After 15 years of court battles, injunctions, smear campaigns, lobbying, and other interventions, the vulture funds have finally won a tentative agreement with the new Argentine government. Vulture funds — the name preceded this particular dispute — are so called because they buy up defaulted debt for a very small fraction of its face value, then sue (and use other tactics) to collect an exorbitant return.
A global economy set to FAIR rules of trade rather that the ignominious “free trade” climate would not allow vulture capitalists to amplify debts to these extremes.
Just as banks are forced to set interest rates (and in my view, these are ridiculously high given the gap between these fees and the actual interest being paid to those with savings accounts); there should be universally set profit caps! Period!
Snakes who can get bank backing walk into to functional companies and buy them out from under their rightful owners… and that’s considered legal!
And in the case of Argentina, the goal is to steal as much as possible… so that already ridiculous rich assholes can spread misery to working families.
This crap should not be legal, let alone negotiated, countenanced, or discussed as viable practice.
I don’t find the Rubio link surprising. The guy is a photogenic, amicable puppet. He knows who would pull his strings…