2024 Election Data Brief: The Act 22 Donors [Still] Influencing Puerto Rico’s Elections

23 Oct 2024

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Spanish Version of the Report October 2024 In a bid to attract wealthy investors, the Puerto Rican government passed the “Act to Promote the Relocation of Individual Investors to Puerto Rico” in 2012. Act 22, later amended into Act 60, gives wealthy outsiders an unprecedented 100% tax exemption on all income and investments if they move to Puerto Rico.[1]...Read more ›

Vulture Fund Power Players: The lawyers, lobbyists, and trade groups fueling Wall Street predation

21 Feb 2023

[ENGLISH] Vulture Fund Power Players Hedge Clippers Report Feb 2023 FINALDownload [SPANISH] LOS CABECILLAS DE LOS FONDOS BUITRES Hedge Clippers Report Feb 2023 FINALDownload February 2023 Contributors The Center for Popular Democracy is a nonprofit organization that promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country....

HEDGEPAPER NO. 63 THE HEDGE FUNDS THAT KILLED TOYS “R” US STILL PREY ON PUERTO RICO

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....

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

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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”)....

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

3 Nov 2015

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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....

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

21 Sep 2015

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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....

Governor Cuomo: Return Campaign Donations from Hedge Funds Profiting off Puerto Rico Debt Crisis

3 Sep 2015

September 3, 2015 Dear Governor Cuomo, Finally, you’ve broken your silence on the Puerto Rico debt crisis! After we urged you last month to speak out on the debt crisis in Puerto Rico, you announced this week you will lead an investigatory delegation to examine the economic and financial crisis there But we remain outraged at the fact that many of your hedge fund donors continue to exploit the suffering of Puerto Ricans....

Hedge Clippers to Cuomo: Stand with Puerto Rico — Not With Hedge Fund Billionaires

30 Jul 2015

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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....

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

10 Jul 2015

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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....