Wednesday, October 7, 2009

Internship Update

So I am in my 4th week here at Jubilee USA. It has been a strange adjustment to go from a corporate desk to one of a non-for-profit. Our computers are in desperate need of an IT review, but there is no IT person. Aside from the obvious $ problems, the job is fantastic. I am learning so much about things that are really important to me, as well as information that will greatly aid my thesis.
My direct supervisor, Julia and I often head up to the Hill and meet with Congressional Staffers to advocate (lobby without the salary) for The Stop Vulture Funds Bill H.R. 2932. Please read this explanation:

Vulture fund’ is a name given to a company that seeks to make profit by buying up debt in default on the secondary market for pennies on the dollar, then trying to recover up to ten times the purchase price, often by suing impoverished countries in U.S. or European courts.

Some vulture funds target failing companies, but Africa Action, Jubilee USA Network and TransAfrica Forum are focused on those that target the sovereign debts of impoverished countries.

These vulture fund companies tend to be quite secretive, and many of them are based in tax havens such as the British Virgin Islands. Some are owned by large, often U.S.-based, financial institutions such as hedge funds. In other cases, there is limited or no information on who owns them. Often subsidiary companies are set up by these larger hedge funds simply to pursue one debt, then shut down after winning those assets.

I really like that I get to work on something that is truly an issue I can get behind as well as something that can make a difference in people's lives.

2 comments:

  1. Jen, I am so motivated by this blog - you're really just doing what you love, loving what you do! Keep on going with that lobby! I had never heard of these vulture funds will definitely have to look more into it. Yea Jubilee USA! Any interesting articles/information you learn throughout your internship please feel free to sent them my way ;)

    Sounds like you're enjoying D.C. - please say hello to that city for me!

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  2. wow, that is crazy... keeo updating us please! I want to hear more about these vulture funds!

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