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The $900 Million Back Office Error - Credit Slips


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posted by Mitu Gulati
I love this story a bank erroneously sends money to a bunch of lenders who are angry with the bank and the debtor for other reasons. The bank discovers the computer error and asks for its money back. The angry lenders refuse to give back what was clearly an erroneous deposit. There is litigation. And the court says to the lenders who received the erroneous deposit: You can keep the money.  
I remember telling my students in Contracts about it when the news was first reported, and the matter had not been to court yet. I told them that this was an easy case and that the lenders would have to give the money back.  If memory serves, I told them something along the lines of: If a bank erroneously deposits money in your account, you don t get to keep it. You have to give back what is not yours. Finders are not automatically keepers. I was wrong, to put it mildly. ....

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FirstCash Reports First Quarter Results; Adds 26 Stores During Quarter; Increases Quarterly Dividend to $0.30 per Share


FirstCash Reports First Quarter Results; Adds 26 Stores During Quarter; Increases Quarterly Dividend to $0.30 per Share
FORT WORTH, Texas, April 21, 2021 (GLOBE NEWSWIRE) FirstCash, Inc. (the “Company”) (Nasdaq: FCFS), the leading international operator of over 2,770 retail pawn stores in the U.S. and Latin America, today announced operating results for the three month period ended March 31, 2021, and an update on the impact of COVID-19 on its business. In addition, the Board of Directors declared a $0.30 per share quarterly cash dividend, an increase of 11% compared to the previous quarterly dividend of $0.27 per share, to be paid in May 2021.
Mr. Rick Wessel, chief executive officer, stated, “We are pleased to report strong first quarter earnings results and cash flows which exceeded our internal expectations. These rapidly improving results highlight the diversity of FirstCash’s business model and continued profitability despite the impacts of COVID-19. More ....

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Ohio campaigns turn to these 16 people for big political contributions


It s an exclusive group.
Some members have seen entire sections of state law rewritten to their benefit. Others have managed to head off proposed legislative or executive-branch changes that would have cost them money or brought more regulation.
And each of them invested at least $440,000 during the past decade.
What is this special bloc?
It has no formal name, but it includes the 16 biggest individual contributors to campaigns for statewide and legislative office in Ohio during the past decade (2011-20), as calculated by a Columbus Dispatch analysis of more than 4.3 million
 electronic campaign finance records filed with the secretary of state. ....

United States , White House , District Of Columbia , Franklin County , Johnc Dempsey , Mike Dewine , Donald Trump , David Devillers , Catherine Turcer , Joe Biden , John Kasich , Dayton Lee Schear , Karen Wright , Tom Rastin , Sam Randazzo , Darrel Rowland , Stephen Rosedale , Georgev Voinovich , David Pepper , Sean Dunn , Cliff Rosenberger , Matt Borges , Scott Elisar , Ronald Wilheim , Ryan Smith , Neil Clark ,