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

Robin Hood Puerto Rico Vultures

20 Oct 2017

PUERTO RICO VULTURE: SETH KLARMAN Baupost Group, CEO Holds $911 million in PR COFINA bonds Biggest bondholder in austerity lawsuit Hid vulture holdings in secret shell companies OFFICE: 10 SAINT JAMES AVE BOSTON HOME: 329 HEATH STREET CHESTNUT HILL MA $1.5 billion personal fortune Drove mass austerity in Greece, pay cuts in NYC Big investor in dirty fossil fuels & fracking Rigs political system to privatize schools & cut his own taxes PUERTO RICO VULTURE: PAUL TUDOR JONES Tudor Investment Corp.... 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

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

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

#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

#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

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