26 June 2011

Vulture Funds Act made permanent

It seems to have gathered little or no coverage at the time but it very leasing to see that The Debt Relief (Developing Countries) Act 2010 was made permanent last month.

The main effect of the act was to prevent creditors from using British courts to seek harsh payments from some of the poorest and most vulnerable countries for debts that the likes of vulture funds may have bought for a fraction of the cost.

Paul Singer - a face of evil

It means that human excrement like Paul Singer, the CEO of the Elliott Management Corporation cannot use British courts to screw over poor countries.

The act was originally a private member's bill that gained government support at the very end of the last Labour administration. Despite the efforts of Christopher Chope, the slimebag who sits as a Tory MP for Christchurch, the bill became law. However there was a "sunsetting clause" which meant that the act would fall into abeyance unless it was supported by the new Tory/Lib Dem administration. It is to their credit that support was given and the act is now permanently on the statute books.


Welshcakes Limoncello said...

Wish they could do the same for private individuals, jams!

jams o donnell said...

That would be good. In the meantime it's good to clip the wings of these amoral bastards

susan said...

I really wish the same thing would happen in the US. Unfortunately, there aren't enough intelligent and well informed people showing their disgust yet..

jams o donnell said...

It would be good if the US followed suit. Sadly many of the vulture fund vermin are americn