HEDGE PAPERS NO. 69: BILLIONAIRE CORPORATE LANDLORDS ARE EXACERBATING CALIFORNIA’S HOUSING CRISIS

27 Aug 2019
BILLIONAIRE CORPORATE LANDLORDS ARE EXACERBATING CALIFORNIA’S HOUSING CRISIS Acknowledgements This report was researched and written by Eli Vitulli (Center for Popular Democracy). Additional research and writing support was provided by Sofia Lopez (Action Center on Race & the Economy). It was edited by Amy Schur and Anya Svanoe (Alliance of Californians for Community Empowerment), Michael Kink (Hedge Clippers), and Emily Gordon and Connie Razza (Center for Popular Democracy).... Read More

HEDGE PAPERS NO. 68: PAIN AND PROFIT Rosselló is gone but vultures still prey on Puerto Rico

13 Aug 2019
PDF En Espanol  Pain and Profit – Rosselló is gone but vultures still prey on Puerto Rico Over the past month, Puerto Ricans have risen up in historic numbers to reject the old political and economic order overseen by a corrupt local elite that prioritizes its own interests and Wall Street profits over the Puerto Rican people.... Read More

HEDGE PAPERS NO. 67: VULTURE HEDGE FUNDS ATTACK CALIFORNIA

19 Jun 2019
VULTURE HEDGE FUNDS ATTACK CALIFORNIA – “Quick profits for Wall Street” versus safe, sustainable, affordable energy Dozens of hedge funds are now speculating in shares of PG&E, the huge California utility, with several high-profile vulture funds demanding seats on the board and fighting for control of the company. PG&E was plunged into bankruptcy after decades of irresponsible corporate practices led to massive wildfires and billions in new liabilities.... Read More
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HEDGE PAPERS NO. 66: HEDGE FUNDS ATTACK GENERAL MOTORS AND AMERICAN JOBS

18 Mar 2019
General Motors recently announced large-scale plant closures and layoffs, with top executives claiming the company needs $4.5 billion in savings to stay alive.  This week the legendary Lordstown manufacturing plant in Ohio will close. But GM has given over five times as much money — $25 billion — to Wall Street hedge funds and other investors in the past four years, including over $10 billion in controversial stock buybacks. And GM recently authorized even more stock buybacks:  it’s possible that every single dollar “saved” from job cuts and plant closures will go straight into the pockets of hedge fund billionaires and Wall Street.... Read More

Hedge Paper No. 65: Insured to Profit: Conflicts of interests in the career of José Carrión III

14 Nov 2018
PDF of Hedge Paper No.65 – English PDF of Hedge Paper No.65 – Spanish It has been two years since the approval of the PROMESA Act and the establishment of the Financial Oversight and Management Board (the Oversight Board) in Puerto Rico. The austerity measures implemented have been catastrophic for millions of people in the Caribbean archipelago.... Read More

HEDGE PAPERS NO. 64: SEVEN WALL STREET BILLIONAIRES TRY TO BUY NEW YORK ELECTIONS

28 Oct 2018
PDF of hedgepaper #64 Hedge fund billionaires are once again attacking elections in New York, pouring millions into candidates, PACs and Super PACs aimed at keeping Congress and Albany – and particularly the State Senate – in Wall Street’s hands. Just seven billionaires gave over $30 million in New York state and federal campaign contributions this cycle. These are the billionaires who got the biggest benefits from the GOP Tax Scam passed by Congress last year. And they’re the billionaires who benefit when the one-seat Republican majority in the New York State blocks efforts to close their carried interest loophole and make them pay their fair share. In the age of populist rage against the elites, these billionaires are the elite of the elite: just the seven of them have more wealth than 3.9... Read More

HEDGEPAPER NO. 63 THE HEDGE FUNDS THAT KILLED TOYS “R” US STILL PREY ON PUERTO RICO

8 Oct 2018
Solus Alternative Asset Management & Angelo Gordon PDF of HedgePaper No. 63 (English)Download PDF of HedgePaper No. 63 (Spanish)Download Introduction The hedge funds that forced Toys R Us to shut down and threw tens of thousands of workers out of their jobs have played a similarly destructive role in Puerto Rico, speculating on government-issued debt and using aggressive tactics to pursue massive profits at the direct expense of Puerto Ricans. The hedge funds, Solus Alternative Asset Management and Angelo Gordon, use extremely short-sighted strategies in order to score payouts for themselves and their investors.... Read More

HEDGEPAPER NO. 62: DAN MCKEE AND THE RIGHT-WING BILLIONAIRES WHO BACK HIM

7 Sep 2018
Download HedgePaper No. 62Download Dan McKee has made some very powerful and very wealthy friends.  It’s worked out well for him — but not so great for regular families in Rhode Island. As the former Mayor of Cumberland and current Lieutenant Governor, McKee has pushed policies that have undermined Rhode Island’s public schools and thrown into question his commitment to holding accountable those who profited from the opioid crisis. McKee’s biggest campaign backers include the Walton family, heirs to the Wal-Mart fortune and patrons of the Betsy DeVos education agenda.  ... Read More

HedgePaper No. 61: THE GOLDEN REVOLVING DOOR

21 Aug 2018
HedgePapers No. 61: THE GOLDEN REVOLVING DOOR: How A Planned Debt Restructuring Agreement Benefits The Bankers — and Could Block Puerto Rico From Holding Them Legally Accountable Spanish version of the report. Executive Summary An agreement nearing approval as part of Puerto Rico’s debt restructuring process could block many forms of legal accountability for a key set of government officials and bankers that oversaw the creation of the debt – and stick credit unions and municipalities with the tab. The restructuring agreement for $4 billion in Government Development Bank (GDB) debt was negotiated quietly and behind closed doors, as part of PROMESA’s out-of-court Title VI process, by conflicted players – revolving door figures who were previously officials at the GDB, have played some oversight role with respect to the debt, and/or have close ties to financial institutions that have profited from debt issuances over the years. The agreement is now in the voting stage, and will need to secure votes in favor from two-thirds of GDB creditors.... Read More