The local paper just put up an article on our Public Museum, which almost melted down financially in a very spectacular manner just a few years ago. Why are they making the news today? They have managed to have $10.8 million of their outstanding debt forgiven by their banks.
While they are not saying why, citing confidentiality agreements, it appears the banks in question were looking to write off "shaky" debt. In other words, the banks wanted to dump the stinkers from their portfolio.
It must really be nice to be considered such an unreliable, risky bet that your creditors are willing to forgive your debts. Silly me, I've been doing it all wrong, paying my bills off on time no matter what it took. Gee, I wonder if my bank will forgive the little bit I have left on my car, or the small charge I made at Target last month?
Better yet, I'll do things the American way: I'll go ahead and buy my condo this year, then default on the payments and have the government step in and order the bank to forgive most of my mortgage!
I am really, really, really tired of being the "responsible" one. Behaving well gets you nowhere; behaving badly leads to the good life.
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