[Major Success Academy supporter] Paulson & Co. was one buyers of Puerto Rico's record $3.5 billion sale in March 2014.Hedge Fund Economists Want Puerto Rico to Lay Off Teachers to Fix Debt Crisis... Time
of the largest
Puerto Rico can avoid a costly default by upping taxes, cutting teacher jobs and closing schools, a group of hedge fund economists proposed in a report released on Monday, offering a controversial solution to the island’s “unpayable” $72 billion debt crisis. The report, commissioned by hedge funds holding several billion dollars of Puerto Rico’s bonds, highlights the island’s rising education expenditures against the backdrop of countless school closings and waves of poor families fleeing to mainland America.Gee, hedge hogs killing an economy and targeting public schools and teachers. Can someone connect the dots for us?
It would, in particular, be a terrible idea to give the hedge funds that have scooped up much of Puerto Rico’s debt what they want — basically to destroy the island’s education system in the name of fiscal responsibility... Paul Krugman, NY TimesI saw this little tidbit in the Krugman piece on Monday on the Puerto Rico debt crisis. But Krugman, as usual when it comes to education, doesn't connect the dots -- that the PR crisis, like Katrina in New Orleans, is another disaster capitalism opportunity.
This morning at 10AM some dots will be connected.
Success Academy Pressured to Return $8.5 Million Hedge Fund (Dirty Money) Donation
Success Academy Pressured to Return $8.5 Million Hedge Fund Donation
The charter school chain in New York City should not accept any money tied to the suffering of Puerto Rican children and families, many of whom already live in poverty
WHAT: Advocates will call on Eva Moskowitz and Success Academy to return an $8.5 million donation of “tainted money” from controversial hedge fund manager John Paulson. In Puerto Rico, where many New Yorkers and Success Academy families have roots, Paulson is profiting from the debt crisis. He is linked to austerity measures that may lead to deeper cuts in school funding and wages for workers that will harm Puerto Ricans. Success Academy’s expansion should not benefit in any way from the suffering of Puerto Rican children and families.
Fifty-six percent of Puerto Rican children already live in poverty, and now hedge fund managers like Paulson want to threaten access to educational opportunity just to make bigger profits.
WHO: Education advocates, parents, community leaders, and concerned residents of New York. Leaders and members of the Hedge Clippers, Alliance for Quality Education, New York Communities for Change, Make the Road New York, Strong Economy for All, Citizen Action New York.
WHERE: Steps of City Hall, Lower Manhattan, NYC.
WHEN: Today, August 5, 10 a.m.
MORE BACKGROUND: Paulson has focused on transforming Puerto Rico into a low-tax, high-luxury playground for the wealthy. As a Bloomberg News headline put it, “Paulson’s Paradise Lures Rich Fleeing Taxes.” He has purchased $120 million of Puerto Rico’s debt. Like other hedge fund managers, he is looking to collect massive profits from his investments – even if it means drastic austerity measures like cuts to public education funding and wages that will destroy the lives of families and children. Paulson’s paradise is a nightmare for Puerto Ricans.