I will start out with an analogy that will illustrate exactly what took place in a way that everyone can understand.
Richard Lawless | All Articles
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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 a number of Corporate Boards and actively writes for a number of finance publications.
Wall Street issues $70 billion dollars in fraudulent bonds. The rating agencies issued unjustified credit ratings for these bonds and the banks knowingly sold these faulty bonds to the American people in all 50 states. The bonds defaulted and American’s lost tens of billions.
In 2015 the Puerto Rico government experienced a complete financial collapse. During this period, Puerto Rico defaulted on $69 billion dollars in municipal bonds. Most of the original bond holders sold their positions and they lost a total of $36 billion dollars.
Over one year ago I filed a report with the FBI and U.S. Attorney’s office regarding the on-going theft of tens of billions of dollars in the municipal bond market.
Investigation Soon To Disclose Causes Of Puerto Rico’s Financial Collapse — And It Wasn’t The Economy
On September 27th at the Waldorf Astoria Hotel in New York, Commercial Solar Power, one of the many victims of the Puerto Rico financial collapse, will host a press conference detailing the findings.
Over the last decade he Government of Puerto Rico took on increasing amounts of municipal bond debt. Debt that could not be supported by the island's shrinking economy. By 2015, government officials in Puerto Rico were reaching out to our Congress for a solution.
I can no longer sit quietly and watch this country implode from all of the Washington corruption.