The local paper is singing the praises of the new owner of the Carolina Hurricanes, Tom Dundon. WRAL Sports Fan The News and Observer’s Luke DeCock and Chip Alexander lauded the “self-made billionaire” in an adoring story today:
Dundon, 46, has no background in professional sports but knows how to operate a successful business and already has analyzed much of the Hurricanes’ organization and operation. He also likes to win.
Let’s talk about this “self-made billionaire” who “knows how to operate a successful business.” Dundon’s successful business was Santander Consumer Holdings USA, the subprime auto lending arm of the Spanish bank, Santander. Dundon founded the business and ran it until July 2015, when he stepped down just as the regulatory heat was being turned up on Santander. Santander Consumer is in the subprime auto loan business, making what some say is 1 out of every 5 loans. For those of you who didn’t see the film The Big Short or slept through the 2008 recession, America’s economy was nearly ruined by the kind of loans lenders like Santander made.