Bad Paper: Chasing Debt from Wall Street to the Underworld

The Federal Trade Commission receives more complaints about rogue debt collecting than it does about any activity besides identity theft. In Bad Paper, journalist Jake Halpern reveals why. He tells the story of Aaron Siegel, a former banking executive, and Brandon Wilson, a former armed robber, who become partners and go in quest of “paper”-the uncollected debts that are sold off by banks for pennies on the dollar. As Aaron and Brandon learn, the world of consumer debt collection is an unregulated shadowland, where operators often make unwarranted threats and even collect debts that are not theirs.

Introducing an unforgettable cast of characters, Halpern chronicles Aaron and Brandon's lives as they manage high-pressure call centers, hunt for paper in Las Vegas casinos, and meet in parked cars to sell the social security numbers and account information of unsuspecting consumers. The result is a vital exposé on the cost of a system that compounds the troubles of hardworking Americans and an astonishing feat of storytelling.

Review:

“A seamlessly told page-turner that takes readers through the world of debt chasing … where fortunes can be made through guile and street hustle.” ―Minneapolis Star Tribune

“The book teems with eccentric characters and scenes that made my skin crawl…. Explained simply, read easily, Bad Paper defies expectations. It should also raise quite a few alarms.” ―Colin Dwyer, NPR “Bad Paper gives readers an intimate knowledge of the debt-collecting industry, but more important, it gives a comprehensive profile of the people in our country who live and die by the industry. This, ultimately, is the book's power and attraction.” ―Frank Tempone, Chicago Tribune

“Halpern's proposed remedies are reasonable … [and] he entertains us with his colorful cast.” ―Roger Lowenstein, The Wall Street Journal

“[A] wonderful inquiry into the seamy, multilayered world of consumer debt collection . . . both an entertaining sociology of the debt-collecting fraternity and a picaresque romp through the industry's most unsavory byways.” ―Julia M. Klein, The Boston Globe

“An enjoyable and educational read, with stories that sound too good to be true and word-for-word conversations that a Hollywood screenwriter couldn't make up.” ―Jonathan Epstein, Buffalo News

“A dramatic rise-and-fall tale … Halpern brings unexpected literary heft to the world of debt collection.” ―Kirkus

“By fostering a greater understanding of the workings of debt collection, [Bad Paper] sheds enough light into the shadows to compel readers to push for change.” ―Publishers Weekly

Jake Halpern is a frequent contributor to The New Yorker and The New York Times Magazine, the author of Fame Junkies and Braving Home, and the coauthor of three young adult novels. He is a fellow of Morse College at Yale University. His hour-long radio story “Switched at Birth” is one of This American Life's eight most popular shows ever.