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Billionares Profit off Congo Debt Forgiveness

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    Randi Rhodes and Greg Palast Hunt Giuliani s Favorite Vulture by Greg Palast Can t he make a living in a more reputable, less disgusting way, say, in child
    Message 1 of 1 , Sep 5, 2007
      Randi Rhodes and Greg Palast Hunt Giuliani's Favorite Vulture
      by Greg Palast

      "Can't he make a living in a more reputable, less disgusting way, say,
      in child pornography?"

      Randi Rhodes is asking you, Mr. Singer. And we're still waiting for
      the answer.

      Paul Singer is a vulture. And a billionaire. And, with his underlings
      at Elliott Associates, the number one sugar-daddy donor to the
      presidential campaign of Rudy Giuliani, dropping $168,400 so far and,
      according to secret campaign documents, committed to raise $10 million
      for Rudolf the Great, Emperor of 9/11.

      So who is this bird of prey Singer who holds Rudy in his beak?

      Unlike feathered predators, Singer preys on the living. Singer
      figured out a way to siphon off funds intended for debt relief to some
      of the poorest countries in the world. Nice guy.

      And by the way, I didn't come up with the moniker "vulture." Just
      about everyone, from the new Prime Minister of Britain to the World
      Bank, calls Singer and his ilk "vultures."

      Here's how a vulture operation works. The vulture fund buys up the
      debt of poor nations cheaply when it is about to be written off and
      then sue for the full value of the debt plus interest -- sometimes
      more than ten times what they paid for it. Singer, for example, paid
      just $10 million for Congo Brazzaville's debt and is now suing for
      over $400 million.

      Singer knew he'd turn a 1000%-plus profit on his $10 million
      investment with George Bush's help.

      Bush convinced the US Congress to forgive the money Congo owes the US
      taxpayer, but once the US taxpayer forgives Congo's debt, the vulture,
      Singer, swoops in with lawyers to claim, "Congo now has the money to
      pay ME."

      But wait a minute - the debt money given up by US taxpayers wasn't
      supposed to go to Rudy's predator Singer. In fact, the US
      Constitution provides power to the President to stop vultures from
      suing a foreign country in a US court if the President states such a
      private lawsuit interferes with America's foreign policy.

      Singer, by suing Congo for the taxpayer money meant for debt relief
      and medicine, is interfering with US foreign policy. Yet Bush has
      done nothing.

      While the President has made big speeches about debt relief for Africa
      and has even had his picture taken with a Bono, he won't get in the
      way of Singer's talons. One wonders if the President is influenced by
      Mr. Singer's strong support for debt relief, that is, debt relief for
      the Republican Party. The world's top vulture has become top donor to
      the GOP in New York.

      Singer's not alone. He's joined in tearing at the flesh of the
      Congo's poor by a Washington operator named Michael Francis Sheehan.
      Sheehan is also known as "Goldfinger."

      Besides joining Singer in attacking Congo, Goldfinger has also taken a
      piece of the debt relief earmarked for AIDS medicine for Zambia.
      Goldfinger paid $4 million for the right to collect on Zambia's debt -
      and just won $22 million from Zambia in a UK court, half that nation's
      debt relief. Goldfinger was able to seize that money because, he
      boasts in an email, he secretly paid $2 million to the "favorite
      charity" of Zambia's president. (That former President, Frederick
      Chiluba, is now under arrest for taking bribes ... but Goldfinger can
      still collect his pound of flesh.)

      Greg Palast is the author of the New York Times bestseller, ARMED
      MADHOUSE: From Baghdad to New Orleans -- Sordid Secrets and Strange
      Tales of a White House Gone Wild. Palast and his team are
      investigating the 'Vultures' for BBC Television Newsnight.



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