On Monday June 12, from 12 noon to 2 pm, a massive protest will occur at 1290 Ave. of the Americas (51st street). The protest is against Santander Bank.
Two Santander executives are sitting on the Puerto Rico Financial Control Board (FCB) even though Santander helped to underwrite $61.2 billion of the island’s $72 billion “debt,” and received close to $1 BILLION in management fees for helping to create this “debt.”
These two members of the FCB are Carlos Garcia and José Ramon Gonzalez
PUERTO RICO AND MACONDO
The conflict of interest of these two men is so deep, so surrealistic, that it could only happen in two locations: Puerto Rico and Macondo.
Before their appointment to the FCB, Garcia and Gonzalez moved between top positions in Puerto Rico’s Government Development Bank/GDB (which issues the island’s government bonds) and Banco Santander (the Spanish-owned mega-bank that bought and structured the vast majority of those same obligations).
A recent report, titled “Pirates of the Caribbean,” found that Garcia and Gonzalez helped Santander Bank to bilk the treasury of Puerto Rico.
For example, the Santander loans cost Puerto Rico $1.5 billion in “capitalized” interest payments: that is, the island was borrowing to pay the interest on its loans.
Santander was also the lead underwriter on over $2.5 billion in predatory debt deals that are now part of the island’s alleged “debt” to Wall Street interests.
According to the report, a 2009 bond issue from Santander netted Puerto Rico only $139 million, but required it to pay back $730 million: five times the value of the loan.
A HISTORY OF ABUSE
Santander is a repeat abuser of Puerto Rico’s financial integrity.
In 2011 and 2016, the Financial Industry Regulatory Authority (FINRA) forced Santander to pay $15.4 million for its fraudulent bond practices in Puerto Rico, which included the short sale of toxic “junk bonds” to unsuspecting investors.
These junk bonds are part of the portfolio, which Santander now claims that Puerto Rico must pay, as part of its alleged “debt.”
For nearly ten years, it has orchestrated a systemic robbery of Puerto Rico’s treasury, facilitated political graft and corruption throughout the island.
Now – through a so-called “Financial Control Board” – the Santander Bank (headquartered in Spain) is demanding that the working class of Puerto Rico must pay for the Santander banquet.
In effect, Santander is a Robin Hood in reverse.
They even have two mercenaries – Carlos Garcia and José Ramon Gonzalez – sitting on the Financial Control Board, to ensure that Robin robs the hood.
GLOBAL DAY OF ACTION
For this reason, a Global Day of Action has been scheduled for Monday, June 12.
Here are the details again:
Global Day of Action Against Santander Bank
Monday, June 12, from noon to 2 pm
1290 Ave. of the Americas (51st street)
At that same time (June 12, from noon to 2 pm) there will also be a DIGITAL action.
We can all Tweet and share posts with the hashtag #PeopleVSSantander targeting @Santander and @CarlosGarcia demanding to hold them accountable for their Ponzi Schemes and money laundering…
And demanding the cancellation of a “debt” that is illegal and unconstitutional.
For a history of the War Against All Puerto Ricans, read the book…
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