Vulture Capital: Part II

Obama Can End Argentina’s Debt Crisis with a Pen

The President has the Constitutional power to pluck vulture-fund billionaire Paul Singer. Obama hasn’t. Why not?

By Greg Palast for The Guardian

The “vulture” financier now threatening to devour Argentina can be stopped dead by a simple note to the courts from Barack Obama. But the president, while officially supporting Argentina, has not done this one thing that could save Buenos Aires from default.

Obama could prevent vulture hedge-fund billionaire Paul Singer from collecting a single penny from Argentina by invoking the long-established authority granted presidents by the US constitution’s “Separation of Powers” clause. Under the principle known as “comity”, Obama only need inform US federal judge Thomas Griesa that Singer’s suit interferes with the president’s sole authority to conduct foreign policy. Case dismissed.

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