Meet Paul Singer: the greedy capital vulture forcing whole nations into poverty

I’ve come across articles on greedy vulture capitalists like Paul Singer before. They’re part of the reason whole nations are in dire, grinding poverty, because of the way men like Singer buy their debts and then insist that they pay them off with interest. While Singer may be extremely reluctant to let it be known what he does, from what I remember others aren’t so reticent and freely display the massive riches they make from the misery and poverty of whole nations. There is something seriously wrong with capitalism when creatures like these thrive and prosper.

Pride's Purge

(not satire – it’s the world today)

The fact you’ve probably never heard of Paul Singer says a lot about the way the world is run today.

Whole nations have been driven into poverty by Mr Singer and millions of people forced to live in extreme penury by his greed.

Singer doesn’t lend money  – he buys up old debts then like an old-style gangster he demands outrageous interest payments for them.

The private companies which do this are known as vulture funds and Singer is the greediest vulture of them all.

As just one example example of his activities, a few years ago Singer bought up the Republic of Congo’s historic debts for $10 million and demanded the poverty stricken nation pay him back at a rate of over 1,000%.

The country – scared of the consequences of defaulting – duly paid Singer $127 million, money which could have been spent on roads…

View original post 215 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.


%d bloggers like this: