Vulture funds abuse the system, acquiring distressed debt in secondary markets to multiply profits at the expense of the poor and weak. While the practices originated in South America, the method has increasingly been used to target African countries.
The facts are simple. Mitt Romney's blind-trust invested more than a million dollars in a "vulture fund" managed by Paul Singer, a Romney adviser. Here is the tangled web that leads to lost American jobs -- and a 3,000% profit for Singer and Romney.
Our elections have replaced horse racing as the sport of kings. Only these kings are multi-billionaire, corporate moguls who by the divine right, not of God, but the United States Supreme Court and its Citizens United decision, are now buying politicians like so much pricey horseflesh.
Chanos and Paul Singer briefed prominent policy officials about the growing financial instability. They told officials that banks that were about to sink the global economy. They called for decisive action. And they were ignored.