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Chasing Debt from Wall Street to the Underworld
by Jake Halpern
Book Reviewed by:A vital exposé that is also a bravura feat of storytelling.
The Federal Trade Commission receives more complaints about rogue debt collecting than about any activity besides identity theft. Dramatically and entertainingly, Bad Paper reveals why. It tells the story of Aaron Siegel, a former banking executive, and Brandon Wilson, a former armed robber, who become partners and go in quest of "paper" - the uncollected debts that are sold off by banks for pennies on the dollar. As Aaron and Brandon learn, the world of consumer debt collection is an unregulated shadowland where operators often make unwarranted threats and even collect debts that are not theirs.
Introducing an unforgettable cast of strivers and rogues, Jake Halpern chronicles their lives as they manage high-pressure call centers, hunt for paper in Las Vegas casinos, and meet in parked cars to sell the social security numbers and account information of unsuspecting consumers. He also tracks a "package" of debt that is stolen by unscrupulous collectors, leading to a dramatic showdown with guns in a Buffalo corner store. Along the way, he reveals the human cost of a system that compounds the troubles of hardworking Americans and permits banks to ignore their former customers. The result is a vital exposé that is also a bravura feat of storytelling.
Bad Paper is smart reportage written in an engaging, fast-paced narrative style. Despite the mention of Wall Street in the title, it is mercifully free of confusing financial jargon. This is a well-told true-life tale. But with its kaleidoscopic cast of characters and a storyline that would be the envy of any Hollywood blockbuster, it is also an irresistibly thrilling read...continued
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(Reviewed by Sinéad Fitzgibbon).
In Bad Paper: Chasing Debt from Wall Street to the Underworld, Jake Halpern examines the afterlife of a debt once it has been declared "bad." But is there ever such a thing as a 'good' debt? What would you do if you won a million dollars? Would you buy that grand house you've always dreamed of? Or the big sports car? Perhaps you'd give to charity or put the money aside for your children's future? We all indulge in daydreams like this from time to time; who among us hasn't thought about the things we could buy if only we could afford them? For the most part, this kind of thinking is nothing more than harmless escapism; a little light relief from the daily grind. Sometimes, however, the line between fantasy and...
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David Grann, author of The Lost City of Z and staff writer for The New Yorker
Bad Paper is a riveting tale, fast-paced and filled with unforgettable characters. It is also a deeply reported and powerful exploration of America's shadow economy.
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