Hedge Funds May Need To Find Another Astroturf Group To Help Them Attack Puerto Rico

Hedge Funds May Need To Find Another Astroturf Group To Help Them Attack Puerto Rico by by Kevin Connor, LittleSis News

A hedge-fund backed front group opposing bankruptcy in Puerto Rico is in disarray. Board members of the group, the 60 Plus Association, are suing the group’s president, Amy Frederick, for secretly funneling payments to companies controlled by her husband.

Hedge funds recruited 60 Plus to form a group, Main Street Bondholders, that pretends to represent retirees opposing bankruptcy for the island. The hedge funds have been trying to prevent bankruptcy and promote austerity on the island in order to ensure higher payouts on their debt holdings. They’ve been using a range of legal and advocacy strategies...