11 April 2007

Not only teachers suffered from Argentina´s fraud

Today´s long necessary advertisement, initiated by ATFA gives the public a strong hint about the people who really suffered from Argentina´s global distribution of elaborated fortune. Actually teachers in the US. were heavily included, since they have bunkered their live savings in funds like this. But are these middle class employees the only losing group? Of course not.

There are typically bondholders who take care of their needs after retirement by self-responsibility. Tax consultants, medical practioners, entrepeneurs, lawyers and .... yes:
Shopkeepers and their successors. But, most interersting: Social entities of all ranges incurred heavy losses. I remember our IGA-plaintiff H.W. Urban who held a foundation for children in India. Mr. Urban is a renowned bussinessman who raised to prominence as chairman of Continental during his fight against Pirelli´s hostile takeover bid in 1991. With our 300 members, I got the nearest insight of the bondholder structure. Unfortunately, I can not disclose more facts, since this would hurt data protection. But I can claim, that at the very beginning of the Argentine disaster, distressed debt investors were so tiny in numbers, that I felt lonely.

Most surprising was the involvment of funds, administered by entities of the Catholic Church. On a three-day trip to Luxemburg in spring 2002, where our first Vice President had his conspirative office (his boss sunk a three-digit-million amount), I met also a nice clerical, who was a loyal member. He worked for a traditional German society of missionaries. I was curious, because of my past as a server in my neighbouring church. I remember the calendar I got as a child every year in return of a small donation for missionaries in Latin America. What motives did this organisation have to invest in Argentine Bonds? I had to take a long route to find the responsible person. I climbed a small slope, then crossed a clearing and noticed, that a lot of bees were around. And I found the person, working next to his apiary, a bee-rapt smile on his lips. He welcomed me in a friendly way. "This Argentine misfortune. We have only tried to invest there to foster the economy. And....the rates were always invested in social projects." Replying, that this was not a misfortune, but a hot war of distribution, he muttered: "But what can I do? Let our Lord and the bees stand by us."

This was not the only experience, I made with officials of the Catholic Church. I will tell more details further on this blog. I did lobbying at the Sancta Sedes. But I recognized, that there was nobody being interested in global financial affairs. So the Vatican incurred millions of losses and meanwhile in my neighbouring church they collected for poor people in Latin America. Pure Madness....

Since the Argentine Government was lobbying directly the Seat in Rome, not only the Representative in Berlin like me, I suggested to lobby directly the Holy Father. I visited the same school like him in the same building. But would this mean a direct spiritual wire?

Not at all. Let us go further on, trying to explain the difficulties in this dirty game and the consequences, which are not yet known in a broader community. Go on ATFA and let us know, who also suffered and didn´t tell it so far. I am sure, some prominence will be found in our club of frauded victims.

10 April 2007

A fresh breeze for Argentina´s Bondholders

After two years, Argentina´s Bondholders who rejected the trickiest debt offering on earth, come out of their hibernation. Our big boys of the distressed debt segment, glittering names like Elliott or Greylock Capital, have decided to hire professional lobbyists and establish the long overdue special interest group to communicate the public problem: ATFA

How long have I waited for that. How many times did I stay alone on the floor of a ministry or a parlamentarian lobby? How often had I to explain, that many bondholders are concerned and an awful lot of bucks is lacking not only in the pockets of private investors, but also in the balance sheets of enterprises and foundations? Billions, lost for the economies of whole Nations like the US, Japan, Germany or Italy. Gone to the Argentine Government, who has made a big, but dirty deal.

Now, $20billions are still outstanding. How I mentioned in the Journal two years ago, too much to sweep under the carpet. The open debt remains. Also bad memories remain. The arrogance of the IMF which deemed itself as the one and only preferred creditor. The lack of interest in the US-Treasury. The lack of understanding the problem worldwide. The refusal of President Kirchner to visit me in my village....and not to forget: Dirty "Bondholder Representations" which raked in millions from unsophisticated savers with too much trust in institutions.

But the sentiment is improving. The collaboration with professional lobbyists is great. I said it from the outset: The problem can not resolved by law rather by politics and communication. The lawsuits were necessary to test this subsystem. But the situation as a whole could only become better for all participiants, if they talked to each other and listened to their counterparts.

Hence, I call the Holdouts the Heroes of the financial world. The holdout resistance ist the only leverage, investors have. I am glad and proud of being one of them, albeit with a reduced nominal value. Nobody reckoned with this long term fight, besides fortune tellers like Mohamed El-Erian whom I didn´t believe during my wacky fall season 2001. Then I believed in authorities like Horst Köhler, who reassured, that his IMF-package of further 8 billions would strenghten confidence and bring the Nation on the right track. Köhler is deemed as honorable man in Germany´s leading media, but he has this Argentine skeleton in his cupboard. The truth in the IMF-report has never led to consequences. Hopefully some wind of change will bring justice and fairness to the weaker part of this so called financial community.

07 April 2007

Aktivisten und Passivisten

Nun, da unser Finanzminister keinen Bock hat, an Ostern zu arbeiten, nenne ich ihn mal Passivist. Dorfkramer Aktivist arbeitet natürlich und hat heute mal Stellung zur skandalosen Gläubigerversammlung bezogen. Alle Dokumente wie immer auf

http://www.bondclub.de/BenQ.html

Unsere Finanzminister haben offensichtlich überhaupt keinen Bock, auch der NRW-Mann nicht. Aber der Erwin Huber sollte sein Mäu auch nicht gerade weit aufreißen. Schließlich gehört er einer Staatsregierung an, die für die marode Justiz und die Ausprägung von Insolvenzgangs um Dr. Martin Prager verantwortlich zeigt. Mit anderen Worten: Huber sollte mal seinen eigenen Saftladen in Ordnung bringen und alteingesessene bayerische Staatsbürger vor den eigenen Insolvenzverwaltern, Insolvenzgerichten und faulen staatlichen Insolvenzgläubigern schützen.

Prager kann sich jetzt auf die faule Haut legen und über Jahre hinweg Vorschüsse kassieren. Südamerikanische Verhältnisse...............