Justice Is Blind And also deaf, dumb and stupid in the Southern District of Manhattan

http://www.unz.com/article/justice-is-blind/

Justice Is Blind

And also deaf, dumb and stupid in the Southern District of Manhattan

Philip Giraldi

• March 22, 2016

There is easy money to be made in Manhattan. If you want some big bucks, you can claim you have been wronged by a foreign country or a rich man who lives overseas. You can sue him in New York because the United States claims de facto jurisdiction over the entire world due to the fact that bank transactions and communications from just about everywhere go through the U.S.
Because of easy access to friendly judges, New York City is the vulture fund capital of the world. A vulture fund preys on countries or businesses that are in distress and likely to default or that have already defaulted. It buys up bonds on the secondary market for pennies on the dollar and later it sues for full face value of the bonds. Vulture funds are one of the ugliest faces of predatory capitalism.
Argentina defaulted on its debt in 2001. In August 2013 the Federal U.S. District Judge in New York, Thomas P. Griesa, ruled that it would have to pay two vulture hedge funds the full value of Argentinean debt that the funds had reportedly obtained for around twenty cents on the dollar. One of the funds was Elliott Management Corporation, which is owned by billionaire Paul Singer. Singer recently has been the principal financial supporter of the Senator Marco Rubio presidential run.
To compel compliance, Griesa blocked Argentina from paying interest to the holders of the 93% of government bonds that it had already restructured without first paying off the vulture funds, essentially freezing the Argentine economy and making it impossible for it to borrow on international capital markets. In effect, the Argentinian people were required to experience considerable pain to benefit a New York billionaire who had pulled a shady maneuver to make more money. http://www.unz.com/article/justice-is-blind/