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Starred review from September 1, 2014
Author and journalist Halpern (Fame Junkies) reports from a “shadowy corner of the economy”—the world of consumer-debt collection, which “remains dysfunctional and largely unsupervised.” Our entry to this world is Aaron Siegel, a former banking executive who left his job on Wall Street in 2005 and returned to his hometown of Buffalo. He began to operate as a privately financed debt buyer—buying and selling debt, rather than trying to collect on it—and found an unlikely partner in Brandon Wilson, a former armed robber turned debt collector. Halpern’s narrative follows these two in the “aboveground economy” (that is, the consumer-debt marketplace)—tracking down a rogue collection agency that stole their debt, answering to million dollar investors, getting tips on deals at a Las Vegas debt buyer’s conference, etc. The author then delves into the inner workings of what he refers to as the “financial underworld.” Here, debt is bought and sold with no questions asked. Halpern also discusses the regulatory climate of the current economy; these details combined with the narrative, a startling picture emerges. By fostering a greater understanding of the workings of debt collection, the book sheds enough light into the shadows to compel readers to push for change. Agent: Tina Bennett, WME.

August 1, 2014
An investigation of the bottom-feeding underworld of debt collecting and its disreputable cast of rip-off artists. As journalist and novelist Halpern (Dormia, 2009, etc.) discovered, the world of debt collection is every bit as scummy (and possibly scummier) as its reputation has always suggested. "Some thirty-five million consumers-roughly 14% of all Americans-are currently being hounded over at least one loan," he writes. The author delivers a tale of two kinds of lowlifes and their collaboration in a lowest-common-denominator business that makes Wall Street look meek and ethical. Halpern begins with a focus on former banker Aaron Siegel, who moved back to his financially downtrodden hometown of Buffalo, N.Y., rounded up $14 million from chummy investors and opened his own private equity fund specializing in debt collection. After being ripped off by his own shady employees, who stole a huge portfolio of debt out from under his nose and started their own rogue agency, Siegel decided to employ the help of ex-bank robber Brandon Wilson to help strong-arm the debt collection competition into submission. Halpern tracks not only Siegel and Wilson's quixotic quest for the stolen debt, but also the ugly, everyday inner workings of the business as a whole, much of which is based in crime-ridden, economically destitute Buffalo. The predominantly unethical practice of buying, selling and collecting debt is carried out by just the sort of societal outcasts you'd expect-usually, ex-cons or other desperate, otherwise unemployable screw-ups fill the business's ranks. Halpern's story of the debt collection world is also a dramatic rise-and-fall tale that traces the anything-goes heyday of debt collecting businesses in the unregulated early 2000s and how it has changed with the consequential recent Obama-era crackdowns on the shadier practices in the field. As we see in the book, these new regulations make it much harder for miscreants like Siegel and Wilson to survive. Halpern brings unexpected literary heft to the world of debt collection.

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Starred review from October 15, 2014

Halpern's (Fame Junkies) breathtaking expose takes readers on a deep dive into the debt collection industry. The book proceeds chronologically from 2008 to today, following former Buffalo banker Aaron Siegel and his ex-con partner Brandon Wilson in their quest for money. Three sections relate how Siegel tracked stolen debt-collection files that he bought, how a collection agency operates, and how the industry is largely unregulated and hugely profitable. Rather than focusing on statistics or quote regulators, Halpern succeeds in illustrating how Americans' appetite for consumer credit and the country's bank accounting rules have left much "meat on the bone" for collectors. The author also includes interviews with several hapless debtors who thought that they had paid their debts but were tricked by unsavory collectors. He shows that, as with the subprime mortgage crisis, when debt is packaged and resold, there may not be proof of the underlying obligation. Worse yet, the debt may be beyond the legal statute of limitations, and still, naive debtors are cajoled into paying. VERDICT Colorful and chilling, this work is an important peek into the dark corner of consumer finance and recommended for all consumers and true crime aficionados.--Harry Charles, St. Louis

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