Santander Consumer USA Holdings, Inc. - SEC Investigation Update

Santander Consumer USA Holdings, Inc. – SC:  In the midst of an array of protracted regulatory problems, on which the disclosures are generally not analytically helpful, we found there is a term of art that the writer of Santander’s disclosures uses with great frequency.  More importantly, it can also be used as a smokescreen for more dangerous matters the company does not want you to be aware of, and therefore unable to factor into your analysis.  Full details appear in today’s report.


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