Pain & Profit: The Act 22 “Charities” that Take from Puerto Ricans and Give Little in Return

10 Apr 2024
A Spanish version of the paper is available for download. April 2024 Executive Summary In an effort to attract wealthy investors to Puerto Rico, the Puerto Rican government passed the “Act to Promote the Relocation of Individual Investors to Puerto Rico” (known as Act 22 and later amended into Act 60) in 2012.... Read More

Hedge Paper No. 73 – The New Oversight Lords

17 Mar 2021
Download Spanish PDF Download English PDF The New Oversight Lords Four and a half years after the enactment of PROMESA, the struggle continues in Puerto Rico against the oversight board and the vulture funds. The PROMESA era has been a difficult time that has seen several cataclysms: the destruction brought by hurricanes Irma and María, the earthquake and its aftershocks, and the global COVID-19 pandemic.... Read More

Pain and Profit: COVID-19 Profiteers in Puerto Rico

30 Jul 2020
Spanish PDF By Abner Dennis For many years, the pharmaceutical industry has extracted enormous amounts of wealth from Puerto Rico. The companies have secured lucrative tax breaks from local government officials interested in attracting their operations to the island, and as a result pharmaceutical products account for a large share of Puerto Rico’s exports.... 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 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


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.... Read More


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.... Read More

Report No. 58: Pain and Profit After Maria

22 May 2018
Pain and Profit After Maria Companies Taking Puerto Rico by $torm Five months after Hurricane Maria, and amid a continuing austerity crisis, conditions in Puerto Rico remain dire. More than 1,000 people died from the hurricane, although the official estimate is only 64. The government of Puerto Rico estimates that another 200,000 people (about 5 percent of the population) could leave the island by the end of 2018, adding to the massive wave of out-migration over the past decade.[1]... Read More
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16 Apr 2018
CALIFORNIA HEDGE FUNDS AND THEIR BILLION-DOLLAR TAX LOOPHOLE Simply stated, the carried interest loophole is the mistreatment of hedge fund and private equity fees as capital gains, rather than ordinary income.... Read More