Boston protesters call out a hedge fund vulture
About 75 people held a picket in Boston outside the offices of the Baupost Group hedge fund to draw attention to how powerful financial interests are preying on Puerto Rico--even as its residents struggle to secure basic necessities such as food and water.
The Baupost hedge fund, founded by billionaire Seth Klarman, started investing in bonds issued by Puerto Rico in 2015 when it could acquire them for pennies on the dollar. Baupost's strategy is to use Puerto Rico's subordinate status as a U.S. colony to extract profit from the island, no matter the cost to the people who live there.
The value of Puerto Rican bonds owned by Baupost is now about $911 million--but if Baupost succeeds in using political pressure and outright blackmail to get its way, the return on this "investment" could be immense.
The picket, organized by the International Socialist Organization (ISO) and co-sponsored by Boston Democratic Socialists of America and the Green-Rainbow Party, called for the cancellation of Puerto Rico's debt--which is precisely what Klarman and Baupost are adamant in opposing.
Read more: https://socialistworker.org/2017/10/25/boston-picket-says-cancel-puerto-ricos-debt