OWS branded outfit buys 15M private debt for 400k.Submitted by Faithkills on Tue, 11/12/2013 - 15:29
My take: This is a setup. Even if it wasn't it doesn't help anyone except those who buy distressed debt.
First off it doesn't really help those with the debt. If they had any chance of paying they would have. Their credit ratings are already as shot as they could be. Buying this out doesn't do anything except save them from going through bankruptcy, which if they are this bad off they should do anyway and clear all possible debt.
So if you're someone with cash to buy distressed debt who has access to some well intentioned by economically naive OWS types, you can make a bundle buying up the target debt, and then getting the useful idiots to ask other lefty suckers to contribute and buy it from you.
Bam you just turned a profit risk free using the money of well intentioned rubes.
If correct, and I bet money it is, (how else do fleabaggers get 400k?) this is a perfect example of how economic ignorance and naivete makes you a perfect victim for the very forces you claim to oppose.