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Global IMC Network

Newswire

International Monetary Fund Releases Plans to Stop Predatory Hedge Funds

October 6, 2014 by Advocacy

The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.

"In the wake of debt restructurings in Argentina and Greece, the IMF is incredibly concerned about vulture funds," stated Eric LeCompte, the Executive Director of the religious anti-poverty coalition, Jubilee USA Network. "The IMF is advocating a market approach, but we also need a statutory approach. We need to change both the contracts and the laws."

The reforms would not apply to existing sovereign bonds. The IMF proposal states that there may be a need for action on those bonds as well if the precedent set in Argentina vs. NML begins to impact other countries. The paper comes on the heels of a similar August proposal by the International Capital Market Association to deter disruptive predatory and hold-out behavior. The primary difference between the two proposals is that the IMF paper does not promote establishing creditor committees to reach agreements in the event of disputes.

"It's important that the IMF acknowledges a market approach might not be enough. This suggested approach would need to be comprehensive and won't have an impact for decades," said LeCompte, who serves on United Nations expert groups that seek to tackle these problems.

International Monetary Fund Releases Plans to Stop Predatory Hedge Funds

October 6, 2014 by Advocacy

The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.

"In the wake of debt restructurings in Argentina and Greece, the IMF is incredibly concerned about vulture funds," stated Eric LeCompte, the Executive Director of the religious anti-poverty coalition, Jubilee USA Network. "The IMF is advocating a market approach, but we also need a statutory approach. We need to change both the contracts and the laws."

The reforms would not apply to existing sovereign bonds. The IMF proposal states that there may be a need for action on those bonds as well if the precedent set in Argentina vs. NML begins to impact other countries. The paper comes on the heels of a similar August proposal by the International Capital Market Association to deter disruptive predatory and hold-out behavior. The primary difference between the two proposals is that the IMF paper does not promote establishing creditor committees to reach agreements in the event of disputes.

"It's important that the IMF acknowledges a market approach might not be enough. This suggested approach would need to be comprehensive and won't have an impact for decades," said LeCompte, who serves on United Nations expert groups that seek to tackle these problems.

Vote Smart Could Transform Voting Decisions

September 25, 2014 by pegjohnston

 

Citizens have got to know about Project Vote Smart, a non-partisan group of students and volunteers from all over the country who have put together a massive factual database on politicians.

Vote Smart gathers the voting records, biographies, public statements (issue or even key word searchable), issue positions, who gives candidates money, even the ratings done by over 200 competing special interests on every candidate and official. They make it so you don’t need to listen to all the self-serving nonsense of campaigns anymore.

You can get just the facts on Vote Smart's web site (votesmart.org) or even call them on their toll-free Voter’s Research Hotline (1-888-VOTE-SMART) and one of their researchers will look up anything you need to know.

UN Votes for Process to Enact Bankruptcy Treaty and Stop Vulture Funds

September 9, 2014 by Advocacy

 The UN General Assembly passed a historic resolution to begin treaty negotiations to enact a global bankruptcy process and stop predatory hedge funds. The resolution passed by a super-majority vote of 124-11 with 41 abstentions. The US voted no along with 10 other countries. The bankruptcy process could make it more difficult for hold-out investors to block countries from debt restructuring and could limit future defaults.

"The strong majority vote shows how powerful the global consensus is to stop predatory financial behavior," noted Eric LeCompte, Executive Director of the religious debt relief organization, Jubilee USA. "If we are going to solve what global leaders believe is the root cause of inequality, we need a bankruptcy system in place." LeCompte serves on UN expert groups working to create an international bankruptcy process.

Adam Smith, founder of modern economics, argued in favor of a sovereign country bankruptcy process. The United Nations resolution passed in the wake of Argentina's legal dispute with hold-out investors and predatory hedge funds. During today's session of the UN General Assembly the United States government argued that there needs to be more stability in the global financial system and an end to predatory behavior. However, the US government was one of a handful of countries who voted against the resolution while defending a market-based solution.

"The United States has led for 15 years on debt relief and has been a powerful voice against predatory behavior," said LeCompte. "I along with the entire faith community is so deeply saddened that the US government voted against our debt relief efforts. Our leaders failed us today."

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

SPEAK UP FOR BC MENTAL HEALTH CLINIC

September 9, 2014 by activ60

Will you join with one of the 10 percent of the 550 people on Save Our Clinic Facebook who
support keeping the BC MH Clinic to write an editorial?

Sharpen those pencils. Your letter is needed.

Concerned Parents & Community Rally In Solidarity with Ferguson, MO

September 8, 2014 by Zalasith

P.L.O.T (Progressive Leaders Of Tomorrow)
C.R.C.C. (Confronting Racism Coordinating Committee)
Name: Cory Ray
Email: coryray.endeavor@gmail.com
Phone: 607-226-3437

Press Release
For Immediate Release

Concerned Parents & Community Rally In Solidarity with Ferguson, MO
Residents Call For Responsible Policing and Better After-School Options

Binghamton, NY - On Saturday, September 6, at 3pm, concerned parents and community members gathered at Columbus Park in Binghamton, to stand in solidarity with the peaceful protesters in Ferguson, MO, whose actions have sparked a national conversation on racial inequality and police brutality. Locally, community members are also concerned about the increasing presence of police in schools and decreasing funding for afterschool programs. Residents gathered today to:

• Issue concerns to the Binghamton School District regarding Student Resource Officers in the schools.
o “Increased police presence in our schools does not achieve the stated goal of improving safety. To achieve a school climate in which all students and staff feel safe and comfortable to learn and grow, we should continue providing faculty with training and opportunities to solve conflicts and constructively manage student’s needs throughout the day.”
- Korin Kirk, Binghamton Resident

• Marched to City Hall to issue a list of demands to Mayor Rich David and the City Council and to Police Chief Joe Zikuski.

o “Violent crime has been falling, which means that the ratcheting up of law enforcement often leads to police overreach and harassment in our communities. We must track and document each stop police make, and invest in uniform cameras to help create a culture of accountability.
-Cory Ray, Binghamton Community Member

o “Today we are here to make a bold demand: that every kid in Binghamton be entitled to free after school and summer programming.”
-Andy Pragacz – Binghamton University PhD student currently researching jails in upstate New York

• Continued on to Peacemaker’s Stage for a community speak-out on issues of concern, as well as publicizing resources and activities that offer support to residents affected by these issues.

Opportunities for Involvement with Justice Issues:

Community Attitudes towards Law Enforcement Survey - Binghamton University Research Project
Become a surveyor and travel the neighborhood collecting stories and data from residents about their experiences with Law Enforcement.
Contact: Dr. Sean Massey 607-245-9740
Email: Smassey@Binghamton.edu

Volunteer or Intern with The Boys and Girls Club:
Supervise and engage with children attending various after school programs at the Boys and Girls Club.
Contact: Kymel Yard 1-718-710-0286
Email: Volunteerbgc@gmail.com

Progressive Leaders of Tomorrow [PLOT]
Learn organizing skills, how to create actions and exert pressure on public officials, or even run for office!
Contact: Cory Ray 607-226-3437
Email: CoryRay.Endeavor@gmail.com

School Board Meetings
These meetings are open to the public and are held every third tuesday at 7 p.m. in the 3rd Floor Board Room, Columbus School, 164 Hawley Street, Binghamton, NY. It is a good place to express concerns and learn about the inner-workings of our schools!
Contact: District Clerk Sanya Brown 762-8100 Extension : 319
Email: Browns@BinghamtonSchools.org

City Council Meetings
These Meetings are also open to the public, they are held usually every tuesday, with a public work session on mondays. City Council Meetings take place in the Council Chambers in Binghamton City Hall at 38 Hawley Street. For more information, you can visit www.binghamton-ny.gov/departments/city-council/city-council
Contact: City Hall (607) 772-7021

This event was organized in conjunction with nation-wide rallies in solidarity with the residents of Ferguson, MO, called the National Moment of Silence 2014, in memory of Michael Brown and all other victims of police brutality.

###

UN Vote Tuesday Could Create Global Bankruptcy Process, Deter Predatory Funds

September 8, 2014 by Advocacy

The UN General Assembly votes Tuesday at 3pm (EDT) on a resolution that could create a global bankruptcy mechanism. Such a process could protect poor countries from predatory funds and limit future defaults. Jubilee USA's leadership, a group of religious leaders and financial experts sent a letter to United States UN Ambassador Samantha Power urging her to support the resolution.

"There's global consensus to stop predatory behavior," noted Eric LeCompte, Jubilee USA's Executive Director who signed the letter. "This resolution is an opportunity to turn consensus into action. A process could begin that allows us to challenge inequality and have real stability." LeCompte serves on UN expert groups developing a sovereign debt resolution process.

The resolution comes in the wake of Argentina's legal dispute with predatory hedge funds and hold-out investors. During the course of that dispute, the International Monetary Fund, US Government, United Nations and World Bank all expressed concern that a legal victory for predatory funds would make debt restructurings more difficult. The UN action also follows a proposal from the International Capital Market Association to alter debt rules to curb predatory behavior.

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

UN Vote Tuesday Could Create Global Bankruptcy Process, Deter Predatory Funds

September 8, 2014 by Advocacy

The UN General Assembly votes Tuesday at 3pm (EDT) on a resolution that could create a global bankruptcy mechanism. Such a process could protect poor countries from predatory funds and limit future defaults. Jubilee USA's leadership, a group of religious leaders and financial experts sent a letter to United States UN Ambassador Samantha Power urging her to support the resolution.

"There's global consensus to stop predatory behavior," noted Eric LeCompte, Jubilee USA's Executive Director who signed the letter. "This resolution is an opportunity to turn consensus into action. A process could begin that allows us to challenge inequality and have real stability." LeCompte serves on UN expert groups developing a sovereign debt resolution process.

The resolution comes in the wake of Argentina's legal dispute with predatory hedge funds and hold-out investors. During the course of that dispute, the International Monetary Fund, US Government, United Nations and World Bank all expressed concern that a legal victory for predatory funds would make debt restructurings more difficult. The UN action also follows a proposal from the International Capital Market Association to alter debt rules to curb predatory behavior.

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

UN Treaty Could Enact Global Bankruptcy Process and Stop Predatory Funds Jubilee USA Urges and Prays for US Support

September 4, 2014 by Advocacy

The UN General Assembly votes Tuesday on a convention that could enact a global bankruptcy process and stop predatory hedge funds. Bolivia proposed the resolution that if voted upon is expected to pass by a majority. The executive board officers of Jubilee USA sent United States UN Ambassador Samantha Power a letter urging her to support the resolution. Jubilee's 400 US faith communities are holding the Ambassador in prayer as she prepares to vote.

THE LAST STAND for MENTAL HEALTH CLINIC

August 19, 2014 by activ60

THURSDAY, AUGUST 21, be there at 4:30pm at the Broome County Office Building for
a press conference and stay to STAND UP for mental health services before the vote
at 5 pm, sixth floor. YOU are needed to literally back up over 800 people who signed
petitions and facebook in support.

SHAME on Broome County for not having a public hearing.

Sierra Club Looks at NYS Energy Plan

August 19, 2014 by bingsierra

The Susquehanna Chapter of Sierra Club presents "An Environmental Review of the Draft NYS Energy Policy" by Consulting Engineer Andre LaClair at its first fall meeting on Tues., Sept. 16. LaClair, Broome County Environmental Management Council Co-Vice Chair and Chair of Fenton’s Conservation Advisory Committee, will recommend strategies to promote environmental health and stewardship of energy resources and to incorporate the global warming potential of different energy sources into New York State’s energy portfolio.
The Susquehanna Chapter of the Sierra Club meets at 7:30 p.m. on Tues., September 16 at Central United Methodist Church, 17 Nanticoke Ave., Endicott. The meeting is open to the public. For more information, contact Scott Lauffer at: lauffer.scott@gmail.com.

PAY YOUR WAY, OR ELSE - The Axe

August 6, 2014 by activ60

Who came up with the idea that the BC Mental Health Clinic should pay for itself?
One could write a book about the inherent stigma within that idea. But that is the
Mantra given to the county therapists by the MH Commissioner; that they have to pay for their benefits and salary.
They have to generate enough income. Truth is they are at over 83% average productivity with some at 99%.
Does the Public Works dept do that? Do you pay a toll on your road for the pavement?
Does the Office of Management & Budget, Elections, Environmental Mgmt,
Info Technology, depts., etc totally pay for themselves?
NO, the legislature chooses the priorities of where your tax dollar is spent.
This is really about the underinsured, UNinsured, reduced insurance reimbursement and reduced state and federal funding. So why take it out on the workers and the clients?
“Mental pain is less dramatic than physical pain, but it is more common and also more hard to bear.” C. S. Lewis.
That is why the mentally ill of Broome County deserve a fair share of your dollar.

Argentina Braces For Default

July 29, 2014 by Advocacy

 Argentina is likely to default barring a last-minute breakthrough in negotiations with hold-outs or a court order. Argentina's grace period to pay bonds restructured after its 2001 default expires July 30th. United States District Judge Thomas Griesa ruled Argentina cannot pay the 92% of restructured bond holders unless Argentina also pays hold-out predatory hedge funds in full.

"Argentina is hours from default," said Eric LeCompte, Executive Director of the religious financial reform organization, Jubilee USA Network. "At this point, a deal seems unlikely. Argentina may decide that the cost of default is less than the cost of compliance."

Representatives from Argentina and the hedge fund, NML Capital, continue to meet with court-appointed mediator Daniel Pollack in an attempt to negotiate a settlement.

"At issue in the court's ruling is the question of parity," shared LeCompte. "The International Monetary Fund and the US Justice Department argue that the hold-outs should be paid the same amount that the 92% of restructured bond holders agreed to be paid."

The International Monetary Fund noted that the court's ruling could make it more difficult for countries to restructure their debts by making it more attractive for creditors to hold-out. The US government filed a brief on behalf of Argentina before the US Circuit Court of Appeals, arguing that a ruling in favor of the hold-out creditors would harm core US debt policy. The US government also argued that a ruling against Argentina might harm New York's standing as a global financial center as countries seek to sign debt contracts elsewhere to avoid the precedent set by this case. In June, the US Supreme Court refused to hear an appeal on the case. The court ruling could also impact related cases in New York concerning Grenada and the Democratic Republic of Congo.

"The impact of this case is global," said LeCompte, who serves on expert groups related to the case at the United Nations. "Argentina is the first victim from the court's ruling. It looks like Grenada and the Democratic Republic of Congo may be the next victims."

Read a history and timeline of the case.

Read Jubilee's USA's filing urging the Supreme Court to take case.

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

BROOME COUNTY MENTAL HEALTH CLINIC

June 17, 2014 by activ60

Thurs 4:30pm Save BC Clinic PRESS CONFERENCE
Hawley St in front of the County Office Bldg

Thurs 5:00 pm ATTEND THE BC LEGISLATIVE MEETING
6th Floor BC Office Bldg - Roll up your sign(no sticks) and be a presence.
Continue the Momentum !!!

Thurs 6:00 pm PIZZA and Share and Care Meeting
At CSEA Office 33 W. State St, Corner of State & Hawley, next to Dillinger’s.
RSVP, please confirm for either or both Wed or Thurs to:
Karen: 1-800-342-4146 X 1302

Binghamton City Council

June 17, 2014 by activ60

COME SUPPORT A RESOLUTION
WED, 6:30 pm Binghamton City Hall

City Council will vote on a Resolution in Support of
Maintaining the Broome County Mental Health Clinic.
A Freeze on Closure.

YOU and your SIGN are needed.

NY Energy Plan Needs More Action

May 8, 2014 by pegjohnston

 Governor Cuomo's Draft 2014 NY Energy Plan sets some bold goals for addressing climate disruption, but offers no concrete action steps.
What we need is to dramatically accelerate the switch to solar, wind, and water power. Cornell professor Dr. Tony Ingraffea describes one possible plan for achieving 100% renewable energy in NY by 2050 and Program Director of Alliance for a Green Economy (AGREE) Jessica Azulay describes how planning and policies can either speed up or delay the switch to renewable's.
"There are considerable economic and social benefits of a rapid switch to renewable energy".
See how in this online video recently produced at a meeting in Ithaca NY:
http://www.youtube.com/watch?v=JvMklP0jpFM&list=PLJ4sBXNT-ETo5xDnAcFAeGU...
See the draft of the Governors 2014 NY Energy Plan at www.energyplan.ny.gov where any citizen can make comments by the deadline of May 31 2014. To see a state-by-state plan for renewable's, go to www.thesolutionsproject.org.
James Little

Sierra Club Speaker Discusses Green Parking, Urban Planning and Sustainability

April 30, 2014 by bingsierra

"Sustainability and The Future of Parking - Green Garage Innovation" is the topic of the next Sierra Club meeting -- on May 20.
Sustainability has become more than a buzz word – it has seeped into corporate reporting, financial investment, building design, energy initiatives, mobility approaches and urban planning. Elizabeth Way of the New York City Green Parking Council will give an overview of some management approaches, will discuss how sustainability can impact urban planning, and will explore how sustainability could affect redevelopment of downtown Binghamton and its future parking plans.

The Susquehanna Chapter of the Sierra Club meets at 7:30 p.m. on Tues., May 20 at
Central United Methodist Church, 17 Nanticoke Ave., Endicott.
The public is welcome to attend. For more information, contact Scott Lauffer at: lauffer.scott@gmail.com.

SUNY Broome Community College Art Professor Hall Groat II Exhibits at Beard Gallery, SUNY Cortland

April 7, 2014 by Hall Groat II

WELL WORTH THE STRUGGLE:
RECENT WORK BY HALL GROAT SR AND HALL GROAT II

Beard Gallery, The Cultural Council of Cortland County

April 4-May 2014
Opening Reception: Friday, May 2, 5-8PM
Gallery Talk Links:
https://vimeo.com/91072785

http://youtu.be/joZFeboYK-8

Central New York Contemporary artists, Hall Groat Sr. of Manlius and Hall Groat II of Endwell, will be exhibiting a thought-provoking and adventurous cross-section of recent oil paintings in an exhibit entitled, Well Worth the Struggle, which explores the formal and conceptual relationships between the work of father and son artists. The exhibit invites the viewer to examine the duality between Hall Groat II’s mysterious, often satirical mannerist still-life metaphors that blur the boundaries between the familiar and the unconventional, and Hall Groat Sr’s evocative, painterly architectural, landscape and figurative work that melds representation with abstraction, making allusions to 20th century Modernism.

Hall Groat Sr, an American Impressionist painter is a native of Syracuse, New York, where he studied painting; worked towards his Master of Fines Arts degree and began his life long career as an artist. Groat has dedicated his entire full-time professional career, spanning over forty years, to pursuing his passion for art.

Painter Hall Groat II, professor and chair of Art and Design at SUNY Broome Community College, teaches foundation courses in painting, drawing, color theory, and computer graphics. Groat earned a master of fine arts degree in painting and drawing from City University of New York at Brooklyn, a bachelor of arts in art history, minoring in studio art at Binghamton University, and attended graduate and certificate programs at Buffalo State College, Syracuse University, and Savannah College of Art and Design. He also attended summer sessions at Chautauqua School of Art, Chautauqua, NY, and Vermont Studio Center in Johnson, Vt.

WANTED: Gardeners not Prisoners

March 17, 2014 by tim wolcott

 
There are more full time prisoners in America than full time farmers according to Bill McKibben in his latest book, Oil and Honey. I want to help change that. The farmer and writer, Masanobu Fukuoka best explains why. “Farming is the cultivation of better human beings.”
‘Better’ to me means being more compassionate, productive and healthy. ‘Better’ to me means not being a financial burden to society. ‘Better’ to me means being more integrated into a community capable of sustaining itself in times of economic and/or environmental crisis.
Following is a proposed community action project designed to address this concern. Specific project decisions will be made by consensus and in compliance with Broome County Corrections Administration requirements.

County Jail Gardening Project

In a time when people with college degrees struggle to get gainful employment, it is obvious how difficult it must be for an applicant with a conviction in their record to get a job. This, in addition to the fact that our nation’s incarceration rate often leads the world, disturbs me a lot. Great human resources are lost as too many unlucky men and women are being both economically and socially disadvantaged by the current system. This project is designed to reduce this waste of human capital by building mutually beneficial relationships between non incarcerated and incarcerated members toward a more resilient community.
Our project’s mission is to build human resources through gardening activities that join incarcerated with non incarcerated community members. Beautification, job training and growing community resilience are the goals of the project.
If you’re a gardener or want to learn how to garden and are interested in social justice community action at the Broome County Corrections Facility, please get back me at 607 797 9126. After preliminary application and I.D. checks are done, a four hour security orientation session (sometime in May or early June) is required. If you want to help build community in a new and sustainable way, this project is for you.

New York's State Forests -- An Endangered Species?

February 19, 2014 by bingsierra

Special Presentation of the Susquehanna Chapter of the Sierra Club: “NEW YORK FORESTS – AN ENDANGERED SPECIES?”
Speaker is Jerry Michael, New York Forest Owners Association
Tues., March 18, 7:30 p.m.
Forests cover 63% of New York State’s land area and provide critical ecosystem, economic and quality of life benefits to society. Recent studies by Cornell University and The Nature Conservancy reveal that 70% of our state’s forests are not regenerating. In parts of the Southern Tier, Catskill region and southern Adirondacks, regeneration of desirable native tree species is totally absent. The New York Forest Owners Association has launched an initiative “Restore New York Woodlands” to bring this critical problem to the attention of all forest stakeholders and the general public. Jerry Michael will describe the regeneration issue in a historical context, as well possible solutions.

The Susquehanna Chapter of the Sierra Club meets at 7:30 p.m. at Central United Methodist Church, 17 Nanticoke Ave., Endicott
The public is welcome to attend. For more information, call 722-9327.

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