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by captain_perl
2805 days ago
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> It could not tear up thousands of contracts, so it tried a more subtle tactic: policy holders were sent new papers, with the offer of 100 francs for the trouble (about £10). It is a measure of the bureaucrat’s art that almost all did sign, but the Georges declined. US banks tried the same trick during the 2008 mortgage crisis. They mailed letters to certain mortgage holders that would have resulted in non-recourse (walk-away) loans becoming recourse loans. The US DOJ also tried something similar. They sent letters to large companies requesting their boards not fund lawyers for CEOs, so that the DOJ could increase their conviction rate against white-collar defendants. Bureaucrats. |
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