Jay Newman is one of the most successful traders of distressed international debt. He made something like $2 billion for his former firm, Elliott Capital Management, by buying Argentinian debt and then beating the country in court to make them pay more to pay off that debt. He's the author of a very fun financial thriller, "Undermoney". This is going to sound like a financially nerdy conversation but I think it's both fascinating and important: New York, the law of which governs a LOT of international debt issues, is looking to make some changes to those laws. Will they make things better or worse, and why should ordinary Americans care?
About Jay: Ex-Elliott sovereign debt supremo gears up for final battle in India (ft.com)
The novel: Amazon.com: Undermoney: A Novel: 9781982156022: Newman, Jay: Books
Today's news that we're talking about: NY lawmakers' plan to fix the sovereign debt restructuring process (axios.com)
We may also spend a little time talking about the Martin Act, another part of NY law that an ambitious hyper-partisan AG in New York is using to prosecute Trump (with the cooperation of a Democrat judge) despite the lack of a victim or any demonstrated harm.
The Martin Act: Here’s the history: https://manhattan.institute/article/the-most-dangerous-law-for-new-york-businesses