Page 2 of 2 FirstFirst 12
Results 31 to 45 of 45

Thread: The People's Bailout

  1. #31
    VigoTheCarpathian
    Guest

    Default Re: The People's Bailout

    but they could still write off any loss they took on it, even if they recoup a portion through selling the rights, and they wouldn't be able to write off the loss if they still held the debt on their books, right?

  2. #32
    Peaceful Oasis TomAz's Avatar
    Join Date
    Nov 2006
    Location
    Zenith, Winnemac
    Posts
    40,846

    Default Re: The People's Bailout

    Not completely but partially.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  3. #33
    VigoTheCarpathian
    Guest

    Default Re: The People's Bailout

    Plus, banks are regulated to keep certain debt to asset ratios on their balance sheets; and since most banks push those limits, it would be beneficial to write down troubled assets so to make room for potentially profitable new investments.

  4. #34
    VigoTheCarpathian
    Guest

    Default Re: The People's Bailout

    I don't think I said that right

  5. #35
    Peaceful Oasis TomAz's Avatar
    Join Date
    Nov 2006
    Location
    Zenith, Winnemac
    Posts
    40,846

    Default Re: The People's Bailout

    It goes like this.

    I lend Vigo $10. I set up an asset on my balance sheet of $10 for the money you owe me.

    After a few weeks, Vigo, unemployed deadbeat that he is, doesn't pay anything on the $10. My accountants tell me that really since collectibility is in question here we need to discount the value of the asset on the balance sheet. We value it at $7, reflecting a 30% chance of nonpayment, and hence have 'written off' $3 of the debt.

    Vigo keeps not paying. Tired of his shit, I sell the loan to Corleone Collections for $3. I've now lost $7 but I no longer 'own' the loan; I've washed my hands of the deal. Corleone, meanwhile, has paid $3 on a junky $10 debt because they think they can make the Vigos of the world pay more than 30% of the time. Thus begin the threatening phone calls, the interrogations, the kneecappings.

    After a few months of getting beaten by thugs, Vigo still hasn't managed to come up with the $10. Corleone then puts the loan for sale on the deep aftermarket for 50 cents. This is highly speculative territory - I mean if Corleone can't make you pay who can? -- but there are firms out there who buy a shitload of this stuff and just robocall and hope that some Vigo somewhere comes up with $10 through an inheritance or a poker game or something and decides to pay.

    But instead of a speculative firm, now OWS is stepping up and buying the bad debt at this point, and telling Vigo, "Vigo! You're free to go! We've gotten the man off your back! Fuck Wall Street!" etc etc
    Last edited by TomAz; 11-12-2012 at 11:16 AM.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  6. #36
    zeezus amyzzz's Avatar
    Join Date
    Nov 2006
    Location
    Arizzzona
    Posts
    40,885

    Default Re: The People's Bailout

    So this thing just gets the debt collectors off one's back?
    Last edited by amyzzz; 11-12-2012 at 11:20 AM. Reason: exchanged "your" for "one's"
    Quote Originally Posted by guedita View Post
    Because fucking millenials that's what

  7. #37
    Peaceful Oasis TomAz's Avatar
    Join Date
    Nov 2006
    Location
    Zenith, Winnemac
    Posts
    40,846

    Default Re: The People's Bailout

    Not my back. Vigo's.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  8. #38
    zeezus amyzzz's Avatar
    Join Date
    Nov 2006
    Location
    Arizzzona
    Posts
    40,885

    Default Re: The People's Bailout

    Fixed.
    Quote Originally Posted by guedita View Post
    Because fucking millenials that's what

  9. #39
    Banned marooko's Avatar
    Join Date
    May 2007
    Location
    In your mouth!
    Posts
    19,687

    Default Re: The People's Bailout

    So basically this doesn't matter because vigo wasn't planning in paying. Got it.

  10. #40
    VigoTheCarpathian
    Guest

    Default Re: The People's Bailout

    OK that makes sense. Why in the hell did Bank Of America finance Vigo's Coachellas anyways. foolish bankers

  11. #41
    Peaceful Oasis TomAz's Avatar
    Join Date
    Nov 2006
    Location
    Zenith, Winnemac
    Posts
    40,846

    Default Re: The People's Bailout

    then Zack de la Rocha writes a song about you called "Vigo Hero of the People".
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  12. #42
    VigoTheCarpathian
    Guest

    Default Re: The People's Bailout

    I'll be in the music video wearing a big syndicalist flag and Nordstrom camo khakis

  13. #43
    Coachella Junkie Mugwog's Avatar
    Join Date
    Apr 2008
    Location
    Los Angeles
    Posts
    6,666

    Default Re: The People's Bailout

    Miley Cyrus will have a dub step beat box solo while being surrounded by 1000s wearing the v for vendetta mask.

  14. #44
    Coachella Junkie PlayaDelWes's Avatar
    Join Date
    Mar 2007
    Location
    The Sprawl
    Posts
    7,341

    Default Re: The People's Bailout

    Quote Originally Posted by marooko View Post
    So basically this doesn't matter because vigo wasn't planning in paying. Got it.
    Exactly. Random people who weren't going to pay anyway get a letter from OWS that it's cool if they still don't pay.

  15. #45
    old school nosurprises12's Avatar
    Join Date
    Mar 2008
    Location
    Burbank, CA
    Posts
    3,881

    Default Re: The People's Bailout

    Some members of Strike Debt did an IAMA today.
    Quote Originally Posted by roberto73 View Post
    I'd contribute to this discussion but I'm still busy reminiscing about the halcyon days of punk. You know, the mid-90s.

Similar Threads

  1. Replies: 38
    Last Post: 03-13-2013, 01:29 PM
  2. Do people not understand 75,000 people
    By MacDizzle in forum Past Experiences
    Replies: 61
    Last Post: 01-20-2011, 06:20 PM
  3. Bailout application:
    By prettydirtything in forum Misc. Lounge
    Replies: 2
    Last Post: 12-23-2008, 05:34 AM
  4. Bush to appear on TV to talk about bailout
    By Wheres the beef? in forum Misc. Lounge
    Replies: 30
    Last Post: 09-25-2008, 07:23 AM
  5. LA People/People in California
    By kreutz2112 in forum Music Lounge
    Replies: 16
    Last Post: 08-27-2008, 06:03 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •