October 29, 2009

This Halloween, don't forget the real-life scary fiends that lurk around the corner, threatening our friends in poor countries: Vulture Funds. Take action today to send a message to your Representative, urging him or her to cosponsor HR 2932: the Stop Vulture Funds Act.

Background

Of the 41 Highly Indebted Poor Countries (HIPCs) considered eligible for debt relief, 20 have faced legal action from Vulture Funds. They prowl the globe buying poor country debt at pennies on the dollar, bide their time until a country receives debt relief and then aggressively sue to get huge profits. Vulture Funds have won nearly $2 billion from some of the world's poorest countries, siphoning money away from people who need it the most and impeding countries' ability to use funds from debt cancellation to fight HIV/AIDS and poverty. Click here for the details of how Vulture Funds abuse our legal system to profiteer from the poorest of the poor.

Faith Reflection

"Hear this, you that trample on the needy, and bring to ruin the poor of the land, saying, ‘When will the new moon be over so that we may sell grain; and the sabbath, so that we may offer wheat for sale? We will make the ephah small and the shekel great, and practice deceit with false balances, buying the poor for silver and the needy for a pair of sandals, and selling the sweepings of the wheat’…Hate evil and love good, and establish justice in the gate.” (Amos 8:4-6; 5:15a).

The prophet Amos soundly decried the practice of profiting at the expense of those who are poor. Vulture funds are a modern-day example of this type of practice, as certain hedge fund investors profit by suing countries who have received debt relief.

Action

Encourage your representative to co-sponsor HR 2932, if s/he is not already. Click here for a list of current co-sponsors.

This alert is based on information from Jubilee USA Network, of which MCC is a member.