"How will They Identify It?

And so, my organization, the ReFund America Project, we’re truly going to be releasing a series of stories over the next couple of months that may look at the different ways during which Wall Street banks really focused Puerto Rico with predatory offers, and actually calling on the PROMESA control board to be placing the interests of the individuals of Puerto Rico first, to cancel the illegitimate debt so that we can correctly fund companies. SAQIB BHATTI: Yeah, so, principally, I mean, there have been a series of banks, together with Citigroup, Merrill Lynch-now beneath Bank of America-Goldman Sachs, UBS, Banco Santander. Food costs, for instance, are up; however it is due to increased costs, including drought in California, climate change, and mergers and acquisitions by massive corporations that eliminate competitors. In the identical approach that a money-strapped family trying to put food on the desk would possibly go to a payday lender because they need to, سعر الدولار مباشر to make ends meet, you had, you understand, Puerto Rico making an attempt to place meals on the desk, run-present fundamental companies, needing to find ways to make ends meet. But what this implies-let me put this query to you, Saqib.

Someone deliberately created a pretend URL in an effort to get them delisted and so the question was why. They are also attempting to get friendly governors and أسعار الدولا الان members of Congress to lean on the commissioners. Same factor with bonds, they get sold off and traded. So the same factor that’s occurring with PROMESA with the federal government is going to happen with the electric firm. JUAN GONZÁLEZ: Well, Carlos Gallisá, you are a member of the board of administrators of the Puerto Rico electric authority. 10. And that’s one other imposition of the bondholders, which they need to have a seat in the board of directors. So we are attempting to restructure the debt, and the bondholders haven't been in a position to offer us an excellent deal in the restructuring of the debt. They should challenge the illegitimate debt. We'd like to ensure, if there’s a PROMESA management board, that they’re not slicing companies further. AMY GOODMAN: We’re attempting to make a link with our visitor in San Juan proper now.

And so, numerous the traders that at the moment are shopping for it, which are these vulture hedge funds which can be buying at dirt-low costs and attempting to make an enormous revenue, earnings up to near-up to 2,000 p.c, if you’re buying at 5 % and planning on attempting to gather all 100. I mean, simply to place that into perspective, the idea is that there’s one thing that theoretically on its face is price $1, and I’m going to pay you 5 cents to purchase it up. JUAN GONZÁLEZ: I’d wish to placed on-these are a few of the names of the companies that you simply see there: Goldman Sachs, AG Edwards, Bear Stearns, JPMorgan, Morgan Stanley, UBS Investment, Lehman Brothers, Santander Securities, Popular Securities. Banks-you realize, banks like Citigroup, Goldman Sachs, still focused Puerto Rico for these offers, because they obtained to generate income on the front end. And banks swooped in-banks like Citigroup, Goldman Sachs-and stated, "Hey, here’s a deal," regardless that they knew that these offers can be really unhealthy and Puerto Rico would by no means be capable of pay them in the long term.

And what you mentioned is exactly right, that banks knew that there’s-I imply, there’s no manner that Puerto Rico can pay all this back. Banks knew that they couldn’t do this. So, the banks had to know that there was no manner that Puerto Rico might pay this back, however yet they continued to subject these bonds. A driver would possibly should alternate cash thrice a day, not in banks however in again workplace rooms and in parking heaps. The poster baby for selling out our future to cover as we speak's shortfalls has to be the Chicago parking meter deal, by which Mayor Daley struck a satan's bargain to lease out all of the city's parking meters for seventy-5 years for a $1.565 billion greenback lump sum, with none session or notice. The debt of the ability firm is near $9 billion, out of the $70 billion that the government of Puerto Rico owes. Eventually, in a number of years, when it’s up and running and there’s a new government that’s been democratically elected, will finish the job with their very own revenues. Then, on the first-someday throughout the primary three months of subsequent year, there will probably be a further enhance of 18 p.c.

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