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Featherless Vultures *LINK*

Some vultures have feathers, but some have fancy offices and huge homes. Greg Palast follows the trail of one "vulture fund" chief, from a locked office door in New York to mud-brick houses in Africa.

How strange. When I arrive at the offices of Eric Hermann at hedge fund FH International, just outside New York City, the company's corporate sign is unbolted from the wall and the suite number removed from the door.

But wait ... I hear noises inside the office. Huh? I knock on the locked door and out steps the office building's security manager.

"Guys, they don't want to be interviewed. They don't want to be seen. So we are going to have to ask you to leave the building."

"And do you know why they took the sign off?"

His reply to our cameras, "I have no clue."

But we do.

Mr. Hermann is the principle owner of a so-called "vulture fund" which attempted to seize more than $20 million from the war-wounded nation of Liberia.

Mr. Hermann is known in the finance business as a debt "vulture." He and his associates buy up the debt of the poorest nations on the planet, usually for pennies on the dollar, then sue or use other means to squeeze the nations to pay ten times, even a hundred times, what the vulture fund paid for the debt.

Strong opposition

The effect of Hermann's financial maneuvers earns few applause in Liberia. In that African democracy, diplomat Winston Tubman tells us what he would say to vulture fund operators, "'Do you know you are causing babies to die all over Liberia?'"

That's strong language, but in Liberia, we see the effects of the threat of losing over $20 million from this desperately poor nation's budget. In the village of Demeh, I meet Howa Murvee. During Liberia's recent civil war, her grandfather was beaten to death in front of her. Every home in the village was destroyed. Now, with money from selling donuts at a rural bus stop, she has raised the $100 need for materials to rebuild her mud-and-thatch home.

The sums sought by Hermann and the vulture funds equals the cost of rebuilding a quarter million homes for displaced war refugees like Howa.

Back in New York, I located court documents which show that Hermann and associates sued Liberia for nearly $20 million for the debts which cost Hermann's firms a fraction of that sum. Hermann sued in February 2002, Liberia's capital had neither electricity nor water. It was under siege from warlords and under UN sanctions and had no functioning government. Not surprisingly, Liberia failed to appear in court and lost automatically. The poor nation was ordered to pay Hermann and associates the millions he demanded.

Debt acquisition

Hans Humes, CEO of Greylock Capital, a major player in the foreign debt speculation business, was willing to speak to us about how the industry operates. At his Park Avenue, New York, office, he explains how his own firm got hold of Liberia's debt, dirt cheap during the civil war:

"I ended up buying a lot of the loans that we had in Liberia. When I called one of the banks that was going through a merger 13,14 years ago, I said, 'Hey, by the way, you're a lender to this African country.' And the guy said, 'No I'm not;' and a couple days later he said, 'You know what, you're right. We found this box in this warehouse that had files for all these loans. Do you want to buy all of them?'"
But Humes is no "vulture." When peace and democracy came to Liberia, he accepted Liberia's offer of 3 cents on the dollar for the debt the nation owed. So did every other creditor -- except for Hermann and associates. In the middle of the negotiations with Liberia, Hermann transferred a portion of his Liberia holdings to a hedge fund called "Hamsah."

While Hermann's firm would have received only $1 million under the 3-cent deal accepted by Humes and others. But this firm called "Hamsah" and associates ended up across the Atlantic, suing Liberia in a London court for $28 million.

Humes is infuriated by such manipulation. Without naming Hermann nor Hamsah, he says, "All they're trying to do is to exploit the system, hold the system hostage, to get some sort of excessive returns."

Pleading for a break

Nor was the President of Liberia too pleased with this new legal attack by the vultures. At her home in the capital, she has a message for the vulture funds. President Ellen Johnson Sirleaf is Africa's first elected female head of state. She pleaded with the vulture fund, "Here's a country having two decades of turmoil, death and destruction trying to find its way back trying to give its young people a future. You should not be the one to become an obstacle. Have a conscience and give this country a break."

The British Parliament heard her. The day after the broadcast of an earlier version of our report on Thursday, the UK Parliament voted to bar vulture funds, like Hamsah, from using the British courts.

President Sirleaf is thrilled by Britain's swift action, but now turns to the USA to act on similar legislation before the US Congress. "Bravo! We've been waiting for a parliament or an assembly to take this kind of hard decision to be able to bring these funds into reason. Maybe the US Congress ... will pick up this gauntlet and will follow the example of Britain and move that -- because it's just so unfair to poor countries."

Messages In This Thread

Rothschild & Freshfields founders linked 2 slaver *LINK*
Re: Rothschild & Freshfields founders linked 2 sla
Re: Rothschild & Freshfields founders linked 2 sla
Only Scythians are allowed to collect scalps... *LINK*
For Africans an apology will suffice. *NM*
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Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
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Re: Only Scythians are allowed to collect scalps.. *LINK*
Featherless Vultures *LINK*
Re: Featherless Vultures
Re: Only Scythians are allowed to collect scalps.. *LINK*
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Re: Only Scythians are allowed to collect scalps.. *LINK*
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Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
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Iceland emerges without capitulating to bankers *LINK*
Re: Iceland emerges without capitulating to banker *NM* *LINK*
The Prince and his Consort were attacked today
This is COLD *NM* *LINK*
Icelandic measures might be necessary *LINK*
Re: Icelandic measures might be necessary *LINK*
Re: Icelandic measures might be necessary *LINK*
The making of Africa's Housing Crisis *LINK*
Re: The making of Africa's Housing Crisis *NM* *LINK*
Greece isn't all we have to worry about *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
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The "Unforgivable Blackness" of Lebron James.
Re: Only Scythians are allowed to collect scalps.. *LINK*
THE CHOSEN ONE *LINK*
Re: THE CHOSEN ONE *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *NM* *LINK*
Re: Rothschild & Freshfields founders linked 2 sla *LINK*
Re: Rothschild & Freshfields founders linked 2 sla
Re: Rothschild & Freshfields founders linked 2 sla *LINK*
Goldman Sachs *LINK*
Re: Goldman Sachs
Re: Goldman Sachs
Re: Goldman Sachs
Cash for Gold...
A.I.G. Credit Default Swaps... *LINK*
If the public wont accept your choice... *LINK*
not sure if this is connected . . . *LINK*
Re: not sure if this is connected . . .
"PAY TO PLAY" at the expense of U.S. citizens *LINK*
Re: not sure if this is connected . . .
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Why no punishment for CEO greed *LINK*
Extreme Capitalism *NM* *LINK*
Re: Extreme Capitalism *LINK*
Former V.P. Dick Cheney has heart transplant *LINK*
Where will this "Innovation Explosion"...
gee whiz, kween...
Nothing ventured, nothing gained *LINK*
Re: Nothing ventured, nothing gained *LINK*
No Guitar Superhero! *LINK*
Re: No Guitar Superhero!
Re: No Guitar Superhero!
Re: No Guitar Superhero!
Re: No Guitar Superhero!
Viva Chavez *LINK*
One man's vision; gotta love those Capricorns. *LINK*
Re: One man's vision; gotta love those Capricorns. *LINK*
less glamorous and brilliant *NM* *LINK*
Re: less glamorous and brilliant
Re: less glamorous and brilliant
Re: No Guitar Superhero! *LINK*
Vox Idiotai!
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Re: Vox Idiotai!
The Problem with Socialism...
Re: The Problem with Socialism...
A time to sow... *NM* *LINK*
A Dutch with the name KOCH... *LINK*
Tea Party Financiers Owe Their Fortune to Stalin *LINK*
re: *NM* *LINK*
The "Kochtopus"
Why Obama is a radical? *LINK*
Re: Why Obama is a radical? *LINK*
The Billionaires Bankrolling the Tea Party *LINK*
Reclaiming the Dream and Brand Obama *NM* *LINK*
Re: The Billionaires Bankrolling the Tea Party
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
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Re: The Billionaires Bankrolling the Tea Party
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Re: The Billionaires Bankrolling the Tea Party *NM* *LINK*
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Re: The Billionaires Bankrolling the Tea Party *LINK*
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Re: The Billionaires Bankrolling the Tea Party *LINK*
How to change a liability into an asset... *LINK*
Re: How to change a liability into an asset... *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
A tea party message in Patriot Act defeat *LINK*
a DHS response . .. *NM* *LINK*
Re: A tea party message in Patriot Act defeat *LINK*
U.S. Is Set to Sue a Dozen Big Banks *LINK*
Re: U.S. Is Set to Sue a Dozen Big Banks *LINK*
Re: U.S. Is Set to Sue a Dozen Big Banks
Re: U.S. Is Set to Sue a Dozen Big Banks
Re: U.S. Is Set to Sue a Dozen Big Banks
Wall St. shifts away from Obama *NM* *LINK*
Another eye-opening phrase... *NM* *LINK*
Re: The Problem with Socialism...
The Scion vs The Seed
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Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed
We live in an Information Age
Re: We live in an Information Age
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Re: We live in an Information Age
Re: We live in an Information Age *NM* *LINK*
Re: We live in an Information Age *LINK*
Re: We live in an Information Age *LINK*
The Empire needs slaves... *LINK*
Re: The Empire needs slaves... *LINK*
Re: The Empire needs slaves... *LINK*
Re: We live in an Information Age *LINK*
more centrism . . . *NM* *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
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The war for drug money? *LINK*
Foundational Change for... *LINK*
Re: Foundational Change for... *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Argentinians Advice to Greeks *LINK*
Re: Argentinians Advice to Greeks *LINK*
Lets see how long Holder stays in office... *LINK*
Re: Lets see how long Holder stays in office... *LINK*
What's the penalty for crimes against the State? *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *NM* *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
chorus calling for Eric Holder’s resignation *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: We live in an Information Age *LINK*
Re: We live in an Information Age
Re: We live in an Information Age
Re: We live in an Information Age *LINK*
What can happen when we use information... *LINK*
Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed *LINK*
Re: The Scion vs The Seed
Re: The Scion vs The Seed
stem cells vs progenitor cells
please elaborate...
Re: please elaborate...
Re: stem cells vs progenitor cells *LINK*
Re: The Scion vs The Seed
Pirates of the Caribbean
Re: The Scion vs The Seed
Postal Style Healthcare *NM* *LINK*
Update
Re: Update *LINK*
Re: The Scion vs The Seed *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism...
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism...
Re: The Problem with Socialism... *NM* *LINK*
Re: The Problem with Socialism...
Re: The Problem with Socialism... *LINK*
Yuh get nothing, and yuh like it! *NM* *LINK*
Re: Vox Idiotai! *LINK*
Re: Vox Idiotai! *LINK*
Health Care and Radical Monopoly *NM* *LINK*
The Next Wave *LINK*
Warren Buffet: Voice in the Wilderness? *LINK*
Re: Vox Idiotai!
Re: Vox Idiotai! *LINK*
Re: Vox Idiotai!
Re: Vox Idiotai! *NM* *LINK*
Great Observation
Naive but principled.
OPERATION COOPTATION *NM* *LINK*
Re: OPERATION COOPTATION *LINK*
American Idol? *LINK*
Re: American Idol? *LINK*
American made ... Chinese owned *NM* *LINK*
Re: gee whiz, kween... *LINK*
Separate and Equal *LINK*
Re: Separate and Equal *LINK*
History's Lost Black Towns *LINK*
Re: Where will this "Innovation Explosion"... *NM* *LINK*
Re: Where will this "Innovation Explosion"...
Wall Street Sees World Economy Decoupling From U.S *LINK*
Re: Wall Street Sees World Economy Decoupling From *LINK*
Re: Where will this "Innovation Explosion"... *LINK*
Re: Where will this "Innovation Explosion"... *LINK*
Re: Goldman Sachs *LINK*
Goldman Sachs vs Michael Jackson *LINK*
Re: Rothschild & Freshfields founders linked 2 sla *NM* *LINK*


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