UPDATE #HedgePapers No. 26 – Puerto Rico: Pain and Profit

21 Mar 2017
UPDATE: After years of crisis and austerity that have resulted in a poverty rate of 45 percent, it’s hard to imagine that conditions could get much worse for the people of Puerto Rico. But if the island’s bondholders have their way, that’s exactly what’s going to happen. Puerto Rico is facing a new round of draconian budget cuts that promise to intensify the hardships that the population is already facing.... Read More

UPDATE: Pirates of the Caribbean: How Santander’s Revolving Door with Puerto Rico’s Development Bank Exacerbated a Fiscal Catastrophe for the Puerto Rican People

13 Dec 2016
UPDATE: Carlos García Fails to Report CommoLoCo in Financial Disclosure García’s business makes small loans to desperate Puerto Ricans at extremely high interest rates The following is an update concerning the business interests and apparent conflicts of Carlos García, who is serving as a board member of the Financial Oversight and Management Board for Puerto Rico (aka “Fiscal Control Board,” “Junta”).... Read More

#HedgePapers No. 24 – Puerto Rico Hedge Fund Vulture Holdouts

3 Nov 2015
Los Tiranos, Los Vampiros, y El Terminator (The Tyrants, the Vampires, and the Terminator) The Puerto Rican debt crisis has recently reached a new stage in negotiations between the government and its bondholders: deals have been reached with many creditors and ad hoc groups have fallen apart, but several creditors are continuing to hold out, intending to squeeze massive profits out of a Puerto Rico on the brink.... Read More
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Open Letter: Antonio Weiss Must Recuse From Treasury’s Puerto Rico Debt Crisis Response

24 Sep 2015
September 23, 2015 Antonio Weiss Counselor to the Secretary United States Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220 Dear Counselor Weiss: On behalf of the 13 undersigned national and community organizations, representing more than 9 million Americans, we are writing to ask you to recuse yourself from all Treasury activities relating to the debt crisis of the Commonwealth of Puerto Rico.... Read More
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#HedgePapers No. 21 – The Antonio Weiss Files: Vultures, Bribes & Conflicts of Interest in Puerto Rico

24 Sep 2015
Antonio Weiss must be recused from decisions on the Puerto Rico crisis Treasury official Antonio Weiss is currently leading the Treasury Department’s response to the Puerto Rico debt crisis. But Weiss received a $21,200,000 golden parachute from his previous employer, Lazard Frères, an investment bank with numerous ties to the Puerto Rico debt crisis.... Read More
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#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
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Hedge Clippers to Cuomo: Stand with Puerto Rico — Not With Hedge Fund Billionaires

30 Jul 2015
July 30, 2015 Dear Governor Cuomo – It is with a growing sense of outrage that we write to you today about the horrifying debt crisis in Puerto Rico. This is a crisis that several of your top New York hedge fund donors are actively exploiting and deepening, in a shameless, morally repugnant effort to make as much money as possible.... Read More
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#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
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