• Show Icons

CO-OPERATIVE BANK VULTURES: SOMALI PIRATES “RESCUE” OIL TANKER

 

Vulture Funds

Somali Pirates “Rescue” Oil Tanker
by Sean Boyle

Describing the Co-op Bank “recapitalisation” plan as a “rescue” is like saying Somali pirates have “rescued” an oil tanker from the Persian Gulf.

In many ways the UK’s Co-op Bank is neither fish nor fowl: not mutual yet owned by the mutually owned Co-op Group; the Co-op Bank is a Public Limited Company but not listed on the London Stock Exchange nor at this moment owned by private investors. This ambiguity, financial difficulties and boardroom farce is currently being taken advantage of by six ruthless US hedge “vulture” funds, which have seized control in a highly leveraged hostile take-over of the Co-op Banking Group.

The six US hedge “vulture” funds, which have been named in the Guardian article linked to below, are: Beach Point Capital Management, Caspian Capital, Canyon Capital Advisors, Monarch Alternative Capital, Silver Point Capital and Aurelius Capital. Aurelius Capital is famous for currently holding the entire population of Argentina to ransom for £800 million by blocking, via a sympathetic judge in the New York legal courts, an agreement, between Argentina and several major international investment banks, for the banks to take a substantial hair-cut and forgive billions of Argentina’s debt. As well as saving the Co-op Bank from the “vultures” Occupy and other international campaign groups must assist in any way they can the Argentineans in their struggle against Aurelius Capital.
http://www.theguardian.com/business/2013/nov/04/co-op-group-rescue-activist-hedge-funds

The hedge “vulture” funds are financed by as yet unnamed international investment banks and supplied with advice and business intelligence by Moelis & company, an international “boutique” investment bank, as reported in the same Guardian article that names the six “vultures” linked to above. “Boutique” is obviously a ridiculous term for describing a type of bank. Though in fairness Moelis & company does rival Louis Vuitton for the number of “boutiques” in fashionable international business centres: New York, Beijing, Boston, Chicago, Dubai, Frankfurt, Hong Kong, Houston, London, Los Angeles, Mumbai, Palo Alto, Paris and Sydney. However Moelis Bank is way more exclusive than Louis Vuitton could dream of being. Quite amazingly Moelis & company has grown rapidly from nothing since being founded in 2007, around the time of the global international banking crises, as caused by US investment banks, which is the inverse to many banks around the world that have collapsed or gone into rapid decline since 2007. Therefore Moelis & company must be very well connected with international intelligence agencies in order to achieve this incredible growth: whilst 99% of the population have been forced to pay for the 2007 banking collapse through austerity and near zero interest rate returns on their hard earned life savings. Interestingly the Wikipedia entry for Ken Moelis, the founder of Moelis & co, lists Ken as also being the chairman of the Tourette Syndrome Association and so he is well placed to tell his hedge “vulture” fund clients to f**k-off and leave the Co-op Bank alone!

At least Somali pirates never insult the intelligence of their captives by claiming to be “rescuing” them.

LINKS:
http://occupylondon.org.uk/bank-of-england-resolution-to-stop-vultures-asset-stripping/

 
© 2012 Occupy London
Powered By DynamiX