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forest444

(5,902 posts)
6. You said it. The fault, is in those who allowed it.
Sat Apr 23, 2016, 05:25 PM
Apr 2016

Last edited Sat Apr 23, 2016, 06:02 PM - Edit history (1)

He merely cashed in, as any small-time crook would.

As has been noted by a number of writers in the past, the real motivation behind the White House's tacit support (from both parties) of Singer and the other vulture funds was the desire to sabotage Argentina's successful 2005-10 debt restructuring - which resumed payment on the debt, and even made the bondholders money in the end.

Precisely the two things that 'free market' dogma tells us are sacred, and the linchpin of any sound economy.

But, of course, these considerations were nothing compared to the apparently imperious need to make sure no developing country ever found a feasible, equitable way to emerge from bankruptcy. We can't have that, can we.

They're really tempting fate, now that Singer has the precedent he needs to hold up any bondholder's money under any number of circumstances - possibly stockholders' money as well, since stock buybacks could also be held hostage with this same precedent.

What could go wrong, right?

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