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

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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

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

By /

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

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

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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.

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Local Photographer Wins Four National Prizes

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"Nancy Basmann, a Certified Professional Photographer, won four awards at the International Photographic Competition 2014 sponsored by Professional Photographers of America.  Of the nearly 5000 competition entries, 36% went into the General Collection and 18% into the prestigious Loan Collection of PPA.   Basmann’s “Jivin’”, “Call Waiting”, and “Route 66" are in the General Collection and “If only wishing could make it so” is in the Loan Collection (Volume XVII, Marathon Press).   The images will be on display at the International Photographic Exhibition, Gaylord Opryland in Nashville, Tennessee, Feb. 1-3, 2015, where Basmann will be honored as a Silver Medallist for her accomplishments in photography."  
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Primary Sources
(1) A panel of 45 eminent jurors from across the United States selected the top photographs from nearly 5,000 total submitted entries at Gwinnett Technical College in Georgia. Judged against a standard of excellence, just over 1,800 images were selected for the General Collection and 918 (roughly 18 percent) were selected for the esteemed Loan Collection—the best of the best. The Loan Collection images will all be published in the much-anticipated "Loan Collection" book … published … by Marathon Press.
 

Photo credit: Basmann, Nancy "Call Waiting" Vestal, NY UNITED STATES

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At Long Last! Painting in the Parking Ramp

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After two months twiddling our thumbs, the painting of a series of murals depicting the "Birthplace of Virtual Reality" in the Water St. Parking Ramp next to Boscov's, the Dept of Public Art is ready for volunteers to tackle several jobs. "We are looking for all kinds of help, from painting stairs to cutting stencils, to advanced air brush technique," says Shawna "Pepper" Stevenson of the DPA. The weekends of Sept 13-14 and 27-28th and another weekend in October are designated although mural painting may continue on other days. Please sign up to volunteer here www.tinyurl.com/DPAVolunteers.

The Project, which has received funding from the Chenango Co. Arts Council and the Hoyt Foundation, documents the unique history of this location in Binghamton where the "building blocks of virtual reality" were invented, according to Susan Sherwood of the Center for Technology and Innovation, who researched the site. 

1. The Bundy Manufacturing Co. (1893-1906) stood at 183-185 Water St., and became the International Time Recording Co (1906-7) and eventually IBM, which, of course, manufactured some of the first computers.

2. The Automatic Musical Co. (1907-14) took over the site to manufacture player pianos, which were robotic innovations.

3. Ed Link, famously, was sitting on the organ bellows at his father’s Link Piano Co. (1914-1933) and got the idea for the Link Flight Simulators (1929, patented 1931) and started Link Aviation and Flying School in that location (1929-34). The Link “blue box” trained WWII pilots.

4. After the devastating floods in 1935 and ’36 the building was not useable and in the late 60’s the Parking Ramp was built in two sections. The American Dance Asylum celebrated the architecture with several performances of the Parking Ramp Dance, which pioneered multi media, video feedback, and dance performances (1978, 1980, 1981, 1984).

COMPUTERS + ROBOTICS + SIMULATION + VIDEO FEEDBACK = VIRTUAL REALITY!!

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Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case

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The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute. The ICMA’s plan would reduce the ability of hold-out creditors to litigate and undermine debt restructurings, in part by using contract clauses to bind all bond-holders to debt restructurings that 75% of all holders agree on.Additionally, the plan will argue that the “pari passu” or parity clauses in existing bond contracts should always mean that hold-out funds should always receive the same restructured bonds that the majority of investors agree on.

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Ride the Bus from Binghamton to the People’s Climate March in NYC on September 21

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The Susquehanna Group of the Sierra Club is offering bus transportation to the People’s Climate March on September 21. The march through the streets of New York City demonstrate support for climate action and will coincide with a week of events supporting United Nations Climate Summit.

Cost of the bus is $25 per person round trip; $15 for students and low-income individuals.

The bus will leave at 7:30 a.m. from the Sears entrance of Oakdale Mall, Johnson City, and return by 10:30 p.m., subject to change. Those who register on the website will receive updates.

To reserve your seat on the bus, visit the below address. If you can’t get an immediate response, cut and paste this into the website address line.

https://www.eventbrite.com/e/bus-trip-from-binghamton-to-nyc-peoples-climate-march-tickets-12614585565

For more information, call Julian Shepherd at 722-9327 or Scott Lauffer at 341-3746.

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Binghamton University offers business start-up training program

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BINGHAMTON, NY — The Binghamton University Small Business Development Center (SBDC) will offer a small business start-up training program at 222 Water St. in downtown Binghamton.
Over three consecutive Wednesdays, Oct. 1, 8 and 15, participants will learn the tricks of the trade from professionals on how to assess, plan and start a business. Classes will run from 9 a.m. to 4:30 p.m. each day.

Participants will discover how to predict business success, how to finance and market products and services, and how to comply with government regulations.

For a class program and to enroll, contact Ginny Thompson at the SBDC at (607) 777-4026, or e-mail Thompson@binghamton.edu. Class size is limited.

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