New York Vulture Justice

Courts in New York City keep with their hyperactive pursuit of USA domination (or is that simply, New York Financial District domination?) The latest was a decision, now supported by the Supreme Court of the USA (SCOTUS), to torpedo Argentina.

So it’s not just against the French (DSK, BNP, etc.). All too independent Argentina, a country which has the insolence of not accepting Wall Street colonial status, is in the crosshairs. As Argentina does not have the military power of France, it has, with the rest of Latin America, been invited to submit abjectedly.

Argentinian President Is Held Up By Gangster Justice

Argentinian President Is Held Up By Gangster Justice

And obdurate Cuba shall be punished all the way to Paris (the BNP, Banque Nationale de Paris, story: why are sanctions against Cuba “legal” in International Law?).

Thirteen years ago, Argentina, pierced through and through by American banks and machinations, some engineered by Stanford-Harvard-Chicago trained traitors/economists, supported by generals encouraged by USA secret services, defaulted.

That was a shrewd move, economically. And fully morally justified. It was a question of the Argentinian People against exploiting vultures and conspirators.

Argentina, 13 years ago, refused to pay back its debt as planned when it had been contracted (by the traitors trained in USA plutocratic universities… A situation similar to what happened to Russia in the 1990s, when Harvard devils engineered there a self interested plutocracy in which Harvard had a stake!).

Ultimately, 93% of Argentinian creditors accepted settlements with the country, which were less onerous for the country. However, 7% of the creditors refused to bargain. They were typically the richest (allowing them to hold-out), and the worst (they enforced dictatorial conspiracies, a matter of obvious principle for them, vultures keen to make predation rule).

That brought the Appellate Court in New York to decide these Vulture Funds were right (I am sure they pay well, and money is always right, when there is enough of it). The Court, unbelievably, ordered Argentina to stop all payments on its debt… less it pays the hold-outs in this 13 year battle.

The main vulture fund is NML Capital Ltd, owned by billionaire Paul Singer’s Elliott Management Corp, and Mark Brodsky’s Aurelius Capital Management. They specialize in junk debt investing. They used their deep pockets to pursue a 13-year legal battle that’s now coming to a conclusion (or so they hope).

NML’s position is between 45 and 50 percent of the payout ordered by U.S. Judge Griesa, and amounts up to a billion, or so.

The good judge does not care that the 2002 default was highly successful for Argentina, and the master work of president Isabella Fernandez (photo above) and her husband (an economic university professor who was elected president at the urging of his Senator wife, above; unfortunately he died of a heart attack).

Perhaps the good judge knows no history, and does not give a hoot, and only loves caviar and songs, as served by Mr. Singer.

Another example of connection between American “justice”, vultures, and force. New York, the world central financial center, is used as a way to advance the interest of USA plutocrats, at the risk of paralyzing the world financial system.

Meanwhile several strange facts surfaced: the evaluation of Greece by the IMF a few years back, when Paul Krugman wanted to dismantle the European Union, were unduly pessimistic, the IMF itself recently admitted.  Great. How many Greeks died because of this?

Remember when top American economists were howling for the end of the Euro? Not only the European currency did not collapse, but now the yield on Spanish long term bonds is lower than that of the USA.

Morality? The cris that cruxed in 2008 is far from over. It’s a war for world domination. It’s fought in American courtrooms (objective accomplices of their pet vultures, or, rather, vice versa), and it’s fought in the court of public opinion. To fight back, well, maybe, judge Bush. It’s not exactly a change of conversation.

If American judges condemn the president of Argentina for saving her country, and punish all of Argentina, maybe Europeans could help the unjustly struck, by condemning a few American master minds, for real international war crimes. With the wrath of real justice.

Oh, by the way, Argentinian bonds, thanks to their high yields, have made a lot of money for private investors. They returned +10% in 2012, while other bonds in the average lost 6%. The total market that the Courts of the USA are trying to torpedo total 100 billion dollars, the payments blocked as we speak are of half a billion. Thus, like Putin, Wall Street is ready to use maximum force to have its way.

Victims who don’t struck back become accomplices of their tormentors. Under president Cristina Fernandez, Argentina has superbly resisted. An example all the more edifying as she is from the supposedly “weaker” gender.  

Patrice Aymé

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15 Responses to “New York Vulture Justice”

  1. Chris SnuggsChris Snuggs Says:

    Argentina, like many countries, is ruled by venal idiots. If they don’t want to get into difficulty over debt then they simply have to stop borrowing and live within their means. Same applies to everyone. Borrowing more than you can afford amd then slagging off the lender is pretty pathetic.


    • Patrice Ayme Says:

      Well, Chris, the history is more complicated that that. Venal advisers from Harvard-Chicago-Stanford were presented by American operators as those who knew, enticed generals to seize power.

      The venal advisers took over the Argentine economy, and, among other things, with the full complicity of USA banks going not just for profits, but for market share and colonization, made Argentina into a fully owned subsidiary of Wall Street, complete with feudal interest rate payments.

      To these day, huge swathes of Patagonia are American plutocrat owned.

      So it’s not: “Borrowing more than you can afford and then slagging off the lender is pretty pathetic.”
      In truth those who borrowed were criminals, the lenders, typically big USA banks, were also criminals, and the pain (pathos) was all for the Argentine people. A deal made with a gun to your head is pathetic, indeed, and certainly not valid.

      Fernandez saved Argentina with her default, and more than 93% of lenders have long settled. Those who did not are nasty plutocrats who pay American judges. Time to tell the truth, you know… Did you look in the fortunes of American Supreme Court judges? Talking about 20 million or so, there… officially.

      BTW, I discovered in the meantime that The Economist (latest issue) also think that the vulture funds are indeed vultures.


      • Dominique Deux Says:

        Your observation that the Economist thinks that vulture funds are vultures came as a shock to me and I looked up the article.

        In fact they only use the now well-accepted term. No condemnation at all. Business as usual as NYC district judges issue “orders” to sovereign governments and “Few outsiders will have much sympathy for Argentina’s predicament”.

        Astonishing how fast and deeply The Economist has morphed from the City Pravda to the New York Völkischer Beobachter.


      • Kevin Berger Says:

        Maybe you’re overthinking your response a bit; I like to think that Chris basically meant “the wogs can’t govern themselves”.


        • Patrice Ayme Says:

          Argentina was the victim of a vicious conspiracy, directed from the USA. The present president (pictured) was the main actor to get out of that. Chris has a tendency to believe Washington is the equivalent of heavens, and only exemplarity flows from there, while the populations overseas, but for the UK, are fascist overspending hogs who destroy all.


          • Kevin Berger Says:

            “… Washington is the equivalent of heavens, and only exemplarity flows from there, while the populations overseas, but for the UK, are fascist overspending hogs who destroy all.”

            Yeah, that’s about what I had understood about his online persona – no doubt he’s a nice fellow in the flesh -, atlantism-as-a-lifeboat and self-evident Anglo supremacism, delivered in short, more or less bitter, rants.
            I certainly don’t mind, as I could be just as hurt and bitter, and probably a whole lot more, though the targets of my virtual ire wouldn’t be the same; after all, he’s a Little Englander peon, I’m a J’ai mal à ma France one. Same malaise, different perspectives.

            If you didn’t know, IIUC “wogs” is the quaint equivalent of bougnoules, I’d say… IE, in at least a corner of the British collective subconscious, just about everybody across the salted water.

            Sorry for derailing the conversation, from the commented, to the commenters.


          • Patrice Ayme Says:

            You did not derail anything, Kevin. It’s entirely appropriate. Chris is highly educated, and taught in France for a decade. He long lived in Germany too (and is married there). However, now he belongs to UKIP. This leads to a galaxy of questions.
            One thing I am sure of, is that Chris does not know the USA. He has no idea. He complains stridently about Europe, but much worse is happening on some of his complaints in the USA. Whereas Europeans earn hundreds of thousands of dollars, Al Gore, the hero, earned more than a billion $$$$$…. and a Nobel (for doing nothing?). Hillary says they were “broke”. Meaning down to a few millions???

            Thanks for the “wog” thing. I lived in the UK very little.


  2. Micahael Conroy Says:

    So when France continues selling an aircraft carrier to Russia in the current situation and France is criticized for that you argue that France is doing the right thing as one shall honor a contract. When someone else expects Argentina to honor its contracts its bad and the judge who has to uphold the law is a puppet of the plutocrats? What would you call someone using this line of argument? I call him a hypocrite!

    If you had read the terms of the new bonds issued after the restructuring you would realize that there was no other way for the judge to rule. Back then Argentina wanted the restructuring to go through.They offered the old bondholders to give them new bonds, worth far less than their old ones. To sweeten the deal Argentina agreed to a clause that states that the new bonds are under the law of New York. The old bonds held by the hold outs include a pari passu clause stating that these bonds are not to be treated differently from all other bonds of the issuer. Consequence? When the new bonds are paid the old ones have to be paid as well. If you want to blame anyone for the mess, blame the lawyers of Cleary Gottlieb Steen & Hamilton LLP who organized the default for Argentina. They learned a lot from this case as can be seen with how they did it for Greece. Here they actually “destroyed” the old bonds so that something like here cannot happen again (which cost me (a small saver) a lot of my money).


    • Patrice Ayme Says:

      Michael: Welcome here. When confronted to such stories, many resolution scales, and many points of view are available. I have also lost (what was for me) large amounts of money in bonds, in conditions I found 100% unfair. But life is not fair, it just is. In my life I had best friends dying in avalanches, several times people tried to kill me (including with a bomb, IED), as I lived in many countries I saw things that are barely credible, and I did not come on top (to say the least), etc.

      The Mistral sale has already happened (Russia paid), and that was an idea Sarkozy found to calm Russia with Georgia (Putin wanted to grab the whole thing, Sarko said: wait, I have these toys here for you). I am no admirer of Sarko, never was, I would prefer him in jail, however the tactic had some merit (Putin left most of Georgia alone, for now).

      The Russian and Argentinian cases are actually related in all sorts of ways. Harvard, Sachs, Summers and company made a hash with the gullible Yeltsin, transforming Russia in a plutocracy, thus proving the KGB guys right.

      G W Bush said of Putin: “I am afraid we lost him.” (Before the Georgia invasion.) However, that, too, was related to the Iraq invasion and the weak policy in Afghanistan. Putin was told, through example, that deviousness and force worked (I am thinking here about the first Gulf War).

      Putin saw Bush getting away with major war crimes, he could not see why he could not himself commit smaller ones, for better reasons.

      The USA is actually the supreme hypocrite power, from enticing the Kaiser to get in WWI and then making a fortune from war trafficking with him, to getting in the war in Afghanistan, just to block Russia and France there, in the 1970s. By coincidence, my father, a geologist, was involved. My parents travelled all over Afghanistan in the 1970s.

      French geologists, including my father close friend, Laparent, found huge natural resources in Afghanistan, including Lithium. The missions were contracts from the French and Afghan government.

      The story is quite a bit similar with the Rwanda-Congo-Kivu-Katanga commodity wars, where France and the USA are like two lions fighting about the same prey (Lithium Copper, Coltan, Rare Earths, etc.). Or rather the Americans are like hyenas coming after the kill, trying to chase the lions away.

      The big picture for Argentina, is as I said: the country, just as Russia, was steered the wrong way by USA based plutocracy, way back (using the full panoply of evil in Argentina: not just the NSA, but the CIA). Unfortunately, big crimes such as Nazism and Imperial Japan, can only be corrected by smaller crimes. And little bond holders are victims. Putin reimbursed a little bit French holders of Russian bonds, nearly a century after the initial default.


    • Patrice Ayme Says:

      It’s also TWO carriers (and maybe four). Germany and the USA, as I said, with their wonderful mighty economies, are invited to make joint sacrifices. If further sanctions are decided, the carrier sales will be blocked, but France does not want to be the only one doing all the work, as usual.


  3. Patrice Ayme Says:

    And what of London? A large French city, 400 thousands strong. Obviously some ways there are appreciated on the other side of the Channel. London also voted against the UKIP. Is London independent from the UK? Why not LOIP? London Independence Party?


  4. Patrice Ayme Says:

    Of Interest:


  5. Patrice Ayme's Thoughts Says:

    […] son to death, because his father had not respected the law of God. The law of God is now applied to European banks and Argentina, bankrupting them all, empowering and enriching Americans some more, proving how this metaphysics of brutal […]


  6. Why Are Americans So Primitive? | Patrice Ayme's Thoughts Says:

    […] son to death, because his father had not respected the law of God. The law of God is now applied to European banks and Argentina, bankrupting them all, empowering and enriching Americans some more, proving how this metaphysics of brutal […]


  7. Puerto Rico’s Default: Back To The 1930s? | Patrice Ayme's Thoughts Says:

    […] bad, and governments borrowed heavily to keep the society going. As the prospects got dimmer,, bought Puerto Rican debt. Vultures hate education, as education makes for rebels, and they are in […]


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