The Vulture Paul Singer. He needs to be watched.

[Ilsa]

http://www.gregpalast.com/the-vulture-chewing-argentinas-living-corpse/

Vulture investor Paul Singer has forced the nation of Argentina into default. Here’s the real story, from Billionaires & Ballot Bandits by Greg Palast.

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A good read I heard about on Thom Hartmann's show today. This dude is soulless.
Owens Corning, Peru, Republic of the Congo, Greece, and now Argentina are victims. The US govt and mega-banks despise him too.

My apologies for reposting if someone posted it yesterday.

[COLGATE4]

1. Funny, Thought that the Argentine nation forced itself

into default by refusing to negotiate with Singer's group for repayment of some of their bonds which he now holds. They won't, so they will instead default on millions of dollars, putting the nation's credit rating somewhere lower than absolute zero.

[Ilsa]

4. This isn't like a car loan or commercial building debt.

These deals have the capacity to wreak havoc on large regional economies. Ronald Reagan had settled the Latin America debt, but Singer wouldn't take No for an answer. He took on the debt with what I suspect was a huge interest rate for the risk. It didn't pay off. Now he's attempted to extort total payout or let Argentina (and others) suffer.

The level of suffering he is willing to inflict on others is abominable.

[COLGATE4]

5. First of, nothing Ronald Reagan ever did "settled the Latin

American debt', whatever that's is. And no, it's not like a car loan, since there's no collateral to reposses if the debtor defaults

I don't even understand what you're trying to say when you state "He (Singer) took on the debt with what I suspect was a huge interest rate for the risk"? I assume you're trying to say that he bought the bonds for less than their value at maturity. Sure That's the way commerce in bonds works. And I'm not sure where you got the idea that "it didn't work". To the contrary, Singer has had his rights affirmed by a Federal Court in the U.S. Finally, I find it interesting that you restort to the use of the word 'extort'. Nothing whatsoever that Singer is doing even remotely constitutes 'extortion' anymore than the bank is extorting you if you fail to pay your mortgage when due and they foreclose on your house?

As to Argentina 'suffering', it's very likely that this latest debacle will further weaken an already shaky economy. Hopefully this will provide a learning experience for the next time around (although I doubt it).

[Louisiana1976]

2. He's called a vulture for good reason--you know what vultures do. Argentina was right to take the

step of default in the face of his financial rape.

[badtoworse]

3. Argentina will be shut out of the credit markets

...and their currency will be deeper in the crapper. I don't see how expecting debt to be repaid is rape.