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Who Hatched Rubio?

Greg Palast 

The news media was abuzz when Marco Rubio received what likely is the most important endorsement of the 2016 political season. Courted by Bush, Christie, and even 'The Donald,' the man known by ...more

Congo Vultures Bagged

Greg Palast 

Vulture fund’s $100m DR Congo claim blocked
By Meirion Jones
BBC Newsnight

Bid to block $100m ‘vulture’ debt

The Privy Council has ruled that a “vulture fund” cannot collect $100m from the Democratic Republic of Congo.

The award was against Congo’s state-owned mining company Gecamines who successfully appealed to the Privy Council in London.

FG Hemisphere deny any wrongdoing.

Nick Dearden, Director of the Jubilee Debt Campaign, said: “We welcome the fact that these funds will not flow into the coffers of a secretive vulture fund which tries to unfairly profit from the past debt distress of impoverished countries.

Pursuit

Vulture funds, also known as “distressed debt” investors, buy up the debt of poor nations cheaply when it is about to be written off and then sue countries such as Zambia or Liberia or DRC for the full value of the debt plus interest which can be ten or 100 times what they paid for it.

They pursue any companies which do business with their target country in courts around the world and try to force them to pay money to the fund instead of the country.

Critics say this holds poor countries to ransom and prevents them trading their way out of poverty rather than relying on aid. Until 2010 they often sued in the UK but Britain effectively made vulture funds illegal that year after the Liberian President Ellen Sirleaf Johnson …more

Occupy Wall Street comes home to roost with Congo’s ‘debt vultures’

Greg Palast 

Nowhere are the ill-gotten gains of the 1% more grossly apparent than in the activities of ‘debt vulture’ hedge funds

As published by The Guardian America


This article is the subject of a legal complaint from Peter Grossman.


Photo by Zach Roberts © 2011

This past Sunday, a deputation from Occupy Wall Street crossed the bridge from Manhattan and brought its protest to the Brooklyn residence of one of New York’s “vultures” This type of vulture doesn’t roost in a tree, but in a swish brownstone.

A “vulture” is a financial speculator who, as we recently reported, gets his hands on debts owed by desperately poor nations. The Brooklyn “vulture” targeted by OWS and Friends of the Congo is Peter Grossman. Two weeks ago, the Guardian exposed him as a financier who is demanding the Democratic Republic of the Congo, the world’s poorest nation, pay $100m to the hedge fund he manages, FG Hemisphere.

Grossman, tipped off about the demonstration, …more

Goldfinger eats Congo

Greg Palast 

Amy Goodman, Democracy Now!…

“Top funders of the Republican Party have demanded that two African nations pay them over half a billion dollars…. Is one of these vulture’s claims based on a stolen security, criminally transferred to an American financier called ‘Goldfinger’? Greg Palast, author of the new book, Vultures’ Picnic, investigates for BBC Television and The Guardian.”

Greg Palast reporting from Kinshasa, Congo; Sarajevo, Bosnia; and Brooklyn, New York

If God doesn’t give a rat’s ass about The Vulture, and what he does for a living, and what he’s done for Africa, why should I?

The thought struck me while sitting here, coffee getting cold, in my old Toyota, trying to look invisible, staked out in front of 300 Dekalb Avenue. It’s just after dawn here in Brooklyn, New York, and I’m hoping that Peter Grossman, a Wall Street star, will pop out of his posh brownstone for a jog or a cup of joe. Then I can jump him. He’s on the look-out for me because I’d already jumped his crony, Goldfinger, the man who’s making Grossman stunningly rich.

Grossman’s riches, nearly $100 million for his firm, FG Management, come from the Congo. I was just there in Congo, two days before this stake-out, at a cholera quarantine center in the capital, Kinshasa.

Besides lots of cholera, Congo has lots of cobalt. Grossman has, through a crazy legal loophole in British law, waylaid a payment of $80 million to the African government for a shipment of cobalt from a government-owned mine.

Grossman is a “vulture,” the name Wall Street gives, …more

Bank Appoints Controversial TV Evangelist

Gregory Palast for The Observer/Guardian UK

The Bank of Scotland has appointed the controversial American TV evangelist Dr Pat Robertson as chairman of its US retail banking holding company. The fundamentalist minister is known in America as founder and president of the 1.2-million member far-right Christian Coalition and for his statements attacking feminists, homosexuals, Democrats and Hindus. ...more