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”).... pdf button

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

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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.... pdf button

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

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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.... pdf button

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

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

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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.... pdf button

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

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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.... pdf button