But at least 3 of the 7 members of the "fiscal control board" that President Obama just appointed to restructure Puerto Rico’s debt have personally benefited from the crisis!
Two board members, Carlos García and José Ramón González, both once headed up the island’s debt issuing agency, the Government Development Bank for Puerto Rico, that decided to make the toxic Wall Street deals that led to the crisis.
Later, both García and González were presidents of Santander Securities, a hedge fund that was fined just last year for selling risky Puerto Rican debt bonds.
The sister of another appointee, Jose Carrión III, advises one of the vulture funds that bought more than $100 million worth of Puerto Rico’s debt in 2014.
And investment risk firms are even reporting the board’s appointments as a “net positive for creditors” because the vulture hedge funds – that bought Puerto Rico's debt for pennies on the dollar – are confident the board will back Wall Street's plan to cut public services to pay the debt.
These vulture hedge funds want to pad their profits by shutting down schools and hospitals, bankrupting public pension funds, and slashing the minimum wage.
With so many insiders on the board, these vulture hedge funds could get exactly what they want – no matter the cost to the island's 3.5 million American citizens.
We can’t let the same people who played a part in manufacturing Puerto Rico’s debt crisis pressure the board into selling Puerto Rico to Wall Street. And with no accountability measures in place, only grassroots pressure can stop these insiders from pushing the board to go along with Wall Street's demands.
Sign the petition to fiscal control board: Stand with Puerto Ricans, not Wall Street!