Of how Wall Street, the FBI, Washington and PR lawyers and politics stole Puerto Rico’s money/ De como Wall Street, el FBI, abogados y politicos de Washington y Puerto Rico se robaron el dinero del pueblo

ViequesNoSeVendeThe story depicted in the Caribbean News Now is a scheme and cover up that goes from Venezuela thru San Juan and blessed and promoted by New York and Washington. In it, everybody benefitted but the people of Puerto Rico that are now left to pay the bill. A short description of the scheme: Wall Street covered up the bad situation in Puerto Rico for years and continued issuing good ratings to PR bonds so that PR agencies can continue borrowing to buy cheap oil in Venezuela, bill it like high grade oil to the PR government and cash the difference. Even the FBI participated in the cover up because everybody from San Juan to Washington received part of the spoils. Now Washington wants Vieques lands to pay for Puerto Rico’s debt. There have been no accusations yet.

http://www.caribbeannewsnow.com/topstory-Personal-conflicts-obstruct-FBI-investigation-into-Puerto-Rico-fraud-29906.html

The debt was sold at discount, a large quantity of it between .60 to less than .50 cents to the dollar with the agreement to pay to the dollar in full upon its maturity. Plus, the annual return yield was agreed to set high interest rates, and the principal and return are three-fold exempt from payment of local and federal taxes, the report continued.

The report claimed that the financial intermediaries and the institutional bondholders, despite being fully aware of PREPA’s fiscal situation, had no qualms with unjustly enriching themselves and with having the consequences of their negligent acts be paid for by the people of Puerto Rico.

“Meanwhile, and fully aware that PREPA did not have the resources to repay the debt, investment firms, banks, credit houses, consulting engineers, and PREPA itself failed to bring out into public light the need to make adjustments to the rates charged by PREPA,” the report said.

Investors allowed PREPA to issue bonds, then, PREPA borrowed from private banks to pay the bond’s interests; then, borrowed from the Government Development Bank (GDB) to pay back the private bank loans, and the GDB, in turn, issued more bonds to refinance all. Afterwards, PREPA would issue a new debt to pay GDB’s outstanding interests, pay principal and pre-pay the new bonds’ interests for several years – a cycle that is repeated over and over – and in which the original debt is never paid, the report outlined.”

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La historia que se muestra en Caribbean News Now es un esquema y encubrimiento que va desde Venezuela a través de San Juan, y bendecido y promovido por Nueva York y Washington . En él , todo el mundo se benefició excepto el pueblo de Puerto Rico, al que le dejaron la factura. Una breve descripción del esquema: Wall Street cubrió la mala situación en Puerto Rico durante años y continuó emitiendo buenas calificaciones a los bonos de la isla para que las agencias públicas pudieran seguir endeudándose para comprar petróleo barato de Venezuela, facturarlo como de alto grado al gobierno de Puerto Rico y quedarse con la diferencia . Incluso el FBI participó en el encubrimiento donde todo el mundo desde San Juan a Washington recibió parte del botín. Ahora Washington quiere tierras de Vieques para pagar la deuda de Puerto Rico . No han habido ningunas acusaciones.

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