Andrew Milgram

Holy cow.

That was a year ago.

So the numbers are unbelievable.

Again, it's probably a poorly written law.

So we started going out to companies, to tax preparation firms, people who deal in tax credits, law firms, payroll processing firms, and saying to them,

look, we'll buy those credits from people.

Now, the reality is it's not a credit.

It is a transfer payment.

The government sends you a check.

It took us a while.

It took us several months to design that system.

It's complicated.

There's a lot of paper to process.

It's just so much manual labor required.

We started processing credits, looking at individual companies who wanted to sell us their claim.

Now, we passed on huge numbers of them, particularly because at the beginning,

was pretty loosely written law and we said we want to be caesar's wife and our underwriting here to make sure that we're well within what we believe is reasonable our standard was much tougher than what the government ultimately had so we were buying credits that we felt really really good about that would be non-controversial and would get paid we were paying about 85 86 cents on the dollar

One of the provisions of the law was that from when you filed, the government owed you an interest rate while you waited for the refund.

That was 6% or 7%.

So we were also earning a natural rate on the capital provided.