Form 944 Pr Rico 2011-2024

Corporate media such as NBC, CBS, and ABC is focused on the fact that Puerto Rico is now experiencing a seventy billion dollar debt crisis. However, they spend far less time talking about the fact that America's Wall Street was the major engine for that $72 billion economic disaster. They also failed to mention the direct and indirect impact this has on US taxpayers who are responsible for paying for the cleanup. This is another catastrophic disaster caused by Wall Street. Securities firms like Sampson, which is the 20th largest bank in the world, joined with Wall Street and knowingly and intentionally committed massive fraud by selling their worthless junk bond inventory to mom-and-pop investors all over the island. They were fully aware that they were selling high-risk bonds in order to maximize their own profits and save themselves from massive losses. The effects of what this company did in Puerto Rico directly impact US investors, as all securities and bonds connected to Puerto Rico will be affected by the island's defaults. Puerto Rico's credit rating has already been reduced to "junk" status in the open market. The actions of these bankers placed Puerto Rico's economy in one of the worst recessions in its history. The poverty rate in Puerto Rico has doubled as a result of rising unemployment and debt. The issuance of municipal debt skyrocketed, and global banks such as Citigroup, Goldman Sachs, and Merrill Lynch made enormous profits from this bank-driven economic disaster. The document, along with many others, shows the bleak picture we are facing. The management of these banks ordered their employees to sell high-risk bonds to mom-and-pop investors, even though they knew they were worthless. These global bankers knew of the increased risks, just like they knew in 2008 when they caused trillions of...