Video instructions and help with filling out and completing Form 944 Pr Rico

Instructions and Help about Form 944 Pr Rico

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 what they spend far less time talking about is the fact that America's wall street was the major engine for that 72 built instead of seventy billion economic burned down and they failed to mention the way that you that that affects US taxpayers here directly and indirectly responsible for having to pay for that cleanup it's another wall street catastrophic disaster right upon us it's not complicated securities firms like Sampson there which is the 20th largest bank in the world joined with Wall Street's and knowingly and intentionally pull off massive fraud by selling their worthless junk bond inventory on the open market to mom-and-pop investors all over the island sometimes they're absolutely knew that they were holding high risk junk bonds that they needed to get rid of in order to maximize their personal profits and save the company from massive losses that's what it was about and what that company did down in Puerto Rico affects US investors in a very real way because all securities and bonds connected with Puerto Rico are going to be affected by all of the islands defaults already the islands credit rating has been reduced to what they call junk on the open market and what these bankers did was place Puerto Rico in their economy into one of the worst recessions in its history in fact as of today the poverty rate as a result of unemployment rising debt has created a poverty economy that's actually doubled that of Mississippi is Puerto Rico plummeted into this economic abyss if issuance of municipal debt skyrocketed global banks such as Citigroup Goldman Sachs and Merrill Lynch all made enormous profits from the bank driven economic disaster this document along with dozens of others shows you the picture we are effed that's what they said it's what management said when they ordered their people to sell high-risk bonds to mom-and-pop investors shell the worthless bonds anyway or go look for another job that's what they told their employees they knew they were worthless the global bankers knew of the drastically increased risk coming at them the same way that they knew the problems when they cost the US economy trillions of dollars in 2021 except in Puerto Rico the banks took their exposure to almost zero before the disaster make no mistake banker business decisions like that take place on a routine basis here in the United States but no one went to jail in 2021 here in the United States no one was even seriously investigated for that fraud that took place in 2021 and because of that global bankers moved on to pillage mom-and-pop investors in Puerto Rico Music you know how to talk about the latest Wall Street atrocity is attorney Peter mujhey a Peter why can't sound impaired why can't they sell its own inventory and prevent losses without creating this criminal enterprise I don't know how to describe it it looks like just the edge of something that would be considered criminal in a lot of places what's your take on it well most businesses it would be common sense number one you can't tell your own investors that the bonds are safe the bonds are conservative the bonds are appropriate for older elderly clients needing income but then internally discussing that the risks are off the charts the risks are increasing dramatically the losses are inevitable we have to get this stuff off our books so santen dare had a plan internally to take their own exposure to zero without telling their own clients about the cause the problems that were coming down the pike and told them they were safe that's problem number one problem number two it's called front-running it's a security term meaning in a liquid market like Puerto Rico where there's not none of these bonds are traded on an exchange or the funds aren't traded on an exchange sent andher knew that if they dumped their inventory before their clients the price pressure caused by the sales wouldn't be bored by the by the by the santander by the bank it would be borne by the clients so they front ran meaning they sold their bonds ahead of the contract they knew the prices would get driven down got it got Peter now here's the question that bothered me about the 2021 Wall Street Crash that was driven by Wall Street banks no question in my mind about that but here's what I'm wondering what has there been any has there been any investigation from a criminal standpoint into these people I mean do we just let them get away with it or is anybody on the ropes for maybe going to jail for this I mean PAP once again the theme of these stories whether it be 2021 to 2021 and the current Fiasco and Puerto Rico is fraud is cheap they're individuals aren't being held accountable even worse the farm's defines our slaps on the risks there's billions of dollars in profits being made with fines that pale in comparison to the type of profits that are being taken it's a joke frauds cheap law isn't it just a cost of doing business you commit the fraud you make several billion dollars and then you pay some ridiculously small fine bit by the way taxpayers end up paying don't they because they pass that fine on to the taxpayer and so what I'm wondering here taxpayers are that why why is this why is this a story that affects the us issues is well this isn't just about Puerto Rico is it no it's not the the Puerto Rican bonds are held in in mutual funds held in mainland a lot of the mutual funds on the mainland hold material parts of the.