REPORT NO. 54 Hurricane Harvard and the Damage Done to Puerto Rico: How the University’s Endowment Investment Harms the Island

23 Jan 2018

Introduction Four months after Hurricane Maria, nearly half of Puerto Rico is still without electricity. The poverty rate is 46 percent, and even more – 58 percent – for children.[1] Over 80% of Puerto Rico’s agricultural crop value – around $780 million – was destroyed by the hurricane.[2] Its healthcare system, already facing austerity cuts, is in a state of crisis.[3]... Read More

Partner Paper No. 5: The Looting of Puerto Rico’s Infrastructure Fund: Carlos M. Garcia’s destructive fiscal policies hurt Puerto Rico once, could it happen again?

16 May 2017

DOWNLOAD SPANISH VERSION HERE Executive Summary Carlos M. Garcia is profoundly conflicted as a former Santander[i] banking executive in his current role on the PROMESA control board, or the “Junta.” In the years preceding Governor Luis Fortuño’s election in 2008, Garcia built Santander Securities—the bank’s municipal bond business—while Jose Ramon Gonzalez, another Junta member, was at the head of the bank.[ii]... Read More

#HedgePapers No. 20 – New York City’s Public Pension Vultures In Puerto Rico

21 Sep 2015

Hedge Funds Preying on Puerto Rico Manage Over $550 Million in NYCERS Funds Puerto Rico’s 3.5 million residents face frightening austerity measures in an economic crisis that is unfolding rapidly. Hedge funds have been buying up a large portion of the island’s debt, sometimes for pennies on the dollar. These hedge funds are betting on big profits if Puerto Rico is not permitted to declare bankruptcy or refinance its $72 billion debt and is forced to repay all creditors in full.... Read More

#HedgePapers No. 17 – Hedge Fund Vultures In Puerto Rico

10 Jul 2015

HEDGE FUND Vultures IN PUERTO RICO They want huge profits – and they will push austerity to secure them Hedge funds and billionaire hedge fund managers have swooped into Puerto Rico during a fast-moving economic crisis to prey on the vulnerable island. Several groups of hedge funds and billionaire hedge fund managers have bought up large chunks of Puerto Rican debt at discounts, pushed the island to borrow more, and are driving towards devastating austerity measures.... Read More

#HedgePapers No. 16 – Hedge Fund Billions Boost Cuomo’s Privatization Push

8 Jun 2015

HEDGE FUND BILLIONS BOOST CUOMO’S PRIVATIZATION PUSH Why Won’t Hedge Funders Confess Their Role in Multi-Million-Dollar Lobbying Campaign? More than $13 million has been spent since 2014 by two charter/privatization groups trying to eliminate New York’s cap on charter schools and win backing for an unprecedented tax credit that would divert huge amounts of public resources into private schools.... Read More

#HedgePapers No. 15 – Cuomo’s Cronies: How Private School Billionaires Are Banking On Tax Credits From The Governor

28 May 2015

Cuomo’s Cronies: How Private School Billionaires Are Banking On Tax Credits From The Governor Cuomo’s Latest Scheme: Tax Refunds for Billionaires Who Donate to Elite Private Schools and Privatized Charter Schools Andrew Cuomo is probably the first Democratic governor in history to back tuition tax credits and taxpayer-funded subsidies to wealthy families who send their children to elite private schools.... Read More

#HedgePapers No. 11 – High Frequency Hucksters

29 Apr 2015

Right Wing Financial Traders From The Suburbs Bet Big On The Philadelphia Mayoral Race: Why are a group of conservative traders bankrolling a self-described Democrat in the Philadelphia mayoral election? Anthony H. Williams enjoys a long history of support from the founders of Susquehanna Investment Group (SIG), a dark pool “high-frequency trading” firm based in the wealthy suburbs of Philadelphia.... Read More