Monday, June 30, 2008

Hunting season on "vulture" funds

The new issue of Conde Nast Portfolio writes about Elliott Management and other "vulture" funds. The story illustrates how Elliott buys foreign debt at deep discounts and then uses the courts to win payments from governments like Congo and Zambia. The practice has drawn the ire of activists who want to advance debt forgiveness as part of economic development in the Third World.

Note: A posting makes important clarifications to the print story and sets the record straight about "vulture" funds.

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