UPDATE TO THE CNE, GEORGE SOROS AND THE CONGRESSIONAL TASK FORCE ON ECONOMIC GROWTH IN PUERTO RICO

 

 

Today the Center for Investigative Reporting informed us that the Government of PR had provided some documents pertaining to who purchased the 2014 GO bond issue. Apparently, 275 firms purchased the $3.5 billion issue. Among these was Soros Fund Management, which was founded by, who else, but George Soros. In addition, it is still managed by Soros, The Soros Fund Management was one of the 20 largest purchasers of the bonds, purchasing 80,000 allocations

 

Why is this important? As I discussed here, in 2014, the same year his Fund bought the PR bonds, Mr. Soros gave the Center for the New Economy (CNE) $1.9 million. Mr. Soros, and his buddy Joseph Stiglitz, have been advocating for bailouts for PR and the restructuring of the debt. Since it was believed that GO’s were the safest PR bonds, it makes sense that in any restructuring his investment would be most protected, especially if there is a bailout.

 

Moreover, given the above, what credibility does the CNE have now in the PR debt debate? What credibility would the “growth commission” the CNE advocates have? Is this what Mr. Soros wants to guarantee his investment? Or what he wants since he was burned by this investment? One thing is obvious; Mr. Soros will do anything to protect his investments.

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