by Greg Palast
April 8 – London – Update for In These Times
We’ve stuffed the bird and nailed it to the wall: Today, the British Parliament effectively banned financial vulture funds from the British Isles. The law, merely awaits the expected touch of the Queen’s scepter.
“Vulture funds” are international re-po men who buy up old debt of the world’s poorest nations for pennies on the dollar, then sue for ten to a hundred times what they paid for these old loans. The new UK law, passed unanimously, would would bar financiers from using UK courts to collect more than the sums authorized by the International Monetary Fund. In effect, this stops American predators – such as financiers Eric Hermann, Michael Straus, and Michael Francis “Goldfinger” Sheehan, from siphoning tens of millions of dollars of aid money the US and UK treasuries had earmarked for Liberia, Zambia, Congo and other desperately poor countries.
The first vote in the House of Commons to ban vultures took place on February 26, the day after BBC broadcast our investigation of Vulture Eric Hermann (see it here), but maneuvers by a Conservative MP appeared to have de-railed the law.
In the US Congress, Congresswoman Maxine Waters is sponsoring the Stop VULTURE Funds Act H.R. 2932), whose passage may have to wait upon the election of a Democrat to the White House.
For the original story, see Stop Feeding the Vultures in In These Times.