Ed Notes Online: Hedge Fund Vulture Hogs Default Argentina

Friday, August 1, 2014

Hedge Fund Vulture Hogs Default Argentina - And Public School Systems Too

Be greedy, fuck an entire country. I have an idea. Why doesn't Paul Singer start a charter school chain in Argentina - he could make more money than collecting on defaulted debt.

The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender. Argentina on Wednesday failed to make scheduled payments on its government bonds. The country has the money to pay the bonds. But a federal court in Manhattan has ruled that unless Argentina settles its debt dispute with Mr. Singer’s firm, Elliott Management, it is barred from paying its main bondholders...... Argentina Finds Relentless Foe in Paul Singer's Hedge Fund, NY Times, July 31

Argentina is refusing to pay the hedge fund simply because it believes that the HF will make an exorbitant (vulture like) return. The fact is that Argentina will not pay the HF any more than any other bondholder. The HF simply has a lower investment basis than other bondholders because they bought the bonds at significant discount to par. The HF's huge return will be not be caused by any payments coming from Argentina but by the original bondholders that sold them the bonds for pennies on the dollar... comment on above article

It's not easy to get 2 animals into one headline - sorry for insulting hogs and vultures. When I read this story Thursday morning, I automatically assumed Paul Singer was a big charter school backer.

And sure enough:

“He doesn’t get into fights for the sake of fighting. He believes deeply in the rule of law and that free markets and free societies depend on enforcing it,” said a fellow hedge fund manager, Daniel S. Loeb.

Aha - Charter pusher Daniel Loeb - come on - I think there is only one hedge fund guy who puts on different suits so we think they are all different guys.

If you follow the Argentina story carefully, you can see the corrupt US courts are in cahoots with these guys. Argentina defaulted in 2001 and it took years for the creditors to come to an agreement to take a cut in bond payments, which Argentina has been paying. So along comes the hedge hog spider to screw even these guys - after buying some of the debt on the cheap and now wanting full payment which will cripple an entire nation.

How predictable - after all, these vulture hedge guys -- or the one guy who changes into different suits - are perfectly willing to drive public school systems into bankruptcy so they will be replaced by their corrupt charter industry pals who will make a bundle.

Hey Paul, how do you say KIPP in Spanish?

1 comment:

Anonymous said...: Wait until China calls the US debt. It ain't gonna be pretty.; Friday, August 1, 2014 at 7:47:00 AM EDT

"A Black Agenda Radio commentary by Glen Ford

What media call "philanthropy" for the public schools are actually seed monies to establish a private "market" in publicly-financed education - an enterprise worth trillions if successfully penetrated by corporate America. Cory Booker, one of the "New Black Leaders" financed by the filthy rich, is key to creating a "nationwide corporate-managed schools network paid for by public funds but run by private managers.

"Ed Reformers" want to cash in on public education and to control its content and outcome, not improve it. Provide great education? Baby boomers had as close as this country has ever gotten to it when we were growing up. The Ed Reform Movement has no interest in seeing such a well-educated, democratically astute population ever again.

http://blackagendareport.com/content/cory-booker-clear-and-present-threat-public-education

History of the UFT Pre-Weingarten Years

This award-winning series of articles by Jack Schierenbeck originally appeared in the New York Teacher in 1996 and 1997.

Naturally, from a certain point of view. But, despite certain biases, Schierenbeck, a great guy, was one of the best NY Teacher reporters so this is worth reading. Jack suffered a debilitating stroke many years ago (I used to get secret donations to ed notes from him through a 3rd source.)

This chapter looks interesting:

Class struggles: The UFT story, part 3

“The schism in the union over radical politics [is] a major reason for stalling the growth of a teacher union for decades.” Revolutionary politics and ideology take center stage, as the original Teachers Union becomes a battlefield, pitting leftist against leftist and splitting the union.

Clarence Taylor's "Reds at the Blackboard" focused on the old Teachers Union which disbanded in 1964 after suffering from anti-left attacks.

Of course for another view, check out the review at New Politics of the Kahlenberg Bio on Shanker by Vera Pavone and me: Albert Shanker: Ruthless Neocon

Effective Union Organizing

A video series put together by Jason Mann from the British Columbia Federation of Teachers about social media and how to use it for effective union organizing.

The first series was called New Media For Union Activists Roadmap and it's still available on-line at:
http://www.newmediabootcamp.ca/welcome/
I watched some of them and need to rewatch as they are loaded with information.

The second series started last week and it's called "Online Campaigning for Union Activists"

You can sign up for this free series at :
http://act.bcfed.ca/online-campaigning-for-union-activists/

You Don't Have A Choice - Join the Revolt

Ex-Harlem Success Teacher Comments on Eva the Diva

Ex-HSA Teacher has left a new comment on your post "Fear and Loathing at Evil's Harlem Success Empire ...":

I am a former Harlem Success teacher. Not many people who work/worked for her like her very much. I once made the comment that she is very nice when I first was hired. Two of her closest colleague responded immediately almost in unison, "Eve is not nice!" Over time I realized that there was a lot of political games going on. Another colleague once said to me that he was tired of "being part of a political campaign." Sending out 15,000 applications for only 400 seats in a school is reprehensible. The money that paid for those mass mailings could have paid the yearly salary of another teacher not to mention the heartache of all those parents who applied but did not get a spot. She does good work trying to give disadvantaged students a quality public school education but at a great cost to staff AND the school's educational budget! school budget.

Davis Guggenheim Compared to Riefenstahl

“Waiting for Superman" is the second most intellectually dishonest piece of documentary work I have seen. It is surpassed only by Leni Riefenstahl's "Triumph of the Will," the pro-Hitler propaganda classic, in that regard. Uses personal narratives of adorable children to create narrative suspense that overrides public policy discussion with pure emotion in unscrupulous attack on teachers and their unions, among others

Timothy Tyson
Professor of African American Studies and History
Duke University

How Teaching Experience Makes a Difference

Even as New York Mayor Michael Bloomberg, Michelle Rhee and others around the nation are arguing for experienced teachers to be laid off regardless of seniority, every single study shows teaching experience matters. In fact, the only two observable factors that have been found consistently to lead to higher student achievement are class size and teacher experience, so that it’s ironic that these same individuals are trying to undermine both.
- Leonie Haimson on Parents Across America web site

Full article with charts here.

Weingarten/Gates Foundation announce drone-driven teacher evaluation

According to a press release issued by the Gates Foundation, the AFT and the Thomas B. Fordham Institute, these three have entered a ground-breaking partnership to evaluate teachers utilizing the drone technology that has revolutionized warfare in Iraq, Afghanistan, and Pakistan. A bird-size device floats up to 400 feet above a classroom and instantly beams live video of teachers in action to agents at desks at Teacher Quality Inspection Stations established by the AFT and the Thomas B. Fordham Institute.

When asked if the drones were authorized to drop bombs on teachers who exhibit inadequacy, Chester E. Finn, Jr., president of the Thomas B. Fordham Foundation, replied, "Don't be ridiculous. Gates money puts other methods at our disposal."

Randi Weingarten, president of the 1.5-million-member American Federation of Teachers said the powerful union has signed on to the drone project...

More at Substance

The Real Reason Behind Push for Standardized Tests: It's All About the Adults

On standardized testing in our schools

A must read article about the standardized test industry.
Written by an insider who has worked as a test scorer, the article outlines a multinational industry based on an army of temporary workers paid by the piece at $0.30 to $0.70 per test, translated in the need to grade 40 tests per hour to make a $12 salary. The article goes on to show how the companies gauge the grading "results" based on the need to ensure new contracts to continue profiting off of our youth. The original article is from Monthly Review. Here it is on Schools Matter blog.

http://www.schoolsmatter.info/2010/12/on-growing-use-of-corporate-test.html

Parallels between America today and Germany in the 1920's and early 30's

"Resentment and obstruction are all the right wing in America have to peddle. Their policies are utterly discredited. Their ideology - even by its own standards - is a sham. They are so bereft of leaders, their de facto leader is a former drug addicted, thrice-divorced radio talk show host. That is literally the best they can muster. But they have built a national franchise inciting the downwardly mobile to blame the government, not the right, for their problems, exactly as Hitler did in the 1920s."

The US Is Facing a Weimar Moment

Published on Sunday, March 15, 2009 by CommonDreams.org

Chicago View of Unity/UFT on Charters

After many meetings and debates, the Chicago delegation succeeded in working with the New York United Federation of Teachers, Local 2 (UFT) to push the AFT to take stronger stands on charter school accountability and school closings — though many delegates from Chicago would have liked the language to have been even stronger.

Generally speaking, the New York delegation represented organizing charters as the best model for handling their role in reshaping unions, despite the fact that according to many reports few charter schools in New York have been organized as is the case in Chicago. This logic is the same touted by the Progressive Caucus of the AFT. The few that have been organized are a part of the UFT local though they have separate contracts negotiated with the help of UFT. The Chicago delegation reflection the mindset that allowing new charters to continue to proliferate while attempting to organize existing charters is an end game in which public schools and the union lose.

Jen Johnson, CTU, Local 1 in Substance

Ed Notes Greatest Hits: HSA Rally and Founding of GEM

SEE MY VIDEO ON HARLEM SUCCESS RALLY 2009:
http://www.youtube.com/watch?v=fEp7rg_L5JI

Angel Gonzalez and I attended that rally and used the footage to promote our conference on Mar. 28, 2009, which is where the concept of a group like GEM emerged. Until then we had basically been a committee of ICE working with the NYCORE high stakes testing group. The actions of Eva and crew helped spawn GEM. Mommie Dearest!!

I have more video somewhere. I was hoping to get Leni Riefenstahl to edit it but she died. We would have called it "Triumph of the Hedge Fund Operators."

Ed Notes Extended

Friday, August 1, 2014

Hedge Fund Vulture Hogs Default Argentina - And Public School Systems Too

1 comment: