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Non-Tech : Credit Acceptance (CACC) -- Ignore unavailable to you. Want to Upgrade?

To: 5,17,37,5,101,... who wrote (74)	1/30/1998 5:16:00 PM
From: Phil Jacobson	Read Replies (1) \| Respond to of 103

Very true...I had 700 sh. and sold all the last few days. I bought based on the insider buying but look what happened to Green Tree Financial. They're also in the sub prime business, had a lot of insider buying, and got killed because the auditors figured out they didn't reserve enough for bad loans. As for CACC what really got me was finding out on Hoovers that ALL of their finance execs are under 33 years old, and their EVP of Finance is only 30!! A bunch of whiz kids who probably told mgmt everything was going great. I've got nothing against a 30 year old sales guy making $250K if he's good, but a finance exec?? Give me a break. I'm pretty sure Arthur Andersen caught them on loan reserves (as they did last quarter) and the result could be VERY ugly. Phil