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Predatory Lending is Crushing Small Businesses (continued)

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

stretch611 writes:

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.

Original Submission

 
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  • (Score: 0, Flamebait) by khallow on Tuesday December 04 2018, @10:44PM (2 children)

    by khallow (3766) Subscriber Badge on Tuesday December 04 2018, @10:44PM (#769823) Journal

    because they believe they could get away with something they currently can't

    Like taking out a loan without having your savings seized on the other side of the country by a flimsy pretext processed by the right, convenient government venues? We must be terrible people for wanting to get away with that!

    I want to get away with freedom. What's wrong with that?

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  • (Score: 0) by Anonymous Coward on Tuesday December 04 2018, @11:48PM (1 child)

    by Anonymous Coward on Tuesday December 04 2018, @11:48PM (#769862)

    It is called getting people elected to fix the bad laws, not deciding that all government is bad because it restricts your ability to do literally anything you want. The blanket statement "taxes are theft" is the kind of generalization that gets people to roll their eyes and lump you in with the crazies. I'm not sure if I've seen you specifically say that, but it is the Libertarian mantra.

    • (Score: 1) by khallow on Wednesday December 05 2018, @03:21AM

      by khallow (3766) Subscriber Badge on Wednesday December 05 2018, @03:21AM (#769935) Journal

      It is called getting people elected to fix the bad laws, not deciding that all government is bad because it restricts your ability to do literally anything you want.

      It's called a straw man argument. Libertarians are well-known for acknowledging that there are natural restrictions of rights when they conflict with other peoples' rights.

      The blanket statement "taxes are theft" is the kind of generalization that gets people to roll their eyes and lump you in with the crazies.

      Not everyone does that and the blanket statement is far from the straw man in your first sentence.