Billionaire making a bid for Democratic Florida Governor nomination invested millions in Puerto Rican debt

#1

Originally published at: https://boingboing.net/2018/08/16/looter-democrats.html

3 Likes
#2

Classic Democrat. I’m sorry middle class and poor people, but its just not possible to have a politician represent your interest. But we will stop the GOP from killing you, so you should vote for us.

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#3

I’ve already voted here in FL Primary. It was not for Greene.

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#4

A man of the people.

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#5

Might be nice to point out that this guy’s poll numbers peaked in July, and he is now polling 3rd or 4th with around 15%.

Seems fairly well in hand that he won’t be the candidate.

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#6

He lent money to Puerto Rico? He increased the marginal demand for a general obligation bond of Puerto Rico, thus lowering the cost of borrowing for the Commonwealth of Puerto Rico? What a Monster!

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#7

Sounds almost like a republican masquerading as a Dem.

#8

Maybe he’s just going to write off all that debt. It’s possible, right?

#9

I hadn’t even thought about that. I wonder if it’s even literally possible to, as a municipal bond holder, to say, “Yeah, don’t pay me back, I’m cool.” I haven’t looked at the terms of a municipal note since I was a baby attorney.

The terms of a note always require a majority (at least) of bondholders to consent to something, so this would be… weird in terms of what the bond trustees (through which any discount to the principal owing would have to go) would have to do with such renegade philanthropy. I’m guessing it doesn’t allow for that sort of anarchy!

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#10

You could get the same effect by gifting the bonds back to the commonwealth. Who could stop you?

#11

We are at war with the oligarchy. At this point, my sole criteria for voting for someone is whether or not they are on our side.

closed #12

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