No, John Oliver did not give away nearly $15 million of medical debt
John Oliver is the news king of talk telly. But unlike Oprah, he’s not giving away free cars – he’s burning cash! The host of HBO’s Last Week Tonight is a hero:
“Any idiot can get into it, and I can prove that to you, because I’m an idiot and I started a debt buying company and it was disturbingly easy,” Oliver said. John Oliver forgave nearly $15 million of medical debt with a tap of a giant red button on Sunday night.
No. Wrong. It was cracking TV. But he did not do as CNN said he did. He purchased his lot on the secondary market at a huge discount.
Last Week Tonight spent about $50 to create a debt-acquisition company in Mississippi. The corporation’s name is Central Asset Recovery Professionals Inc – also known as Carp. According to Oliver, soon after its creation, Carp was offered a portfolio of medical debt worth $14,922,261.76 at a cost of “less than half a cent on a dollar, which is less than $60,000”.
Not $15m, then. And at $60,000 it was a marketing and PR bargain.