Payday Loans

Puerto Rico’s Payday Financial loans: The Shocking Tale Behind Wall Street’s Part in Financial debt Disaster





– On June 30, President Obama signed into legislation the PROMESA monthly bill, which will build a federally appointed command board with sweeping powers to run Puerto Rico’s financial system. Although the legislation’s supporters say the monthly bill will enable the island cope with its debt disaster by making it possible for an orderly restructuring of its $seventy two billion in bond debt, critics say it is a reversion to old-model colonialism that gets rid of democratic command from the folks of Puerto Rico. But does Puerto Rico truly owe $seventy two billion in bond debt—and to whom? A stunning new report by ReFund The us Venture reveals almost 50 percent the debt owed by Puerto Rico is not in fact revenue that the island borrowed, but in its place desire owed to traders on bonds underwritten by Wall Avenue companies which includes Goldman Sachs, Citigroup, Merrill Lynch and Morgan Stanley. Although the Puerto Rican folks are struggling with large austerity cuts, bondholders are established to make intellect-boggling revenue in what has been in comparison to a payday lending plan. For more, we converse in San Juan, Puerto Rico, with Carlos Gallisá, an lawyer, politician and independence movement chief. And in New York, we converse with Saqib Bhatti, director of the ReFund The us Venture and a fellow at the Roosevelt Institute. He is co-creator of the new report, “Puerto Rico’s Payday Financial loans.”

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41 comments

  1. 350BC – "The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice."
    — Aristotle (384-322 BC) Greek philosopher……………………………………….055BC – “The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance."
    — Cicero, 55 BC………………………………………..1764 —- "That is simple. In the Colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay no one." — Benjamin Franklin when asked by officials of the Bank of England to explain the prosperity of the colonies in America…………………………………………………..1780 —- "In one year (after the Coinage Act of 1764), the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the colonies were filled with the unemployed…The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money which created unemployment and dissatisfaction. The viability of the colonists to get power to issue their own money permanently out of the hands of King George III and the international bankers was the prime reason for the revolutionary war."
    — Benjamin Franklin in his autobiography/memoirs
    ………………………………..1787 —- "Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice."
    — George Washington (1732-1799) Founding Father, 1st US President
    Source: in letter to J. Bowen, Rhode Island, Jan. 9, 1787………………………………………..1802 —- "When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."
    — Napoleon Bonaparte (1769-1821) Emperor of France

    1802 —- "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."
    — Thomas Jefferson (1743-1826)
    Source: in 1802 in a letter to then Secretary of the Treasury, Albert Gallatin

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  2. THANKS for share! ALL DEBTS must be eliminate and all taxes.. and prosecute all involved and refund CITIZENS and much more.. this is just the tip of the iceberg! TIC TAC!!!!!!!

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  3. El Pueroriqueno arrastrandose como siempre. Carajo que nadie pelotas en este gobierno?

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  4. so sad…this madness has got to stop!

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  5. The only question I have is why their government is so incompetent and still are in power. They agreed to the deal when they signed on the line.

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  6. that dead time where she was just blinking at the camera.

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  7. where is this secondary bond market? I want a few of these bonds….

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  8. Banksters are creating these diversion for their agenda. Wealth transfer from the masses to them? Isn't creating stimulus. Blame the puppet politicians for their inept leadership? Or the bribes from bankster K Street? Either way? The Big Banks are the perpetrators of death and greed!

    Vote Green Party. Eliminate this constant horrors of war and economic hell.

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  9. Ireland the 800 year old colony of the British Empire. " All oppression is interlocking" bell hooks. In comparing Ireland in the day and Puerto Rico today we see human bondage for profit.

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  10. The big banks and financial institutions charge the victims thousands % in interests, while the USA taxpayers bail them out at a very convenient plan. The Government is rigged, this is mass murder, this is a travesty, we need a strong hand that would straighten this situation and favors the victim. If would be up to me Puerto Rico would owe NOTHING: those institutions got their money back already with the front expenses that Puerto Rico has to pay which amount to much more that the money that they borrow. While Puerto Ricans live in missery the big bankers flaunt their Robbed wealth to the World: disgusting Bankers/Thieves/Criminals.

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  11. Is this really the only solution? What if PR just refused to pay back this money?

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  12. Why would a bank loan a poor country like Puerto Rico this money knowing full well it could not repay it? Why do banks loan college students with no jobs or assets $100,000 at 10% interest knowing that in most cases the student will not get a job that allows him to repay this debt as it accumulates interest, to the point that the interest accumulates interest?

    Why would our govt allow banks to prey on people in this manner?

    Predatory lending, enthusiastically supported by Debbie Wasserman Schultz of the DNC, was actually bolstered by the Criminal Banking Recession and supported by the federal govt. This is reason # 2 that I voted for Bernie Sanders and that,to this day, I'm still unsure whether I'll be able to support Hillary Clinton–better phrased, vote against Trump by voting for Hillary Clinton. Perhaps the Dems have to lose to realize what their constituents are sick and tired of.

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  13. In other words, a lot of it is illegal.

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  14. same old usury

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  15. interest "is" money borrowed by puerto rico

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  16. Instead of releasing the names of the institutions that the human parasites use to rape others we need to start releasing the actual names of scum that lives in luxury while others starve. When will the masses get sick enough of these thieves that people actually start to stand up and do something instead of just talk. All one need do is come to California/Los Angeles and you can get a good look at what these scum bags do with all that tax payer/foreign cash they've stolen, and their sure living high on the hog.

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  17. I submit that Gaddaffi missed a golden opportunity when Goldman Sachs pulled this shit on him. He could have very easily have had their mouthpiece summarily executed, as he was the supreme ruler of Libya and the target of his ire was an expendable (but well-paid) peon.

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  18. Puerto Rico would been better off getting a loan from the mob..Washington needs a serious house cleaning Chillary fucked Bernie off for US then piece of shit FBI clears here that count laughing at US and this BS and the banks.Fuck we better wake up and do something with the whole US from the cops to the supreme court if we don't that clit will have us in rags and Fema camps she thinks she untouchable Well fuck let's touch her.

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  19. hey aren't they the DEAR LEADERS buddies?? Never voting the HRC crook

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  20. I hate those fucking snake ass bankers 👹👹🔫🔫

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  21. This is not news. The same goddamn players…. I love D.N. but honestly, how many times do we have to see these patterns of debt peonage repeated? It's ridiculous. And that we report it over and over like it's something absurdly new, or crazy. This is the pattern. Any failing State is in this deleveraging cycle to pay back interest….and why? For the same reason they always have to pay back massive interest on debt, because the demos is not compensated adequately, and cannot make a living wage. Corporations come into the country sheltered from taxes, using the infrastructure and expecting to have their asses kissed, while pillaging the good will of the people. We're done with that shit!!

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  22. So again the usual suspects, Goldman Sachs and the like ….

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  23. promeza was a scheme politically to further control our Island

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  24. The Boricua Scolors HAVE BEEN SAYING THIS LEGAL TRICKERY OF "money due" out so said debt was false and NOT OURS …so pisses with this colonization the world ignores! !!

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  25. sounds like Greece

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  26. such a sad story.

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  27. "A plaintiff or prosecutor has no chance of proving the “greater” CRIME, i.e., the RICO violation, unless they can first establish a “lesser” crime, i.e., an act of racketeering (sometimes called a predicate act). A RICO claim cannot exist in the absence of criminal activity."

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  28. "Examples of racketeering activity include extortion, money laundering, loan sharking, obstruction of justice and bribery. The Racketeer Influenced and Corrupt Organizations (RICO) Act became U.S. law in 1970, permitting law enforcement to charge individuals or groups with racketeering."

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  29. Rico law…"The Racketeer Influenced and Corrupt Organizations Act, commonly referred to as the RICO Act or simply RICO, is a United States federal law that provides for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization."

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  30. If there is anyone watching who is still unconvinced that we have devolved into an oligarchy, this story is further evidence. Disgusting greed at the expense of some of the most vulnerable people in our society. Much love to my Puerto Rican brothers and sisters, from the mainland!

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  31. All governmental financial commitments must be open and transparent for public review and voted on if necessary to omit the potential for graft, theft, and insider agreements that hide, obfuscate and obligate the tax payer with a debt that is crooked and destructive!

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  32. When will we force the government/s to actually jail banksters for what is in effect theft ?

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  33. Banks screwing people. sound familiar?

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  34. Another f*ing Bail-Out for Wall Street … Occupy the Voting Booth … VOTE 3rd Party in Nov.

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  35. When I was a child , the GOOD GUYS always won in the end . Today , seems like the bad guys always come out on top. If you loan money to someone you know who can never pay it back , then you deserve to lose it. Hillary will make sure that Goldman Sachs gets their money , even if she has to make the US taxpayers pay it. It was probably the plan all along. Hillary has never released the transcript of her $200,000 speech she gave to Goldman Sachs behind closed doors. CRIMINALS , every last one of them. Hillary included.

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  36. Not to defend the banks, but all PR had to do is not ask for the loans in the first place. This is really a product of leftist economic ideologies. Why did they need these loans in the first place? The politicians over spent and made far too many promises. The people to blame are the politicians.

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  37. Who was in charge of PR's finances and who negotiated these bad loans on behalf of PR? Most governments hire or appoint financial experts to insure the government makes good investments and takes out smart loans.

    PR needs an advisory committee if these loans are typical for the government. Only a highly corrupt government would do this to the people.

    The banks made a bad offer, true. But where are the people in the PR government who should have laughed at the banks.

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  38. that's exactly what I said it was 405 weeks ago. They lower the minimum wage and then they give them a big fat ass payday loan.

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  39. The economy is rigged

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  40. this max dipstick is typical of financial sector criminals who want to blame THE VICTIM OF A SCAM for the scam itself, when it's these banker pricks that ENGINEER THE WHOLE SCAM.. hang all bankers from a sour apple tree, if you ask me….

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  41. The deadbeats just don't want to pay.

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