I told you good time to buy, page-2604

When they started out they thought the banks were asleep and couldn't change. Their main game was to gather up a loyal band of customers and take them to merchants, charge fees to the sellers and make themselves indispensable - that was going to be their revenue source - easy to explain to regulators that they didn't get income from customers, so they could stay under the radar because they could say they didn't make any money from customers anyway. They have obviously done very well by amassing large businesses, but the banks, merchants, technology and the economy changed and these guys haven't, although they needed to - ironic that these guys who laid the golden goose and should have used their base to quickly change to another business model or product, are the ones who have been caught with their pants down. IMO