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Fri Nov 23, 2012, 03:30 PM

The vulture capitalist who devoured Peru and now threatens Argentina

The vulture capitalist who devoured Peru and now threatens Argentina

Could Paul Singer destroy another economy?

Nikhil Kumar
Friday 23 November 2012


With his trimmed white beard and rounded metal spectacles, Paul Singer might come across as a slightly miffed professor, his lips pursed and one eyebrow arched a touch higher than the other.


But the balding billionaire behind the New York hedge fund group Elliott Management is in fact one of Wall Street's reigning titans, presiding over a business that is once again being portrayed as a greedy "vulture" for its attempts to coerce Argentina into shelling out billions to settle debts that it thought it had sorted out years ago. The result could be a disastrous debt default.

"To pay the vultures is not only unfair but illegal in terms of our internal rules," the country's economy minister, Hernan Lorenzino, said this week after a US court ordered Buenos Aires to come up with $1.3bn (800m) that, in the eyes of the judge, it owed one of Elliott's affiliates and other hedge funds including Aurelius Capital Management.

The funds own Argentinian bonds affected by the country's debt default in 2001. But unlike the majority of investors, they held out for full payment when the country offered in 2005 and 2010 to settle those debts by agreeing to release part of what was due under the original contracts.

Argentina's President Cristina Fernandez de Kirchner has always held the debt to be illegitimate and says the country is not obliged to pay investors who held out when it reorganised its debts,

More:
http://www.independent.co.uk/news/world/americas/the-vulture-capitalist-who-devoured-peru--and-now-threatens-argentina-8347577.html



Paul Singer

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Reply The vulture capitalist who devoured Peru and now threatens Argentina (Original post)
Judi Lynn Nov 2012 OP
ProgressiveProfessor Nov 2012 #1
Peace Patriot Nov 2012 #2

Response to Judi Lynn (Original post)

Fri Nov 23, 2012, 06:19 PM

1. A bit more to this that this article lets on...

A small fraction of bond holders who did not agree to restructure...and Argentinian has lost the last couple of court decisions

http://en.mercopress.com/2012/11/22/argentina-s-outbursts-backfire-judge-griesa-orders-payment-to-holdout-bond-investors

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Response to Judi Lynn (Original post)

Sat Nov 24, 2012, 12:10 PM

2. No. 1: Billionaires like this should not exist.

No. 2: This billionaire is a major menace to our democracy, as well as being a destroyer of poor countries and their peoples, with his greedy, beady eyes now set on Greece, after what he did to Peru and is trying to do to Argentina.

If this billionaire was taxed at 90%, as he would have been under Republican President Dwight Eisenhower, he would not have this illegitimate power to poison our political system with fascist politician-puppets and phony fascist issues and to destroy smaller countries. He SHOULD NOT HAVE this power. That is what fair taxation is all about.

Some other items from the article:

--chairing the board of trustees at the Manhattan Institute, the right-wing think tank.

--helped raise $1.4m for Bush Jr. at a single lunch with some 70 guests held at his Upper West Side apartment

--helped seven Republican senate candidates who had opposed financial regulations raise more than $1m

--gave $1m to help underwrite the Republican Convention in Tampa

--helped Paul Ryan become the Puke VP candidate

--prominent backer of Mitt Romney.

He's a quirky fascist since he has a gay son (similar to Cheney with his gay daughter) and funds a gay rights group. This does nothing to mitigate the fact that he a prominent destroyer of democracy and looter of entire countries.

And he is a prime example of the deterioration of this country--of our democracy, of our society--over the last fifty years, as billionaires and their transglobal corporations have taken it over. We need to END this kind of unaccountable political and economic power!

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