News Archives » vulture funds
Jubilee USA Meets with White House Staff January 3rd, 2013
On December 20th, the leadership of the Jubilee USA Network met with Gayle Smith, Senior Director at the National Security Council and Special Assistant to President Obama on issues related to debt forgiveness, Vulture funds, tax havens, responsible lending and borrowing, and international financial institution reform. Fr. Seamus Finn, OMI attended the meeting on behalf of the Oblates, who are members of Jubilee USA. Learn more…
Isle of Man enacts legislation to outlaw vulture funds December 12th, 2012
Legislation to prevent the Isle of Man being used by ‘vulture funds’ to exploit the debts of some of the world’s poorest countries has this week received Royal Assent. The Isle of Man is known as a tax haven, but deserves recognition for this move toward greater transparency and ‘best practice’ regulation.
The Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts.
The legislation prevents vulture funds from buying up poor nations’ debts for a fraction of their original amount and then using the courts to sue for the full value, plus interest and penalty charges.
Treasury Minister Eddie Teare MHK said the move was designed to send a clear message that the Isle of Man was a well-regulated, transparent and co-operative country.
Click here to read more »
Victory Against Vulture Funds! July 23rd, 2012
Jubilee USA Stopped Vulture Funds in New York State; Courts Stopped Them in the UK
In June, Jubilee USA – of which OMI JPIC is a member – launched a campaign to stop vulture fund legislation from passing in the New York State Legislature. Vulture funds were attempting to get Bills through that would have promoted and protected vulture funds in New York State courts, making it easier for vultures to litigate against poor countries.
Jubilee mobilized more than 4,000 New York Jubilee members to take action, calling and writing their Assembly Members and Senators to stand with the poor and not with the hedge funds.
The Wall Street Journal’s Jacob Gersham wrote how important this work was: “The path became trickier for Elliott on Friday, when an alliance of religious groups that supports debt relief for developing nations, Jubilee USA Network, entered the fray by issuing a mass alert about the bill. It said the proposed law could be wielded in poorer regions and “litigate poor countries into submission.” Read the full article in the Wall Street Journal.
UK Courts Rule Against Vulture Funds, Support DR Congo
In a surprise decision in the Jersey Isles, the UK’s Privy Council overturned a prior ruling, siding with the Democratic Republic of Congo against vulture fund FG Hemisphere. FG Hemisphere was seeking $100 million from the DRC for a debt the vulture fund bought for just $3 million. While having initially lost the case, the DRC has won on final appeal. While the UK passed a law in 2010 limiting the amount a vulture fund could claim from impoverished countries, it did not apply to crown protectorates, like Jersey, where vultures funds could still pursue cases. This decision was pleasantly unexpected and a cause for celebration.
World AIDS Day 2009 – Focus on Universal Access and Human Rights November 24th, 2009
December 1st each year is World AIDS Day. It is a day dedicated to raising awareness of the AIDS pandemic caused by the spread of HIV. The global HIV/AIDS pandemic is a major health and development issue. AIDS also continues to present pastoral challenges to the Church. Missionary Oblates in South Africa are regularly working directly with and supporting people living with HIV/AIDS.
Click here to read more »
Lift the Debt Burden on Poor Countries September 21st, 2009
Without debt relief, the developing world has little hope of economic progress, say the Rev. John Welch* and Ruth Messinger*.
The two members of Jubilee USA argue for debt cancellation in the poorest countries in a compelling article published in the Pittsburgh Post Gazette on the eve of the G-20, the international financial summit being hosted by President Obama.
Click here to read more »
