Citigroup Drove Puerto Rico Into Debt. Now It Will Profit From Privatization on the Island. investmentwatchblog.com

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Citigroup Drove Puerto Rico Into Debt. Now It Will Profit From Privatization on the Island.

https://theintercept.com/2018/02/21/citigroup-citi-puerto-rico-debt/

Soon they will do the same thing to our entire country. That is why they keep on driving up the national debt. Why they love it. The plutocracy, evil to the core, believes that no service, no function, should be allowed to exist unless it’s making them richer.

The principal on all eight CABs totaled $2.7 billion, though interest on them — charged at a whopping rate of 718 percent — came to $22.8 billion.

If that’s not usury, I don’t know what is.

“Citigroup repeatedly sold Puerto Rico and PREPA in particular predatory forms of debt that pushed the island deeper and deeper into unsustainable levels of debt,” said Saqib Bhatti, ACRE’s co-executive director. “Banks screwing things up and saying they’re going to come in and fix it is quite common. You have a list of approved underwriters and they become de facto advisers. So they make bad deals that go badly, but then are at the top of the list to clean them up.”

It’s like something out of John Perkins’ “I was an economic hitman.”

h/t alllie

Published at Thu, 22 Feb 2018 12:42:30 +0000

Read the original article here.

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