Vulture Funds and Bond Holders Suing Puerto Rico Tied to Clintons.
Bankers and Vulture Funds vs. Puerto Rico.
"Those hedge fund firms include Angelo Gordon & Co., BlueMountain Capital Management LLC, Brigade Capital Management LP, Centerbridge Partners LP, Davidson Kempner Capital Management LP, Fir Tree Inc., Knighthead Capital Management LLC, Marathon Asset Management LP, Monarch Alternative Capital LP, Stone Lion Capital Partners LP and D.E. Shaw Group, according to court documents and Bloomberg reports.
"Traditional money managers that own Puerto Rican municipal bonds include Franklin Advisers Inc., Fundamental Advisors LP, Goldman Sachs Asset Management and Oppenheimer Funds."
"A leading group of bondholders wasted no time criticizing the proposal. The discussion draft bill is worse for creditors than Chapter 9,” said financial adviser Stephen Spencer of Houlihan Lokey, Washington, who represents major Puerto Rico creditors, including OppenheimerFunds and Franklin Advisers.:"
"During March 22 oral arguments on the combined cases of Puerto Rico vs. Franklin California Tax-Free Trust and Acosta-Febo vs. Franklin California Tax-Free Trust, several justices seemed sympathetic to Puerto Rico's plight."
http://www.pionline.com/article/20160404/PRINT/304049989/washington-hold...
At least some of these and/or their CEO's and Lobbyists are funding to the Clinton's. There are considerable research skills here and Puerto Rico needs these connections before and after the primary. I am 70 and my main computer stopped working strangely enough, and I have a hard time organizing information without my database etc. that are on my main computer. I am also limited in other ways. Any information on the ties between any of these groups that you all can dig up, please post here.
OK I see three I recognize right off the bat --- Blue Mountain, Goldman Sachs and Franklin Advisers. H. Clinton held a fund raiser in Puerto Rico last month. Who attended? I will be posting documentation and data as the day goes on.
Comments
Oppenheimer Endorses Clinton
Schwab's Sonders and OppenheimerFunds' Memani fear Donald Trump's policies could hurt U.S. economy.
The top investment strategists say Mr. Trump's anti-trade, anti-immigration and isolationist policies would also hurt the U.S.'s standing in the world
"Under a Trump presidency, “the state of the U.S. economy will be dramatically different than today,” said Oppenheimer Funds' chief investment officer Krishna Memani. Their comments came during a panel discussion at the Investment Company Institute's general membership confab on Thursday."
http://www.investmentnews.com/article/20160519/FREE/160519909/schwabs-so...
From the Light House.
Hillary Clinton is consolidating support among Wall St. donors
"Hillary Clinton is consolidating her support among Wall Street donors and other businesses ahead of a general-election battle with Donald Trump, winning more campaign contributions from financial-services executives in the most recent fundraising period than all other candidates combined. The Democratic front-runner has raised $4.2 million in total from Wall Street.
http://www.marketwatch.com/story/hillary-clinton-reaping-donations-from-...
HELP!! Which donors, who are they?????
From the Light House.
Clinton Donors "Franklin" and "BlueMountain" Sue Puerto Rico.
As I mentioned before, the entire financial world is a tangled hairball. I am sorry it is so complicated, but that is the way these things apparently work.The deeper one digs the slimier it becomes. Fracking Interests coincide with Vulture Funds cross-breed with high government positions and sprinkle the cake with high donations.
So, following this thread we find that Franklin Resource Inc. has a huge list of subsidiaries some of which, Franklin Square Capital Partners, hold fundraisers for the Clinton campaign, and others who sue Puerto Rico, Franklin California Tax-Free Trust, and lobby against Puerto Rican interests.
BlueMountain Capital LLC, also a Clinton donor, is also included in the suit against Puerto Rico.
Documentation.
"FSIC is advised by FB Income Advisor, LLC, an affiliate of Franklin Square Capital Partners, a leading manager of debt-focused alternative investment funds, and sub-advised by GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners, the credit platform of Blackstone." http://www.fsinvestmentcorp.com
Wall Street is Hosting Huge Fundraisers for Hillary Clinton Just Before Iowa. Includes: Franklin Square Capital Partners, top executives of BlackRock -- "BlackRock, based in New York City, has longstanding ties to Hillary Clinton. Cheryl Mills, who sits on the board of the Clinton Foundation, is also a member of BlackRock’s board of directors.
http://usuncut.com/politics/wall-street-hosting-fundraisers-for-clinton-...
Sanders keyed on a fundraiser for Clinton last month hosted by executives of Franklin Square Capital Partners, a firm that has invested significantly in domestic fracking. https://www.washingtonpost.com/news/post-politics/wp/2016/02/26/sanders-...
Traditional money managers that own Puerto Rican municipal bonds include Franklin Advisers Inc., Fundamental Advisors LP, Goldman Sachs Asset Management and OppenheimerFunds.
http://www.pionline.com/article/20160404/PRINT/304049989/washington-hold...
During March 22 oral arguments on the combined cases of Puerto Rico vs. Franklin California Tax-Free Trust and Acosta-Febo vs. Franklin California Tax-Free Trust, several justices seemed sympathetic to Puerto Rico’s plight.
During March 22 oral arguments on the combined cases of Puerto Rico vs. Franklin California Tax-Free Trust and Acosta-Febo vs. Franklin California Tax-Free Trust, several justices seemed sympathetic to Puerto Rico’s plight.
http://diariodepuertorico.com/2016/04/washington-holds-key-for-puerto-ri...
SHOCKING! Subsidiary List of FRANKLIN RESOURCES, INC.
http://www.sec.gov/Archives/edgar/data/38777/000119312509241304/dex21.htm
"Franklin CA High Yield Municipal A (FCAMX - MF report) seeks tax exempted high income. FCAMX invests a large share of its assets in municipal securities that pay interest, which is exempted from taxes collected by the government and the State of California. FCAMX may also invest all of its assets in instruments that provide return subject to minimum tax. FCAMX may invest a maximum of 35% of its assets in municipal bonds approved by the US territories including Puerto Rico. The Franklin CA High Yield Municipal A fund returned 4.7% over the last one-year period."
https://www.zacks.com/stock/news/195387/4-topranked-franklin-templeton-m...
BlueMountain Capital LLC is also suing Puerto Rico in the same law suit.
http://www.chamberlitigation.com/sites/default/files/cases/files/2015/Br...(First%20Circuit).pdf
From the Light House.
UBS "one of the major underwriters of Puerto Rican debt"
"The Wall Street Journal recently reported that in 87 bond deals since 2006, Puerto Rico sold $61 billion of bonds which resulted in fees to Wall Street firms and their cohorts of $1.4 billion. The fees charged were higher than those assessed on other financially troubled US states and cities. In fact, according to Reuters, banks such as UBS, were paid gross spreads averaging 31% higher than spreads charged to Detroit.
UBS, one of the major underwriters of Puerto Rican debt, not only charged fees to underwrite Puerto Rican bonds, they then neatly packaged these bonds into their own “closed end mutual funds”, charged retail investors a “front end load” of 4.75 % and annual fees of 1%."
http://www.forbes.com/sites/jakezamansky/2013/11/13/how-wall-street-has-...
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UBS - Donations to family foundation increased after secretary of state’s involvement in tax case
UBS’s engagement with the Clinton family’s charitable organization increased. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according to the foundation and the bank.
The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.
http://www.wsj.com/articles/ubs-deal-shows-clintons-complicated-ties-143...
I am going to take a bit of a break for awhile.
From the Light House.
Latest, Vulture Funds Take Control of Puerto Rico
"After months of dramatic negotiation in Washington, complete with heartfelt pleas from Lin-Manuel Miranda, Puerto Rico is switching out its leadership. Soon, the U.S. territory will be run by a group of seven unelected individuals, most of whom will be appointed by Republicans in Washington.
Under the new regime, Puerto Rico will slash its minimum wage, in an attempt to boost employment. The new governing body, which will be known as the Oversight Board, has a mandate to act "in the best interests of" the hedge funds who bought up Puerto Rican debt on the cheap, and the elected government will be answerable to Washington alone.
What's more, just to pour salt in the wound, anybody who has ever been elected to be part of Puerto Rico's government is explicitly barred from membership in the new Oversight Board, whose work is far too important to be tainted by any hint of democratic legitimacy."
http://seekingalpha.com/article/3976859-puerto-ricos-new-unelected-shado...
From the Light House.
Wow, you were right....
Really full of information. Looking forward to sorting through it. Will Tweet and FB it.
"Religion is what keeps the poor from murdering the rich."--Napoleon
Hola!!
Thanks. There are plenty of source articles in three or four of my essays, but often I don't have time to find and post to every Facebook group and #PuertoRicox hashtags and news paper commentary... so any help is appreciated. (I am wary of spam, though so try and fit it into an existing on topic conversation).
From the Light House.
Paulson and Bone-Picking Puerto Rico
John Paulson buying, for cents on the dollar, Puerto Rico's "Distressed Properties"
"John Paulson made his greatest fortune…billions of dollars…by profiting on home foreclosures during the U.S. mortgage crisis in 2007.
John Paulson perfected his predatory business model in the 2007 US mortgage crisis. He helped to deepen that crisis…and now, he brings this business model to Puerto Rico.
In Puerto Rico, Paulson is buying “distressed properties” all over the island…even as one million Puerto Ricans had to leave the island, over the past fifteen years.
In fact, Paulson is buying the SAME “distressed properties” that these Puerto Ricans had to leave behind…and he buys them for pennies on the dollar.
Paulson is also getting 20-year tax breaks so that he can buy luxury hotels, office buildings, millionaire resort complexes, and beaches all over the island."
https://waragainstallpuertoricans.com/2016/05/22/the-gentrification-of-p...
Paulson and Goldman Sachs --
In July 2010 the Securities and Exchange Commission fined Goldman $550 million for the fraudulent marketing of its Abacus CDO; the bank had allowed its client John Paulson to stuff the CDO with toxic ingredients, mostly in the form of mortgage-backed securities (MBSs), and then to bet against the CDO when it was marketed by taking a short position. Paulson earned around $1 billion when the CDO lost value as it was designed to do
http://www.nybooks.com/daily/2016/04/12/hillary-clinton-goldman-sachs-wh...
2010. According to people familiar with the events, Mr. Paulson organized one of the events on behalf of the Republican National Committee and featured RNC Chairman Michael Steele and Republican presidential hopeful Mitt Romney. The other was for Democratic Sen. Charles Schumer of New York.
http://www.wsj.com/articles/SB10001424052748703757504575194502882068296
From the Light House.
Hillary Clinton will abet this exercise in neoliberal thievery
And along with her disastrous political party still claim to be the candidate who is best for Latinos.
I wonder how this will play among Puerto Ricans on the mainland? I recently moved to a city that's about 30% Puerto Rican, but I don't see much in the way of political organization here.
“If there is no justice for the people, may there be no peace for the government.”
Invisible?
You might not "see" them unless you are Latino. They have a way of organizing different from the "white" mainstream. The main effort is to get the information, get it out there, either through posts to Latino and Caribbean Facebook groups, newspaper commentaries, twitter etc. and let the organizations pick it up and run with it.
Try and find out what the Facebook pages for local Puerto Rican groups is in your city, and link to articles that may be of interest to them. I have tried to put together three or four essays with tens of sources to share.
From the Light House.
Apollo Global and Clinton Speeches
http://www.motherjones.com/politics/2016/06/bill-clinton-gave-six-figure...
(See more at): http://caucus99percent.com/content/cold-hard-look-todays-political-reali...
Puerto Rico bondholders mobilize
http://www.debtwire.com/info/2014/07/15/puerto-rico-bondholders-mobilize...
From the Light House.