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Monday, October 03, 2011

Payday Lending Bankrolls Auto Racer's Fortune

Scott Tucker has made his fortune running a payday lending operation online, sheltered from liability through his partnerships with tribal groups that can't be sued in state court. (Tucker says it's the tribal groups that actually own the operation.) Either way, the business charges nearly 800 percent interest on its loans, and five states have tried to shut it down.

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