Banish Vulture Funds 3-10-2010

10, March 2010                     Banish Vulture Funds

In a world of sinking morality, a group of vulture funds have successfully diverted millions of dollars of write-off loans to third world countries, into their pockets. These funds purchase third world debt for pennies on the dollar and sue debtor countries for massive profits.

For example, an impoverished Liberia, where 80% of the people survive on an average of one dollar a day, recently lost over $20 million of aid money to two vulture funds. This outraged British lawmakers who have recently crafted a bill – the Debt Relief Bill – which would prohibit unscrupulous investors from robbing debtor countries. The US should follow Britain’s example by outlawing such funds. We should heed the words of the President of Liberia - the first woman president of Africa, Ellen Johnson Sirleaf that vulture funds “are so unfair to poor countries, have a conscience, and give this country a break.” Please write to your lawmakers and urge them to support Representative Maxine Waters’s bill to outlaw these funds.