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posted by martyb on Tuesday December 04 2018, @10:14AM   Printer-friendly
from the the-system-is-broken dept.

In a followup to an article discussed previously here on SoylentNews:

Bloomberg has a three-part series on the use of an obscure legal document that unscrupulous lenders are using against small businesses.

  • In Part 1 - I Hereby Confess Judgement, (the part discussed earlier on SoylentNews,) they go into detail on what the predatory lenders are doing to small businesses using a document known as a "Confession of Judgement" to extract court wins from small businesses without a trial.
  • In Part 2 - The $1.7 Million Man, they go into how a debt collector became NYC's top earning official.
  • In Part 3 - Rubber Stamp Justice, the article describes how the courts are involved, and what some of them are doing to prevent this abuse.

After the story was released on Bloomberg, the New York State Attorney General's office opened a formal investigation last month.


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  • (Score: -1, Offtopic) by Anonymous Coward on Tuesday December 04 2018, @12:59PM (1 child)

    by Anonymous Coward on Tuesday December 04 2018, @12:59PM (#769522)

    It comes down to how much freedom you can give people. Some dumbass people in this country want to allow 6 year olds to go on hormone therapy to poison their bodies for life, but god forbid you let an adult make a financial decision that doesn't end well for them, that's predatory!

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  • (Score: 0) by Anonymous Coward on Tuesday December 04 2018, @02:24PM

    by Anonymous Coward on Tuesday December 04 2018, @02:24PM (#769550)

    Actually that's one of the things I admired about China, they ban financial schemes in every shape and form, Even amway can't use their pyramid selling scheme there, AMway is still in business there, just can't use that pyramid crap.