Vulture Funds Feed on the Global Poor
Liberia is the most recent country to fall into the talons of a "vulture fund." Last week, British courts ruled that Liberia has to pay $20 million to two vulture funds, Wall Capital Ltd. and Hamsah Investments, for a debt that dates back to 1978.
Vulture funds are private companies that buy up impoverished countries' old debt, usually for pennies on the dollar. They wait until a country receives international cancellation of its other debts