11 June 2007

how do they sleep?

“vulture funds”----this may be getting close to the bottom of the barrel---money grubbers are not just screwing individuals and corporations, now they are screwing entire countries, mostly in africa----

Vulture funds are companies that attempt to make exorbitant profits at the
expense of impoverished nations – many in Africa. Vulture funds identify
countries that are on the brink of a major debt restructuring or debt relief
deal and buy the debt from the creditors at a huge discount before it is
restructured or relieved. Then the company sues the debtor for the original
amount of the debt, often with interest and penalty fees added on top, making a
tremendous profit.

a british court had no choice but to award a judgment for $15m against Zambia for a loan bought by one of these (American) funds for $4m---they had originally sued Zambia for $40m----legal maybe, although there may be some indictments for bribery, but whatever it is absolutely morally bankrupt-----

No comments: