Town Square

Post a New Topic

Vulture Funds

Original post made by Jag Singh, Duveneck/St. Francis, on Feb 19, 2007

A recent BBC report has exposed an extremely insidious operation to drive cash strapped third world counties into deeper debt. A shadowy group of companies, known as the “vulture funds”, purchase outstanding debts from these countries at bargain prices and then turn around and use legal extortion to force these companies to pay the original debt with interest. For example, Zambia’s outstanding debt of $40 million was purchased for a mere $4 million and will likely be forced to pay $40 million to these extortionists. A number of these lawsuits have been referred to the US courts. Under the US Constitution, the President can prevent these vultures from conducting their dirty business with a stroke of his pen. Unfortunately, a number of these high rolling vultures have contributed large amount of money to the Republican Party to gain legislative favors. It is therefore up to the people to ensure that President Bush follows through on his promise to provide debt relief to the poor nations of the world.

Comments (2)

Like this comment
Posted by Walter_E_Wallis
a resident of Midtown
on Feb 19, 2007 at 12:59 pm

People and countries should not borrow money they do not intend to pay.


Like this comment
Posted by Tim
a resident of Crescent Park
on Feb 19, 2007 at 3:02 pm

If I loan you money- I expect to be pay back. The key word here is LEGAL not extortion.


Sorry, but further commenting on this topic has been closed.

I AM THE GOD OF HELL FIRE AND I BRING YOU
By Laura Stec | 21 comments | 1,418 views

Are We Really Up To This?
By Aldis Petriceks | 1 comment | 846 views

Couples: Initiators and Implementors
By Chandrama Anderson | 0 comments | 719 views

Don't be a ghost
By Cheryl Bac | 1 comment | 480 views

Joe Simitian talk: Listening to Trump's America: Bridging the Divide
By Douglas Moran | 6 comments | 456 views