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

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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”). A report issued last December by the Committee for Better Banks and the Hedge Clippers, entitled “Pirates of the Caribbean” examined a web of conflicts between García’s former employer Santander Bank and the Government of Puerto Rico surrounding debt issuance, which has helped create a humanitarian crisis in Puerto Rico. The report places Carlos García at the center of these conflicts, because he served as a senior executive at Santander while the bank advised on debt deals and underwrote bonds for the Commonwealth....
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