homeaboutarchives + tagsshopmembership!
aboutarchivesshopmembership!
aboutarchivesmembers!

John Oliver takes on the debt buying industry

posted by Jason Kottke   Jun 06, 2016

On Last Week Tonight last night, John Oliver not only blasted the debt buying industry but ended up starting a company, bought $15 million worth of medical debt from Texas, and forgave it.

Update: I forgot to add, Occupy Wall Street did a similar thing back in 2012.

OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it - traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)

Update: It’s disappointing that Last Week Tonight did not acknowledge the work and assistance of the Debt Collective and their Rolling Jubilee.

At the last minute Wilson told us LWT did not want to associate themselves with the work of the Rolling Jubilee due to its roots in Occupy Wall Street. Instead John Oliver framed the debt buy as his idea: a giveaway to compete with Oprah. The lead researcher who worked on this segment invoked the cover of journalism to justify distancing themselves from our project.