Clinton And Bush Promise Relief For Puerto Rico While Raking In Cash From Its Vulture Fund Creditors
from Think Progress:
____This year, hedge fund manager Paul Tudor Jones gave Jeb Bush’s “Right to Rise” super PAC, which works closely with his campaign but is technically independent, at least $25,000. It received $500,000 from hedge fund manager Dan Loeb, $250,000 from hedge fund manager David Tepper, and $50,000 from hedge fund manager John Paulson. Leon Black, the head of Apollo Global Management, gave Bush’s super PAC $100,000 and his hedge fund paid Bush himself $42,500 for a speech in May, according to his personal financial disclosure report.
Bush also has as much as $615,000 personally invested in two different hedge funds connected to the Puerto Rican crisis, Fortress Investment Group and Oppenheimer, which earned him up to $2,500 2014, according to his financial disclosure.
Hillary Clinton’s campaign, meanwhile, has received the legal maximum donation of $2,700 from bankers at Fortress Investment Group and four-figure contributions from bankers at Perry Capital, Blue Mountain Capital, and Angelo, Gordon & Co., according to Federal Election Commission filings.
A banker with Apollo Global Management also donated the legal limit to Clinton, and that hedge fund paid her $250,000 for a speech in May, according to her personal finance disclosure.
....All of these hedge funds have been deeply involved in the Puerto Rican debt crisis. Several of them, including Blue Mountain Capital, the Managed Funds Association, and Angelo, Gordon & Co., have spent big this year lobbying Congress not to give the island bankruptcy protections.
Feliciano stressed that not all hedge funds are behaving equally badly. While some bought up the debt for pennies on the dollar, others like Oppenheimer paid full price, and are thus trying more to recover their funds than make a killer profit. But the track record of some of the hedge funds suggests a more predatory nature. Third Point, Fortress, and some of the other funds donating to Bush and Clinton were involved in buying up Argentina’s debt during the country’s economic crisis — reaping up to a 1300 percent profit as the nation struggled. Others involved in Puerto Rico have profited from the debt crises in Greece and Detroit.
“These guys play hard ball and are willing to do what they need to to get their money,” said Michael Kink with the Strong Economy For All Coalition, a New York-based group advocating for Puerto Rico. “They could make hundreds of millions, billions of dollars. The exploitative speculative investors are not going to change the way they do business, so it’s up to President Hillary or President Jeb or whoever we get to show the American people that they can look out for regular working people and families.”
read more: http://thinkprogress.org/politics/2015/09/04/3697677/clinton-and-bush-promise-relief-for-puerto-rico-while-raking-in-cash-from-its-vulture-fund-creditors/
related:
Clinton, Rubio Take Campaigns To Puerto Rico
http://miami.cbslocal.com/2015/09/04/clinton-rubio-take-campaigns-to-puerto-rico/
Martin O'Malley highlights Puerto Rico's health care crisis
http://www.democraticunderground.com/10026863318
O'Malley 'On the Road' to Puerto Rico (PICS)
http://www.democraticunderground.com/1251487167
O'Malley came out early with a humane response to Puerto Rico's crisis; now others are joining in
http://www.democraticunderground.com/1251431095
In face of default, Martin O'Malley makes Puerto Rico a priority: 'We Can’t Let Puerto Rico Fail'
http://www.democraticunderground.com/1251487500
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