Twitter was full last night of remembrances of a great gift past — when HBO’s John Oliver in 2016 reported on the heavy-handed tactics of the debt collection industry. Oliver incorporated a nonprofit debt collection company, bought $15 million worth of medical debt for $15,000 and then forgave all the debt.
Imagine if a lot of wealth people made a concerted effort to do the same.
Footnote: Oliver notes that Arkansas was among the states that not only did not crack down on debt collectors, but made it easier for them to operate. Poster child: Former Rep. John Vines, now House legal counsel. He’s caught on camera talking in legislative committee in support of one of those little ol‘ bills that doesn’t do much about credit cards except further put the thumb on the scale in favor of lenders, such as banks. Vines laughingly admits in questioning that he always represents the interest of bankers. Watch this black humor at 11:50 on the Oliver piece. The House bill passed 83-0, so don’t blame the punitive action on Vines alone.