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Archive | November, 2012

Argentina and America – of Vulture Funds and Justice. Part Three

In parts one and two I looked at how Argentina came to default and at how Vulture funds manage to take entire nations to court and contrive to enforce court  judgements upon them. They were concerned with history and the law of sovereign defaults. In this last part I want to look more broadly at […]

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Argentina and America – of Vulture Funds and Justice. Part 2

Sub -level Three. Vulture world. Without carrion eaters the world would be strewn with corpses. Vultures eat the dead. Vulture funds, however, eat the still living. Argentina defaulted on its debts. It borrowed money, said it would pay it all back, signed contracts binding it to that promise and then reneged. It forced its creditors […]

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Argentina and America – of Vulture funds and Justice

Argentina told to pay hedge funds $1.3bn Was the headline in the FT on Thursday 22nd November 2012. The judge who made the ruling, Thomas Griesa, said “After 10 years of litigation this is a just result.” I’m not so sure. In my opinion the headline and the ruling it reports are just the tip of a […]

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Jonathan Sugarman versus UniCredit – an update

WhistleblowerIRL, AKA Jonathan Sugarman continues to fight UniCredit. One rather impecunious man fighting a trillion euro bank. But Jonathan is nothing if not …well I leave you to fill in the blank. The update comes via a very good 12th Nov. editorial in Village Magazine in Ireland, “Blowing the whistle so hard it hurts”. In […]

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Losses on bailed out banks and lies about public debts.

FT Headline this morning: Warning on £66bn public bank stakes Taxpayers may never see the return of the £66bn spent on shares in Royal Bank of Scotland and Lloyds Banking Group… The article is quoting from the Public Accounts Committee report on the sale of Northern Rock. A sale in which, by the way, we, the […]

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Where has all the Risk gone?

People always say Follow the Money.  You might do better to Follow the Risk. Risk is the pollution created by the process of making money. So where you find people making one you will surely find them hiding the other. You’ll find both at the banks. Banks have managed to convince the regulatory authorities – […]

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Money makes our heads go round – Guest Post by Hawkeye

There is a particular scene in the film “It’s a wonderful life” in which the hero of the story is trying to prevent a run on the Bailey Savings and Loan. In an effort to calm the anxious savers wanting to withdraw their money George Bailey cries out “you’ve got it all wrong, the money’s […]

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Just a note to say thank you for bearing with it all and for your support. But in your enthusiasm you shouldn’t click on the adverts repeatedly. Google monitor and look for people trying to game their adverts and will ban sites on which they see it occuring. A visit to an add now and […]

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Greece — democracy in the balance

All eyes seem to be glued to the US Presidential Elections, certainly those of our media are, when I think they should be looking at Greece. OK America is a more puissant nation but let’s say what most of us feel – it hardly matters who wins in America because, as am American comedian noted […]

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Why are we bailing out the banks? – Part Four – What happens now?

In part one of this series I suggested that the simple reason we were bailing out the banks and simultaneously cutting public spending was because, If the banks were to be wound up it is their [the wealthiest 10%’s] credit/debt backed ‘money and the assets held in it, which would burn to ash….So the simple reason our […]

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