More than once, Donald Trump has refused to support bankruptcy protection for Puerto Rico. Instead, he told CNN that Puerto Ricans “have too much debt” and “I would not bail them out.”
Trump called himself “The King of Debt” in this CNN interview, but another name is more appropriate…the Height of Hypocrisy. Because Donald Trump himself declared bankruptcy in Puerto Rico, just under two years ago.
Donald Trump and his bankrupt golf course in Puerto Rico
THE TRUMP INTERNATIONAL GOLF CLUB
Donald Trump was one of the principals in the Trump International Golf Club in Puerto Rico. It was an elegant resort, with a 46,000-square foot clubhouse and two 18-hole courses.
Unfortunately, Trump borrowed $26.4 million in municipal bonds for new construction. He defaulted on a payment of $119,814 to the bondholders in August 2014, then declared bankruptcy on July 13, 2015, due to “financial difficulties.”
In declaring this bankruptcy, Trump defaulted on municipal bonds that contained teacher pension funds from Puerto Rico.
In other words, Trump built a golf course for other rich Americans, using Puerto Rican land and Puerto Rican money. Then when the deal fell apart, Trump declared bankruptcy…and the people of Puerto Rico were left holding the empty bag, and paying for the Trump’s debt.
THE HYPOCRISY KICKS IN
Donald Trump skipped out on $26.4 million in municipal bond debt in Puerto Rico. He used the bankruptcy laws to avoid paying it.
But now, when Puerto Rico allegedly “owes money” to the US, the tune changes from “bankruptcy protection” To “Puerto Ricans have too much debt,” and “I will not bail them out.”
With brutal clarity, the bankruptcy of the Trump International Golf Club shows the hypocrisy of Donald Trump…and the entire relationship between the US and Puerto Rico.
When Wall Street ruins the entire US economy, and creates a nationwide mortgage crisis, the US provides them a TWO TRILLION DOLLAR BAILOUT.
But Puerto Rico will not see a bailout, a bankruptcy procedure, an economic development plan, or a revocation of the Jones Act.
Puerto Rico sees a Financial Control Board.
For 118 years, Puerto Rico has been America’s ATM in the Caribbean.
For 118 years, the US eats dinner and Puerto Rico pays the bill.
For 118 years, Puerto Rico has been…Puerto Trump.
For a history of the War Against All Puerto Ricans, read the book…
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