Looks like a misleading headline caused an uptick in stock price. But does not change company balance sheet. Company still has no money.
4 replies (most recent on top)
We know we are losing our jobs. Why do you keep trying to prove it? It's like trying to argue that marijuana should be legalized in CO. It's done. No need to prove it. Surely you have a better way to spend their time.
Captain Obvious keeps on coming back. Company is going out of business.
I disagree. I didn't think the article was misleading at all. It was simply that OWS was one of the purchasers of the $500 million debt that was sold for four cents on the dollar. OWS bought the loans and are discarding them. the other purchasers will continue to try to collect. There may be something else behind today's increase. I don't normally follow the market closely, but insider tips are common and spread like wildfire. This could be an indication of a decent sale or other good news.
"While this is a start, the $3.8 million OWS claims it wiped out is a drop in the bucket compared to the nation’s overall student loan balance—or even the Corinthian loan balance. The CFPB’s September 16 lawsuit claims that Corinthian student borrowers took out some $570 million in loans since July 2011 alone, just before OWS took over Zuccotti Park, which the protestors have long since vacated."