Three Billion Dollar financial fraud at PREPA…is proven by their own website

Book - 12-10

 

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:

http://www.aeepr.com/INVESTORS/FinancialInformation.aspx

On that page, seven bond instruments are fully visible:

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/PREPA%20Revenue%20Bonds%20Series%202013A.pdf

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/PREPA%20Revenue%20Bonds%20Series%202012A.pdf

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/OS%20Series%20DDD_PRElectricPowerFIN1.pdf

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/OS%20Series%20EEE%20PRElectricPowerFIN[1].pdf

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/OS%20Series%20EEE%20PRElectricPowerFIN[1].pdf

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/PREPA%20Revenue%20Bonds%20Series%20YY.pdf

http://www.aeepr.com/INVESTORS/DOCS/Financial%20Information/Official%20Statement/PREPA%20Revenue%20Bonds%20Series%20ZZ.pdf

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.

http://www.caribbeannewsnow.com/docs/prepa_report.pdf

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.

http://www.elnuevodia.com/noticias/locales/nota/rechazaranaumentodetarifasenlaaee-2029446/

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…

War Against All Puerto Ricans: Revolution and Terror in America’s ColonyBuy it Now

Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com

 

4 Comments on “Three Billion Dollar financial fraud at PREPA…is proven by their own website

  1. Pingback: FBI and US Attorney warn Puerto Rico about “terrorist activity” | WAR AGAINST ALL PUERTO RICANS

  2. EVERY TIME I READ ABOUT THE THIEPHERY AND GREEDINESS OF THE CORRUPTED PEOPLE IN POWER DEALING WITH THE THE MONIES ALLOCATED FOR THE ISLAND, IT MAKES ME FEEL LIKE VOMITING. SUCH ACTIONS ARE TO BE PUNISHED TO THE MAX. IT IS A CRYING SHAME, THAT THE PEOPLE IN PUERTO RICO , HAVE TO LIVE IN POVERTY AND STRUGGLE TO PAY FOR THE MONEY THE DIRTY CORRUPTED SWINES POLITICIAN ARE STEALING AND SELLING THEMSELVES, FOR MILLIONS THAT ARE SUPPOSED TO HELP THE ISLAND . IT IS A CRYING SHAME. 😥

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  3. Fortuño steals $3 BILLION DOLLARS from the island and now he’s a big shot in Washington D.C. The tragedy is the F.B.I. Nor the U.S. Attorney’s Office has not locked him up. It makes you think if they are involved. What are they waiting for?

    Like

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