As he points out, it isn’t his fault that Mr. Shoulders overextended himself by borrowing $10 million to add the spa, a preschool, tennis courts and other amenities to his once-modest health club. And by moving aggressively to collect on loans like these, Mr. Williamson says, he is playing a crucial role in helping clean up the bad debts that are clogging the economy.
“If you want to fix what is ailing this country, you need to destroy the worthless debt out there,” he said, adding with characteristic candor, “You have to shut down the zombies, liquidate their assets.”
Friday, April 17, 2009
After the Bank Failure Comes the Debt Collector