The Unsecured Debt Crisis

We were what was called a wholesale ded finance company. We would borrow unsecured debt because we had no industrial cash flow when we were triple and then we could lend that money out at a higher rate. So the combination of our size, plus the fact that we weren't funded by deposits, was a real one to punch. And you know, it wasn't going to be like a month or two. There was no vaccine, let's say. It was going to be permanent.