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.
Puerto Rico’s Religious Leaders Call for Debt Relief and End to Austerity (tags)
Puerto Rico’s religious leaders called for debt relief in the face of the $72 billion financial crisis burdening the Caribbean US territory. At a press conference in San Juan, leaders of the principle religious groups laid out six principles to resolve the crisis.
Low Oil Prices: Boom or Bust? (tags)
oil
economy
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
Supreme Court Justices Consider Hearing Argentina Hedge Fund Debt Case (tags)
US Supreme Court justices will decide next steps in the Argentina vs NML Capital debt case today. The case dates back to 2001 when Argentina defaulted on its debts and a group of predatory hedge funds purchased some debt for pennies on the dollar. The hedge fund NML Capital leads a group of hold-out creditors in suing the country for more than $1 billion. The case will set a precedent that will impact the functioning of the global financial system. Supreme Court justices will decide to formally hear the case or ask the US Justice Department to issue an opinion.
Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case (tags)
High Court Decision to Hear Broader Landmark Debt Case Pending
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 Requests Supreme Court Reverse Federal Court Rulings that favor Predatory Hedge (tags)
Argentina officially requested that the US Supreme Court hear an appeal in a debt case that will impact people living in extreme poverty around the world. The case dates back to Argentina's 2001 default, after which 92% of all Argentine bond holders restructured their defaulted debt. Predatory hedge fund, NML Capital leads a small group of holdouts who won judgments for payment in lower US Courts. NML Capital never invested in Argentina and bought the debt cheaply after Argentina's default. Because sovereign lending is contracted in the United States, the precedent the case sets impacts some of the poorest economies around the globe and allows these hedge funds to target assets that benefit poor people. The International Monetary Fund, the Paris Club, legitimate investors, the US and most governments oppose this predatory behavior because it cancels the benefits of debt relief, makes sovereign debt restructuring more difficult and limits credit to poor countries.
Is McDonald's Going To Burn These Hedge Funds (tags)
Drought affecting western state cattle ranches, growing knowledge of the heart attacks, strokes, cancer, Alzheimer's etc associated with cow flesh consumption, the animal rights movement's critical mass... some of the factors in McDonald's declining stock performance. State pension funds, hedge funds and mutual funds invested in mammal flesh are at risk.
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
36 Billionaire Hedge Fund Managers Invested in War, Warmonger Media, Animal Slaughter, Def (tags)
Who manages your state retirement funds, your corporate pensions? Who invests Social Security trust fund money?
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.
Supreme Court Considers Taking Hedge Fund/Argentina Case with Global Poverty Impacts (tags)
The US Supreme Court is considering whether or not to accept an international debt case that will impact global poverty and poor country access to credit.
October Surprise! Romney benefits $15 million from Obama auto bailout (tags)
We Americans have come to expect extraordinary events to occur before an important election day. When a National election is in play, however, the attempts to sway voter opinions assume more demonstrative proportions, whether from without or within, becoming what has euphemistically been called an “October Surprise."
Gates' Yolie Flores displays an all new level of mendaciousness on ACLU settlement (tags)
Addressing the outrageous mendaciousness of Yolie Flores' recent anti-community and anti-labor op-ed on the Reed Settlement.
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."
Early Suspicions About Bernard Madoff (tags)
All Wall Street like Madoff
9/11,Dem VP Joe Biden,Hunter Biden's Paradigm and Israeli Delaware Corp ICTS International (tags)
Any review of the convicted,(in Israel)money launderer Menachem Atzmon's and Ezra Harel's et.al.'s ICTS International would find that it was a securities,(stock),fraud as well as a security fraud. Joseph Biden,in allowing ICTS International to escape scrutiny and allowing his brother and his son to involve themselves with Paradigm hedge fund scum and penny stock operaters and pump and dump 'derivatives' scam artists is below contempt ....... and Barack Obama is rapidly catching up...
In the state that will kick off the presidential election this week, it's not a good time to be part of the moneyed elite--even in the Republican Party.
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.
The present economic crisis has the capitalist class calling for state intervention again. They claim another bout of memory loss, they simply "forgot" the business cycle exists.
E-Day: The Collapse of the Oil Lie (tags)
For a long time the oil market has functioned according to the laws of the monopoly game with players in Riad, Washington and Houston.. Only 50% of the necessary oil will be available in 8 years in 2012..