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Chasing Debt From Wall Street to the Underworld

Book - 2014
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"Frequent New Yorker contributor Jake Halpern investigates the shadowy, unregulated world of consumer debt collection, focusing on an unlikely friendship between a former banking executive and former armed robber who go in search of "paper," spreadsheets of uncollected debt sold off by banks for pennies on the dollar"-- Provided by publisher
Publisher: New York : Farrar, Straus and Giroux, 2014
Edition: 1st Edition
ISBN: 9780374108236
Characteristics: 240 pages ; 22 cm


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May 17, 2015

Halpern opens the reader's eyes to the shady business of credit card (and other) debt and how the biggest banks in the country sell uncollected accounts in bulk to, basically, ex-cons and desperate fraudsters. The practice s something that companies like Chase, BofA and Washington Mutual give up on but the sharks don't. It's their bread and butter.
Elizabeth Warren's CFPB has done a lot to crack down on the way poor desperate down-on-their-luck Americans are taken advantage of but, of course, the big boys will do what they have to to roll the program back. The capital of debt collection may have been Buffalo in the past but it will just move to where the hustings are easier - places like Georgia.
A very informative read.

Jan 21, 2015

This is a great book. One important point which needs repeating: it is amazing, on closer scrutiny, just how much debt is really financial fraud, and not really debt at all - - simply another form of bankster thievery. In North America today, virtually any lowlife can claim a citizen owes them money and it financially always seems to fall on the innocent party when it comes to righting the situation. Note how in 01/14, Attorney General of the USA, Eric Holder, is FINALLY addressing the rampant armed robbery by crooked cops around the country illegally under the asset forfeiture laws!


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