1 00:00:01,960 --> 00:00:02,960 Bye. 2 00:00:32,360 --> 00:00:37,300 Thank you so much for joining us. It has been a busy week. US intelligence 3 00:00:37,300 --> 00:00:39,860 showed Iran retains substantial missile capabilities. 4 00:00:40,240 --> 00:00:44,600 There was the magnificent headline, looks maxing influencer clavicular 5 00:00:44,600 --> 00:00:46,740 deal in alligator shooting case. 6 00:00:47,060 --> 00:00:50,900 And in the UK, amid turmoil over the future of the Prime Minister, King 7 00:00:50,900 --> 00:00:54,160 delivered a ceremonial speech outlining the government's goals for the coming 8 00:00:54,160 --> 00:00:55,700 year, including this. 9 00:00:56,140 --> 00:01:01,560 My ministers will also proceed with the introduction of digital ID, 10 00:01:02,330 --> 00:01:06,890 That will modernize how citizens interact with public services. 11 00:01:07,430 --> 00:01:12,750 Incredible. For a message about modernizing, that is the least modern 12 00:01:12,750 --> 00:01:17,650 possible. He's like four kinds of cape behind a hundred years ago. 13 00:01:18,170 --> 00:01:21,670 And while there are plenty of things that Charles has the standing to talk 14 00:01:21,670 --> 00:01:25,130 about, like Polo, resenting your mother while also desperately wanting her 15 00:01:25,130 --> 00:01:26,109 approval. 16 00:01:26,110 --> 00:01:28,270 Having dreams of becoming a tampon, just Google it. 17 00:01:28,470 --> 00:01:33,530 Digital ID is not one of them. That man has never been asked for ID in his life. 18 00:01:33,590 --> 00:01:35,870 His face is on the fucking money. 19 00:01:37,010 --> 00:01:40,450 Meanwhile, Trump headed to China for a summit with Xi Jinping, which was 20 00:01:40,450 --> 00:01:44,470 seen as a bust with no major announcements. Well, to be fair, almost 21 00:01:44,550 --> 00:01:48,510 because shortly after Air Force One left Beijing, Trump posted this image of him 22 00:01:48,510 --> 00:01:53,390 and Xi walking, captioned in part, China has a ballroom and so should the USA. 23 00:01:54,280 --> 00:01:57,740 It is under construction, ahead of schedule, and will be the finest 24 00:01:57,740 --> 00:01:59,240 its kind anywhere in the USA. 25 00:01:59,600 --> 00:02:04,140 Because incredibly, despite everything going on in the world right now, Trump's 26 00:02:04,140 --> 00:02:08,220 still relentlessly focused on what's been called a sweeping makeover of the 27 00:02:08,220 --> 00:02:11,920 White House and Washington, D .C. In the past year, he's installed two massive 28 00:02:11,920 --> 00:02:15,920 black poles, a presidential walk of fame outside the White House, paved over the 29 00:02:15,920 --> 00:02:19,320 Rose Garden, and redecorated the Oval Office, as if to answer the question, 30 00:02:19,320 --> 00:02:21,660 if an ancient Egyptian pharaoh owned an Airbnb? 31 00:02:23,150 --> 00:02:26,730 And on Monday, he insisted all these changes were absolutely necessary. 32 00:02:27,350 --> 00:02:29,570 This place was not properly taken care of. 33 00:02:30,250 --> 00:02:35,070 I was told by my wife, you have to act presidential, so don't use foul 34 00:02:35,150 --> 00:02:40,550 I won't. Therefore, normally I would have said it was a shithouse, but I 35 00:02:40,550 --> 00:02:41,409 want to say that. 36 00:02:41,410 --> 00:02:46,750 OK, to be clear, Trump's foul language isn't what's been stopping him from 37 00:02:46,750 --> 00:02:47,750 presidential. 38 00:02:48,390 --> 00:02:52,450 Simply not cursing wouldn't make Trump a fitting president in the same way that 39 00:02:52,450 --> 00:02:55,910 a white coat wouldn't make Gritty a practicing oncologist. 40 00:02:56,210 --> 00:02:59,450 I guess it would technically help if he had one, but his lack of qualification 41 00:02:59,450 --> 00:03:05,060 goes much deeper than that. But clearly... Trump's most ambitious 42 00:03:05,060 --> 00:03:07,740 proposed ballroom, which has spiralled out of control. 43 00:03:08,120 --> 00:03:10,780 When it was announced, it was claimed the ballroom would be paid for by 44 00:03:10,780 --> 00:03:14,440 President Trump and other patriot donors, and that it would cost 45 00:03:14,440 --> 00:03:15,440 $200 million. 46 00:03:15,540 --> 00:03:19,680 Since then, the projected cost has gone up to $300 million, then $400 million, 47 00:03:19,880 --> 00:03:23,300 and last week he argued the only reason the cost has changed is because after 48 00:03:23,300 --> 00:03:26,840 deep -rooted studies, the ballroom's approximately twice the size. 49 00:03:27,380 --> 00:03:31,920 And when a reporter dared to ask him about that on Tuesday, he kind of lost 50 00:03:31,920 --> 00:03:35,010 shit. We have a ballroom that's under budget. 51 00:03:35,270 --> 00:03:36,750 It's going up right here. 52 00:03:36,970 --> 00:03:40,150 I've doubled the size of it because we obviously need that. 53 00:03:40,550 --> 00:03:44,050 And we're right now on budget, under budget, and ahead of schedule. 54 00:03:44,510 --> 00:03:48,470 I doubled the size of it, you dumb person. 55 00:03:49,390 --> 00:03:53,070 You are not a smart person. 56 00:03:53,530 --> 00:03:58,590 Okay, okay, I know it is not unusual for him to demean a female journalist, but 57 00:03:58,590 --> 00:04:00,990 even by his standards, that was bad. 58 00:04:01,710 --> 00:04:05,870 The only time it's okay to yell, you dumb person, at anyone is, as I think we 59 00:04:05,870 --> 00:04:09,090 all know, if you're watching Jeopardy, and you know the answer, but the 60 00:04:09,090 --> 00:04:12,250 contestants don't. Who is Emily Dickinson, you fucking idiot? 61 00:04:13,450 --> 00:04:16,190 19th century, largely unpublished female poet from Massachusetts? 62 00:04:16,450 --> 00:04:19,269 Who is Emily Dickinson? You're not a smart person! 63 00:04:20,529 --> 00:04:22,190 And look, it'd be bad enough. 64 00:04:22,670 --> 00:04:26,250 for Trump to fund this fantasy project with private money, especially while 65 00:04:26,250 --> 00:04:29,690 withholding the identities of several donors, including some with business 66 00:04:29,690 --> 00:04:30,690 before the administration. 67 00:04:30,990 --> 00:04:34,990 But on top of that, it now seems the public may actually get stuck with a lot 68 00:04:34,990 --> 00:04:38,130 the bill because Senate Republicans are now requesting an additional roughly 69 00:04:38,130 --> 00:04:42,850 $400 million in security funding for the ballroom. And that is just the 70 00:04:42,850 --> 00:04:43,850 beginning here. 71 00:04:44,250 --> 00:04:48,410 Trump also wants to use millions to repaint the Eisenhower Executive Office 72 00:04:48,410 --> 00:04:53,610 building white, arguing grey is for funerals, which, by the way, it famously 73 00:04:53,610 --> 00:04:54,610 isn't. 74 00:04:55,130 --> 00:04:59,530 As we all know, black is for funerals, grey is for depressive episodes, and red 75 00:04:59,530 --> 00:05:01,730 is for stealing attention at your ex's wedding. 76 00:05:02,430 --> 00:05:06,570 He's also trying to build this 250 -foot monstrosity in the middle of D .C., and 77 00:05:06,570 --> 00:05:10,370 has lately been fixated on revamping the reflecting pool at the Lincoln 78 00:05:10,370 --> 00:05:12,950 Memorial, a project that he described like this. 79 00:05:13,510 --> 00:05:17,250 Here's a picture of it. You probably recognize it. Right now it's got no 80 00:05:17,250 --> 00:05:20,530 in it because it was in terrible shape. It was filthy dirty. 81 00:05:21,230 --> 00:05:25,970 And it leaked like a sieve for many years. I said, what we're going to do is 82 00:05:25,970 --> 00:05:31,330 going to call all three of these people that have worked for me in the past 83 00:05:31,330 --> 00:05:34,370 doing swimming pools. That's all they can do is a swimming pool. 84 00:05:34,930 --> 00:05:37,010 And I said, give me a good price. 85 00:05:37,690 --> 00:05:38,730 We can do it for. 86 00:05:39,560 --> 00:05:43,240 maybe a million and a half to two million dollars and now we have a nice 87 00:05:43,240 --> 00:05:49,800 surface on which we're putting a industrial grade swimming 88 00:05:49,800 --> 00:05:56,720 pool topping okay i'm not sure what the stupidest part of that 89 00:05:56,720 --> 00:06:00,440 is he starts by saying you probably recognize it about one of the most 90 00:06:00,440 --> 00:06:04,440 places in the country then we get an unexpectedly correct pronunciation of 91 00:06:04,440 --> 00:06:09,130 word fib followed by I'm going to call three guys who I know worked on my 92 00:06:09,130 --> 00:06:10,130 swimming pools. 93 00:06:10,490 --> 00:06:14,290 Which, come on, that is not how to fix a national memorial. It sounds more like 94 00:06:14,290 --> 00:06:17,450 the start of an incredible post -divorce girls weekend for Deborah. 95 00:06:18,190 --> 00:06:21,870 Trump seems to be obsessed with the reflecting pool, posting about it over 96 00:06:21,870 --> 00:06:25,450 dozen times, while I will remind you, this country is at war. 97 00:06:26,410 --> 00:06:31,010 Sometimes in the form of AI slop like this, depicting Trump, J .D. Vance and 98 00:06:31,010 --> 00:06:34,590 some cabinet members floating in it. That is an image in which Trump seems to 99 00:06:34,590 --> 00:06:39,090 have photoshopped his head onto the body of a man 50 years younger. And yet, J 100 00:06:39,090 --> 00:06:43,690 .D. Vance being invited to a pool party is still the least realistic part about 101 00:06:43,690 --> 00:06:48,520 it. And look... I'm not saying the reflecting pool didn't need repairs. 102 00:06:48,520 --> 00:06:52,380 been an issue for years now. But Trump's plan apparently doesn't address one of 103 00:06:52,380 --> 00:06:54,600 the pool's main problems. It's faulty plumbing. 104 00:06:54,820 --> 00:06:59,280 Also, the $2 million cost that he'd estimated for the project has already 105 00:06:59,280 --> 00:07:02,900 ballooned to over $13 million. And that's not even getting into the fact 106 00:07:02,900 --> 00:07:05,660 the company doing the work apparently received a no -bid contract. 107 00:07:06,100 --> 00:07:09,780 And notably, after that story came out, Trump posted, I didn't give out the 108 00:07:09,780 --> 00:07:13,880 contract. Interior did to a contract I did not know and have never used before, 109 00:07:14,020 --> 00:07:17,810 which is not what you... just saw him say in his own stupid video. 110 00:07:18,290 --> 00:07:23,430 As for Interior did it, when Doug Burgum, Interior Secretary, was grilled 111 00:07:23,430 --> 00:07:27,490 that contract during a congressional hearing, he seemed pretty caught off 112 00:07:27,950 --> 00:07:30,730 Are you familiar with Atlantic Industrial Coatings? 113 00:07:32,390 --> 00:07:38,270 I'm not familiar with that. So Atlantic Industrial Coatings is a company. 114 00:07:38,610 --> 00:07:40,450 Are you familiar with that company? You're saying Atlantic? 115 00:07:40,910 --> 00:07:43,230 Atlantic Industrial Coatings. 116 00:07:43,630 --> 00:07:50,590 is the company that received a no -bid federal contract for the project at the 117 00:07:50,590 --> 00:07:54,750 Lincoln Memorial Reflective Pool. A no -bid contract is reserved for situations 118 00:07:54,750 --> 00:07:59,230 where, quote, any delay would cause serious injury to the government. 119 00:08:00,530 --> 00:08:05,370 What is your proposition is what? That there'd be serious injury to the 120 00:08:05,370 --> 00:08:08,710 government if this company didn't get the $13 million contract to do this 121 00:08:08,710 --> 00:08:10,350 particular project right now? 122 00:08:11,470 --> 00:08:15,290 Well, I think we do have a sense of urgency. I mean, we got handed a record 123 00:08:15,290 --> 00:08:18,750 amount of deferred maintenance. We had 19 fountains across the city that didn't 124 00:08:18,750 --> 00:08:21,050 work. That's a serious injury to the government? 125 00:08:21,470 --> 00:08:23,130 A serious injury to the government? 126 00:08:23,450 --> 00:08:28,870 I'm not a lawyer who could decide that, but I think that maybe all of us could 127 00:08:28,870 --> 00:08:32,370 agree that we would want to have our nation's capital looking great for the 128 00:08:32,370 --> 00:08:35,130 250th. I mean, this is a common sense decision. 129 00:08:35,549 --> 00:08:37,650 Yeah, that's not a great answer, Doug. 130 00:08:38,860 --> 00:08:42,640 If you ask your neighbor, have you been fucking the birdhouse in my yard? 131 00:08:42,840 --> 00:08:45,820 And he says, that's a question I suppose a lawyer could decide. 132 00:08:46,500 --> 00:08:49,380 Then you know you need to get a new birdhouse. 133 00:08:50,780 --> 00:08:53,940 Is this the most important thing this president could be doing right now? Of 134 00:08:53,940 --> 00:08:57,840 course it isn't. That would be a tie between learning where Iran is on a map 135 00:08:57,840 --> 00:09:00,840 finally listening to the three ghosts who've been waking him up every 136 00:09:00,840 --> 00:09:04,820 Eve for the last 70 years. But it should really go without saying, if you are a 137 00:09:04,820 --> 00:09:08,820 president who'd rather focus on ballroom construction and pool maintenance than 138 00:09:08,820 --> 00:09:12,120 the crucial work of actually running a country, then I think it is fair to say, 139 00:09:12,240 --> 00:09:16,740 to borrow a phrase that I heard recently, you are not a smart fucking 140 00:09:17,400 --> 00:09:18,560 And now, this. 141 00:09:19,380 --> 00:09:25,000 And now, Stephen Miller's darkest secrets are revealed on his wife's 142 00:09:25,560 --> 00:09:27,560 Who would you trust to babysit your kids? 143 00:09:27,860 --> 00:09:31,320 Who would I trust to babysit my kids? This can only be another member of the 144 00:09:31,320 --> 00:09:32,320 cabinet. 145 00:09:33,560 --> 00:09:35,600 Not your husband. 146 00:09:36,300 --> 00:09:41,040 So right before Donald Trump had won and we had friends in our backyard and 147 00:09:41,040 --> 00:09:45,260 Stephen delivered a toast and said, this time next year, we'll be drinking the 148 00:09:45,260 --> 00:09:46,260 tears of our enemies. 149 00:09:46,440 --> 00:09:50,050 Oh. I'll give you my list of things I disagree with Stephen on just to help 150 00:09:50,050 --> 00:09:51,050 out. Okay, great. 151 00:09:51,190 --> 00:09:54,090 He insists that my children always wear socks with their shoes. 152 00:09:54,590 --> 00:09:57,350 Even if the shoes are already on and they're ready to get in the car, go out 153 00:09:57,350 --> 00:09:59,430 door, he makes them come back inside and put socks on. 154 00:09:59,710 --> 00:10:01,790 I didn't want a big wedding. I wanted the courthouse. 155 00:10:02,150 --> 00:10:04,570 My husband wanted the big wedding. I love that. 156 00:10:04,910 --> 00:10:06,370 He's a bridezilla. He's a bridezilla. 157 00:10:07,110 --> 00:10:09,590 I had a buddy who used to eat french fries and mayonnaise. I thought that was 158 00:10:09,590 --> 00:10:11,390 disgusting. That's the only thing my husband eats. 159 00:10:11,590 --> 00:10:13,090 With french fries or like period? 160 00:10:13,350 --> 00:10:14,350 Period. Okay. 161 00:10:14,880 --> 00:10:18,060 It's my own personal theory. Like, why have I been more nauseous this 162 00:10:18,180 --> 00:10:20,880 Why have I had more eczema this pregnancy? Without question. It's 163 00:10:20,880 --> 00:10:22,980 more of my husband's genetic makeup than mine and his baby. 164 00:10:23,400 --> 00:10:24,400 Well, not more. It's equal. 165 00:10:24,880 --> 00:10:27,880 But I'm telling you, the baby's going to turn out looking like him. 166 00:10:33,520 --> 00:10:38,020 Moving on. Before our main story tonight, I want to let you in on how we 167 00:10:38,020 --> 00:10:42,340 what to cover. Sometimes a story is of urgent interest, like ice detention, or 168 00:10:42,340 --> 00:10:45,200 the Supreme Court, or sexual doorbells for Dutch fish. 169 00:10:45,780 --> 00:10:49,620 Other times it can be incredibly boring, like special districts or pay loans. 170 00:10:49,840 --> 00:10:54,140 And sometimes, like with Subway or Mount Everest, the way a story starts is by 171 00:10:54,140 --> 00:10:58,120 us noticing something ubiquitous and find ourselves going, hey, what the fuck 172 00:10:58,120 --> 00:10:59,120 the deal with that thing? 173 00:10:59,690 --> 00:11:03,210 Well, this is going to be one of those stories. And the thing that prompted 174 00:11:03,210 --> 00:11:05,070 question this time was being there. 175 00:11:07,310 --> 00:11:11,450 I have a structured settlement and I need cash now. 176 00:11:11,950 --> 00:11:13,990 Call J .G. Wentworth. 177 00:11:14,570 --> 00:11:16,010 877 -CASH -OFF. 178 00:11:16,780 --> 00:11:19,320 Yeah, the J .G. fucking Wentworth ads. 179 00:11:19,660 --> 00:11:22,520 You cannot have missed them, because they are everywhere. 180 00:11:22,720 --> 00:11:26,800 In fact, they are such a pop culture staple, it became a running joke on Curb 181 00:11:26,800 --> 00:11:30,320 Your Enthusiasm that Larry David couldn't get that song out of his head. 182 00:11:30,720 --> 00:11:35,880 I have a shot to tell them, and I need cash now, called J .G. 183 00:11:36,160 --> 00:11:38,140 Wentworth, 877 cash now! 184 00:11:39,520 --> 00:11:41,320 877 cash now! 185 00:11:47,050 --> 00:11:51,990 Very good. And look, there is a reason that song is stuck in everyone's heads. 186 00:11:52,050 --> 00:11:56,790 Not only is it infuriatingly catchy, JG Wentworth absolutely blankets TV with 187 00:11:56,790 --> 00:11:59,110 their ad, and in all sorts of styles. 188 00:11:59,670 --> 00:12:03,410 I have a structured settlement and I need cash now. 189 00:12:03,970 --> 00:12:06,130 Call JG Wentworth. 190 00:12:06,630 --> 00:12:11,990 877 -CASH -NOW. I get long -term payments, but I need cash now. 191 00:12:12,490 --> 00:12:14,370 Call JG Wentworth. 192 00:12:15,070 --> 00:12:20,050 877 -CASH -NOW! It's not a loan, so there's no debt, no credit card, advance 193 00:12:20,050 --> 00:12:22,130 regret. Call J .G. Wentworth. 194 00:12:22,550 --> 00:12:26,370 877 -CASH -NOW! It's your money. Use it when you need it. 195 00:12:26,610 --> 00:12:27,970 Call J .G. 196 00:12:28,190 --> 00:12:29,190 Wentworth. 197 00:12:29,890 --> 00:12:31,930 877 -CASH -NOW! 198 00:12:34,320 --> 00:12:38,260 Yeah, it turns out they've produced that song in almost every genre. At this 199 00:12:38,260 --> 00:12:41,720 point, they could release an album presumably called, now that's what I 200 00:12:41,820 --> 00:12:44,980 the song I'm worried will be the last thing I think about before I die. 201 00:12:45,780 --> 00:12:50,160 But interestingly, for commercials you see that much, you probably don't know 202 00:12:50,160 --> 00:12:54,100 what JG Wentworth is actually selling there, which is a little weird, isn't 203 00:12:54,140 --> 00:12:58,200 It is generally a red flag when something has a massive ad budget, you 204 00:12:58,200 --> 00:13:02,320 know what they actually do, whether it's Shen Yun or fucking Cars for Kids. 205 00:13:03,150 --> 00:13:06,970 Well, the good news is we're going to give you an answer tonight. The bad news 206 00:13:06,970 --> 00:13:08,670 is the rest of this story. 207 00:13:09,130 --> 00:13:12,910 A structured settlement is actually pretty easy to understand. You're 208 00:13:12,910 --> 00:13:17,210 eligible for one if you suffered a physical injury or someone died because 209 00:13:17,210 --> 00:13:20,770 wrongful action and you've been awarded a settlement. Maybe you got hit by a car 210 00:13:20,770 --> 00:13:23,830 or suffered an accident at work or were poisoned by lead paint. 211 00:13:24,070 --> 00:13:27,270 That settlement money can then be structured into increments. 212 00:13:27,580 --> 00:13:31,820 often monthly with periodic lump sums, instead of you getting it all at once. 213 00:13:31,940 --> 00:13:33,840 And in theory, that's not a bad idea. 214 00:13:34,060 --> 00:13:37,320 It's income tax -free, and if it's designed well, it means that you're 215 00:13:37,320 --> 00:13:40,120 for the rest of your life or however long the settlement runs. 216 00:13:40,360 --> 00:13:44,880 That is why a lot of personal finance experts are actually fans of structured 217 00:13:44,880 --> 00:13:48,600 settlements. In fact, here's Susie Orman giving them a strong endorsement. 218 00:13:48,880 --> 00:13:55,000 If you are ever in an accident, if you are ever in a situation where you get a 219 00:13:55,000 --> 00:14:01,070 large settlement, For whatever reason, you are to run, you are to not walk. 220 00:14:01,290 --> 00:14:06,050 You are to run to the place that you can get a structured settlement. 221 00:14:06,470 --> 00:14:11,390 Yeah, that is a pretty big co -sign delivered with that signature Orman 222 00:14:11,490 --> 00:14:15,010 really best described as local real estate agent who just snorted Adderall. 223 00:14:15,980 --> 00:14:18,920 And I assume it's the kind of support that she'll lay out in her upcoming 224 00:14:19,060 --> 00:14:22,280 Five Strategies for the Nine Steps Behind the Four Secrets of Life, Love, 225 00:14:22,420 --> 00:14:25,800 Tomorrow, Yesterday, and Structured Settlements, Three Easy Steps by Susie 226 00:14:25,800 --> 00:14:26,800 Orman. 227 00:14:26,960 --> 00:14:30,380 A surprising number of people receive structured settlements. One estimate a 228 00:14:30,380 --> 00:14:35,560 years ago put the number at around 750 ,000 in the US. But some may end up 229 00:14:35,560 --> 00:14:37,180 needing or wanting an advance. 230 00:14:37,770 --> 00:14:41,090 on the money that they are getting. The thing is, that can be a bit of a 231 00:14:41,090 --> 00:14:44,650 challenge with structured settlements, because once the structure has been set, 232 00:14:44,850 --> 00:14:48,910 recipients can't simply change their minds and cash in the remaining payment. 233 00:14:49,090 --> 00:14:54,230 And that is where companies like JG Wentworth come in. And it is why their 234 00:14:54,230 --> 00:14:58,350 commercials are filled with a bunch of Vikings singing, I have a structured 235 00:14:58,350 --> 00:15:00,590 settlement and I need cash now. 236 00:15:01,410 --> 00:15:02,450 Very basically. 237 00:15:02,860 --> 00:15:06,720 These companies will buy the rights to future payments from your settlement and 238 00:15:06,720 --> 00:15:11,560 exchange give you a lump of cash. But they can take a massive cut. 239 00:15:11,840 --> 00:15:15,000 One analysis of several states found that on average these companies are 240 00:15:15,000 --> 00:15:19,180 about 60 % of the money and sometimes far more. 241 00:15:19,540 --> 00:15:23,880 So this is a business built around getting people to sell their settlements 242 00:15:23,880 --> 00:15:28,440 pennies on the dollar. It's called the factoring industry and it is much bigger 243 00:15:28,440 --> 00:15:29,440 than you may think. 244 00:15:29,850 --> 00:15:34,690 These companies buy an estimated $1 billion worth of payments each year. But 245 00:15:34,690 --> 00:15:38,250 is important to know that many who do business with these companies end up 246 00:15:38,250 --> 00:15:42,670 deeply regretting it. Like this man, who was in a car wreck in eighth grade and 247 00:15:42,670 --> 00:15:46,370 suffered severe brain injuries. I'll let him pick up the story from there. 248 00:15:46,670 --> 00:15:50,070 My mom got me a lawyer sometime or another. She set me up in structure 249 00:15:50,070 --> 00:15:55,630 settlement, totaling up to $99 ,000 and some odd dollars. Well, pretty much... 250 00:16:07,899 --> 00:16:09,300 That is horrible. 251 00:16:09,600 --> 00:16:13,640 A financial transaction should not be one of the biggest regrets of your life. 252 00:16:13,680 --> 00:16:16,120 That should be reserved for something like not staying in touch with old 253 00:16:16,120 --> 00:16:18,860 friends, or spending too much time at work, or... 254 00:16:19,280 --> 00:16:22,320 publicly harassing Oscar -nominated actor Adam Driver for nearly an entire 255 00:16:22,320 --> 00:16:26,200 calendar year. You know, the normal things that we all look back on with 256 00:16:26,200 --> 00:16:31,420 regret. The point is, if an industry is this ubiquitous, this heavily 257 00:16:31,420 --> 00:16:36,200 advertised, and can trigger that level of regret, tonight, let's take a look at 258 00:16:36,200 --> 00:16:39,400 the factoring companies who buy structured settlements. Let's start with 259 00:16:39,400 --> 00:16:43,720 fact that one of the first big companies to do this was J .G. Wentworth. They 260 00:16:43,720 --> 00:16:47,520 were founded back in the 90s, and interestingly, none of the founders were 261 00:16:47,520 --> 00:16:48,520 J .G. Wentworth. 262 00:16:48,960 --> 00:16:52,220 They just named their company after a man who doesn't seem to exist, and not, 263 00:16:52,220 --> 00:16:55,520 it sounds like, a legacy admission at Duke who nearly died in his frat house 264 00:16:55,520 --> 00:17:00,200 after butt -chugging yingling. But since then, JG Wentworth has become, in its 265 00:17:00,200 --> 00:17:04,240 own words, the largest purchaser of structured settlement payments in the 266 00:17:04,810 --> 00:17:08,010 And they've done that both under the Wentworth name and under a number of 267 00:17:08,010 --> 00:17:11,390 subsidiaries that they've owned over the years. They've been so successful, in 268 00:17:11,390 --> 00:17:15,310 fact, they've also inspired a whole bunch of copycats, many of whom have 269 00:17:15,310 --> 00:17:19,470 tried to imitate the success of their horrendously catchy jingle, but with 270 00:17:19,470 --> 00:17:23,430 results. Just take a look at this video from another factoring company, 123 271 00:17:23,430 --> 00:17:24,450 Lumpsum. 272 00:17:25,210 --> 00:17:29,630 123 Lumpsum has done a tremendous job with their brand. They're everywhere. 273 00:17:30,270 --> 00:17:33,710 Especially with that jingle. I mean, how can you not sing their song? 274 00:17:34,070 --> 00:17:35,990 One, two, three, lump sum. 275 00:17:37,170 --> 00:17:41,010 One, two, three, lump sum. One, two, three, lump sum. 276 00:17:41,650 --> 00:17:43,630 One, two, three, lump sum. 277 00:17:44,870 --> 00:17:46,790 One, two, three, lump sum. 278 00:17:47,370 --> 00:17:48,370 Okay. 279 00:17:48,830 --> 00:17:54,550 I'm confused. When you say, how can you not sing their song, that seems so very 280 00:17:54,550 --> 00:17:55,730 easy not to do. 281 00:17:56,650 --> 00:18:00,150 To be honest, not even the company's own employees seem to be able to see it. 282 00:18:00,590 --> 00:18:03,970 In general, factoring companies like to present themselves as performing a 283 00:18:03,970 --> 00:18:08,430 public service, lending people assistance to get around a system too 284 00:18:08,430 --> 00:18:09,430 for their needs. 285 00:18:09,470 --> 00:18:13,790 Here is a non -jingle -based J .G. Wentworth ad making that case through a 286 00:18:13,790 --> 00:18:15,210 pretty patronising analogy. 287 00:18:16,070 --> 00:18:17,350 I know you love to draw. 288 00:18:17,930 --> 00:18:19,170 Here are some crayons. 289 00:18:20,210 --> 00:18:25,310 You get one crayon now, and then you get one crayon a year for the next 25 290 00:18:25,310 --> 00:18:26,310 years. 291 00:18:27,440 --> 00:18:29,300 Can't I have the red one too? 292 00:18:30,120 --> 00:18:31,940 Not until this time next year. 293 00:18:32,800 --> 00:18:34,720 But I really need the red. 294 00:18:36,540 --> 00:18:40,680 One crayon a year doesn't make sense, does it? And sometimes neither does 295 00:18:40,680 --> 00:18:42,380 waiting for my structured settlement payments. 296 00:18:43,080 --> 00:18:48,620 Okay. First, it is a little condescending to have an ad whose 297 00:18:48,620 --> 00:18:51,840 essentially, you are a child and you want more crayons now. 298 00:18:52,780 --> 00:18:55,760 But the bigger problem is that that ad doesn't clearly explain that while you 299 00:18:55,760 --> 00:18:59,760 might get a second crayon right now, it could end up costing you half the box. 300 00:19:00,100 --> 00:19:03,840 And that is something that many who enter into these deals don't fully 301 00:19:03,840 --> 00:19:07,760 understand. Partly because they are complex transactions, but in many cases 302 00:19:07,760 --> 00:19:11,160 because people with structured settlement are likely to have some form 303 00:19:11,160 --> 00:19:14,540 permanent disability from the incident that led to the settlement that affects 304 00:19:14,540 --> 00:19:18,860 them physically, and in many cases cognitively, behaviourally and 305 00:19:19,710 --> 00:19:22,790 In fact, some of the first in -depth reporting on this industry came in the 306 00:19:22,790 --> 00:19:24,810 of the killing of Freddie Gray in Baltimore. 307 00:19:25,190 --> 00:19:28,310 Afterward, reporters discovered that he'd been awarded a structured 308 00:19:28,310 --> 00:19:32,590 as a result of a lead paint lawsuit, as had his sisters, and they later sold 309 00:19:32,590 --> 00:19:34,050 them to a factoring company. 310 00:19:34,410 --> 00:19:37,950 And as reporters kept poking around, they discovered many in Baltimore had a 311 00:19:37,950 --> 00:19:41,830 similar story, and some didn't seem to fully understand the contract they were 312 00:19:41,830 --> 00:19:45,650 signing. Take Crystal Linton, who was also exposed to lead paint as a child, 313 00:19:45,710 --> 00:19:48,610 which, as she will tell you, led to irreversible brain damage. 314 00:19:49,070 --> 00:19:55,830 I was in special education probably for a few years and trouble reading, 315 00:19:56,170 --> 00:19:58,050 writing. I can't remember. 316 00:19:59,010 --> 00:20:03,610 Everything. A psychologist found she was less functionally illiterate with a 317 00:20:03,610 --> 00:20:08,110 fourth grade reading level. Her family sued two landlords, eventually settling 318 00:20:08,110 --> 00:20:09,910 for $630 ,000. 319 00:20:10,230 --> 00:20:15,030 But then she started getting flyers like these in the mail, offering quick cash 320 00:20:15,030 --> 00:20:19,430 from companies including Stone Street Capital of Bethesda, Maryland. 321 00:20:19,670 --> 00:20:25,090 Over the next year and a half, she sold her payment stream, then valued at $408 322 00:20:25,090 --> 00:20:29,810 ,000 for $66 ,000, most of it. to Stone Street Capital. 323 00:20:30,010 --> 00:20:33,430 Do you feel like you understood how it worked? 324 00:20:33,650 --> 00:20:37,150 No. So you don't know how you signed away your money, essentially? 325 00:20:37,750 --> 00:20:38,750 No. 326 00:20:39,150 --> 00:20:43,330 Yeah, that company persuaded someone to sign something valuable away despite her 327 00:20:43,330 --> 00:20:45,330 not fully understanding the risks involved. 328 00:20:45,650 --> 00:20:49,550 That is so obviously terrible, it's literally what the villain does in The 329 00:20:49,550 --> 00:20:50,550 Little Mermaid. 330 00:20:50,990 --> 00:20:54,210 Except, in this case, the contract came from a factoring company instead of a 331 00:20:54,210 --> 00:20:57,930 sassy half -octopus whose only friends are two bitchy eels. 332 00:20:59,210 --> 00:21:03,070 And Crystal wasn't alone in getting targeted. Another company, Access 333 00:21:03,090 --> 00:21:06,830 allegedly did deals with at least 100 injured and intellectually impaired 334 00:21:06,830 --> 00:21:10,470 Marylanders, most of whom were victims of lead paint poisoning. 335 00:21:10,670 --> 00:21:15,110 And they were aggressive in searching for clients. At one point, they had 22 336 00:21:15,110 --> 00:21:18,610 billboards throughout the city like these, urging victims of lead paint 337 00:21:18,610 --> 00:21:20,530 poisoning to get cash now. 338 00:21:21,020 --> 00:21:25,500 Meanwhile, its employees apparently work to identify lead paint virgins, which 339 00:21:25,500 --> 00:21:29,640 is to say finding people who'd received lead paint settlements but had not sold 340 00:21:29,640 --> 00:21:33,100 them yet, as part of what it called its Virgin Research Project. 341 00:21:33,520 --> 00:21:37,380 Which is obviously terrible, in part because Virgin Research Project sounds 342 00:21:37,380 --> 00:21:39,540 an in -depth study of a college a cappella group. 343 00:21:40,780 --> 00:21:46,380 And internal emails later show just how excited Access Funding was about their 344 00:21:46,380 --> 00:21:47,820 potential new client pool. 345 00:21:48,460 --> 00:21:52,540 There's a whole generation in their mid -20s to mid -30s that all have lead 346 00:21:52,540 --> 00:21:54,580 paint settlements, one executive wrote to another. 347 00:21:54,800 --> 00:21:59,440 All the row houses had paint. We signed two brothers at once, and while there, 348 00:21:59,640 --> 00:22:03,940 our rep found two other family members have payments, and their friends do too. 349 00:22:04,300 --> 00:22:05,680 This is an opportunity. 350 00:22:06,140 --> 00:22:10,760 Wow, that is a lot of excitement for an email about lead poisoning. 351 00:22:11,120 --> 00:22:14,660 And that is generally not how I would use the word opportunity. 352 00:22:15,660 --> 00:22:19,660 An opportunity would be your roommate giving away her cool jacket, or someone 353 00:22:19,660 --> 00:22:22,640 a coffee shop packing up their things at the only table that has an outlet, or 354 00:22:22,640 --> 00:22:25,780 your child ordering an ice cream that they definitely won't finish and it's 355 00:22:25,780 --> 00:22:27,900 actually a normal flavour this time instead of something blue. 356 00:22:29,020 --> 00:22:31,580 Massive lead poisoning is not that. 357 00:22:32,510 --> 00:22:35,710 And it gets worse because in other emails, the company's head of sales 358 00:22:35,710 --> 00:22:37,710 that their clientele can barely form sentences. 359 00:22:38,030 --> 00:22:42,150 And its sales manual instructed staffers to bombard potential customers with 360 00:22:42,150 --> 00:22:46,510 calls, saying you are expected to call that lead nine to ten times a day for 361 00:22:46,510 --> 00:22:50,290 next three days. And you must also be texting them, emailing them, and trying 362 00:22:50,290 --> 00:22:52,130 find them on social media like Facebook. 363 00:22:52,370 --> 00:22:56,410 It also specified that the people who either call in or reply very late at 364 00:22:56,410 --> 00:23:00,910 are most likely the best leads because they are the people who are up at night 365 00:23:00,910 --> 00:23:05,040 worrying about... money and if that wasn't bad enough the last page of that 366 00:23:05,040 --> 00:23:09,600 manual said to be careful what you put in writing and assume that every email 367 00:23:09,600 --> 00:23:13,400 you write will show up on the cover of the wall street journal which is clearly 368 00:23:13,400 --> 00:23:20,230 a pretty fucking stupid thing to put in writing now Thanks in part to those 369 00:23:20,230 --> 00:23:23,610 aggressive tactics, the Maryland AG estimates that over a period of around 370 00:23:23,610 --> 00:23:27,810 years, Access Funding acquired future payments with a total value of $32 .6 371 00:23:27,810 --> 00:23:32,130 million, for which it paid out at most $7 .5 million. 372 00:23:32,370 --> 00:23:37,290 And the thing is, those kind of aggressive sales tactics can be par for 373 00:23:37,290 --> 00:23:40,330 course in this industry, because while these companies love to present 374 00:23:40,330 --> 00:23:44,610 themselves as only helping people with specific, understandable needs for their 375 00:23:44,610 --> 00:23:46,430 settlement money, the truth is... 376 00:23:46,730 --> 00:23:49,030 They might be the ones creating that need. 377 00:23:49,370 --> 00:23:53,490 Here is one J .G. Wentworth employee on a podcast about sales tactics talking 378 00:23:53,490 --> 00:23:55,730 about cold calling potential prospects. 379 00:23:56,230 --> 00:23:58,830 When you call somebody, they don't need anything. 380 00:23:59,770 --> 00:24:01,270 You've got to unlock the want. 381 00:24:01,590 --> 00:24:04,190 You've got to unlock what they want. They don't need anything. They call you 382 00:24:04,190 --> 00:24:05,089 when they need something. 383 00:24:05,090 --> 00:24:08,970 So know the difference. So absolutely you can prospect. Absolutely. Just know 384 00:24:08,970 --> 00:24:11,590 that you're dealing with a different animal when you start making those 385 00:24:11,590 --> 00:24:13,770 calls. They don't need anything. You've got to unlock wants. 386 00:24:14,430 --> 00:24:15,430 Okay. 387 00:24:15,639 --> 00:24:19,920 Unlocking once clearly shouldn't be a tactic for getting access to someone's 388 00:24:19,920 --> 00:24:23,340 structured settlement. At best, it should be a tagline for a YouTube pickup 389 00:24:23,340 --> 00:24:27,360 artist with 30 followers, or the name of a romantic book about an imprisoned 390 00:24:27,360 --> 00:24:30,940 centaur that falls in love with a hot dragon or whatever. I just don't care 391 00:24:30,940 --> 00:24:31,940 about it, okay? 392 00:24:32,040 --> 00:24:38,020 Read whatever you want, have fun, jerk off to magic, but I simply cannot care. 393 00:24:39,140 --> 00:24:44,150 And that process of unlocking once... can start as soon as someone's able to 394 00:24:44,150 --> 00:24:48,290 sign a contract. Because some companies reportedly employ an army of researchers 395 00:24:48,290 --> 00:24:52,370 to plough through court records on the lookout for cases that end with a large 396 00:24:52,370 --> 00:24:56,110 settlement. Some are even sent to troll dockets trying to find people who 397 00:24:56,110 --> 00:24:59,990 receive settlements as children so they can start calling the second they turn 398 00:24:59,990 --> 00:25:03,490 18. And look, there are obviously lots of good things. 399 00:25:03,950 --> 00:25:07,690 about turning 18. You're eligible to vote. You no longer run the risk of 400 00:25:07,690 --> 00:25:13,310 texted by Drake. But getting praised upon by factoring companies is not one 401 00:25:13,310 --> 00:25:17,270 them. And companies can be utterly shameless in their enticements, sending 402 00:25:17,270 --> 00:25:21,490 things like cheques and prepaid visa gift cards, urging people to call and 403 00:25:21,490 --> 00:25:22,449 activate them. 404 00:25:22,450 --> 00:25:26,890 A former employee at a company called Seneca One once said that he's seen 405 00:25:26,890 --> 00:25:30,510 agents pay people $50 to stay on the line for five minutes. 406 00:25:30,920 --> 00:25:34,920 And the company's most desperate for deals can really go all out. 407 00:25:35,180 --> 00:25:39,300 One lawsuit alleges that a factory salesperson wined and dined a settlement 408 00:25:39,300 --> 00:25:43,040 seller at fancy restaurants and clubs, even providing them with marijuana. 409 00:25:43,460 --> 00:25:47,440 While another company allegedly flew a potential customer to South Florida and 410 00:25:47,440 --> 00:25:51,480 took him to two strip clubs to entice him into selling more of his payments. 411 00:25:51,480 --> 00:25:55,800 look, the factory industry will insist that however aggressively they might 412 00:25:55,800 --> 00:25:57,920 market their services, there is a safeguard. 413 00:25:58,440 --> 00:26:02,380 against exploitation because a judge eventually has to sign off on any 414 00:26:02,380 --> 00:26:03,940 transaction, which is true. 415 00:26:04,220 --> 00:26:08,120 Every state in D .C. has a Structured Settlement Protection Act that requires 416 00:26:08,120 --> 00:26:12,680 court approval of these purchases and specifies that they must be in the best 417 00:26:12,680 --> 00:26:18,440 interest of the payee. But it is really worth knowing just how easily that 418 00:26:18,440 --> 00:26:21,040 system can be gamed. And don't just take that from me. 419 00:26:21,240 --> 00:26:24,960 Those who have studied this industry have said that the requirement of court 420 00:26:24,960 --> 00:26:26,920 approval has largely failed. 421 00:26:27,400 --> 00:26:32,460 As this legal expert explains, in hindsight, there was always a 422 00:26:32,460 --> 00:26:33,960 with the setup of this process. 423 00:26:34,320 --> 00:26:38,640 It's an odd proceeding because it's not an adversary proceeding. 424 00:26:38,900 --> 00:26:44,900 The only parties that are there are the purchaser and the seller who, for good 425 00:26:44,900 --> 00:26:47,900 or ill, has been persuaded to sell his or her payment rights. 426 00:26:48,120 --> 00:26:52,640 So there's no adversary presentation, and that puts judges in an awkward 427 00:26:52,640 --> 00:26:53,920 position. Yeah. 428 00:26:54,250 --> 00:26:59,110 He's absolutely right. Speaking of awkward positions, there simply has to 429 00:26:59,110 --> 00:27:00,690 better way of having that man testify. 430 00:27:01,190 --> 00:27:05,130 You are making an expert look like a dental hygienist about to floss me. 431 00:27:06,430 --> 00:27:10,590 But the point here is, often only three people are present for the hearing. The 432 00:27:10,590 --> 00:27:14,490 judge, the person selling the payment, and a lawyer for the company buying 433 00:27:14,770 --> 00:27:18,350 That is the main reason why these transactions often get approved in a 434 00:27:18,370 --> 00:27:19,450 minutes -long hearing. 435 00:27:19,820 --> 00:27:23,220 An investigation in Minnesota found hearings took an average of seven 436 00:27:23,220 --> 00:27:27,480 finish, with some judges approving transactions after just two or three 437 00:27:27,480 --> 00:27:30,220 of testimony, which is clearly not long enough. 438 00:27:30,520 --> 00:27:33,020 RuPaul takes longer than that to deliberate. 439 00:27:33,320 --> 00:27:36,240 She makes you lip -sync for your life, then sits through an entire commercial 440 00:27:36,240 --> 00:27:38,360 break before rendering her judgment. 441 00:27:39,080 --> 00:27:44,020 Now, to be fair, some judges will ask about the details of the deal, like what 442 00:27:44,020 --> 00:27:45,240 seller's plans are. 443 00:27:45,600 --> 00:27:49,420 for spending the money and their other sources of income. But if they don't do 444 00:27:49,420 --> 00:27:53,420 that, or if there are major drawbacks to the deal, the factoring company's 445 00:27:53,420 --> 00:27:56,200 lawyer is not incentivised to volunteer that information. 446 00:27:56,900 --> 00:28:01,340 Also, many judges feel it's not their place to prevent a sale, even if they 447 00:28:01,340 --> 00:28:02,340 think it's a bad idea. 448 00:28:02,700 --> 00:28:05,860 One told a reporter, I'm not surprised that many of these people would have 449 00:28:05,860 --> 00:28:09,100 regrets afterwards, but for the court to intervene and say, we know what's 450 00:28:09,100 --> 00:28:12,380 better for you, I generally don't take that role in their lives. 451 00:28:13,020 --> 00:28:17,260 Meanwhile, other judges seem appalled by the deals that have come before them. 452 00:28:17,580 --> 00:28:23,340 I have never felt good about any of these. I see people who, for the most 453 00:28:23,480 --> 00:28:30,100 are in financially desperate situations and do not fully understand 454 00:28:30,100 --> 00:28:35,560 what they are doing and how much money they are actually losing. 455 00:28:35,980 --> 00:28:39,540 Wow. I've never felt good about any of these. 456 00:28:39,740 --> 00:28:40,960 It is not ideal. 457 00:28:41,470 --> 00:28:45,070 when judges are talking about factoring cases the way I talk about the names of 458 00:28:45,070 --> 00:28:46,070 Mountain Dew flavours. 459 00:28:46,650 --> 00:28:53,130 Code Red, Purple Thunder, Liberty Chill, Star Spangled Splash, Sweet Lightning? 460 00:28:53,410 --> 00:28:57,030 They all sound like horses who lost the Kentucky Derby and I've never felt good 461 00:28:57,030 --> 00:28:58,310 about any of them. 462 00:28:58,910 --> 00:29:03,610 And it's worth knowing some companies go beyond just omitting information and 463 00:29:03,610 --> 00:29:07,610 have been accused of actively coaching or pressuring sellers on how to meet the 464 00:29:07,610 --> 00:29:08,890 best interest standard. 465 00:29:09,550 --> 00:29:13,110 In a case still pending, a woman who suffered lead poisoning as a child is 466 00:29:13,110 --> 00:29:16,730 a company called Vintage Equity, claiming that it did just that. 467 00:29:17,150 --> 00:29:20,430 Apparently, the company claimed that one of the reasons she wanted to sell part 468 00:29:20,430 --> 00:29:24,950 of her settlement was to purchase a vehicle so that she's not restricted to 469 00:29:24,950 --> 00:29:28,990 in her vicinity, which sounds like a good idea, doesn't it? Until you learn 470 00:29:28,990 --> 00:29:32,130 she did not have a driver's license or know how to drive. 471 00:29:32,830 --> 00:29:36,150 The company also allegedly coached her in real time whenever she appeared via 472 00:29:36,150 --> 00:29:39,750 telephone before the court, with one of his employees even going to her home, 473 00:29:39,870 --> 00:29:44,470 sitting next to her on the couch, and using the mute -unmute feature on his 474 00:29:44,470 --> 00:29:48,530 phone to secretly instruct her on how to answer the court's questions. Now, the 475 00:29:48,530 --> 00:29:53,210 company denies doing that, which I really hope is true, because that is 476 00:29:53,210 --> 00:29:58,290 unethical. The mute button should not be used for coaching structured settlement 477 00:29:58,290 --> 00:29:59,950 sellers, as we all know. 478 00:30:00,510 --> 00:30:04,070 It should be used for one purpose and one purpose only, and that is farting 479 00:30:04,070 --> 00:30:05,250 while on a business call. 480 00:30:05,810 --> 00:30:07,670 That is it. We live in a society. 481 00:30:09,360 --> 00:30:13,240 Meanwhile, other companies engage in forum shopping, where they seek out 482 00:30:13,240 --> 00:30:17,080 friendly judges known to approve deals, sometimes even taking cases into 483 00:30:17,080 --> 00:30:21,720 courtrooms far from where the sellers live. One company, Imperial, allegedly 484 00:30:21,720 --> 00:30:26,220 suggested a New York resident take his case to a lenient judge in Florida and 485 00:30:26,220 --> 00:30:30,540 sign a false lease that was used to obtain a Florida -issued ID card, which 486 00:30:30,560 --> 00:30:34,720 frankly, a lot more trouble than I thought you'd have to go to to get a 487 00:30:34,720 --> 00:30:35,720 ID. 488 00:30:35,880 --> 00:30:37,840 I didn't know that you needed a lease. 489 00:30:38,510 --> 00:30:41,350 I thought all you had to do was fail a breathalyzer and they'd assume that 490 00:30:41,350 --> 00:30:42,350 you're local. 491 00:30:42,770 --> 00:30:46,210 And while that company denies any wrongdoing, stories like that are not 492 00:30:46,210 --> 00:30:50,430 uncommon. One attorney who works for a bunch of factoring companies submitted 493 00:30:50,430 --> 00:30:56,050 least 594 cases to the same judge in Virginia in just one year and frequently 494 00:30:56,050 --> 00:30:57,370 got them approved in bulk. 495 00:30:57,690 --> 00:31:01,850 That courthouse was lately described as operating like an assembly line for the 496 00:31:01,850 --> 00:31:04,130 secretive industry of structured settlement purchasing. 497 00:31:04,450 --> 00:31:08,090 And if you are beginning to get the sense that this industry is less about 498 00:31:08,460 --> 00:31:12,020 helping people than about extracting wealth, you are right. 499 00:31:12,260 --> 00:31:15,840 Especially because this doesn't always end after just one deal. 500 00:31:16,280 --> 00:31:21,280 JG Wentworth has reported that their average customer had completed two 501 00:31:21,280 --> 00:31:24,560 transactions with them, and an investigation found that they'd gone to 502 00:31:24,560 --> 00:31:28,140 many as 13 times to buy payments from one woman. 503 00:31:28,400 --> 00:31:32,280 In fact, they've even bragged about how being a repeat customer with them 504 00:31:32,280 --> 00:31:35,480 actually makes things easier in videos like this. 505 00:31:36,090 --> 00:31:39,850 According to J .G. Wentworth, many of their customers have been through the 506 00:31:39,850 --> 00:31:41,170 process multiple times. 507 00:31:41,590 --> 00:31:46,070 And the good news is, if you do end up going back to sell more of your 508 00:31:46,290 --> 00:31:50,510 it can be even easier than the first time. They keep your paperwork on file, 509 00:31:50,650 --> 00:31:51,790 which saves you time. 510 00:31:52,230 --> 00:31:55,810 And since you'll already be familiar with the process, you'll know what to 511 00:31:55,810 --> 00:31:57,010 expect from the beginning. 512 00:31:57,760 --> 00:32:01,860 Okay, but if you have to go back and sell more of your payments, that may not 513 00:32:01,860 --> 00:32:05,020 a sign that you're a happy customer. It could just mean that your financial 514 00:32:05,020 --> 00:32:09,800 condition is deteriorating. And while I'm most concerned for anyone who saw 515 00:32:09,800 --> 00:32:13,140 video and decided to give even more of their money to JG Wentworth, let's also 516 00:32:13,140 --> 00:32:16,860 spare a thought for the individual who watched that on YouTube and left the one 517 00:32:16,860 --> 00:32:20,720 and only comment underneath it that simply says, I love you. 518 00:32:21,080 --> 00:32:22,240 It is not... 519 00:32:23,070 --> 00:32:26,970 the most upsetting part of this story. In fact, it's arguably the least. But I 520 00:32:26,970 --> 00:32:33,370 am now obsessed with the individual who, out of all the videos on YouTube .com, 521 00:32:33,490 --> 00:32:38,210 saw a marketing video for JG Wentworth and was so moved by it and or 522 00:32:38,210 --> 00:32:43,670 uncontrollably horny that they wrote, I love you to the public face of a 523 00:32:43,670 --> 00:32:46,530 factoring company sales team. What could that mean? 524 00:32:47,710 --> 00:32:50,970 Is that commenter in love with her from looks alone? 525 00:32:51,870 --> 00:32:55,710 Or is that her estranged father reaching out the only way he knows how? 526 00:32:56,050 --> 00:32:58,970 Those three little words are a novel. 527 00:33:00,030 --> 00:33:05,270 But the thing is, once you've done one transaction, you can quickly become an 528 00:33:05,270 --> 00:33:06,810 easy target for other companies. 529 00:33:07,070 --> 00:33:10,850 Access Funding once wrote that once someone does a deal with J .G. 530 00:33:11,010 --> 00:33:15,170 there's a public record of it, and they then become part of our calling and 531 00:33:15,170 --> 00:33:16,170 mailing list. 532 00:33:16,190 --> 00:33:20,230 Basically, you get involved with them once, and the predators will then swarm. 533 00:33:20,760 --> 00:33:25,300 It's like giving a pigeon in the park some bread. That is a huge mistake. 534 00:33:25,900 --> 00:33:29,400 Now, it knows you're a sucker. That pigeon is going to bring its friends. 535 00:33:29,400 --> 00:33:31,960 going to move into your house. It's going to fuck your wife. 536 00:33:32,580 --> 00:33:33,860 That is going to happen. 537 00:33:35,180 --> 00:33:40,480 And all of this, the aggressive marketing, the creating wants, the 538 00:33:40,480 --> 00:33:43,900 around a cell and looking for repeat business can lead to some truly 539 00:33:43,900 --> 00:33:45,360 heartbreaking stories. 540 00:33:46,240 --> 00:33:49,720 Gary Davis, who was hit by a train and suffered a stroke that destroyed at 541 00:33:49,720 --> 00:33:50,880 25 % of his brain. 542 00:33:51,100 --> 00:33:55,140 He received a $2 .5 million settlement, but wound up selling it off the vast 543 00:33:55,140 --> 00:33:58,400 majority of it to two companies, including J .G. Wentworth. 544 00:33:58,700 --> 00:34:01,920 In fact, when the Minnesota Star Tribune looked into this industry, they found 545 00:34:01,920 --> 00:34:06,180 that Gary had sold more payments than anyone else in Minnesota, for which he 546 00:34:06,180 --> 00:34:08,300 received roughly 35 cents on the dollar. 547 00:34:08,560 --> 00:34:12,480 And when the paper's reporter explained that to Gary, you can watch him figure 548 00:34:12,480 --> 00:34:14,719 out in real time just what it meant. 549 00:34:15,320 --> 00:34:19,219 I gave them two -thirds, and they gave me one -third. 550 00:34:20,260 --> 00:34:21,260 That's what happened. 551 00:34:21,900 --> 00:34:24,120 Because they gave it to you immediately. 552 00:34:24,940 --> 00:34:29,000 The whole amount of money was what you were going to get for the rest of your 553 00:34:29,000 --> 00:34:30,000 life. 554 00:34:30,199 --> 00:34:32,199 And they said, we'll give you a third today. 555 00:34:33,860 --> 00:34:34,860 But that's it. 556 00:34:37,440 --> 00:34:39,780 That's not a good trade. That's not even trade. 557 00:34:40,679 --> 00:34:41,638 No, you. 558 00:34:41,639 --> 00:34:45,719 You sold about $2 .3 million in payments for about $700 ,000. 559 00:34:46,500 --> 00:34:49,520 And that's about a third of what you would have gotten if you'd have waited 560 00:34:49,520 --> 00:34:50,520 the money. 561 00:34:51,300 --> 00:34:52,300 That's no good. 562 00:34:53,639 --> 00:34:58,140 They should have somebody to keep you from doing stuff like that, don't you 563 00:34:58,140 --> 00:34:59,240 think? Yeah. 564 00:34:59,540 --> 00:35:00,540 Yeah, I do. 565 00:35:00,760 --> 00:35:04,040 Honestly, he just said in one sentence what I've been trying to say for the 566 00:35:04,040 --> 00:35:05,040 20 minutes. 567 00:35:05,280 --> 00:35:08,060 So what do we do here? Well, when it comes to laws... 568 00:35:08,320 --> 00:35:11,420 There are a number of small fixes, from simply requiring hearings take place 569 00:35:11,420 --> 00:35:15,680 where the seller actually lives, to curbing how aggressively these companies 570 00:35:15,680 --> 00:35:18,840 solicit sellers. Following some of the reporting that you've seen tonight, 571 00:35:18,840 --> 00:35:20,340 two states recently did both. 572 00:35:20,580 --> 00:35:24,560 We could also require courts appoint what's called a guardian ad litem, or 573 00:35:24,560 --> 00:35:28,800 attorney advisor, in cases where a seller may not be able to fully 574 00:35:28,800 --> 00:35:29,800 the transaction. 575 00:35:29,850 --> 00:35:32,510 That advisor can then give the court more information about the seller's 576 00:35:32,510 --> 00:35:36,970 circumstances and could also say to the seller what you just saw that reporter 577 00:35:36,970 --> 00:35:40,870 say to Gary. Specifically, they're going to take two -thirds of your money. Are 578 00:35:40,870 --> 00:35:42,210 you sure you want to do this? 579 00:35:42,830 --> 00:35:45,930 Judges in Albuquerque, New Mexico, have started using this approach and one 580 00:35:45,930 --> 00:35:51,370 analysis found courts there had signed off on just 42 % of the deals involving 581 00:35:51,370 --> 00:35:55,050 Guardian ad like them. And in many cases, judges never actually had to rule 582 00:35:55,050 --> 00:35:58,970 all because the sellers withdrew their request after meeting with one. 583 00:35:59,320 --> 00:36:03,340 And look, I do understand there are issues for those with disabilities being 584 00:36:03,340 --> 00:36:05,840 told they're not capable of making a decision for themselves. 585 00:36:06,100 --> 00:36:11,180 But to be very clear here, this will be a limited one -time arrangement just for 586 00:36:11,180 --> 00:36:12,360 the purposes of this sale. 587 00:36:12,700 --> 00:36:14,940 Now, as for individuals, let me just say this. 588 00:36:15,180 --> 00:36:19,880 If you have a structured settlement and you need cash now, if those fucking 589 00:36:19,880 --> 00:36:22,740 Vikings suddenly appear on your TV... 590 00:36:23,130 --> 00:36:26,750 Before you pick up the phone, there are a couple of key things to know. First, 591 00:36:26,930 --> 00:36:30,490 some insurance companies that manage settlements actually offer a hardship 592 00:36:30,490 --> 00:36:34,570 commutation that might, in extenuating circumstances, allow you to get some 593 00:36:34,570 --> 00:36:39,270 upfront cash at a better rate. So I would try them first. But also, please 594 00:36:39,270 --> 00:36:42,430 that this industry is just full of predators. 595 00:36:42,650 --> 00:36:46,290 And I know that they can seem benign. They have very slick ads that air 596 00:36:46,290 --> 00:36:49,450 constantly with some infuriatingly catchy jingles. 597 00:36:50,170 --> 00:36:53,130 but they do not have your best interest at heart. 598 00:36:53,530 --> 00:36:57,630 So to try and inoculate you against their charms going forward, we've 599 00:36:57,630 --> 00:37:02,430 made our own ad to give people a more accurate portrayal of the risk that this 600 00:37:02,430 --> 00:37:07,150 entire industry poses. So the next time that a bunch of Vikings try and sing at 601 00:37:07,150 --> 00:37:12,610 you in the future, which they absolutely will, please try and think of this 602 00:37:12,610 --> 00:37:13,610 instead. 603 00:37:15,530 --> 00:37:21,530 If you have a structured settlement and you're watching TV, you might hear a 604 00:37:21,530 --> 00:37:24,030 song like this, so please listen to me. 605 00:37:24,570 --> 00:37:26,430 Please listen to him. 606 00:37:26,730 --> 00:37:30,850 He'll run the shitty ads all day, and when you finally call... 607 00:37:31,080 --> 00:37:34,800 They'll take your money bit by bit until they've got it all. 608 00:37:35,240 --> 00:37:36,920 Until they've got it all. 609 00:37:37,140 --> 00:37:41,240 We went to a judge and he signed off on the sale. 610 00:37:41,880 --> 00:37:45,540 I'm still not sure why these fuckers aren't in jail. 611 00:37:48,100 --> 00:37:51,840 The deal you talked me into is much worse than it first appeared. 612 00:37:52,100 --> 00:37:56,260 I want to know what's going on and why is there a Viking here? 613 00:37:56,720 --> 00:37:58,340 Why is there a Viking here? 614 00:37:58,880 --> 00:38:00,580 Why am I a Viking? 615 00:38:02,450 --> 00:38:06,970 We really hope that jingle gets stuck inside your head. 616 00:38:07,270 --> 00:38:11,270 Remember that these businesses will bleed you till you're dead. 617 00:38:14,470 --> 00:38:17,990 It's your money. Don't let these parasites get their fucking hands on it. 618 00:38:38,730 --> 00:38:42,310 That's our show. Thank you so much for watching. We're off next week, back on 619 00:38:42,310 --> 00:38:46,030 May 31st. Please enjoy Colbert's final show. He's the fucking best.