Argentina is the latest country to suffer at the hands of US vultures. Paul Singer of the Elliott Management hedge fund will reap a huge sum based on his purchase of Argentinian bonds in 2001. His firm has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, to its knees.
Hedge funds like Singer's play a big part in the financialization of the global economy, making money off of money with no productive labor involved. They are making the inequality gap between the wealthy, the 1%, and the rest of us, the 99%, even bigger. Singer's money will be deposited into the account of one of his subsidiaries in the Cayman Islands, a tax-free jurisdiction, which means he will pay no US taxes on his windfall. [Read more...]
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