Hedge Funds for Human Rights
At a time when finance is coming under intense scrutiny, it is heartening to learn about hedge funds’ concern about human rights. Greece is wrestling with the idea of asking (forcing) investors to accept 32 cents on the dollar. Hedge funds have been buying up the paper in the expectation that they can force Greece to pay in full.
Now the hedge funds is toying with the idea to sue the country in the European Court of Human Rights on the grounds that Greece had violated bondholder rights, surely a more serious matter than the slaughter of a few dissidents demanding democracy.
At least we now know that capital is seriously concerned about more than maximizing profits.
Thomas, Landon Jr. 2012. “Hedge Funds May Sue Greece if It Tries to Force Losses.” New York Times (19 January)