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De Blasio blames hedge funders for PR's financial crisis

NYC PAPERS OUT. Social media use restricted to low res file max 184 x 128 pixels and 72 dpiJefferson Siegel/New York Daily News

“This crisis is, in part, being created by hedge fund managers who are trying to take advantage of the plight of the Puerto Rican people,” Mayor de Blasio said after returning from his trip to the island.

Speaking a day after he returned from Puerto Rico, Mayor de Blasio on Friday blasted “vulture hedge funders” who he said were part of the reason the embattled island was in such dire financial straights.

“This crisis is, in part, being created by hedge fund managers who are trying to take advantage of the plight of the Puerto Rican people,” he said.

He quoted liberal U.S. Sen. Elizabeth Warren (D-Mass.) in calling them “vulture hedge funders” and said they are “literally trying to make a profit off the financial danger facing Puerto Rico.”

“We can’t let that happen,” he added.

FEB. 24, 2015 FILE PHOTOSusan Walsh/AP

De Blasio quoted liberal U.S. Sen. Elizabeth Warren (D-Mass.) in calling them “vulture hedge funders” and said they are “literally trying to make a profit off the financial danger facing Puerto Rico.”

The island is saddled with $ 72 billion in debt, and its government is on the verge of insolvency.

Kathryn Wylde, president of the pro-business Partnership for NYC, said it’s a “complicated” situation that wasn’t created by greedy bankers.

“The crisis … was triggered by the loss of a major U.S. tax incentive that drove the economy for years, together with the failure of the Puerto Rican government to adjust to the new fiscal reality when that tax subsidy ended,” she said.

Daily News – Politics

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