Bank That Lost 66 Workers on 9/11 has Paid for All Their Kids to Go to College
After 9/11, bankers that worked in the WTC set up a foundation to pay college tuition for all 76 children of their fallen colleagues.
In one year, a group of Occupy Wall Street activists has managed to buy almost $15 million of Americans' personal debt helping them pay off their outstanding credit. Under the name, Rolling Jubilee, the Occupy activists purchase anonymous debt cheaply from banks and then abolish it, freeing individuals from their bills.
In one year, a group of Occupy Wall Street activists has managed to buy almost $15 million of Americans' personal debt to help them pay off their outstanding credit.
Under the name, Rolling Jubilee, and launched one year ago today, the Occupy activists purchase anonymous debt cheaply from banks and then "abolish" it, freeing individuals from their bills.
By purchasing the debt on the "secondary debt market" at bargain basement prices, the group has managed to erase more than $14.7 million of personal debt — mainly medical bills — by spending only $400,000 raised through donations.
Basically, the secondary debt market is a way for banks and lenders to cut their losses after customers have proven themselves unable to pay by getting five cents on a dollar.
(READ the full story from The Guardian)
Photo credit: Alan Cleaver via Flickr-CC
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