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Supreme Court Refuses Argentina Hedge Fund Debt Case June 16th, 2014
Lower Court Ruling Stands and Validates Hedge Fund Predatory Behavior
Washington DC – The US Supreme Court denied hearing Argentina’s appeal today and a lower court ruling stands that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina’s restructuring deal after the default.
Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA, releases the following statement:
“I am blown away by the decision. For heavily indebted countries trying to support extremely poor people, this is a devastating blow. These hedge funds are equipped with an instrument that forces struggling economies into submission.
“For 15 years, Republicans and Democrats have agreed that the world’s poorest countries need to have their debt burdens reduced. Today, that bipartisan policy is threatened by the court’s decision.
“The religious community is saddened that these extreme actors will now broaden their efforts to collect assets that belong to the poor.
“One loser today is New York State. Given today’s ruling, countries wishing to borrow money are going to find other places to sign their contracts. That’s why legitimate Wall Street investors have joined the IMF, World Bank, United Nations and the United States Government in opposing this behavior.
“Given the ruling, we need to see what legislative remedies we can implement to stop these hedge funds.”
Read a history and timeline of the case.
Read Jubilee’s USA’s filing urging the Supreme Court to take case.
From Stewardship to Power: Religious Organizations & Their Investment Potentials June 11th, 2014
A new report from 3iG (International Interfaith Investment Group) makes the case that if negative screening is all that faith-based investment portfolios do, they are missing a major opportunity. Read the full report on ISSU.
STOP Trafficking During FIFA! June 5th, 2014
In a week, “the biggest single-event sporting competition in the world” will commence: The FIFA World Cup. Half a million people are anticipated to attend the 2014 World Cup, which will be held in Brazil.
Live Your Dream is an online community empowering offline action, helping women and girls to live their dreams. They sponsored a #STOPTrafficking Awareness Week before the Superbowl in January. Along with spectators, large sporting events see an influx of sex trafficking victims.
You can take action to STOP Trafficking during FIFA!
Live Your Dream has created a resource and letter for nearly 200 hotels in the 12 Brazilian host cities to help hotel employees recognize the signs of trafficking and encourage them to contact the authorities if they suspect trafficking.
GOAL: 7,000 signatures in 7 days – SIGN HERE! Over 4,000 people have signed the letter as of this posting.
With the World Cup a week away, the organization is trying to get as many signatures of support as possible. Please sign your name now, and share this action with others so they may help put a stop to this atrocious crime against women and girls.
Resources to Root Out Slavery June 2nd, 2014
Below are two great resources to help us learn about and do something about modern day slavery. Please check them out.
Know The Chain is a resource that can be used to educate people about the existence of slavery in supply chains. It seeks to open dialogue to help companies build supply chains free of forced labor and trafficking. Visit the site: www.knowthechain.org
The Amistad Movement is a national education campaign, sponsored by the US Conference of Catholic Bishops, that works through churches, cultural organizations, and other community-based groups to empower immigrants and local leaders to prevent human trafficking in their communities.
Through the training you will learn how to:
- identify human trafficking and exploitation in the domestic, agricultural, service, and sex industries;
- establish partnerships with coalitions and other organizations dedicated to combating human trafficking;
- support survivors of human trafficking;
- become an ethical employer and consumer; and
- educate others about this modern day slavery
For more information or to schedule a free training in your community please email MRSTRAFF@usccb.org or call (202) 541-3021.
Shareholder Proposal Succeeds in Bringing Google to the Table to Talk about Corporate Taxes May 23rd, 2014
The Oblates supported a shareholder proposal filed by Domini Social Investments with Internet giant, Google, seeking a responsible code of conduct on global tax strategies. Google has agreed to sit down with the investor group and discuss this issue, which is an important element in the conversation around the role of government and the revenue sources available to it to meet its responsibilities.
Adam Kanzer, Managing Director and General Counsel at Domini, wrote an Op Ed to explain the thinking behind the investor position that corporations need to pay their fair share of taxes. In it, he dispels a few myths about US corporate taxes, and argues that a deeper analysis shows that “Corporate tax minimization strategies present serious threats to long-term wealth creation and might pose greater risks than corporate taxation itself.”
Click here to read more »
