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Article

UK stops 'vulture funds' picking on poor

Britain's parliament has voted to ban so-called "vulture funds" which profiteer from third world debts. Vulture funds buy up a poor nation's debt at knockdown prices, before going to court to recover the full amount...[O]ne of [the law's] first effects will be to block a fund collecting £12m from Liberia for a debt dating from 1978...Nick Dearden of the Jubilee Debt Campaign said of the change: "It will mean the poorest countries in the world can no longer be attacked by these reprehensible investment funds who grow fat from the misery of others."...[I]n 2007, a BBC investigation revealed that an American, Michael Sheehan...was profiteering from the deal to write off third world debt. [includes video]