Article here
Basically they are using charitable donations to buy up bundles of 'distressed loans' (eg loans with bad payers) and then writing them off. The value that the debt can be bought for is far below the value of the money owed, so with $171,000 donations they have written off $5m of debt.
Imagine if the idea caught on in a big way - eg millions of people in the UK donating a pound, like a massive debt-writing off lottery. I thought it was an interesting political tactic in terms of showing up the difference between how the financiers and the debt-ridden view the debt itself.
Thoughts?
Please or to access all these features
Please
or
to access all these features
News
Occupy Movement writes of €5m dollars of debt
6 replies
Quodlibet · 18/11/2012 22:45
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.