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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