by Jake Halpern
The CFPB’s budget: In 2014, the CFPB’s estimated budget was $497 million, while the FDA’s was $4.7 billion and the EPA’s was $8.2 billion.
2 percent: JPMorgan Chase set aside a $23 billion cushion for litigation reserves in 2013. Peter Lattman and Jessica Silver-Greenberg, “JPMorgan’s Loss Is Corporate Law Firms’ Gain,” The New York Times, October 11, 2013.
ACKNOWLEDGMENTS
It was my wife who first encouraged me to write this book. At the time, we were on a train in southern India—with our two small children in tow—and I shared my initial vision for what Bad Paper might be. She urged me enthusiastically to press on. I think often of that moment. Without it, this book would not exist. In the days, months, and years since then, she has kindled that spark, helping me believe in my work and make it better.
The other person who was crucial in the early days of this project (and beyond) was my agent, Tina Bennett at WME. If there was a single essential champion for this project—someone who always believed in it and stopped at nothing to make sure that it succeeded—that person was Tina. Superlatives are often flaunted in acknowledgments, but Tina is simply the greatest advocate a writer could have. Also at WME, Svetlana Katz proved time and again to be an excellent reader, advisor, and friend; and Alicia Gordon has been an ideal agent in the realm of television and film rights.
This book began as an article in The New Yorker, and here I was aided and encouraged by the legendary Daniel Zalewski. When it came time to find a book publisher, my highest priority was to find an editor who could help me organize the many narratives and ideas in this book and weave them into a single, fluid story. It was a daunting task. Luckily I had the help of Alex Star at FSG, whose commitment to this book was astounding. I still cannot believe how many times he read the manuscript, commented on it, made suggestions, and helped me reshape it. He had an instinct for where I should go with my reporting and my writing, at every step of the way, and his finely tuned inner compass became mine as well. Alex’s assistant, Laird Gallagher, was also a great help. I also count myself as very fortunate to be working with my publicist at FSG, Sarita Varma, whose enthusiasm for this book was instant and so greatly appreciated. Lastly, I am thankful to have worked with Samuel Bayard, who provided a keen legal eye.
In writing Bad Paper, there were two experts whom I came to rely upon for their keen insights and deep knowledge of the collections industry. The first was Professor Peter Holland at the University of Maryland Law School. On countless occasions, Peter helped me understand how and why the system of debt collection in the United States needed to be changed. He was an inspiration. The second was John H. Bedard, Jr., a Georgia attorney who is one of the smartest and most articulate experts, in any field, that I have ever met. John and I often disagreed on policy and politics, but he influenced my thinking more than he may realize and I am so grateful to have had his help.
This book required a great deal of investigating and I was supported by a number of researchers. They include Chelsea Drake, Asher Hawkins, Summer Austin, Michael Rhoa, Ryan Fagen, Rebecca D. Castagna, Faith Lynn, Kathryn L. Thompson, Jungmoo Lee, and Eric Connelly. I am especially grateful that I had the help of Meagan Flynn, who helped me gather facts, transcribe, fact-check, and edit. Meagan has a gift for editing that belies her youth and which—no doubt—will lead her to do great things.
As I was preparing my manuscript for publication, several friends and family members served as my readers and helped me immeasurably. They include Elaine McArdle, Brian Groh, Tammy Halpern, and Emily Bazelon. These devoted advisors—my mother chief among them—also talked to me constantly on the phone, helping me navigate my way through countless situations. You were truly my colleagues. Thank you. I was also greatly sustained by the support of several other friends, including Peter Kujawinski, Micah Nathan, Aaron Bartley, and Nicholas Dawidoff.
I would also like to thank my family for their support, especially Sebastian Halpern, Lucian Halpern, Tammy Halpern, Paul Zuydhoek, Elizabeth Stanton, Barbara Lipska, Mirek Gorski, Greg Halpern, Ahndraya Parlato, Ava Mae Halpern-Parlato, Witold Lipski, and Cheyenne Noble. I would like to give special thanks to my father, Stephen Halpern, to whom this book is dedicated. His sense of decency has been, and always will be, a guiding light.
Finally, and perhaps most important, this book wouldn’t exist if it weren’t for all the people who agreed to speak with me, share their stories, their insights, and (often enough) the intimate details of their lives.
ALSO BY JAKE HALPERN
NONFICTION
Fame Junkies
Braving Home
FICTION (with Peter Kujawinski)
Shadow Tree
World’s End
Dormia
A Note About the Author
Jake Halpern is a frequent contributor to The New Yorker and The New York Times Magazine, the author of Fame Junkies and Braving Home, and the coauthor of three young adult novels. He is a fellow of Morse College at Yale University. His hour-long radio story “Switched at Birth” is one of This American Life’s eight most popular shows ever.