Caribbean News Now!

About Us Contact Us

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from Puerto Rico:




Puerto Rico
Prev    Next
Commentary: Widespread congressional 'pay to play' scheme involving Puerto Rico bonds
Published on February 14, 2017Email To Friend    Print Version

By Richard Lawless

The Office of Congressional Ethics (OCE) is preparing to tackle a widespread congressional “pay to play” scheme involving Puerto Rico bonds.

In “off the record” conversations, members of the OCE have expressed serious concern over the depth and scope of serious allegations of wrongdoing between Wall Street firms and our elected representatives.

richard_lawless2.jpg
Richard Lawless is a former senior banker who has specialized in evaluating and granting debt for over 25 years. He has a Master’s Degree in Finance from the University of San Diego and Bachelor’s Degree from Pepperdine University. He sits on several Corporate Boards and actively writes for several finance publications.
Based on SEC and FBI testimony that has been supplemented with thousands of pages of supporting documents, the OCE has opened an investigation into a widespread pay to play enterprise aimed at protecting those responsible for the theft of tens of billions of dollars.

The testimony and documentary evidence suggest the following:

• Credit rating agencies knowing issued false credit ratings for municipal bonds

• Major Wall Street banks knowingly sold those bonds to innocent investors

• Administration officials who participated in the original fraud led the efforts in Congress to find a solution

• Congressmen and senators who were fully aware of the alleged fraud, accepted material financial support from the rating agencies and banks and then passed unprecedented legislation designed to protect those responsible

• The legislation known as PROMESA revoked all the legal rights of the victims and prevented or forestalled all lawsuits related to the alleged criminal activity

• These same legislators then put undue pressure on the Securities and Exchange Commission and the FBI to delay or stop investigations and regulatory actions against those who participated in the alleged fraud

• To date there has been $34 billion dollars in losses, incurred mainly by retired Americans

According to the OCE, a report should be completed and available to the public over the next three to four weeks.

A referral from the OCE to congress does not necessarily mean any corrective action will be taken. There has been an obvious reluctance of government representatives to prosecute their own.

You can follow the progress of this investigation through the OCE website.
 
Reads : 5422






Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

Janeth:

revoked all the legal rights of the victims and prevented or forestalled all lawsuits related to the alleged criminal activity?"


Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, it will be a waste of your time typing your submission because we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code *

 


Prev    Next

 

Tip: use a travel deals site like http://coupongo.org/ to save on your next flight, hotel, or vacation package.
The latest entry into the private charter space across the Caribbean comes from ZephyrJets.com . With broad reach and access to numerous aircraft, the future of Charter is bright.








Other Headlines:



Regional Sports: