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View Diary: Rolling Jubilee Hits $8,000,000 in Medical Debt to be Retired Uncollected. MORE UPDATES! (279 comments)

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  •  Debt is bundled. (8+ / 0-)

    You can't buy a specific debt, only a conglomeration of debt by type or by geographic area.

    I don't know why that's how the debt exchange market works, but that's how it works.

    •  I Figure It Has To Do With Businesses Being Able (6+ / 0-)

      to write off uncollectible debt and offloading the amount the business lost onto the taxpayers.  They can sell the uncollectible debt on the market and get a few cents on the dollar and then take a deduction or credit on their federal income taxes to reimburse themselves for their loss.   Taxpayers pick up the tab.  It's part of the corporate welfare program that's been in place for decades but invisible to the public.

      Corporate attorneys have twisted and interpreted tax laws to where what once started out as reasonable have been turned into corporate welfare and writing off losses became more profitable than their core business function.

      I don't know why that's how the debt exchange market works, but that's how it works.

      The Republican Party is Simply a Coalition of Greed and Hate

      by kerplunk on Thu Nov 22, 2012 at 08:59:15 AM PST

      [ Parent ]

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