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Wednesday, August 31, 2016
Activists protest UBS Bank partake in Puerto Rico debt crisis
New York, NY - Activist and advocacy groups such as the Hedge Clippers, Vamos4PR, New York Communities for Change, Make the Road NY, Organize Now, and members of the Puerto Rican community in New York City held a demonstration outside UBS Bank Headquarters in midtown Manhattan as part of the Multi-City protests against banks behind debt crisis and against the First Promesa Conference in San Juan, Puerto Rico.
UBS and Citigroup among Wall Street firms that made millions just in fees alone after making Puerto Rico borrow more to pay for existing debt.
On International Vulture Awareness Week, Hedge Clippers is sounding the alarm on vulture funds and banks already on the hunt to try to use the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) for their own benefit. Many of these investors are convening in San Juan on Wednesday, during the first Promesa Conference to strategize on how they would bank on the law signed by President Obama to restructure Puerto Rico’s debt.
The chairman of the First Promesa Conference, Mr. Francisco J. Rodriguez-Castro, is a former official at UBS, one of many Wall Street firms on the list of Puerto Rico’s biggest predators according to a new report to be released Wednesday by ReFund America Project.
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