Bad Paper: Chasing Debt from Wall Street to the Underworld

Author and journalist Halpern (Fame Junkies) reports from a “shadowy corner of the economy”—the world of consumer-debt collection, which “remains dysfunctional and largely unsupervised.” Our entry to this world is Aaron Siegel, a former banking executive who left his job on Wall Street in 2005 and returned to his hometown of Buffalo. He began to operate as a privately financed debt buyer—buying and selling debt, rather than trying to collect on it—and found an unlikely partner in Brandon Wilson, a former armed robber turned debt collector. Halpern’s narrative follows these two in the “aboveground economy” (that is, the consumer-debt marketplace)—tracking down a rogue collection agency that stole their debt, answering to million dollar investors, getting tips on deals at a Las Vegas debt buyer’s conference, etc. The author then delves into the inner workings of what he refers to as the “financial underworld.” Here, debt is bought and sold with no questions asked. Halpern also discusses the regulatory climate of the current economy; these details combined with the narrative, a startling picture emerges. By fostering a greater understanding of the workings of debt collection, the book sheds enough light into the shadows to compel readers to push for change. [em]Agent: Tina Bennett, WME. (Oct.) [/em]