EXCLUSIVE: U.S. Vulture Fund Owner Wins Debt Payment from ZambiaBut Faces Possible Indictment at Home
A British court has ordered the government of Zambia to pay the “vulture fund” company Donegal International 15 and a half million dollars. Donegal is owned by the US company Debt Advisory International. But investigative journalist Greg Palast reveals a new development
“Vulture Fund” Company Wins $20 Million Payment from Zambia on $4 Million Debt
Thursday, February 15th, 2007
Watch the BBC Newsnight investigative report on BBC Newsnight — or at Democracy Now! with Palast and Amy Goodman.
Listen — Watch — Read the Report — Read the Transcipt
“Vulture fund” companies buy up the debt of poor countries at cheap prices, and then demand payments much higher than the original amount of the debt, often taking poor countries to court when they cannot afford to repay.
Investigative journalist Greg Palast reports on one company that has won the right to collect $20 million from the government of Zambia after buying its debt for $4 million. In his recent State of the Union address, President Bush declared the United States was taking on the challenges of global hunger, poverty and disease, and urged support for debt relief, which he called the best hope for eliminating poverty.
But what exactly are wealthy nations doing to reduce the debt of impoverished countries?
Today we take a close look at companies known as “vulture funds.” Vulture fund companies buy up the debt of poor countries at cheap prices, and then demand payments much higher than the original amount of the debt, often taking poor countries to court when they cannot afford to repay.
For an in-depth look at this issue, we turn to a BBC Newsnight documentary by investigative reporter Greg Palast. Greg Palast’s BBC report on vulture funds. Today a high court judge in London ruled on the case that a vulture fund can extract more than $20 million from Zambia for a debt which it bought for just $4 million. To tell us more about this case and more we now turn to Greg Palast.
LATEST UPDATE — Zambia Loses ‘Vulture Fund’ Case
Greg Palast. Investigative reporter for the BBC on this story is author of the books “Armed Madhouse”, “The Best Democracy Money Can Buy” and “Democracy and Regulation.”
The BBC Newsnight report was produced by Meirion Jones, BBC London; Rick Rowley, videographer/editor. Investigative research by Matt Pascarella, New York.
Democracy Now! | Tuesday, February 20th, 2007
In response to Greg Palast’s report last week on BBC and Democracy Now, the debt-relief and economic justice group Jubilee USA is launching a new effort today calling on
AMY GOODMAN: Can you talk about how your meeting went with the President yesterday?
REP. JOHN CONYERS: Well, we talked essentially about Iraq, Katrina and the domestic breakdown that’s going on right now. But it was my job, I felt, to raise the whole question of this bond speculation that goes on at the expense of poor debtor countries, in which their debt is bought up and then they’re sued for the full amount. It’s bought up at pennies on the dollar,
You didn’t know that? Of course not, you read the NY Times
by Greg Palast for Workingforchange.com
[Tuesday, October 10th 2006] How did a berserker like North Korea’s Kim Jong Il get the bomb in the first place? Answer: He bought it from the Dr. Strangelove of Pakistan in 2001 — while all our President’s men ordered our intelligence agents to keep their eyes shut tight.
On November 9, 2001, BBC Television Centre in London received a call from a phone booth just outside Washington. The call to our Newsnight team was part of a complex prearranged dance coordinated with the National Security News Service, a conduit for unhappy spooks at the CIA and FBI to unburden themselves of disturbing information and documents.
Not only has Chavez delivered cheap oil to the Bronx and other poor communities in the United States. And not only did he offer to bring aid to the victims of Katrina. In my interview with the president of Venezuela on March 28, he made Bush the following astonishing offer
The Right Wing has gone hog-ass wild over the New York Times’ “shocking” report that the Bush Administration is actually tracking terrorists’ money transfers. Oh my!
The fruitcakes are in flames! “Stand them in front of a firing squad or put them in prison for the rest of their lives,” says one pinhead on Fox TV.
For what? The stunning news that the government is hunting the source of al-Qaeda’s cash? “Osama! You must stop using your ATM card! Condi Rice is reading our bank statements!”
Somehow, I suspect bin Laden already assumes his checkbook is getting perused.
2006 PROJECT CENSORED AWARD WINNER
From the newly released 2006 Project Censored Year-Book
In his article “Adventure Capitalism,” Greg Palast exposes the contents of a secret plan for “imposing a new regime of low taxes on big business, and quick sales of Iraq’s banks and bridges in fact, ALL state enterprises – to foreign operators … especially the oil.” This economy makeover plan, says Palast, “goes boldly where no invasion plan has gone before.”
For BBC Television and the Guardian newspapers of Britain, Greg Palast has conducted two award-winning investigations of both Pat Robertson and Hugo Chavez, President of Venezuela. To understand who these guys are — why Robertson would shoot at Chavez, and why Chavez would laugh at Robertson, read on…
WHY DICK CHENEY WON’T PLAY IN HUGO CHAVEZ’ BAND
There’s so much BS and baloney thrown around about Venezuela that I may be violating some rule of US journalism by providing some facts. Let’s begin with this: 77% of Venezuela’s farmland is owned by 3% of the population, the ‘hacendados.’
Greg Palast, unable to attend hearings in Washington Thursday, has submitted the following testimony:
It’s official: The Downing Street memos, a snooty New York Times “News Analysis” informs us, “are not the Dead Sea Scrolls.” You are warned, Congressman, to ignore the clear evidence of official mendacity and bald-faced fibbing by our two nations’ leaders because the cry for investigation came from the dark and dangerous world of “blogs” and “opponents” of Mr. Blair and Mr. Bush.
“The vote in the Enchanted State seems a little too enchanted for my tastes. Basically, the election was not won by the voters in your state, but by the people who got to throw out ballots in the last presidential election.”
An interview with Greg Palast on shoplifting the Presidential election in New Mexico and those stenographers called American reporters
By Tim McGivern
Greg Palast grew up in a Los Angeles house sandwiched between a landfill and power plant. Maybe there was something in the air that made him crazy — in a good way.
Without his make-up, Dan looked like hell warmed over: old, defeated, yet angry. And he told our television audience something that just blew me away. American journalists, Dan Rather said, simply may not ask tough questions about George Bush or his wars.