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Broken bonds: The role Wall Street played in wiping out Puerto Ricans’ savings – CNBC

December 18, 2017 In The News

In a recent investigation into the plummeting of bond funds largely made up of Puerto Rico government bonds, CNBC revealed that broker-dealers on the Island, such as UBS, Santander Securities, Popular Securities, and Merrill Lynch, were less than “forthcoming about the extent of the risks of those bond funds” to “both its clients and brokers….”  Residents of Puerto Rico were told their money would be safe and that they would receive higher, tax exempt interest payments.  Even as the bond funds began to rapidly decline in value investors were told not to sell resulting in losses between 50 and 80 percent of their retirement savings.

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