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For Immediate Release
June, 16 2014, 12:40pm EDT
Contact:
Hannah Shultz, Communications Director: hannah@jubileeusa.org / (o) (202) 783-3566 x101 (m) (319) 541-7357
Supreme Court Refuses Argentina Hedge Fund Debt Case
Lower Court Ruling Stands and Validates Hedge Fund Predatory Behavior
WASHINGTON
The US Supreme Court denied hearing Argentina's appeal today and a lower court ruling stands that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina's restructuring deal after the default.
Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA, releases the following statement:
"I am blown away by the decision. For heavily indebted countries trying to support extremely poor people, this is a devastating blow. These hedge funds are equipped with an instrument that forces struggling economies into submission.
"For 15 years, Republicans and Democrats have agreed that the world's poorest countries need to have their debt burdens reduced. Today, that bipartisan policy is threatened by the court's decision.
"The religious community is saddened that these extreme actors will now broaden their efforts to collect assets that belong to the poor.
"One loser today is New York State. Given today's ruling, countries wishing to borrow money are going to find other places to sign their contracts. That's why legitimate Wall Street investors have joined the IMF, World Bank, United Nations and the United States Government in opposing this behavior.
"Given the ruling, we need to see what legislative remedies we can implement to stop these hedge funds."
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 interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.
(202) 783-3566LATEST NEWS
Michigan Organizer Speaks After Being Arrested Live on Camera for Protesting Trump Venezuela Attack
Jessica Plichta told a reporter that it is "the duty of us the people to stand against the Trump regime" just before she was arrested.
Jan 06, 2026
A 22-year-old woman who was detained for several hours by police in Grand Rapids, Michigan on Saturday after speaking out against President Donald Trump's invasion of Venezuela had allegedly "obstructed a roadway" and failed to obey officers—but she described an arrest in which the authorities appeared to be suspicious of her for protesting at all.
Jessica Plichta, a preschool teacher and organizer, told Zeteo on Monday that police officers repeatedly asked her why she was at a protest in Grand Rapids' Rosa Parks Circle, where hundreds of demonstrators spoke out against the US military's abduction of Venezuelan President Nicolás Maduro and his wife, Cilia Flores—a violation of international law that has garnered worldwide condemnation.
Plichta had just finished speaking to a reporter with local ABC News affiliate WZZM about her opposition to the US invasion of Venezuela when two city police officers came up behind her and placed her under arrest.
It is "the duty of us the people to stand against the Trump regime, the Trump administration, that are committing crimes both here in the US and against people in Venezuela," said Plichta just before the officers appeared on camera behind her.
Grand Rapids police arrest an antiwar activist live on air while taking an interview denouncing US military aggression in Venezuela pic.twitter.com/Zm16aFRDxq
— BreakThrough News (@BTnewsroom) January 5, 2026
Plichta told Zeteo, “I don’t think it’s a coincidence that as soon as I finished an interview speaking on Venezuela, I was arrested—the only person arrested out of 200 people."
She told the officers she was "not resisting arrest" as they led her toward a police car. A bystander approached and asked the police what Plichta was being detained for.
The officers replied that she had been "obstructing a roadway" and was accused of "failure to obey a lawful command from a police officer."
BREAKING: IN GRAND RAPIDS MICHIGAN, at approximately 5:30pm today, GRPD arrested local organizer Jessica Plichta on camera during a post-march press interview.
Plichta was sought out and targeted specifically by
GRPD for helping lead a U.S. Out Of Venezuela rally at Rosa Parks… pic.twitter.com/Uj6fLVba80
— Private IcedC81 Politics (@PvtIcedC81Pol) January 3, 2026
Plichta told Zeteo that the police drove her away from WZZM's cameras and then took her out of the car, patted her down, and confiscated her belongings. The officers told her she had been "making a scene" and asked her about her involvement in the protest: whether she was Venezuelan, "what she had to do with Venezuela," and what she was doing at the protest.
She also told Zeteo that the police asked her for the names of other demonstrators.
She was asked again what her connection to Venezuela was after she was taken to Kent County Correctional Facility, where she was held for about three hours and released after outcry from her fellow organizers.
"We are so accustomed to, and used to, repression when we speak out on anti-war topics,” Plichta told the outlet. “When we speak out for Venezuela, when we speak out for Palestine, we expect the police to want to shut that down.”
A spokesperson for the Grand Rapids Police Department told Zeteo that protesters had "refused lawful orders to move this free speech event to the sidewalk and instead began blocking intersections until the march ended," and said Plichta "was positively identified by officers," allowing for her arrest.
Though Plichta remained calm when she was arrested and suggested that she had taken her detention relatively in stride, supporters expressed shock that she had been targeted for speaking out against Trump's attack on Venezuela—which is broadly unpopular across the United States.
"What in the Gestapo is going on in Grand Rapids?" asked Brandon Friedman, a former Obama administration official.
Friedman pointed out that among elected Democrats, there appeared to be little if any outcry over Plichta's arrest for participating in a peaceful protest.
If this happened to a conservative organizer, Republicans would make her a hero, a household name and a congressional candidate.Elected Democrats just pretend it isn't happening.
— Brandon Friedman (@brandonfriedman.bsky.social) January 5, 2026 at 11:29 AM
“Protesting in this country is sacred," Plichta told Zeteo, "and so it is important that our rights are protected and that we are not criminalized for peacefully protesting in a world full of escalating violence."
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After Claiming Maduro Was Its Kingpin, DOJ Now Admits in Court That 'Cartel De Los Soles' Isn't a Real Group
"They've been pretending that this made-up thing was real for a year. But now that they'd have actually to demonstrate its existence in court, they're going to cram it down the memory hole."
Jan 06, 2026
One of the central claims the Trump administration has used to justify the overthrow of Venezuelan President Nicolás Maduro and describe his government as “illegitimate” is the allegation that he is the leader of a multinational narco-terrorist organization known as “Cartel de los Soles.”
But now that the Department of Justice (DOJ) must prove the allegation in court following the US military's kidnapping of Maduro last week, prosecutors are backing off the claim and, in effect, admitting what critics had long protested: that Cartel de los Soles is not, in fact, an organization at all.
In the months leading up to the illegal US invasion that plucked Maduro from power, the Treasury Department and State Department both designated Cartel de los Soles as a foreign terrorist organization.
That allegation originated from a 2020 grand jury indictment of Maduro, drafted by the DOJ during Trump’s first term. The document described the Cartel de los Soles as a “Venezuelan drug-trafficking organization comprised of high-ranking Venezuelan officials.”
As the New York Times explained back in November:
There’s a big catch with the impression created by the Trump administration’s narrative: Cartel de los Soles is not a literal organization, according to a range of specialists in Latin American criminal and narcotics issues, from think-tank analysts to former Drug Enforcement Administration (DEA) officials.
It is instead a figure of speech in Venezuela, dating back to the 1990s, for Venezuelan military officials corrupted by drug money, they say. The term, which means “Cartel of the Suns,” is a mocking invocation of the suns Venezuelan generals wear to denote their rank, like American ones wear stars.
It is for that reason that the DEA's annual National Drug Threat Assessment, which describes major trafficking organizations in detail, has never mentioned Cartel de los Soles. Nor has the annual “World Drug Report” by the United Nations Office on Drugs and Crime.
Nevertheless, the claim that Maduro was at the helm of an international terrorist cartel was a core justification the Trump administration has used over the past year to legitimize pushing him out of power.
"Maduro is NOT the President of Venezuela and his regime is NOT the legitimate government," said Secretary of State Marco Rubio in a post on social media in July. "Maduro is the head of the Cartel de Los Soles, a narco-terror organization that has taken possession of a country. And he is under indictment for pushing drugs into the United States."
Such a portrayal was useful when attempting to drum up support for US aggression against Venezuela. But now, Maduro stands on trial in the Southern District of New York, where a jury will decide his guilt or innocence based on the evidence presented after he pleaded not guilty on Monday.
Elizabeth Dickinson, the deputy director for Latin America at the International Crisis Group, told the New York Times that the designation of Cartel de los Soles as a foreign terror organization was “far from reality,” but that “designations don’t have to be proved in court, and that’s the difference. Clearly, they knew they could not prove it in court.”
Following Maduro's abduction by US forces on Saturday, the DOJ released a new indictment. While it still accused Maduro of participating in a drug trafficking conspiracy, it totally abandoned the claim that any organization called "Cartel de los Soles" actually existed.
To the extent that any such group does exist, the indictment says it's not as a criminal organization, but as "a culture of corruption in which powerful Venezuelan elites enrich themselves through drug trafficking," and a "patronage system run by those at the top."
But even a day after the new indictment fatally undercut his claims, Rubio continued to insist on NBC’s “Meet the Press” that Cartel de los Soles was a “transnational criminal organization” and that “the leader of that cartel,” Maduro, “is now in US custody and facing US justice in the Southern District of New York.”
"They've been pretending that this made-up thing was real for a year. But now that they'd have to actually demonstrate its existence in court, they're going to cram it down the memory hole," marvelled Derek Davison, a Washington-based researcher and writer on international affairs and American politics.
Ben Norton, editor of the Geopolitical Economy Report, wrote on social media that the administration's abrupt abandonment of one of its central justifications for war demonstrates that "the entire US war is based on lies."
While the initial phase of Trump’s ramp-up of military aggression against Venezuela was premised, with scant evidence, on the need to prevent alleged drug boats from reaching the US, President Donald Trump has now said explicitly that the administration’s goal is to take control of Venezuela’s massive oil reserves and hand them to US-based companies.
"It never had anything to do with drugs. Venezuela's role in the global cocaine trade is small and insignificant, and it has absolutely nothing to do with fentanyl (which is actually responsible for many drug-related deaths in the US, unlike cocaine)," Norton said. "The Trump administration's repeated invocation of the fake 'Cartel de los Soles' was its version of the weapons of mass destruction lie used by George W. Bush to try to justify his illegal invasion of Iraq."
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'Pretty Suspicious!' Was Trump Insider Behind Winning Polymarket Bet on Maduro Kidnapping?
A mysterious gambler raked in over $400,000 in profit from a series of bets placed shortly before the Trump administration bombed Venezuela and abducted its president.
Jan 06, 2026
A suspiciously timed and lucrative bet on the US abduction of Venezuelan President Nicolás Maduro over the weekend has prompted speculation that the wager was placed with inside knowledge, possibly by someone within the Trump administration or its orbit.
The yet-unknown gambler placed a series of bets totaling nearly $34,000 between late December and January 3—the day of the US assault on Venezuela. All of the bets, placed on the cryptocurrency-based prediction platform Polymarket, were related to the probability of Maduro being removed from power and the US attacking Venezuela before the end of January.
The bettor, who went by username Burdensome-Mix on Polymarket, reportedly netted over $400,000 from the wagers in just 24 hours.
"Seems pretty suspicious!" wrote researcher Tyson Brody. "[US Defense Secretary] Pete Hegseth making some beer money on the side?"
NBC News reported Tuesday that the bettor "has already cashed out their Polymarket winnings in Solana, a type of cryptocurrency, through a major American exchange, with no indication they have tried to hide or launder the funds." The outlet added that "if any regulators or law enforcement went looking for the bettor, they’d likely have little difficulty locating them."
It was public knowledge that US President Donald Trump—who had said Maduro's days as the leader of Venezuela's government were "numbered"—was considering a direct attack on the South American country, and his administration had amassed a large military force in the region in recent months in preparation for such an assault.
But there was no publicly available information on the timing of any possible attack. The New York Times, which reportedly learned of the US assault and abduction operation shortly before it began, later revealed that Trump "had authorized the US military to go ahead as early as December 25, but left the precise timing to Pentagon officials and Special Operations planners to ensure that the attacking force was ready, and that conditions on the ground were optimal."
Trump gave the final go-ahead order late Friday night, according to the Times, and the attack began in the early hours of Saturday morning, Venezuela time.
Analysts have warned that the spread of prediction platforms like Polymarket—where gamblers can bet on a dizzying range of scenarios, including the timing of the second coming of Jesus Christ—could raise the likelihood of insiders trying to profit from confidential information.
It also increases the risk that people in positions of power and influence will try to push policy in a certain direction in order to cash in on their bets, said Demand Progress executive director Sean Vitka.
"And questions related to whether or not, and when, military action might be undertaken are especially vulnerable to such manipulation because the president frequently moves with discretion over the timing and (legally or not) without notice to the public or Congress," Vitka told The American Prospect.
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