I am not particularly acquainted with the world of high finance. Until I watched a Newsnight report last night I had not heard of Vulture Funds To be honest I wish I hadn’t. Some news items revolt even this jaded soul – this was one of them.
A Vulture Fund is a financial organisation that specialises in buying securities in “distressed environments”, such as equities that are near bankruptcy. Companies are not their only target: they also buy up public debt at very low prices. Then seek to recoup the whole of the original debt plus interest. They are not averse to suing governments in order to freeze their assets. International courts have at times prevented countries from paying to other debtors because one of these funds had requested an embargo.
Today a high court judge in London will rule whether a vulture fund can extract more than $40m from Zambia for a debt which it bought for less than $4m. Martin Kalunga-Banda, Zambian presidential adviser and a consultant to Oxfam told Newsnight, "That $40m is equal to the value of all the debt relief we received last year."
Caroline Pearce from the Jubilee Debt campaign told Newsnight last night. "Profiteering doesn't get any more cynical than this. Zambia has been planning to spend the money released from debt cancellation on much-needed nurses, teachers and infrastructure: this is what debt cancellation is intended for not to line the pockets of businessmen based in rich countries."
Debt Advisory International (DAI) manages a number of vulture funds which buy up the debts of highly indebted poor countries cheaply and then sue for the original value of the debt plus interest. Zambia. In 1979 the Romanian government lent Zambia money to buy Romanian tractors. Zambia was unable to keep up the payments and in 1999 Romania and Zambia negotiated to liquidate the debt for $3m. Before the deal could be finalised one of DAI's vulture funds stepped in and bought the debt from Romania for less than $4m. They are now suing the Zambian government for the original debt plus interest which they calculate at over $40m and they expect to win.
Five years ago Gordon Brown told the United Nations that the vulture funds were perverse and immoral: "We particularly condemn the perversity where Vulture Funds purchase debt at a reduced price and make a profit from suing the debtor country to recover the full amount owed - a morally outrageous outcome". But the vulture funds are still operating.
DAI is not alone. In 1986 Paul Singer’s firm Elliot Asociates paid $11m for some discounted Peruvian debt and then threatened to bankrupt the country unless they paid $58m. They got their $58m. The company is now suing the Republic of the Congo (Congo Brazzaville) for $400m for a debt they bought for $10m.
Back in Britain the Zambian case has seen much legal discussion about allegations of bribery. The Zambian legal team - led by William Blair QC - Tony Blair's brother, has argued that a $2m bribe was offered to the former Zambian President to make it easier for the vulture funds to claim their money. They showed the court an email disclosed in the Zambia case saying that a payment to the "President's favourite charity" had allowed them to do a more favourable deal. ".
The Jubilee Debt Campaign told Newsnight that they are calling on Gordon Brown to turn his moral outrage about vulture funds into action if he becomes Prime Minister and change the law to make the Zambian case the last to appear in a British court.
Vermin seems to be more appropriate a description than vulture for these people.
UPDATE: Tony Barclay, the CEO of Development Alternatives inc has left a comment on this blogy seeking to distance the work of his company from those of Debt Advisory International. Click here for further details.
15 February 2007
And there was I wasting time with the Grauniad and the Indy
An agreement reached with North Korea for it to close its nuclear reactor in exchange for fuel or economic aid received widespread coverage in the world's press earlier this week. I was curious to see how North Korea ran the story. I would have expected some coverage showing it as a victory for the Great (or is still the Dear) Leader and Juche over the "imperialistic brigands" of the United States. The Korean Central News Agency(KCNA) has absolutely nothing to say on the agreement but I did find out that:(15 February) symposia have been held to on Kim Jong Il’s undying feats. Apparently the speakers profoundly explained the imperishable feats performed by Kim Jong Il for the times and history. They said (no less!) Kim Jong Il, genius of thought and theory, scientifically formulated the revolutionary idea of President Kim Il Sung and steadily developed it in depth to meet the demand of the developing revolution, thus clearly indicating the road ahead of the times and humankind….. And so on and so forth.
(14 February) A collection of anecdotes about music saw the light. The first part of the book includes touching anecdotes dealing with the extraordinary wisdom and tireless leadership of Kim Jong Il who led the musicians to make songs lauding the brilliant revolutionary life, undying revolutionary exploits and noble virtues of President Kim Il Sung…. I will spare you the other four parts.
(12 February) Public presentation on greatness of Kim Jong Il held during which speakers said that Kim Jong Il had performed undying feats on behalf of the era and history by leading the Korean revolution and the cause of global independence to victory with his distinguished political ability and extraordinary Songun revolutionary leadership…. Well you get the message
It is heartening to see that Kim Jong Il is never short of floral baskets as this seems to be the thing every other head of state ever gives him…
As for the Korean Friendship Association it is also heartening to note that that splendid fellow Dermot Hudson organised a public meeting n West London last Saturday which was attended by more than 35 people (36 people?). A video "Faith of Korea" was shown which featured the advantages of socialism and carried coverage of the great leader comrade Kim Jong Il tirelessly giving on the spot guidance including late at night.
And there was me planning to watch Volver and Das Experiment this weekend when I could be watching this!
14 February 2007
A face only a Caesar or a pretender could have loved?
The Guardian and many other sources are carrying an item today about a coin which apparently gives the lie to the fabled beauty of Cleopatra. Think of Cleopatra and I am sure an image of Elizabeth Taylor hove into view (or Amanda Barrie if you are a fan of the Carry On films). However, the coin shows her as having a shrewish profile. On the reverse is an image of Mark Antony with bulging eyes, a crooked nose and a bull neck.
The coin in question is a silver denarius that was coined in Antony's own mint to mark his victories in Armenia in 32BC. "Its other distinction is that it looks as though it was minted yesterday," said Melanie Reed from Newcastle University, whose archaeology museum found the 5p-sized coin while researching a forgotten 18th century hoard left for years in a local bank. Coins showing the pair are not uncommon, but the majority are in poor condition or have more flattering images. The Newcastle find, minted at a time when Antony and Cleopatra faced internal rebellion and outside invasion, may deliberately have emphasised the reality of the pair, to deter pretenders.
The question of Cleopatra's looks has fascinated posterity. "The popular image we have of Cleopatra is that of a beautiful queen who was adored by Roman politicians and generals," said Clare Pickersgill, assistant director of archaeological museums at Newcastle University. "But the coinage bears out recent research which suggests there was much more to her than that."
The denarius profile clearly emphasises strong characteristics including a determined, pointed chin, thin lips which are often associated with a sharp nature, and in particular a long, pointed nose. The last has been famously central to discussion of what Cleopatra really looked like, with Pascal going so far as to write in his Pensées: "Cleopatra's nose, had it been shorter, the whole face of the world would have been changed." His point was later undermined by the Romantic Movement. Ms Pickersgill said: "Orientalist artists of the 19th century and then modern Hollywood depictions, especially by Taylor and Richard Burton in the 1963 movie, built up the role of Cleopatra as a great beauty." The queen's contemporaries took a different line, according to Lindsay Allason-Jones, director of archaeological museums at Newcastle, who said that Roman and Egyptian writers had a clearer-eyed view of her talents. "The idea of Cleopatra as a beautiful seductress is much more recent," she said. "Classical age writers tell us that she was intelligent and charismatic, and that she had a seductive voice. But tellingly, they make little of her beauty."
Plutarch in the Life of Antony writes this: "For her beauty, as we are told, was in itself not altogether incomparable, nor such as to strike those who saw her; but converse with her had an irresistible charm, and her presence, combined with the persuasiveness of her discourse and the character which was somehow diffused about her behaviour towards others, had something stimulating about it. There was sweetness also in the tones of her voice."
Interesting as this story is, it is hardly a shock or even hot news. Many of the surviving images of her show her to be rather plain, particularly the above coin from the Hunterian Museum in Glasgow and the bust in the Graeco-Roman Museum in Alexandria.
Meme time again
Memes spread like wildfire through the blogosphere. This one has come to me on its fifth iteration thanks to Bryan over at Why Now?, one of my favourite blogs.
The participation rules are simple:
1. If, and only if, you get tagged, write a post with links to 5 blogs that make you think,
2. Link to this post so that people can easily find the exact origin of the meme,
3. Optional: Proudly display the ‘Thinking Blogger Award’ with a link to the post that you wrote
I'm not sure I desperately want the award thingy but it is the first one I've got since I won second prize in the "Romford's Most Stupid 1995" so beggars can't be choosers...
Who to choose? I like all the blogs on my blogroll (wouldn't be there otherwise!) so it is a hard choice. I will go for:
Redwine, Tyger, Matt Murrell over at An Insomniac, Snowflake and Roland over at But I am a liberal
And may god bless all who sail in this meme!
The participation rules are simple:
1. If, and only if, you get tagged, write a post with links to 5 blogs that make you think,
2. Link to this post so that people can easily find the exact origin of the meme,
3. Optional: Proudly display the ‘Thinking Blogger Award’ with a link to the post that you wrote
I'm not sure I desperately want the award thingy but it is the first one I've got since I won second prize in the "Romford's Most Stupid 1995" so beggars can't be choosers...
Who to choose? I like all the blogs on my blogroll (wouldn't be there otherwise!) so it is a hard choice. I will go for:
Redwine, Tyger, Matt Murrell over at An Insomniac, Snowflake and Roland over at But I am a liberal
And may god bless all who sail in this meme!
A romantic Valentines Day "Our Song" post for the not-wife
Madonna of the Wasps is the nearest thing that the not-wife and I have to an "our song". Not a bad choice given that she is almost as obsessive about RH as I am. Ajh well,. The sarcastic VD cards cards have been exchanged, there is chocolate for tonight (Life would not be worth living otherwise!) and there's Stargate Atlantis and Desperate Housewives on the telly tonight. Who says romance is dead? (come on - we've known each other over 25 years....)
While I'm at it here are a couple of the not-wife's favourite non-RH songs
Marc Almond - Days of Pearly Spencer
Barefoot - k d Lang
13 February 2007
Croke Park: Millions of good reasons for accepting “foreign” sports
The decision to overturn its ban of “foreign” sports means that the GAA is potentially sitting on a goldmine which could bankroll the grassroots of the Association for the years axxording to today’s.
Examiner.
If the Association approves the use of Croke Park next year for competitive and non-competitive rugby and soccer internationals, it will net the GAA over €10m (£6.7m or $13m) in 2008. The indications are that Central Council will ratify up to ten more profile rugby and soccer internationals for Croke Park in 2008.
While agreement on competitive fixtures is likely, there is still some level of opposition within the rank and file GAA membership on handing over Croker for ‘non competitive’ or friendly internationals. However, it is understood that the IRFU and FAI have each pointed that the notion of non-competitive fixtures is a misnomer: rugby “tests” and football “friendlies” are part of a fixture programme, for which countries are ranked accordingly.
To be honest I don’t care for Gaelic Football but Hurling is a great sport (not that I ever actually played it – the consequences of giving me a weapon on a sporting pitch would have been disastrous!). Overcoming well over a century of dogma has been a resounding success and the prospect of lots of money for grassroot development must be an attractive idea.
Examiner.
If the Association approves the use of Croke Park next year for competitive and non-competitive rugby and soccer internationals, it will net the GAA over €10m (£6.7m or $13m) in 2008. The indications are that Central Council will ratify up to ten more profile rugby and soccer internationals for Croke Park in 2008.
While agreement on competitive fixtures is likely, there is still some level of opposition within the rank and file GAA membership on handing over Croker for ‘non competitive’ or friendly internationals. However, it is understood that the IRFU and FAI have each pointed that the notion of non-competitive fixtures is a misnomer: rugby “tests” and football “friendlies” are part of a fixture programme, for which countries are ranked accordingly.
To be honest I don’t care for Gaelic Football but Hurling is a great sport (not that I ever actually played it – the consequences of giving me a weapon on a sporting pitch would have been disastrous!). Overcoming well over a century of dogma has been a resounding success and the prospect of lots of money for grassroot development must be an attractive idea.
A Hain, a wreath and the first Bloody Sunday
Lansdowne Road, the home of Irish rugby (The Irish rugby team represents the whole of the island) and where the Republic’s Football team plays its home internationals, is undergoing a major renovation and will be unavailable for use until 2009. In the meantime the Gaelic Athletic Association (GAA) has allowed both teams to use its ground at Croke Park.
That the GAA has allowed rugby and football matches to be played at Croke Park required a change in its rules: until 2005 there was a ban on “foreign” sports using GAA grounds (The ban seemed to be against Football and Rugby and I suppose Cricket and Hockey too. Croke Park had been the venue for an American football match in the 80s). The first British “foreign” sport to be played there was the Ireland – France Six Nations rugby international which France won 20-17
Ireland plays England there on 24 February. According to Sunday’s Observer (Not sure how I missed it, I can thank Gert for highlighting it) at the Northern Ireland Office is considering plans for the Secretary of State, Peter Hain, to lay a wreath at a memorial to Gaelic sports fans shot dead by British forces inside the stadium in 1920 and issue an apology from the British government for what has become known as the first Bloody Sunday massacre.
Briefly, 21 November 1920 was a particularly bloody day during the Irish War of Independence. On the morning of 21 November, IRA teams acting on the orders of Michael Collins mounted an operation aimed at destroying the British intelligence network in Dublin. The operation was successful and 14 agents were killed.
In the afternoon 5000 spectators had gathered in Croke Park to attend a football match between Dublin and Tipperary. A police force was given the task of surrounding the venue with the stated intention of searching all males leaving the stadium. Shots seem to have been fired at the police convoy as it arrived at the stadium. The police entered the ground and fired into the crowd. 14 people died, either shot or trampled to death by fleeing spectators.
November 21 was a disastrous day for British rule in Ireland. Not only was British Intelligence in Ireland crippled the deaths at Coke Park increased support for the republican government.
The proposals to lay a wreath are opposed by Irish rugby veterans and Unionist MPs. Hard line republicans are unsurprisingly disgusted that a British “foreign” sport would be held at Croke Park in the first place.
Former Ireland international Trevor Ringland said that the proposal posed great dangers for peace and reconciliation. Ringland, who runs the anti-sectarian 'One Small Step' campaign in Northern Ireland, said: 'The fact that this game is being played at Croke Park, thanks to the generous decision of the Gaelic Athletic Association, will have positive ripple effects for the future. But plans for a wreath-laying ceremony and the apology will only mix sport with politics. It will bring the politics of the 20th century into the attempts at reconciliation in the 21st century. The government should think again before going ahead with something like this.'
Democratic Unionist MP Jeffrey Donaldson accused the Northern Ireland Office of “'monumental stupidity”. 'Whoever thought up this bright idea ought to consign it now to the dustbin of history. Rugby has always been a community where politics and sports do not mix. I sincerely hope this plan is dropped immediately, as it would outrage thousands of rugby fans, not only in Northern Ireland but also across this island.'
English fans may well encounter republican protests at the game. The breakaway nationalist group Republican Sinn Fein (RSF), which opposes the peace process, has confirmed it will picket the match. The political allies of the Continuity IRA said playing the game at Croke Park - the home of Gaelic sports in Ireland - was part of a process to 'normalise the occupation of Ireland'. Des Dalton, RSF's vice-president, said: 'The political symbolism of inviting the national team of a country which forcibly occupies part of Ireland to Croke Park is something Irish republicans are determined to publicly protest against.'
What to say about tall of this? I am glad that the GAA has overturned its anachronistic rule against rugby and football matches being held at its grounds . Doctrine and dogma aside, it will surely be a very profitable venture for them. As for the wreath - will it undo what happened nearly 90 years ago? Of course not. Can it be anything else other than an empty gesture? . I somehow get the feeling that the only thing laid to rest will be the proposal itself! I hope it is a good game and failing the cricket test, sorry, rugby test I hope Ireland are victorious! As ever I wish old throwbacks like the RSF went the way of the dinosaurs.
That the GAA has allowed rugby and football matches to be played at Croke Park required a change in its rules: until 2005 there was a ban on “foreign” sports using GAA grounds (The ban seemed to be against Football and Rugby and I suppose Cricket and Hockey too. Croke Park had been the venue for an American football match in the 80s). The first British “foreign” sport to be played there was the Ireland – France Six Nations rugby international which France won 20-17
Ireland plays England there on 24 February. According to Sunday’s Observer (Not sure how I missed it, I can thank Gert for highlighting it) at the Northern Ireland Office is considering plans for the Secretary of State, Peter Hain, to lay a wreath at a memorial to Gaelic sports fans shot dead by British forces inside the stadium in 1920 and issue an apology from the British government for what has become known as the first Bloody Sunday massacre.
Briefly, 21 November 1920 was a particularly bloody day during the Irish War of Independence. On the morning of 21 November, IRA teams acting on the orders of Michael Collins mounted an operation aimed at destroying the British intelligence network in Dublin. The operation was successful and 14 agents were killed.
In the afternoon 5000 spectators had gathered in Croke Park to attend a football match between Dublin and Tipperary. A police force was given the task of surrounding the venue with the stated intention of searching all males leaving the stadium. Shots seem to have been fired at the police convoy as it arrived at the stadium. The police entered the ground and fired into the crowd. 14 people died, either shot or trampled to death by fleeing spectators.
November 21 was a disastrous day for British rule in Ireland. Not only was British Intelligence in Ireland crippled the deaths at Coke Park increased support for the republican government.
The proposals to lay a wreath are opposed by Irish rugby veterans and Unionist MPs. Hard line republicans are unsurprisingly disgusted that a British “foreign” sport would be held at Croke Park in the first place.
Former Ireland international Trevor Ringland said that the proposal posed great dangers for peace and reconciliation. Ringland, who runs the anti-sectarian 'One Small Step' campaign in Northern Ireland, said: 'The fact that this game is being played at Croke Park, thanks to the generous decision of the Gaelic Athletic Association, will have positive ripple effects for the future. But plans for a wreath-laying ceremony and the apology will only mix sport with politics. It will bring the politics of the 20th century into the attempts at reconciliation in the 21st century. The government should think again before going ahead with something like this.'
Democratic Unionist MP Jeffrey Donaldson accused the Northern Ireland Office of “'monumental stupidity”. 'Whoever thought up this bright idea ought to consign it now to the dustbin of history. Rugby has always been a community where politics and sports do not mix. I sincerely hope this plan is dropped immediately, as it would outrage thousands of rugby fans, not only in Northern Ireland but also across this island.'
English fans may well encounter republican protests at the game. The breakaway nationalist group Republican Sinn Fein (RSF), which opposes the peace process, has confirmed it will picket the match. The political allies of the Continuity IRA said playing the game at Croke Park - the home of Gaelic sports in Ireland - was part of a process to 'normalise the occupation of Ireland'. Des Dalton, RSF's vice-president, said: 'The political symbolism of inviting the national team of a country which forcibly occupies part of Ireland to Croke Park is something Irish republicans are determined to publicly protest against.'
What to say about tall of this? I am glad that the GAA has overturned its anachronistic rule against rugby and football matches being held at its grounds . Doctrine and dogma aside, it will surely be a very profitable venture for them. As for the wreath - will it undo what happened nearly 90 years ago? Of course not. Can it be anything else other than an empty gesture? . I somehow get the feeling that the only thing laid to rest will be the proposal itself! I hope it is a good game and failing the cricket test, sorry, rugby test I hope Ireland are victorious! As ever I wish old throwbacks like the RSF went the way of the dinosaurs.
12 February 2007
Ultravox (John Foxx era)
The Wild, the beautiful and the damned
Dangerous Rhythm
Wide Boys
I liked the Midge Ure era Ultravox but the three albums with John Foxx on vocals are still among my favourites
11 February 2007
And while on the subject of 70s style policing...
...I am looking forward to the new series of Life on Mars. Will Sam Tyler return to the present day or will be be trapped in the 70s? I do have one gripe: it is being shown a the same time as Battlestar Galactica. Ah well, one will just have to be recorded.
Got to love the advert for the new series:
Got to love the advert for the new series:
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