[ SECRET POST #3511 ]

[case]

⌈ Secret Post #3511 ⌋

Warning: Some secrets are NOT worksafe and may contain SPOILERS.

01.



__________________________________________________



02.


__________________________________________________



03.


__________________________________________________



04.


__________________________________________________



05.


__________________________________________________



06.


__________________________________________________



07.


__________________________________________________



08.


__________________________________________________



09.












Notes:

Secrets Left to Post: 02 pages, 44 secrets from Secret Submission Post #502.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.

Comments

Re: What would you make illegal if you had the power?

[(Anonymous)]

AYRT

?? But doesn't that episode make the case why it should be illegal? Not for people like John Oliver (that was awesome, what he did) but for those companies he names at around 2:30 and others like them, who make $$$$ profiting on other people's debt.

Re: What would you make illegal if you had the power?

[(Anonymous)]

The root problem here is a system that creates that level of debt for them to profit on, though. The debt-harvesting itself is just the endpoint of the system.

Re: What would you make illegal if you had the power?

[tabaqui]

I can't remember, honestly. I only remember that he did it and that other companies are, too (Rolling Jubilee is another).

I'm honestly not sure *why* companies buy debt - why can't the original companies collect like the secondary ones do? It seems odd to give up control of that/to let go of assets.

If there's a reason for it (beyond the secondary companies making money off it), it eludes me.

And yes, to be fair, it *should* be illegal, but only if things are changed in other ways so that people aren't crippled by debt they can never repay (meaning: so long as people like John Oliver and Rolling Jubilee and others can do good, let them, but fix how it got that way, at the same time).

Re: What would you make illegal if you had the power?

[(Anonymous)]

I'm honestly not sure *why* companies buy debt - why can't the original companies collect like the secondary ones do? It seems odd to give up control of that/to let go of assets.

They could, but it's not their core competency - they're not good at it, the way that companies devoted to debt collection are. And getting good at it would require capital investment. So the debt is worth less to them, because they're going to have a harder time collecting it, and worth more to the debt collection company, because they're good at collecting it, and so they just sell it on for a lump sum up front.

There's also generally considerations around risk management and cash flow and stuff like that but yeah.

Re: What would you make illegal if you had the power?

[tabaqui]

Thanks!