Hearing on Puerto Rico: Economy, Debt, and Options - Sanders - Warren

[Donkees]

[font color= "navy"]Published on Oct 24, 2015
The greedy people of Wall Street want to own Puerto Rico for an unconstitutional debt designed for vulture fund owners.


U.S. Senator Bernie Sanders​:

"When people are suffering and hurting, you can not continue to squeeze them."

"At a time when children in Puerto Rico are going hungry and schools are being shutdown, why should these guys [on Wall Street] be getting back 100% on their investment, when they are paying 30% to 70% on the dollar for these bonds?"

"They are receiving 11% (tax exempt) yield on interest rate and children in Puerto Rico are going hungry."

"It is possible that some of the debt was incurred in violation of Puerto Rico's constitution."

"If that debt was incurred in a way that was unconstitutional, this debt should not have to be paid back."


U.S. Senator Elizabeth Warren​:

"Who owns Puerto Rico's debt?"

"Many of the owners are so called vulture (hedge) funds that wait until the borrowers are in trouble and then they buy the debts at a big discount so they can make a profit, even if some of the debt doesn't get repaid. But the [owners of] vulture funds don't want to renegotiate (as done in U.S. states and other countries). The vulture funds want Puerto Rico to raise taxes, cut healthcare, fire teachers, cut pensions, sell off $4 billions worth of government buildings, privatize public ports, close [public] schools and cut support for the University of Puerto Rico. All so that these vulture funds can squeeze out more profits. It will make things worse for the people of Puerto Rico and its economy."


Original Source:
http://www.energy.senate.gov/public/i...[/font]

[forest444]

1. They figure it worked with Argentina, so why not now.

And one day, even with U.S. bonds themselves if Congressional Republicans can manufacture a default.