SMILING CARCASS'S TWO-PENNETH

Commenting on social, political, economic and general topics

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

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I absolutely abhor these people and companies who buy up debts- at this level and at a personal level.

Debts are not sold if you are paying them; only defaulted debts are bought at a peppercorn cost and the debt collectors then chase you to pay the full debt knowing full well the reason they were sold in the first place was because you couldn’t pay them!

This is the reason they may buy a £1,000 debt and offer to settle for, say one payment of £400- because they probably only paid £200- or even less- for it.

All such debt purchasing should be outlawed, or at the very least STRICTLY regulated.

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…

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Written by Smiling Carcass

31/07/2014 at 7:01 PM

Posted in Uncategorized

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