Fed up with state sanctioned fleecing by private loan sharks? It's payback time and Sallie Mae can now "enjoy" the same stitch up treatment we all have for years. Sallie Mae are shameless rip-off merchants. Isn't there a law against loan sharking in this country?

Wednesday, April 19, 2006

Sallie Mae Sharp Practice: Part Deux

Sallie Mae "selling" off debt for pennies on the dollar to wholly owned subsidaries? That way, they can write off bad loans, take the tax credit for doing so, sell them to junior companies that they own as well for pennies. The junior companies make huge profits, and Sallie Mae appears to keep their hands clean!
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp

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