In an astonishing admission of financial fraud, the website of the Puerto Rico Electrical and Power Authority (PREPA) shows how THREE BILLION DOLLARS were stolen “for the benefit of the financial community.”
This theft in broad daylight was then engineered, so that the taxpayers of Puerto Rico have to pay for it. The shocking information appears in every PREPA bond offering from 2010 to 2013, as listed in their current website. Here is the information on every one of these bond offerings:
Bond traders on the New York Stock Exchange
THE PREPA BOND PAPERS
Here is the PREPA financial information page:
On that page, seven bond instruments are fully visible:
All seven of them state, in their “Plan of Financing” sections, that the bonds will be used to “refinance” the existing debt, to “capitalize” current interest, and to “pay future” interest.
Some of the bonds claim that they’ll also “fund capital improvements.” But in June 2015, the legislature of Puerto Rico issued a 23-page report…which found that only 15% of the funds were ever used for capital improvements from 2004 to 2008, and only 18% from 2009 to 2012.
CONVICTED BY SIMPLE ARITHMETIC
Simple arithmetic shows the following: the seven bonds totaled $3.67 billion, and 18% of this is $660 million. Therefore, over $3 billion (3.67 billion minus 660 million) of these funds were used to pay off the interest on pre-existing debt.
As of April 11, 2016, the outstanding principal on the PREPA bonds is still unpaid. The total comes to $9 billion, and the people of Puerto Rico will be forced to pay it.
How will they pay it?
Here is a hint…negotiations are already underway with PREPA bondholders, which include yet another hike in electricity rates…even though electricity rates in Puerto Rico are already 300% higher than in New York.
TURNING THEFT INTO “REFORM”
From 2010 to 2013 – during the administration of Luis Fortuño – Puerto Rico issued over Three Billion Dollars in debt, to pay interest to people on Wall Street.
Fortuño was hailed in the US corporate press, and by Republicans in Washington, as a great “government reformer.” He now makes millions of dollars as a partner in the Washington, D.C. law firm of Steptoe & Johnson.
And the people of Puerto Rico will now pay, for his $3 billion “reform” at PREPA.
For a history of the War Against All Puerto Ricans, read the book…
Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com