Wall Street Beware: Padilla's Puerto Rico is Not A Safe Place to Invest

USA - English

• Latin America - español

WEST DES MOINES, Iowa, Oct. 30, 2014 /PRNewswire/ -- The American Future Fund (AFF), a national 501(c)4 issue advocacy organization, today raised alarm bells ahead of renewed efforts by Puerto Rico Governor Alejandro García Padilla and Melba Acosta - the disgraced former Hacienda secretary - to raise billions of dollars from Wall Street.

Nick Ryan, Founder of the American Future Fund, said: "Governor Padilla is not a trustworthy or credible partner for Wall Street. The Governor has overseen the ripping up of a contract with a private bank and now refuses to abide by the court judgment that affirmed its validity. He has also threated a NY-based rating agency with an investigation after it downgraded the creditworthiness of the island and enacted an illegal bankruptcy law that destroyed creditor rights for many Wall Street investors.  The question for investors must be: will he do the same to billions he will ask you today to give him?"

Ryan added, "Puerto Ricans have suffered through staggering job losses, sudden business closures and a dramatic erosion of pension savings under Governor Padilla.  Rather than campaigning in New York and Florida, Governor Padilla should focus on job creation and economic growth for all Puerto Ricans."

SOURCE American Future Fund