John Oliver Becomes a Debt Buyer to Forgive Debt.
On Last Week Tonight last night, John Oliver shocked pretty much everyone, including himself, by having the biggest giveaway in television history. Oliver’s segment this week was about debt buyers and how ridiculous the entire industry is. Central Asset Recovery Professionals is a debt acquisition firm that Oliver and some associates began for a mere $50. Oliver was then offered debt to buy for almost $60,000. How much was that debt? Close to $15 million. And then Oliver bought the debt and promptly forgave it. Warm and fuzzy, man.
The entire segment is worth watching, but Oliver’s surprise begins around the 17:09 mark.
Unfortunately, Delaware is one of the worst offenders when it comes to debt.
The realization I got from Jon Oliver’s piece was that the reason organized crime is down across the board is because we legalized many of the activities that used to be considered criminal back when Jimmy Carter for instance, was president.
Why play incalculable risks for inconsequential profit, when you can make more just taking other people’s possessions with the court system entirely on YOUR side…..
I believe that that the beneficiaries have to pay taxes on the forgiven debt, but I could be wrong.
I watched the segment last night. He bought expired “out of statue” debt. So he was basically saving the people from being badgered, berated and abused from unscrupulous debt buyers.
The whole industry is a cancer that the country basically contracted when Tom Carper and Pete DuPont made usury legal.