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Rudy Giuliani, the Republican front-runner in the presidential race, is receiving policy advice and money from a billionaire investor in “vulture funds”, the activities of which have been condemned as “nothing short of scandalous” by Gordon Brown.
www.timesonline.co.uk...
“I deplore the activities of so-called vulture funds that seek to profit from debts owed by the poorest countries in the world.” In one instance, Mr Singer’s firm paid $11 million for discounted Peruvian debt and then sued the Government through a Brussels court for full payment of $58 million. Another more recent case has seen an Elliott Associates affiliate, Kensington International, buy $100 million of debt that the Republic of the Congo defaulted on for $39 million and then sue the impoverished nation for $375 million.
www.timesonline.co.uk...