From Greg Palast:
Singer is a speculator, the predator-in-chief of the flock of financiers, collectively known as "vultures," who buy up the right to collect on old loans made to the world's poorest nations. Vultures use law suits, political muscle, and in some cases, bribery, to get nations like Congo and Liberia to pay these hedge funds up to 100 times what the vulture originally paid for the debt.
As you can imagine, vultures don't have lots of friends; and those they have they must purchase.
The vultures had been looking for some morally challenged congressperson to front a bill to help them crank billions from the budgets of Third World nations. The law that could make demi-billionaire Singer a billionaire is called, "The Judgment Evading Foreign States Accountability Act" (H.R. 2493).
In effect, the bill says that if Argentina (and other Third World nations) don't pay Mr. Singer and his vulture buddies the billions they demand, then the US government will act as Singer's enforcement arm, hanging out Argentina to dry, cutting off trade between our countries.
Now, as Mr. Singer became Mr. Checkbook to the Republican Party in New York, you'd assume that his make-me-richer bill would be sponsored by some right-wing GOP troglodyte. Wrong: the rent-boy, the chief sponsor of Singer's bill, was, to our amazement, the "liberal" Democrat Eric Massa.
RICO or Racketeer Influenced and Corrupt Organizations Act was originally for prosecuting crimes committed by those in the Mafia. I would argue that the banking industry in the country is a type of government sanctioned Mafia. Racketeering can be charged if they have committed two of 35 crimes, like extortion or usury. The thing is they used their power and money to get the laws changed so they could not be found guilty of any crimes. If anyone else is caught racketeering they go to prison. This is another example of our two tier justice system. What really makes me sick is when people go on TV or write a discussion saying it isn’t the fault of the people running these companies because it is their job to do this. They knew what they were doing was wrong, why else would they be paying of legislators to change the laws to their favor? That is like saying it isn’t a burglar’s fault they are breaking into your house because it’s his job.