Ending the vulture culture
When a General Election is called in the UK, all proposed legislation then in progress in Parliament is subject to a bizarrely named and opaquely executed process known as “wash up”. The Government and Opposition agree which legislation can be rushed to the Statute Book with anything politically controversial usually dropped and much horsetrading.
I’m pleased to note that a Bill on vulture funds – formally called the Debt Relief (Developing Countries) Bill – survived this process since I wrote in support of the measure. The legislation cracks down on so-called vulture funds which prey on developing countries by purchasing their debt at low cost and then suing them for the money.
More information here.