Tuesday, November 27, 2012

Billionaire's Hedge Fund Rebuffs NY Fed In Argentina Case: No Risk To $2.6T Payments System




…..The legal battle between NML Capital, which is connected to Paul Singer’s Elliott Management and the Republic of Argentina has faced a crescendo ever since the flagship vessel of the Argentine Navy was detained at a Ghanaian port back in October, Forbes tells us..  Just before the Thanksgiving weekend, New York Federal Judge Thomas Griesa ruled that Argentina had to pay holdout bondholders as it paid those that entered two restructurings; Griesa also ruled that any party aiding Argentina in making payments that excluded the holdouts, including trustee Bank of New York Mellon, were legally liable….
Institutions from the New York Fed to the Clearing House (which is backed by the likes of JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo) hit the panic button…
http://www.forbes.com/sites/afontevecchia/2012/11/26/billionaires-hedge-fund-rebuffs-ny-fed-in-argentina-case-no-risk-to-2-6t-payments-system/

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