Vulture Capital: Part I

The Vulture: Chewing Argentina’s Living Corpse

Vulture investor Paul Singer has forced the nation of Argentina into default. Here’s the real story, from Billionaires & Ballot Bandits by Greg Palast.

A call came in from New York to my bosses at BBC Television Centre, London. It was from one of the knuckle- draggers on the payroll of billionaire Paul Singer, Number One funder for the Republican Party in New York, million-dollar donor to the Mitt Romney super-PAC, and top money-giver to the GOP Senate campaign fund. But better known to us as Singer The Vulture.

“We have a file on Greg Palast.”

Well, of course they do.

And I have a file on them.

I had just returned from traveling up the Congo River for BBC and the Guardian. Singer’s enforcer indicated that Mr. Singer would prefer BBC not run a story about him— especially not with film of his suffering prey: children, cholera victims.

Like any vulture, Singer feasts when victims die. Literally. For example, Singer made a pile buying asbestos company Owens Corning out of bankruptcy. The company had concealed from its workers they would get asbestosis from handling their product.

You don’t want to die of asbestosis. Your lungs turn to mush and you drown inside yourself.

The asbestos company was forced to pay tens of thousands of its workers for their medical care and for their families after their deaths.

But then Singer used his political muscle to screw down the compensation promised to the workers. He offered them peanuts. And, dying, they took it. Like the Ice Man, Singer The Vulture used the cudgel of “tort reform” to beat the weakened workers into submission. With asbestos workers buried or bought-off cheap, Singer’s asbestos death factories were now worth a fortune . . . and Singer made his first “killing.”

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