Saturday, May 9, 2026
 
Global Finance Chutzpah Dept.: Speculators Want to Sue Greece in Court of Human Rights

WASHINGTON, D.C. Jan. 19 (DPI) – A report that hedge-fund speculators may try to sue Greece in the European Court of Human Rights to win bets on the country’s debt was met with universal howls from readers. The report, on the New York Times site, spurred a wave of outrage — and creative similes:

“Seeing a hedge fund manager in a Human Rights court is like encountering a mafia hit man in church.” (ERP, Bellows Falls VT)

“This is like the Devil threatening to sue humanity for defamation.”  (Michael M, Ann Arbor) (54 Recommendation as of 5pm)

“Kind of like a hyena being upset after stripping the flesh off the wrong dead carcass and getting sick.” (Robert, Lake Wales)

Reader comments almost universally condemned the  report, which could turn out to be one of those defining reflections-of-the-age, like the revelation of executive Dennis Kozlowski’s $6,000 shower curtain back in 2005.

A post typical from virtually all 200 reader comments: “This is beyond belief. The very very rich (the only entities allowed to participate in hedge funds) are going to sue a sovereign NATION because they made a wrong bet. It’s no longer just too-big-to-fail, its too-entitled-to fail! ”

Both readers and editors of the NY Times recommended this insightful post:

“I’m obviously missing something here. I thought that these geniuses at the hedge funds, with their big paydays and “carried interest” tax loophole, made the big bucks by taking chances, accepting the possibility of losses as the cost for the possibility of big wins. They bought these bonds at 40 cents on the dollar – if my math is right, that means someone else already lost 60 cents on the dollar – but they think that they should be treated as being as safe as mothers’ milk. What about the “creative destruction” of capitalism that we have heard so much about lately? What about the “entrepeneurial spirit” that charges ahead knowing that loss is a possibility?

It looks like business as usual, the same “heads we win, tail you lose” form of morally bankrupt capitalism that has been practiced so successfully by American banks the last few years. Like Leonard Cohen said decades ago, everybody knows that the dice are loaded, everybody knows that the good guys lost.”

Advertisements

Click Here!