The real reason New York US Attorney Preet Bharara was asked to resign

The Caribbean radio?

Goddamn.

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The Caribbean radio?

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World renowned hard hitting journalism

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A second year law student could have convicted all parties under our current RICO statutes yet Bharara did nothing.

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Lock heeeem up with the rest of them.

It's amazing what our government and those elected to "represent us" can get away with.

Until the time where prosecution for this shite is a real thing, they'll continue it.

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The Caribbean radio?

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Why not?

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In 2015, Puerto Rico defaulted on $70 billion in municipal bonds. Those involved panicked. There was ample evidence that the issuing agencies were technically bankrupt when they issued the bonds and that they purchased fraudulent credit ratings from Moody’s Fitch and S&P. Wall Street’s biggest banks then knowingly sold junk bonds to innocent investors, labeling them as safe investments. Everyone made a ton of money, except the innocent investors.

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throw the bankers and those in the PR government under the jail. why is the focus only on the bankers when the government is just as guilty?

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By this time, all congressmen and senators were made fully aware of the potential fraud that had taken place in Puerto Rico. That didn’t stop Senator Schumer; he put together a small team consisting of himself, Elizabeth Warren, Senator Blumenthal and Senator Feinstein. In January 2016, they submitted a rider to the energy bill that unbelievably would prevent the innocent bondholders from suing. All four politicians were quickly rewarded and the Wall Street contributions flooded in.

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well that's a headshot on Fauxcahontas

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The four senators continued to press for a prohibition of law suits, confiscation of what was left of the $70 billion in bond proceeds and a revocation of all the bond holders’ legal rights. They got what they were hoping for in the PROMESA legislation. The politicians then went on to shape an argument that whatever money was left that was not already stolen should be given to underfunded union pensions.

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holy shite

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The Caribbean radio?

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The outlet.


Richard Lawless:

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Richard Lawless is a former senior banker who has specialized in evaluating and granting debt for over 25 years. He has a Master’s Degree in Finance from the University of San Diego and Bachelor’s Degree from Pepperdine University. He sits on several Corporate Boards and actively writes for several finance publications

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The author. Seems to have a pretty good resume, no?

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The Caribbean radio?

Goddamn.

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Is there something deep inside you that requires you to constantly expose your own stupidity?

Shoot the messenger, because you didn't like the message, am I right?

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I think Trump is just happy with stopping the corruption. He's probably worried about the potential "pay back" to him, his family and business empire.

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I personally think it is because he doesn't want the public to reject the government as a whole. I think he believes we need a clean, responsible government and if people knew everything they would immediately reject all forms of government. He wants to re-establish trust in a "responsible" government.

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The Caribbean radio?

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This is a strange one. If you google Richard Lawless, it *appears* he is a legit dude. He wrote an article last year on a similar topic (Puerto Rice financial meltdown) for observer.com

Here's another from daily caller

He's referred to as a "freelance writer" by daily caller. But writing for Caribbean Radio seems a little odd. And there doesn't seem to be any other versions of this article on other outlets, so it's not syndication or anything.

Kind of weird.

i'm trying to find confirmation of this, but it checks out logically. the entire reason the DEMs are supporting bailing out PR is so that PR can maintain its lavish public expenditures (and pensions are typically at the top of this list)

Reuters story on pensions

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Today, TRS and the other main pension fund, the Employees Retirement System (ERS), together covering about 330,000 workers and retirees, are virtually penniless. Their combined unfunded liability totals $43.2 billion. With about $1.8 billion in assets to pay $45 billion in liabilities, the 96 percent combined shortfall is among the biggest of any U.S. state pension this century, and probably the biggest ever for pensions “of this size and scale,” said Keith Brainard, research director at the National Association of State Retirement Administrators.

And they’re only sinking further. Their combined burn rate – the difference between what they pay out and what they receive in contributions – is more than $1 billion a year, forcing them to rapidly liquidate assets. At that rate, they are forecast to run out of money in 2019, according to a 2015 report by actuarial and consulting firm Milliman, on whose recommendations the government relies.

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It can protect pensions, forcing hedge funds and other bondholders to accept draconian cuts under a debt restructuring – a scenario that could wreck Puerto Rico’s ability to borrow internationally for years.

Or, it can lessen the burden for bondholders by cutting pensions as well, sparking domestic political backlash and fueling outmigration that would further shrink an already dwindling tax base.

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