.Executive Intelligence Review Online
There Is a Limit to the Tyrants' Power
Vulture Fund Greed Backfires, As OAS Supports Argentina
by Helga Zepp-LaRouche
July 5—The unbelievable scandal around the attempt of the United States to enforce the lunatic demands of Paul Singer's vulture fund NML Capital against Argentina—with a profit-rate of 1,608% (!) in only six years—is the proverbial last drop that brings the barrel to overflowing. Unlike those many thousands of times in the past, when the mega-speculators have wrought suffering and death upon millions of people, and gotten away unpunished, this time the U.S. administration, the Supreme Court, and the aforementioned vulture fund have been hit with an obviously unexpected, implacable resistance. All of Central and South America are standing unified behind Argentina, and are saying ``No!''
With tremendous audacity, the vulture fund, with the help of the American courts, is trying to collect the perverse demand for a profit of 1,608%—for junk bonds which it had purchased in 2008, three years after Argentina's sovereign debt restructuring, for $48 million, and for which it now wants to be paid at the full nominal value of over $833 million. This would nullify the successful restructuring of the debt by 93% of the remaining creditors and throw Argentina once again into bankruptcy. The vulture fund's bid highlights the character of the system of globalization, which is nothing more than a gigantic Madoff swindle, a fraudulent Ponzi pyramid scheme, and nothing would be more absurd than to dignify the claims of the hedge fund. One might as well agree to a not-guilty verdict for a person who kills his parents, just because he pleads that he is an orphan....
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