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John Oliver buys and forgives debt worth $15mln on TV! (video)

Set up company for 50 bucks

Newsroom June 8 03:18

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British comedian and host of HBO’s ‘Last Week Tonight’ show, John Oliver made history on his show when he bought and forgave private medical debt worth 15m dollars for 9,000 people! After setting up a company online for $50 called ‘Central Asset Recovery Professional Inc’ he spent $60,000 to buy debt worth multiple times. It is the largest giveaway in TV history, surpassing Oprah Winfrey’s 2004 handout which amounted to 8m dollars in the form of 276 free Pontiac G6 sedans to her audience. The segment focused on the bad actors in the industry, who buy debt from banks for cents on the dollar. “Debt-buying is a grimy business and badly needs more oversight, because as it stands any idiot can get into it. And I can prove that to you because I am an idiot and we started a debt-buying company,” said Oliver. “And it was disturbingly easy.” Oliver wiped out the debt of the 9,000 people at the end of his show by pressing a red button.

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