Vultures v. Argentina gets a second wind

Here at Falling Downs we've been pontificating forever about the sordid spectacle of rich-world hedge funds fucking over the poor people in the so-called developing world.

Paul Singer is one of the leading architects of this brilliant scheme to make the richest people in the world richer at the expense of the poor people of the world.

His brazen pursuit of the government of Argentina through whatever court system he deems most sympathetic to his cause has already cost many millions of dollars.

Paul Singer can afford to keep doing this because the legal system in the world he lives in puts his interests ahead of those millions of people who will be paying the tab should he prevail in this matter.

And even if he loses, his legal costs will be tax-deductible.

Judge confirms that US is still center of universe

Judge Thomas Griesa delivered more than a decision in his New York courtroom this week; he delivered a searing father-knows-best scolding to go along with it.

Griesa's robes were in a twist over the fact that Argentina's government has been fighting an American bond vulture fund through the courts for ten years over its 2002 debt default and restructuring. While well over 90% of Argentina's creditors went along with the restructuring, a hedge fund controlled by American Paul Singer was busy buying up the Argentine bonds at pennies on the dollar.

Singer accumulates positions in distressed sovereign debt and then uses the US court system to hold out for full payment while other creditors are settling for less. The strategy is a Singer specialty and has made him and his investors a substantial fortune.

This fortune must in the long run come out of the pockets of the citizens of whichever country Singer's vulture fund has targeted.

Decisions that impact the well-being of 40 million Argentines need to be made in Buenos Aires, not in New York City.