That was yesterday.
The cherry on top was the downgrade Standard and Poor's issued on Argentine debt today.
Obviously, in determining the "greater good", American courts have no problem putting the interests of one opportunistic American hedge-fund operator ahead of the interests of 40 million Argentinians.
This is a case that has gone on for years, and revolves around Paul Singers attempts to use the courts to extort face value plus interest on Argentine sovereign debt he bought for pennies on the dollar.
This is a prime example of the sort of destructive economic activity that should be taxed at a rate of 100%.
Showing posts with label Argentine debt crisis. Show all posts
Showing posts with label Argentine debt crisis. Show all posts
Tuesday, June 17, 2014
Sunday, December 16, 2012
One small victory for humanity over Vulture Fund douchebags
The UN Tribunal for Laws of the Sea has ordered that Ghana release the Argentine ship ARA Libertad.
The ship was seized in October pursuant to court actions brought by American Vulture Fund wheeler-dealer Paul Singer. Singer's funds bought Argentine sovereign debt at huge discounts around the time of Argentina's default ten years ago, and has been using the courts to try to force Argentina to repay their bonds at face value.
It's a great strategy when it works. Several years ago Singer's funds made an estimated 400% windfall profit pursuing the same strategy with discounted Peruvian bonds. That's a windfall Peru's impoverished campesinos continue to pay for.
The irony is that Argentina's legitimate creditors have long ago settled with the government. The Singer funds, which never lent Argentina any money but bought the distressed paper on the open market, now claim that the integrity of the global financial order is at risk if opportunistic paper-shufflers like themselves are not paid off in full.
Sounds to me like a great argument for a 100% tax on non-productive economic activity.
The ship was seized in October pursuant to court actions brought by American Vulture Fund wheeler-dealer Paul Singer. Singer's funds bought Argentine sovereign debt at huge discounts around the time of Argentina's default ten years ago, and has been using the courts to try to force Argentina to repay their bonds at face value.
It's a great strategy when it works. Several years ago Singer's funds made an estimated 400% windfall profit pursuing the same strategy with discounted Peruvian bonds. That's a windfall Peru's impoverished campesinos continue to pay for.
The irony is that Argentina's legitimate creditors have long ago settled with the government. The Singer funds, which never lent Argentina any money but bought the distressed paper on the open market, now claim that the integrity of the global financial order is at risk if opportunistic paper-shufflers like themselves are not paid off in full.
Sounds to me like a great argument for a 100% tax on non-productive economic activity.
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