Globalist Bankers get rich off the backs of the world’s most impoverished by buying up countries old debt - pennies on the dollar

December 7, 2009 - Vulture funds are private companies that buy up impoverished countries’ old debt, usually for pennies on the dollar. They wait until a country receives international cancellation of its other debts – a process that is intended to enable governments to engage in desperately needed education and health spending – and then sue the country in U.S. or European courts for the full face value of the debt, plus extra charges, for a huge profit.

Liberia is the most recent country to fall into the talons of a “vulture fund.” Last week, British courts ruled that Liberia has to pay $20 million to two vulture funds, Wall Capital Ltd. and Hamsah Investments, for a debt that dates back to 1978.

Liberia’s case shows how critical the fight against vultures is. We must work to end their predatory practices before any more countries have to suffer – and before any more bankers get rich off the backs of the world’s most impoverished.

The Stop VULTURE Funds Act is a bill currently in the House of Representatives, which would take away the ability and incentive for vulture funds to make exorbitant amounts of money off of the most impoverished by limiting the interest rates they can charge. The bill would also require private creditors to disclose much more information about their own business practices before they can sue a poor country in U.S. courts – including how much they paid for the debt in the first place.

Liberia’s story is extreme, but also representative of the struggle of many countries around the world who are trying to do everything they can to succeed, but who continue to be pushed back down the mountain ... FULL STORY

Source:

http://blog.sojo.net/2009/12/07/vulture-funds-feed-on-the-global-poor/