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Congo Blasts 'Vulture' Giuliani Backer
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ShareNovember 01, 2007 12:23 PM
A financial supporter of Rudy Giuliani's presidential bid is under fire from a developing nation for what the country calls predatory financial practices.
The African Republic of Congo has launched a lobbying and PR blitz in Washington, D.C., targeting "vulture" investors who buy up third-world debt cheaply and then apply legal muscle to force them to pay, according to the Washington, D.C. newspaper The Hill.
One such investor is Paul Singer, they say, whose $8 billion hedge fund controls an investment group which owns $118 million in Congolese debt -- and wants to collect.
Click Here for Full Blotter Coverage.
Singer and his employees have given more than $180,000 to Giuliani's campaign this year, according to the Los Angeles Times. And as chairman of Giuliani's fundraising in the Northeast, Singer has helped raise over $10 million for the former New York mayor's presidential bid, the paper reported in September.
Congo's lobbyists are linking Singer's largesse to GOP causes -- he has reportedly given more than $1.7 million to the Republican Party since 2000 -- and to what they consider inaction by the Bush administration to stop the "vulture fund" behavior of his investment group and others.
A spokesman for Singer's fund told The Hill that the allegations were "name-calling," and that the outfit only targeted "sovereign [nations] who can pay, but refuse." The Giuliani campaign did not comment.
Do you have a tip for Brian Ross and the Investigative Team?
November 1, 2007 | Permalink | User Comments (1)
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Isn't the purpose of foreign aid, other than human relief but to support the development of democracies. This seems like a good way to incentivize 3rd world countries to build infrastructure, (How much does it cost to make paver bricks?) improve education etc.
Let the debt-jobbers go after countries who don't improve the lot of their people.
My candidate for Congress once went to the Congo to minister to 1000 rape victims.
Posted by: Daniel Riojas | Nov 1, 2007 3:24:45 PM
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