Debt Relief vs. the Vultures
Despite President Bush's State of the Union comments regarding his commitment to debt relief for the poorest nations, things aren't going so well. Friends of the President, as in large campaign contributor friends, have been buying these bonds at sharply discounted rates, designed to provide relief to the indebted nations, and turning around to charge these nations more than ten times what the bond cost these vultures.
Yes, vulture, because these bond funds are being called Vulture Funds.
Fortunately, the courts are starting to deal with the problem, but the President could fix it all, instantly, with an executive order. Will he?
Comments
This is an important financial policy issue. It represents a policy failure to establish proper bankruptcy procedures for sovereign governments.
We did a study of this that is more detailed and the analysis is more thorough.
It is available as a Special Policy Report at www.financialpolicy.org
Randall
Posted by: Randall Dodd | February 21, 2007 11:08 AM
Verry sick in my opinion.
Posted by: Rev. Francis Scheuer 11 | February 21, 2007 03:17 PM