If you haven’t heard of this story before or of vulture funds, here’s a basic overview: Vulture funds were set up by our government at around 2000 to assume the debt of poorer countries. They’re called vulture funds because they basically circle a corporation or nation on the ropes. Some time ago, some rapacious pieces of shit like Michael Sheehan and Paul Singer (more on them later) hit upon the ingenious idea to spend a few million buying up their debt then immediately calling in the note and asking for the full debt. So instead of the nation being allowed to pay back a fraction of their debt, they’re instead hauled into court and forced to pay the full amount (in Zambia’s case, $55,000,000) plus interest.
That’s right: Various people are using the government’s program for debt relief for the poorest nations on earth and are taking these same impoverished countries to court under threat of bankruptcy for no other reason than personal greed.
Click through to read the entire piece. If you can. The photo alone—and the heartbreaking story accompanying it—will ruin your day.
As well it should.
Saw a bumper sticker on the way in to work today. “God Bless America.” No surprise there; I suspect most of us see that same one several times a day.
Yes. Yes He did. And what have we done with that blessing?
As far as I can see, sinfully little.