

    I wasn’t molested in Catholic school…just smacked around by the teacher in 1st and 2nd grade. Once I transferred to public school, the kids around me all acted like I was getting out of prison.

  38. Blue Ribbon Teacher says:

    So let me get this straight, you basically give us enough info for your address…and name….but you are worried about us finding out who your employer is? Chill out…no one cares enough to ruin your life.

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  40. The Great Pumpkin says:

    Easy for you to say, you aren’t hated like me. When I originally posted info, I had no idea how good certain individuals are at digging up information on this blog. Learned that lesson quick. It’s all good though, no harm from knowing my address or name. I just can’t be giving anything away about my employer. Strict waivers are signed and if they know I’m posting information on some blog, I just ruined my life. All that hard work for nothing. My wife will prob leave me, my daughter grows up with a step dad, and I’m left with nothing. So not crossing that line. My life would become a living hell in a blink of an eye.

    Blue Ribbon Teacher says:
    May 13, 2019 at 7:48 pm
    So let me get this straight, you basically give us enough info for your address…and name….but you are worried about us finding out who your employer is? Chill out…no one cares enough to ruin your life.

  41. The Great Pumpkin says:

    Perfect article for this blog and how out of touch we are with avg Americans.

    “Rich is relative.

    Merely having a net worth of $1 million, it seems, doesn’t mean you’re wealthy. In Charles Schwab’s annual Modern Wealth Survey, the amount people said it took to be considered rich averaged out to $2.3 million. That, the company said, is “more than 20 times the actual median net worth of U.S. households.”

    It’s also a very slight drop from the $2.4 million average in the two previous iterations of the survey.

The older one gets, the higher the bar goes, predictably. Among baby boomers (roughly age 55 to 73), the average net worth you need to be considered wealthy is $2.6 million, 35% higher than what millennials envision as the admission price to the plutocracy.

    For someone to be deemed merely financially comfortable, the required net worth shrinks significantly. The average amount was $1.1 million, and only Generation Z (about age 9 to age 22, though Schwab’s sample was 18 to 22) cited a number below $1 million ($909,600, to be exact.)
    media on spending is only going to grow. In March, Instagram announced that it’s testing a shopping feature called Checkout that lets users buy things directly within the app, rather than being directed to a retailer’s website. So much for one-stop shopping.

    Now you won’t even have to stop.

With 59% of the Americans surveyed saying they live paycheck to paycheck, instant gratification comes with a high price. While a strong economy and low unemployment are helping consumers stay current on their debt payments, the largest U.S. banks are seeing losses on credit cards outpace those of auto and home loans at a rate not seen in at least 10 years.

And when the bottom does finally fall out, the last thing most Americans will be thinking of is whether they qualify as wealthy.”


  42. The Great Pumpkin says:

    Damn it, missed some of the best parts of the article. 3b, millennials hate real estate? Same as it ever was. Different names, same aspirations.

    “The Schwab survey, which took a national sample of 1,000 Americans between the ages of 21 and 75, also revealed that the majority of Americans really crave real estate. More than 50% of respondents across generations said that if they got a $1 million windfall, they’d spend it, and the most popular purchase would be a place to live—particularly among millennials (roughly age 22 to 37).”

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  44. The Great Pumpkin says:

    Anyone have information on this? Never heard of this plan till now.

    “Owner of Center City Mall Proposes Downtown Sports and Entertainment Arena to Revitalize Paterson’s Downtown”


  45. The Great Pumpkin says:

    Unbelievable. This thing will not die.

    “Bitcoin Prices Close in on $8,000 on Renewed Optimism
    Bitcoin’s gains themselves may be begetting more gains, as has often been the case with cryptocurrency markets.”


  46. The Great Pumpkin says:

    You think our taxes are bad….take a look at this bs.


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