A Tree Falls in the Forest

You are truly amazing!

You wonderful, fantastic yeomen have made the last few days an emotional journey for me. Thank you. Your responses to my blog on the rather nasty, tacky world of Vulture Funds has been incredible.

The response to the story has been huge and fantastic. I have received extra comments on my blog, there have been wonderful messages of support and so many of you have taken up the cudgel on this immoral practice. (Note 1).

As the weekend has gone on I have found more and more reading material, plus I have been blessed with support from friends and friends of friends on the subject – and it has been a really great experience. However, I should point out one misconception from the outset. I cannot claim any credit for starting anything. If anyone deserves credit for bringing this to public attention it is Greg Palast. You can also watch the original TV report from BBC Newsnight from his site.

In this rather emotional ramble, I am going to try and thank everyone who has responded to my call, give you a link to some of the people who have written their own articles or had their own ideas about the topic. I shall try to answer some of the questions I’ve had and respond to comments. I will also try to restore some balance by linking to some counter arguments. (Note 2)

The biggest problem is knowing where to start. The answer is with those who have made their own blog entries.

Sean produced an alternative slant on how to get your voice heard. As well as providing some useful links to how all you fine, concerned Merkins can contact your Senators and Representatives. He also provided some links to major news organisations and some standard letters to ‘cut & paste’ asking them to give the story some prominence. While I was waiting to fully come round this morning, I followed Sean’s lead and tried to email as many news organisations as I could think of. It is amazing how many hide away their contact details. Hidden in the comments section of this blog, Kerry suggested an email address for the White House of ‘comments@whitehouse.gov’. Visiting Sean’s blog also comes with the added bonus of some excellent photography and fine commentary – so you should check it out.

Another fine blog entry came from Fuzzy Slippers. As well as being well written (as are all her blogs – even if she does seem to have an unhealthy appetite for giant sprouts) there are some excellent links included both to learn more about the topic and to get your voice heard.

Despite being pipped in the contest for a Gold Star, (Note 3), Nikki D made a passionate plea for you all add your hoarse whisper to ours so that it becomes a roar. This plea being all the more heart warming because Nikki attended the “Make Poverty History” march back in 2005.

Kerry was one of the first to make her voice heard. She has set up a petition on ipetitions to highlight the problem. Anyone can sign this petition there are no exceptions – so if you haven’t already, please could you spare some time to add your name and comments?

There are others out there who have made the own contributions, updated blasts, signed petitions and fired off emails. All of which helps spread the word about this immoral practice – the more people who know about this the better!!! (Oh No!! I’ve taken to using multiple exclamation marks!!!! Someone pass the Dried Frog Pills, quick!!!!!).

Whatever your desiccated amphibian supplement of choice, the truth is that the powers will only take action if enough voices are heard. So the more people you can tell about this the better. So, please, spread the word.

If you haven’t already, please sign the ipetition - anyone can sign.

If you are a British resident or a British citizen living abroad, you can add your name to the petitions on the Number 10 website. Such is the delight of technology, there has ended up with more than one petition and you can find them here and here. If you can spare the time please sign both.

So where are we with all of this? Well, on the ipetition there are 53 signatures. On the Number 10 petitions there are 35 signatures on one petition and 24 on the other. In short – there is still more work to do! Hey, I even tried opening a question on Yahoo answers.

OK, I haven’t forgotten. I said I would offer you a counter argument on Vulture funds – well, here it is.

I shall end with a couple of other interesting links to the Jubilee Debt Campaign, a chance to email Donegal International to ask them not to collect the debt. Plus a chance to email Gordon Brown, the UK Chancellor (and some believe the next UK Prime Minister), to ask him to do something about it. I know I must be sounding boring now, but if you can spare the time… yackety, yackety.

Sorry I keep banging on about this, but my blood is still boiling.

From 14th June 2006, the industry standard Crozzy Standard has been applied to footnotes.

NOTE 1: This cudgel being a short heavy stick used to beat people rather Nightswerve’s Velvet Cudgel which has the effect of transporting you to idealised realities where it is highly unlikely that such things as Vulture Funds would ever get to see the light of day. Click to return

NOTE 2: Such is the response, I’m not sure I will ever be able to thank everyone individually for responding. Such is the amount of reading, I am not at all sure that I have seen all of the contributions to the debate. Such is the emotion, I doubt that I have been able to remain objective. Click to return

NOTE 3: Nikki should have been a shoo in for a Gold Star. Her stint as milk monitor saw one of the most efficient distributions of dairy products EVAR. Despite being on of the best pencil sharpeners in the 360 world, she still failed to get her reward. Even though she suffered this injustice she manages to think of others. Click to return

TECHNORATI TAGS : Vulture Funds ; petition ;debt ; Make Poverty History ; relief; Dracula.

Your Help Please

Will of the People versus Personal Profit.

Yesterday you got a very long rambling blog that talked about voting, democracy in action – and introduced you to the rather nasty, tacky world of Vulture Funds.

Well, my concerned yeomen, today I return to the topic. (Note 1)

You may not realise this, but when someone defaults on a debt, the person who is owed the money may decide that it is effectively lost and that they have no chance of seeing their money. Banks can call this bad debt and write it off against tax. (Note 2) Before they do this, the banks can pursue payment through various means including the courts and debt recovery agencies.

Another option is to sell the debt for pennies on the pound to another company who will then seek to recover the full amount of the debt plus expenses. These companies are forced to be more aggressive about collecting the debt.

The ‘Vulture Funds’ buy the really big debts from corporations and countries and then go after the debt very aggressively indeed using high powered lawyers and accountants.

The Make Poverty History campaign targeted the G8 Summit in Scotland when Tony Blair chaired the event. Bono and Bob Geldof managed to wring out some concessions from the leaders of the industrialized nations to provide debt relief for the poorest countries who were showing a commitment towards democracy and freedom.

Zambia was on nation that was identified as one of the beneficiaries of that Debt Relief – but that doesn’t worry the Vulture Funds.

The BBC Newsnight program broke the story how the Vulture Funds were putting all of that work at risk by going after the full amount of debts that were due to be written off. At the actual High Court Hearing, the judge found in favour of the Vulture Fund.

The ‘Vulture Funds effectively wiped out any of the benefits Zambia would feel from International debt Relief this year. Millions of Zambians would not see the benefits of improved infrastructure health care and education.

The owners of the Vulture Funds can rub their hands with glee as several millions dollars are added to the millions already in their bank accounts.

This is where I ask you nicely for your help (Pretty Please).

Kerry has set up a petition on ipetitions. Please could you spare some time to add your name and comments to the petition?

Stormscrossing left a comment in the original blog entry with some links to the Jubilee Debt Campaign. Among the interesting links he gave were a chance to email Donegal International to ask them not to collect the debt. Plus a chance to email Gordon Brown, the UK Chancellor (and some believe the next UK Prime Minister), to ask him to do something about it. It would be great if you could spare the time to add your name to those campaigns.

Then, you are a British resident (citizenship is not required), you can add your name to the petitions on the Number 10 website. Such is the delight of technology, there has ended up with more than one petition and you can find them here and here (There maybe more yet – I’ll keep the list updated).

IMPORTANT : The number 10 website sends you an email to confirm your email address. Some junk mail filters treat this email as spam. If you don’t get a confirmation email with a link to confirm your signature – please check in your junk mail folder!

Sorry for taking up so much of your time, but I feel this is important. I hope you do too.

From 14th June 2006, the industry standard Crozzy Standard has been applied to footnotes.

NOTE 1: You will be pleased to know that this does not take the form of a test as I threatened yesterday. This isn’t out of any misplaced goodwill on my part, but because I am going to ask you to pledge a little of your time and energy to try to get our leaders to take action. Click to return

NOTE 2: So if a bank does a really bad job of assessing risk on a loan or doesn’t check that the loan can be repaid properly, they end up paying less tax – which means that governments have to get tax revenue elsewhere. So when banks lend badly we end up paying more!. Click to return

TECHNORATI TAGS : Vulture Funds ; petition ;debt ; Make Poverty History ; relief; Dracula.