Pain and Profit: COVID-19 Profiteers in Puerto Rico

30 Jul 2020

Spanish PDF By Abner Dennis For many years, the pharmaceutical industry has extracted enormous amounts of wealth from Puerto Rico. The companies have secured lucrative tax breaks from local government officials interested in attracting their operations to the island, and as a result pharmaceutical products account for a large share of Puerto Rico’s exports.... Read More

HEDGE PAPER NO. 71: IT'S TIME TO MARTIN ACT

11 Mar 2020

HEDGE PAPERS NO. 68: PAIN AND PROFIT Rosselló is gone but vultures still prey on Puerto Rico

13 Aug 2019

PDF En Espanol Pain and Profit – Rosselló is gone but vultures still prey on Puerto Rico Over the past month, Puerto Ricans have risen up in historic numbers to reject the old political and economic order overseen by a corrupt local elite that prioritizes its own interests and Wall Street profits over the Puerto Rican people.... Read More

Hedge Paper No. 65: Insured to Profit: Conflicts of interests in the career of José Carrión III

14 Nov 2018

PDF of Hedge Paper No.65 – English PDF of Hedge Paper No.65 – Spanish It has been two years since the approval of the PROMESA Act and the establishment of the Financial Oversight and Management Board (the Oversight Board) in Puerto Rico. The austerity measures implemented have been catastrophic for millions of people in the Caribbean archipelago.... Read More

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.... Read More

HedgePaper No. 61: THE GOLDEN REVOLVING DOOR

21 Aug 2018

HedgePapers No. 61: THE GOLDEN REVOLVING DOOR: How A Planned Debt Restructuring Agreement Benefits The Bankers — and Could Block Puerto Rico From Holding Them Legally Accountable Spanish version of the report. Executive Summary An agreement nearing approval as part of Puerto Rico’s debt restructuring process could block many forms of legal accountability for a key set of government officials and bankers that oversaw the creation of the debt – and stick credit unions and municipalities with the tab.... Read More

Report No. 58: Pain and Profit After Maria

22 May 2018

Pain and Profit After Maria Companies Taking Puerto Rico by $torm Five months after Hurricane Maria, and amid a continuing austerity crisis, conditions in Puerto Rico remain dire. More than 1,000 people died from the hurricane, although the official estimate is only 64. The government of Puerto Rico estimates that another 200,000 people (about 5 percent of the population) could leave the island by the end of 2018, adding to the massive wave of out-migration over the past decade.[1]... Read More

REPORT NO. 56: CALIFORNIA HEDGE FUNDS AND THEIR BILLION-DOLLAR TAX LOOPHOLE

16 Apr 2018

CALIFORNIA HEDGE FUNDS AND THEIR BILLION-DOLLAR TAX LOOPHOLE Simply stated, the carried interest loophole is the mistreatment of hedge fund and private equity fees as capital gains, rather than ordinary income.... Read More

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