Governor Cuomo: Return Campaign Donations from Hedge Funds Profiting off Puerto Rico Debt Crisis

East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy
September 3, 2015
Dear Governor Cuomo,

Finally, you’ve broken your silence on the Puerto Rico debt crisis!

After we urged you last month to speak out on the debt crisis in Puerto Rico, you announced this week you will lead an investigatory delegation to examine the economic and financial crisis there

But we remain outraged at the fact that many of your hedge fund donors continue to exploit the suffering of Puerto Ricans. You refuse to condemn their actions, because you are the largest recipient of hedge fund campaign cash in New York. This is dirty money and it talks, loudly.

These tainted funds have no place in our political system or in your campaign coffers. So long as you operate as a wholly owned subsidiary of the hedge fund class, there’s no way they will allow you to champion the debt restructuring and end to austerity that Puerto Rico desperately needs.

That’s why we call on you today to return all the campaign contributions you have received from hedge fund managers seeking to cash in on Puerto Rico’s misery – all $1,279,635 of it, before you leave on Monday with your delegation.

By our count, you have received $1,279,635 from 47 donors associated with 17 vulture hedge funds that have purchased and speculated on Puerto Rico’s debt.

You cannot travel to Puerto Rico before acknowledging the complicity of some of your donors in the island’s debt crisis. And you cannot be a real leader for Puerto Ricans if the hedge funds control your actions.

All New Yorkers, especially the estimated one million Puerto Ricans living here, need to know their Governor is working for the people, not hedge fund managers who buy off politicians.

Returning the campaign cash you’ve received from hedge fund vulture investors is the only path forward. It would show that you are prioritizing the needs of Puerto Ricans and everyday New Yorkers over those of hedge fund billionaires.

Debt restructuring may represent the last best hope for Puerto Rican to build a stable and sustainable future. But it would require debt holders, including many of your high-rolling hedge fund donors, to put people before profits – something they have been unwilling to do thus far.

Sincerely yours,
The Hedge Clippers

To view a complete list of Andrew Cuomo’s hedge fund donors click here
clipper next