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Wednesday, May 16, 2012

'Vulture funds' circle as Greece fears grow

This is a fascinating story on how some clever folks are making a bloody fortune off of Greek misery. I don't even understand how such things even happen. In a sane world, those who made bad investments just lost their money. But getting very rich off of gambling on human misery is something that sickens me. Clearly, there are many wealthy folks who are adept at gaming the system, a system specifically designed for their exclusive benefit which includes the power to exploit.
An American tax exile living in the Cayman Islands has emerged as a winner from the chaos engulfing Greece, even as the political and economic turmoil in the beleaguered nation deepened yesterday, with Athens putting a senior judge in charge of an emergency government to lead it to fresh elections. Kenneth Dart, the Michigan-born heir to a disposable cups fortune, was handed an estimated €400m (£320m) cheque from Greece this week, after successfully calling the country's bluff and refusing to take part in the restructuring of government debt that saved Greece from default in the spring....Mr Dart first came to international attention in this sphere by pocketing an estimated $600m from putting pressure on the Brazilian government after its default in 1993.
Read the rest here
The Independent

Judy Morris,
Blogger, THL
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