Aeon Financial: Giving Vulture Capitalists a Bad Name
Vulture Capitalism seems to be a general term referring to predatory corporate behavior: foreclosure mills evicting as many homeowners as they can, as fast as they can; Mitt Romney's Bain Capital purchasing a company, laying off most of the workers and then selling the company for a huge profit, etc.
Several years ago when I first learned the term Vulture Capitalism, it referred to the practice of buying debts that had been incurred by bankrupt third world governments. A bank would purchase these debts for pennies on the dollar and then try to extort the full amount of the debt from the impoverished country.
And now there's a much more up-close-and-personal version of Vulture Capitalism. Aeon Financial has bought up more than 1,300 tax liens in the Washington DC area. After purchasing a tax lien, Aeon demands that the homeowner pay the back taxes he/she owes, PLUS Aeon's legal fees and court costs, which is often three times as high as the taxes owed.
Like most sleazebucket organizations, Aeon Financial is trying to hide the identity of its employees and even its location. Aeon was incorporated in Delaware but claims it's located in Chicago's Willis Tower. Only, officials at Willis Tower have said Aeon is not a tenant.
The Washington Post has tracked the ownership of Aeon to Mark Alan Schwartz, a lawyer who claims he's only “representing” Aeon. Three other slippery “now-you-see-me-now-you-don't” companies affiliated with Aeon Financial are: Axis Investment Holdings Trust, Axis Capital and Records Direct.
WTF are these slippery eels trying to hide?
Every time you think Vulture Capitalists can't possibly sink any lower, they do.