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« Video: National Debt Insanity From Joe Biden | Main | Biden Says: 'If It Weren't So Hot I'd Go Into Detail On How America's Better Off Now' (VIDEO) »
Tuesday
Sep042012

INTERPOL: Judge Orders Extradition And Arrest Of Former U.S. Treasury Undersecretary David Mulford

Argentina hasn't forgotten Mulford's role in the 2001 crisis.

Debt-swap fraud is not forgiven in 3, 2, 1...

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BUENOS AIRES, Sept 4 (Reuters) - A judge in Argentina has ordered the arrest of Credit Suisse executive and former U.S. Treasury Undersecretary David Mulford because he failed to testify over a 2001 Argentine debt swap, the state news agency reported on Monday.

Federal Judge Marcelo Martinez de Giorgi will ask Interpol to issue an international arrest warrant seeking Mulford's extradition for questioning over the bond exchange carried out by the government in an unsuccessful bid to avoid default.

Mulford, who currently serves as vice chairman international of Credit Suisse Investment Bank, was seen as one of the debt swap's architects when he served as a senior official at Credit Suisse First Boston (CSFB).

Argentina's government swapped about $30 billion in debt for new, longer-maturity issues in June 2001. But it stopped paying most of its debts six months later as the economy collapsed.

A local court has been investigating the swap for more than 10 years to see if Argentine officials committed any crime when they hired banks to carry out the swap.  Former Economy Minister Domingo Cavallo and former Finance Secretary Daniel Marx have been charged in the case, which has yet to go to trial.

Mulford was first called to testify in the probe in 2002 but he has never done so, according to court documents cited by the Telam news agency.

Argentine officials have "made numerous attempts by all possible legal means to achieve David Mulford's compliance, in this country's territory as well as through U.S. authorities, and all of these have invariably failed," the documents stated.

Cavallo said that Mulford was one of the main engineers of the swap.

Mulford worked at the U.S. Treasury from 1984 to 1992 and was at the center of international economic negotiations under former U.S. Presidents Ronald Reagan and George H.W. Bush.

He later served as the U.S. ambassador to India.

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Here's Mulford on the 2008 crisis:

HONG KONG, March 24, 2011 — David Mulford, Vice-Chairman International of Credit Suisse, argues that the 2008 financial crisis gave developing countries an unexpected opportunity for economic growth.

 

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Reader Comments (11)

Sep 4, 2012 at 9:57 PM | Registered CommenterDailyBail
I think I like this judge.LOL

(Will the Denny Hamlin sponsor watch start now? Office Depot will not renew with Stewart. US Army is off the 39 car, and Dodge dropped out of NASCAR.)

We still watch the races but man, so many empty seats. "They" keep assuring us the recovery is steadily chugging along...so it must be true.

The economy is SO good I'm starting my Christmas shopping now.
Sep 4, 2012 at 11:04 PM | Unregistered Commenterchunga
LC. Hadn't seen that. Thanks.

Chunga. Impossible not to like this judge. Will be watching Interpol the next few days to see what happens.
Sep 5, 2012 at 12:42 AM | Registered CommenterDailyBail
another untouchable amerikan fascist pig....from bank to .gov and back again...his snout, always in the trough
Sep 5, 2012 at 1:40 AM | Unregistered Commenterjojo
Want a deal open a Private Equity firm.

http://www.counterpunch.org/2012/09/04/obamas-secret-plan-to-prop-up-housing-prices/

"Speculators are getting lavish incentives (gov financing, low rates, and severe discounts) in secret deals to buy distressed inventory which should be available to the public at market prices. If that’s not a ripoff, then what is?

"At the peak of the market, these homes were selling for about $250,000, and now investors are able to buy them at prices averaging between $100,000 and $130,000.” (“Private Equity Funds Prey On Distressed Housing”, NuWire Investor)"
Sep 5, 2012 at 1:56 AM | Unregistered CommenterTR
There needs to be about 200 of these guys in jail. Rockefeller and other elites were involved in the looting of Argentina, this guy was just a manager.
Sep 5, 2012 at 8:40 AM | Unregistered Commenterlordkoos
LETS vote for TUTU as the new American prez not his country man obummer TUTU is a better MAN! TUTU is as much an American as obummer check out his birth certificate!

tutu WANTS BUSH ON TRIAL! HOORAW for TUTU!
Sep 5, 2012 at 9:47 AM | Unregistered CommenternobodysaysBOO
Another tragic comedy in which local money guys were duped by an investment house.

http://www.nytimes.com/2012/09/04/business/how-a-plan-to-help-stockton-calif-pay-pensions-backfired.html?_r=1&pagewanted=all
Sep 6, 2012 at 7:57 AM | Unregistered CommenterSKINFLINT
Speculators are getting lavish incentives (gov financing, low rates, and severe discounts) in secret deals to buy distressed inventory which should
Nov 23, 2013 at 9:55 AM | Unregistered Commenterashad hossain
Argentina's government swapped about $30 billion in debt for new, longer-maturity issues in June 2001. But it stopped paying most of its debts six months later as the economy collapsed.
Nov 23, 2013 at 10:22 AM | Unregistered Commenterashad hossain

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