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.

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