Jane Mutanga is ill with the symptoms of AIDS and exhausted by hunger, often too ill to work to feed her orphaned nephew Obetty (11, left) and two children, Milimo, 4 and Mazuba. *While a lot of governments and people are trying to alleviate the problems of developing nations by finding ways to eliminate their debt, there are companies and businessmen lining their pockets with money which was meant to feed the poorest of the poor. Vulture funds as described by the IMF are "companies which buy 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 - which might be ten times what they paid for it."
The world is full of greed but vulture funds take the cake, whats surprising is that these businesses collect in rich countries by taking the poor nations to court, several cases have been lost by cash strapped governments and vulture funds have collected millions which were meant for housing, food, medicine and education. The UK & US governments whose courts entertain these cases, can put a stop to all this but vulture funds line up the pockets of politicians to continue doing what they are doing.
- British Virgin Islands-based Donegal International paid less than $4m for a debt the African nation owed, but successfully sued Zambia for a $42m repayment.
- Paul Singer bought Congo Brazzaville’s debt for $10 million and is suing for $400 million.
- In 1996, Singer bought discounted Peruvian debt for $11 million and sued for $58 million.
Donegal International is collecting its money from the Zambian government after winning its case in the UK. Calls for Bush to put a stop to Paul singer and his likes have put Mr. President between the devil and the deep blue sea, because Paul singer according to a BBC Newsnight Report is the largest "donor" to the Bush Campaign($1.7M) and has already pledged 15 Million for Rudy Guiliani's campaign.
* Picture taken from World Vision International
