Billionare Paul Singer's and other Vulture capitalists scam to fleece American Taxpayers appears to work as follows:
Well meaning Americans empathize with the suffering of starving third world citizen, being attacked by a changing climate, overpopulation, civil war and strife, and aids. President Bush magnanimously offers up a program to offer Debt Relief to the third world country, and the US Congress responds by approving funds, which are then held in a US account.
Simultaneously, Vulture funds such as Paul Singer's, knowing that the target country finances are about to be re-capitalized by the US Taxpayers, go out and buy up the debt which was supposed to be forgiven. Here's a recent example:
'...By extraordinary coincidence, the amount claimed is almost exactly the sum which Zambia is due to receive this year as a result of the Gleneagles debt deal...'
The Vulture funds then sue in England or other countries, and gain awards for the junk bonds that were about to be forgiven. After the Court rules in favor of the Vulture fund, the Vulture fund can then tap into the funds approved by the US Congress for debt relief.
In the case of the Vulture fund suit won Friday against Zambia, the $2 million dollar junk bonds bought by the Vulture fund must now be repaid with interest. Debt that the US Government planned on forgiving for $2 million dollars is now worth $40 million due to the British Court settlement.