Argentina Did Not Invent the Term "Vulture Fund"

The NYT had an account of the negotiations that led an agreement where holders of defaulted debt received billions of dollars in payments from the Argentine government. It made a point of contrasting the attitude of the new government, which was elected last fall, with the prior government, which it tells readers had referred to the debt holders as "vultures."

In fact, this is not pejorative term invented by the prior Argentine government, it is actually the self-definition of these funds. Th...