Argentina Lower House Repeals Laws to Support Hedge Fund Debt Deal (tags)
Argentina's lower house of Congress voted 165-86 to repeal two laws that blocked the country from settling its decade-long debt dispute with a group of "hold-out" investors.
US Judge Plans to End Argentina Debt Sanctions (tags)
US District Judge Thomas Griesa agreed to lift injunctions on Argentina that could pave the way to ending the country's decade-long debt dispute with "hold-out" hedge funds.
International Monetary Fund Releases Plans to Stop Predatory Hedge Funds (tags)
The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.
Argentina Faces US Contempt Hearing (tags)
US Federal Judge Thomas Griesa scheduled Argentina to appear for a contempt hearing on Monday, September 29. At issue is Argentina's failure to follow a court order to only continue to pay the 92% of bondholders who restructured after the country's 2001 default if Argentina pays a group of hold-out hedge funds. Argentina organized payment to restructured bondholders via an Argentine bank to avoid paying the hedge funds. The hedge funds, popularly known as "vulture funds," are asking the judge to hold Argentina in contempt and fine the South American country $50,000 per day.
Supreme Court Refuses Argentina Debt Case (tags)
Supreme Court Refuses Argentina Debt and Validates Hedge Fund Predatory Behavior
Argentina Battles in Two World Cups (tags)
While National Team Prepares to Face Bosnia, Government Fights Hedge Funds at US Supreme Court
79 Religious and Development Institutions Join SCOTUS Filing in Argentina/NML Capital Case (tags)
Jubilee USA Network, a religious anti-poverty coalition, along with 78 other religious and development groups filed with the US Supreme Court in the case between Argentina and NML Capital
Jubilee USA Files to Supreme Court in Landmark Debt Case (tags)
75 Religious and Development Institutions Join SCOTUS Brief to Ensure Global Poor are Heard
Argentina Files Final Supreme Court Appeal in Global Hedge Fund Debt Case (tags)
Religious Community Joins IMF, Legitimate Investors and Governments in Opposing Exploitative Hedge Fund Behavior
Supreme Court Decides to Hear Argentine Objection to Predatory Hedge Funds Targeting Argen (tags)
The Supreme Court will review a lower court's order for banks to give information on Argentine assets, including those assets held outside of US jurisdiction, to a group of hedge funds seeking to collect from Argentina's 2001 default. Additionally, the High Court will review if it is legal for these predatory hedge funds to target assets for collection outside of a US jurisdiction.
Predatory Hedge Funds and Argentina Face Supreme Court Showdown in Landmark Global Poverty (tags)
Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.
U.S. Supreme Court Will Not Take Argentina and NML Capital Debt Case (tags)
The U.S. Supreme Court decided not to take the landmark debt case between Argentina and bondholders led by NML Capital, a hedge fund that buys the debt of countries in financial crisis. Argentina is expected to file a second petition in the coming months that the Supreme Court will review and decide again if it will hear the case.
More Evidence of Chupacabra than Bipartisan Fiscal Cliff Hype (tags)
The bipartisan hype over the so-called "fiscal cliff" is an attempt my the status quo to institute severe austerity measures that would effect seniors, disabled and other people dependent upon the social safety net that is set up on the chopping block by BOTH Democrats and Republicans. There may be more evidence of the mythical chupacabra (goat sucker) than there is proof of any upcoming fiscal cliff. Either way we are dealing with some really mangy bloodsuckers!
THE FICTION OF FREEDOM IN AMERICA (tags)
The servants of these investors and money "managers," like corporate executives and our elected - excuse the expression -representatives, look from the side, taking a payoff, as we get economically raped. This is designed to prevent wage "inflation" (that's a raise in the minimum, or any other, wage) by keeping unemployment high,
A Bank Bailout That Works (tags)
"The problem with America's banks is not just one of liquidity. Years of reckless behavior, including bad lending and gambling with derivatives, have left them, in effect, bankrupt."
What the Economic Crisis Means for Us and How to Defend Ourselves (tags)
Gloom and Doom-----The pillars of the U.S. capitalist economy are crumbling and falling all around us while the federal government frantically races from one crisis to another, throwing money at them as if throwing water on a fire. It could well turn out that the money represents only a few drops of water thrown on threatening flames that will soon billow into an out-of-control wildfire so that nothing President-elect Barak Obama has proposed will succeed in averting the disaster.
La última gran estafa de la banca especuladora y global (1) (tags)
HAN LLEVADO LA RUINA A MILES DE FAMILIAS HONESTAS Y TRABAJADORAS, ESTAFA QUE VA DE LOS INTERESES DE USURA DE LAS HIPOTECAS A LOS AHORROS INVERTIDOS INGENUAMENTE EN HEDGES FUNDS....
Billions Dissolve in Thin Air (tags)
While the political class practices faith healing, all the participants know the end is coming when more speculative bubbles burst. The popular dogma that financial markets and the world economy are more efficient when deregulated and liberalized is over.
Jerry Weller,Rios Montt,Bancafe Guatemala, Bawag Austria,Refco y 'Acciones de Centavos' (tags)
Jerry Weller ,congresista estadounidense y esposo de Zury Ríos Montt o Zury Ríos Sosa, hija del ex dictador Guatemalteco Efrain Rios Montt, has recibido donaciones politicos de Refco en su estado de Illinois.Refco estuvo parte de Chicago Mercantile Exchange antes de su colapso. Ahora Bancafe de Guatemala o Barbados o Miami o Colombia o donde sea es sinonimo con Refco o deben hacer.Y el 'negocio' mas grande de Refco en cuanto a acciones o 'seguridades' fueron 'penny stocks' de los Estados Unidos o 'acciones de centavos' sin valor.