In an exclusive interview featured on Bloomberg, Element Financial's Chief Executive Officer Steve Hudson said selling repackaged leases to life insurance companies helped his Canadian firm avoid the “financial market heroin” that almost ruined his first leasing venture 14 years ago.
Hudson, the former founder of Newcourt Credit Group, which according to the Bloomberg was North America’s second-biggest business lender, said he has “zero” interest in tapping public markets again to sell repackaged leases. The article quotes Hudson saying, “That’s financial market heroin." Hudson's missteps with commercial paper reduced the market value of Newcourt Credit Group by C$2 billion before it was sold to CIT Group in 1999, according to the article.
The report outlines how Hudson’s strategy at Element Financial, whose management team includes former colleagues from Newcourt, is winning over investors.
Read the full Bloomberg article: Element Avoids ‘Market Heroin’ for Leasing Business