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This is not the place to slag off other members' work. If you don't like it, don't say anything, and don't click "I like this". (links board rules)

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      I like this!


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They have
Already collected on them.

They sell the bad debts to some fund manager types, they then pool these bad debts, sorted by type, demographic and risk. Once pooled these can go back into the market as bonds. These bonds have a whopping return, with little risk - since mean people will arrange full fat collections. Even a semi skimmed collection will still heap an enormous profit.

The banker doesn't lose anything by getting rid of the bad debt, it's good sense. But he makes a good return on trading on the bonds.

The value of these bonds is dependent of the evils of the debt collecting agencies, many people on here have dealt with the Moorcrofts of the world. They destroy people, families and futures.

I think this is a good idea, in principle, though I can't see how it will work - since debt will not likely be sold to a group who will make it's value worthless - several moles in the system could prove interesting for the markets, I suppose!

Edit: Also it isn't about the banks - it's about the shackles and control of debt. Debt is the single worst thing peddled by our democratic overlords.