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For His Latest Trick, John Oliver Forgives $15 Million in Medical Debt

PeteEU said:
http://www.nytimes.com/2016/06/07/a...iver-forgives-15-million-in-medical-debt.html

Absolutely brilliant Mr John Oliver... more should be doing this.
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I feel like this was covered elsewhere, but I agree - John Oliver is brilliant.

I would like to know how much of those debts belong to living individuals. John Oliver purchased the debt at such a cheap rate that it is almost certain that the debts belong to individuals that are the least likely to have ever resulted in a collection. We will have to see if any of the 9000 step forward.
 
MrT said:
I feel like this was covered elsewhere, but I agree - John Oliver is brilliant.

I would like to know how much of those debts belong to living individuals. John Oliver purchased the debt at such a cheap rate that it is almost certain that the debts belong to individuals that are the least likely to have ever resulted in a collection. We will have to see if any of the 9000 step forward.
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More disconcerning that you can purchase names, addresses, ssns, and other pertinent information for less than $10 a person.
 
Can anybody say, "tax deduction"? John Oliver just stiffed the government for 15 million bucks.
 
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apdst said:
Can anybody say, "tax deduction"? John Oliver just stuffed the government for 15 million bucks.
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I haven't watched the video but it's a bit hypocritical for John Oliver to do this while whining about Trump filing for BANKRUPTCY and getting his debts restructured (and not forgiven).
 
reinoe said:
I haven't watched the video but it's a bit hypocritical for John Oliver to do this while whining about Trump filing for BANKRUPTCY and getting his debts restructured (and not forgiven).
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The funny part, is all the Lefties that are going to fall for it.
 
MrT said:
I feel like this was covered elsewhere, but I agree - John Oliver is brilliant.

I would like to know how much of those debts belong to living individuals. John Oliver purchased the debt at such a cheap rate that it is almost certain that the debts belong to individuals that are the least likely to have ever resulted in a collection. We will have to see if any of the 9000 step forward.
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If he was able to purchase the debt then it was already in collections. The original creditors don't think they'll see it, so they sell off delinquent accounts to debt collection agencies that aggressively pursue the debtors whether they have the legal right to do so or not.
 
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reinoe said:
I haven't watched the video but it's a bit hypocritical for John Oliver to do this while whining about Trump filing for BANKRUPTCY and getting his debts restructured (and not forgiven).
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I don't see how the two are related. John Oliver specifically purchased medical debt which means it was debt that people most likely had no choice but to incur else they suffer in pain or, you know, die. Not quite the same as buying a casino.
 
BrewerBob said:
I don't see how the two are related. John Oliver specifically purchased medical debt which means it was debt that people most likely had no choice but to incur else they suffer in pain or, you know, die. Not quite the same as buying a casino.
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People do have a choice when it comes to purchasing insurance. Furthermore Oliver forgave the debt out of hand. I still haven't watched the video, but does he know about the financial stability of the individuals in question? Were these people destitute, dead, or were they forgetful millionaires? Lastly, when the ACA first went into effect there were stories about people going to the emergency room for simple cuts and abrasions. How do we know some of these medical debts weren't because of patient stupidity? It's nice to think that every medical bill is an emergency, but that's obviously not always the case. I admit once again, I still haven't had a chance to view the video so I could be wrong.
 
reinoe said:
People do have a choice when it comes to purchasing insurance. Furthermore Oliver forgave the debt out of hand. I still haven't watched the video, but does he know about the financial stability of the individuals in question? Were these people destitute, dead, or were they forgetful millionaires? Lastly, when the ACA first went into effect there were stories about people going to the emergency room for simple cuts and abrasions. How do we know some of these medical debts weren't because of patient stupidity? It's nice to think that every medical bill is an emergency, but that's obviously not always the case. I admit once again, I still haven't had a chance to view the video so I could be wrong.
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He bought the debt of 9,000 people. Were some of those people deadbeats or even dead? Almost certainly. But equally as certain is that many of them were truly on hard times. He probably figured some rich people getting a freebie was worth truly needy people being rescued from predatory collection practices. It cost him a measly $60,000 to forgive nearly $15 million in debt. As far as charity goes, that is a pretty good bang for the buck.
 
apdst said:
Can anybody say, "tax deduction"? John Oliver just stiffed the government for 15 million bucks.
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This post is wrong in like six different ways which is impressive given the low wordcount.
 
Deuce said:
This post is wrong in like six different ways which is impressive given the low wordcount.
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But, you can't tell us a single one of those ways.
 
Winchester said:
Please explain.
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1. Create an LLC

2. Loan $15 million to the LLC.

3. The LLC doesn't pay back the loan, because obviously the LLC doesn't intend to collect on any of the debts.

4. Wellah! A $15 million loss that can be written off.
 
reinoe said:
People do have a choice when it comes to purchasing insurance. Furthermore Oliver forgave the debt out of hand. I still haven't watched the video, but does he know about the financial stability of the individuals in question? Were these people destitute, dead, or were they forgetful millionaires? Lastly, when the ACA first went into effect there were stories about people going to the emergency room for simple cuts and abrasions. How do we know some of these medical debts weren't because of patient stupidity? It's nice to think that every medical bill is an emergency, but that's obviously not always the case. I admit once again, I still haven't had a chance to view the video so I could be wrong.
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as long as they were born 100% healthy and can afford several hundred dollars (at least) a month.
 
apdst said:
1. Create an LLC

2. Loan $15 million to the LLC.

3. The LLC doesn't pay back the loan, because obviously the LLC doesn't intend to collect on any of the debts.

4. Wellah! A $15 million loss that can be written off.
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Yeah... no it doesn't work that way.
 
Napoleon said:
If he was able to purchase the debt then it was already in collections. The original creditors don't think they'll see it, so they sell off delinquent accounts to debt collection agencies that aggressively pursue the debtors whether they have the legal right to do so or not.
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Yes, I agree. I just wonder if it hasn't been purchased and sold a few times (he purchased it for like 0.005 on the dollar) because it has taken so long or been so difficult to collect.
 
MrT said:
Yes, I agree. I just wonder if it hasn't been purchased and sold a few times (he purchased it for like 0.005 on the dollar) because it has taken so long or been so difficult to collect.
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It's a good question. The process isn't the least bit transparent. One minute you owe a hospital and next thing you know some guy in bangalore is demanding your credit card number.
 
apdst said:
Can anybody say, "tax deduction"? John Oliver just stiffed the government for 15 million bucks.
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Even if that tortured logic were true, which it's not, as you cry about the government being stiffed, those who were wheeling around wheelbarrows full of US currency in shrink-wrapped C-notes under Paul Bremer's "supervision" are today enjoying their stolen wealth.

Cry me a river APDST, cry me a river.

Way to go John Oliver, putting his money where his mouth is. :applaud
 
apdst said:
1. Create an LLC

2. Loan $15 million to the LLC.

3. The LLC doesn't pay back the loan, because obviously the LLC doesn't intend to collect on any of the debts.

4. Wellah! A $15 million loss that can be written off.
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More tortured logic, and not the way Oliver did it. Did you bother to watch his show and explanation?
 
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