Sunday, July 15, 2007

Vulture Funds Fund Rudy Giuliani's Run for the White House

Vulture funds buy up the debt of poverty-stricken nations at bottom of the barrel prices, when the debt is about to be wiped out, and then turn around and sue the poor nation for the full value of the debt plus whatever they feel like charging in interest.

Recently, Mr. Bush forgave Congo its outstanding balance; yet at the same time will not prevent vulture funds from massively profiting off Congo and countries like them, eradicating any benefit his debt relief would have provided. It appears as if George Bush is clearing the path for the vultures to swoop down on these ailing nations and finish them off.

Kevin Carter's winning photo above shows a heart-breaking scene of a starving child collapsed on the ground, struggling to get to a food center during a famine in the Sudan in 1993. In the background, a vulture stalks the emaciated child.

Haunted by the horrific images from Sudan, Carter committed suicide in 1994.

Empowered by the US Constitution, Mr. Bush can stop these heinous vultures from picking the bones of the poorest of the poor with the stroke of a pen, if they are interfering with America's foreign policy. Singer, who is suing Congo for many times the amount of the money owed to profit one-thousand times over, is interfering with Bush's attempt to relieve that part of the world its outstanding balance.

Rudy Giuliani's biggest contributor, is Paul Singer, who runs the hedge fund, Elliott Associates, founded in 1977 and one of the oldest hedge funds under continuous mangement. Elliott Associates came under fire in 2001 when it refused to accept Brady Bonds, (In the late '80s and early '90s, U.S. Treasury Secretary Nicholas Brady created a broad-based debt restructuring plan, in which the severely indebted nations agreed to issue a transitional bond, called a Brady bond, and many major private lenders agreed to accept these bonds in a swap for their outstanding loans.) instead of the full amount owed to them.

"Mr Bush has the power to block collection of debts by vulture funds, either individual ones or all of them, if he considers it to be at odds with US foreign policy, in this case debt relief for poor countries."


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