1.
Financing your own customers creates fake growth. When you loan money at 17% to subprime borrowers, revenue looks great until they stop paying.
2.
Product quality isn't optional in healthcare. 1,200 BBB complaints and 17,000 NDAs to silence unhappy customers signals the core product doesn't work.
3.
Dual-class shares protect founders, not investors. The Catsman family controlled 66% of votes — $1.35B in public money had zero say as the company collapsed.
