Skip to main content

Vultures gathering

Vulture funds are those who invest in difficult situations, such as following a credit default and then squeeze a higher return through a variety of different legal methods. Usually the defaulted credit is a bankrupt company.

However as the Telegraph reports this morning, a Vulture Fund: Donegal International, registered in the British Virgin Islands, has managed to put the squeeze on a deeply impoverished Southern African state: Zambia.

After paying $2 million to the original creditor (in this case, Romania) to gain control over the $15 million credit, Donegal has used a loophole in the agreement to write off Third World Debt to buy a government debt which can be written off by the borrower, and convert it into a private sector debt, which may not. Accordingly Donegal has sued in court for repayment of the full amount plus interest- $28 million.

No, perhaps surprisingly I don't believe that this trade should be banned- that's Capitalism, baby- I would now act rapidly to close the loophole though.

I would, however, like to know the names and affiliations of those who own and control Donegal International.

Personally I would send them to Coventry- boycott them and their firms. This is a nasty immoral deal and those who originated it should be revealed as the unscrupulous and immoral people they are, and then treated accordingly.

A boycott ought to cost the backers of this nasty deal a lot more than they can ever make out of Zambia.

And that's Capitalism too (baby).

Comments

Anonymous said…
Cicero see you on the conservative thread.


Lepidus,

Popular posts from this blog

Cicero ReDux

By Special Request of Baroness Scott and Mark Valladares... Cicero's Songs returns: bigger, longer and uncut.
October 1st marked the half way point of the Estonian Presidency of the European Union.  Perhaps for many people such an anniversary is of passing interest at best.  Yet the conduct of the Estonian Presidency is reinforcing just how forward looking and innovative the most northerly of the Baltic States has become.
Estonia is a country that wants to live in the future, and with its openness and innovation, that future seems a lot closer than almost anywhere else in Europe
It is not that Estonia does not “do” the past: the picturesque cobbled streets of old Tallinn have tourist crowds a-plenty enjoying the mediaeval architecture in an Indian summer of sunshine and blue skies.  The real point is that Estonia refuses to be a prisoner of its past. Lennart Meri, Estonia’s President in the 1990s- who spent years of his childhood in Siberia- once told me that the country had to conc…

Trump and Brexit are the Pearl Harbor and the Fall of Singapore in Russia's Hybrid war against the West.

In December 1941, Imperial Japan launched a surprise attack on the United States at Pearl Harbor. After the subsequent declaration of war, within three days, the Japanese had sunk the British warships, HMS Prince of Wales and HMS Repulse, and the rapid Japanese attack led to the surrender of Hong Kong on Christmas Day 1941 and the fall of Singapore only two months after Pearl Harbor. These were the opening blows in the long war of the Pacific that cost over 30,000,000 lives and was only ended with the detonations above Hiroshima and Nagasaki.

"History doesn't often repeat itself, but it rhymes" is an aphorism attributed to Mark Twain, and in a way it seems quite appropriate when we survey the current scene. 

In 1941, Imperial Japan, knowing its own weakness, chose a non-conventional form of war, the surprise attack. Since the end of his first Presidential term, Vladimir Putin, knowing Russia's weakness, has also chosen non-conventional ways to promote his domestic powe…

The American National nightmare becomes a global nightmare

It is a basic contention of this blog that Donald J Trump is not fit for office.

A crooked real estate developer with a dubious past and highly questionable finances. he has systematically lied his way into financial or other advantage. His personal qualities include vulgarity, sexual assault allegations and fraudulent statements on almost every subject. 

He lost the popular vote by nearly three million votes.

He has, of course, been under criminal investigation practically since before he took the oath of office. The indictment of some of closest advisers is just the beginning. His track record suggests that in due course there is no action he will not take, whether illegal or unconstitutional in order to derail his own inevitable impeachment and the indictments that must surely follow the successful investigation of Robert Mueller into his connections with Russia.

However, all of that is a matter for the American people. 

It is also a matter for the American people that Trump is cheating…