Erik McGregor Photography

Erik McGregor is a New York City based artist, photographer and activist.

Puerto Rican community in New York protest hedge fund manager John Paulson over involvement on Puerto Rico debt crisis

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The activist group United Against Promesa in New York organized a protest outside the office of Donald Trump’s favorite hedge fund supporter John Paulson.

This Friday, the Fiscal Control Board/Junta imposed on the people of Puerto Rico by the US government is set to meet for the first time in Puerto Rico. They met twice already on Wall Street with the same vultures who created the financial mess and are now poised to enact drastic austerity measures to squeeze every dime from hardworking families living in the US colony.

The unelected, unaccountable Fiscal Control Board has proven itself to be a the best friend of the hedge fund vultures that created the fiscal crisis. Most of its members have strong relationships with the banks and the corporations that used sketchy practices to put Puerto Rico in a hole and are now looking to cash in no matter the consequences for the Puerto Rican people. One of those vultures is Donald Trump’s favorite hedge fund supporter John Paulson, described as the biggest winner in Trump’s victory..

John Paulson is perhaps best known for having bet against the U.S. subprime mortgage market in 2007, making about $4 billion. The ensuing global recession tanked economies around the world, sent unemployment skyrocketing and destabilized governments in Europe and North America.

Over the past few years, Paulson and other hedge fund investors have deployed an intense lobbying and public relations campaign in Washington over a variety of issues that would benefit their bottom line. This included heavy lobbying to make sure debts Puerto Rico owed to their hedge funds were first in line for full repayment.

Paulson was one of the very few big names on Wall Street to immediately back Trump after he secured the GOP nomination. The billionaire investor hosted Trump in June for a fundraiser at Le Cirque, a jackets-required midtown Manhattan haunt for the wealthy styled after a traveling French circus, where top donors (like Paulson) coughed up $250,000 to attend. Now, Paulson is a top policy advisor to the incoming Trump administration and he is poised to cash out from the administration big league.   

Additional Info on John Paulson:

John Paulson, of the $19 billion Paulson & Co, has gone big on Puerto Rico. He has purchased $120 million in bonds and is also the largest investor in Popular, the territory’s largest banking concern. Furthermore, he is leading the move to the island by hedge fund managers ready to take advantage of the tax haven created by the Puerto Rican government in 2012. Paulson has even considered moving to the island and has already purchased $1 billion in beachfront property and resorts—apparently part of his “distressed” real estate portfolio.

OTHER VULTURE ACTIVITY:
Paulson has been a major player in Greece, most notably buying up large stakes in its banks.

BILLIONAIRE WEALTH:
Paulson is worth $11.2 billion. He is known for betting $15 billion against U.S. mortgages during the 2008 financial crisis, making $3-$4 billion personally.

AUSTERITY POLITICS:
Paulson reinvests his fortune in politicians who push for low taxes and spending cuts, including Mitt Romney and Andrew Cuomo. His firm is a member of the Partnership for New York City, a big business group that promotes austerity policies in New York.

#2016 #Colonialism #HedgeFunds #JohnPaulson #LaGenteAntesQueLaDeuda #NewYork #NoALaJunta #NYC #PROMESA #PuertoRico #PuertoRicoNoSeVende #SeAcabaronLasPromesas #UnitedAgainstPromesa #VultureCapitalism #WallStreet

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