Thursday, November 15, 2012
Occupy offshoot bails out people, not banks
An offshoot of Occupy Wall Street has launched a new movement called "Rolling Jubilee" to buy distressed debt from financial firms, often for pennies on the dollar, and then canceling it so that borrowers do not have to repay. The people who incurred the debt in the first place then get a certified letter informing them they are off the hook. Typically, financial institutions sell debt for pennies on the dollar to third parties who either try to collect on it or bundle it up for resale. However, the Rolling Jubilee activists say they are buying up the debt in order to "liberate debtors at random through a campaign of mutual support, good will, and collective refusal." Tonight, Rolling Jubilee is holding a sold-out benefit concert in New York City to continue its anti-debt fundraising. The group says it has already raised $129,000 through online donations, which is enough to buy approximately $2.5 million worth of defaulted loans, due to their steep markdowns. We’re joined by Pamela Brown, a Ph.D. student in sociology at the New School and one of the organizers of the Rolling Jubilee. She also is participating in the Occupy Sandy efforts to organize local relief efforts to people hit hardest by Superstorm Sandy.
Posted by The Progressive Rambler at 1:17 PM