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September JPIC Action Alert! September 21st, 2009
Take action now on these important issues:
- Tamils Languish in Sri Lanka Camps – Ask your Representative to Sign onto House Resolution 711 Calling for their Release
- “Stop Vulture Funds” Act needs your support
- Amendment Needed to Prevent Public Funding for Abortion in the Health Care Legislation – Write Your Representatives!
Please click here for our Action Alert.
Thank you for taking action.
Stop Vulture Funds Bill Supported by Broad Array of Faith Groups and NGOs August 21st, 2009
The Oblate JPIC Office joined a broad array of faith groups and Non-Governmental Organizations in sending a letter to US Congressional Representatives asking for their support for the Stop Vulture Funds Act. This is newly introduced legislation that would prevent vulture funds (often a type of hedge fund) from making this excessive profit at the expense of poor countries struggling under the burden of debt.
‘Vulture fund’ is a name given to a company that seeks to make profit by buying up debt that is in default on the secondary market for pennies on the dollar, then sues the country in US or European courts once creditor countries forgive the debts owed them by a struggling country. As the value of the remaining debt rises, the Vulture Fund can often recover up to ten times the purchase price.
Some vulture funds target failing companies, but the ‘vulture fund’ campaign is focused on those that target the sovereign debts of impoverished countries.
