John Oliver Forgave 15 Million in Medical Debt Last Night

It was the largest giveaway in television history.

Last night John Oliver deftly tackled the ultra-shady world of debt collection.  As he is wont to do, he dismantled and exposed, prodded and insulted his target with a light, yet menacing conviction.  The 20 minute episode tackles the predatory and vile practices of third-party debt agencies and collectors, and sheds light on how remarkably simple it is to found a debt collection agency and acquire large pools of public debt.  Oliver and his team started a debt collection agency Central Asset Recovery Professionals (CARP, “after the bottom-feeding fish”) for only $50.00 back in April, and later purchased $14,922,261.76 worth of medical debt for less than $60,000.00 -a 1/2 cent on the dollar rate.

The piece is topped off by Oliver forgiving the nearly 15 million in debt and making television history in the process.  The massive giveaway may have only cost the show $60,050.00, but the resulting debt deletion nearly doubles the $8 million total of Oprah’s famous car-giveaway.

 

by Jesse Mechanic

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