A two-part series showing how hedge funds that profit off of the misery of places like Puerto Rico are raking in massive dollars by forcing schools to close and making education unaffordable.
Puerto Rico - a US commonwealth with over 3.5 million US citizens - has been battling a declining economy and rising debt for the last 10 years. Seeing an opportunity to turn a profit on Puerto Rico's decline, vulture hedge fund managers bought a huge portion of Puerto Rico's debt and are now forcing the island into severe austerity while they make a 245% profit on their investment.
As a result, the Puerto Rican government is being pushed to close hundreds of schools, shut down hospital wings, and lower the minimum wage for an already struggling population. What started off as an economic crisis is now rapidly advancing into a full blown humanitarian crisis. Brave New Films has teamed up with HedgeClippers and several other community and labor partners to call out some of the worst hedge fund managers and them accountable for their role in forcing children out of schools and leaving the sick helpless in Puerto Rico. This powerful short film series, “Preying on Puerto Rico: The Forgotten Citizens of Hedge Fund Island”, is dedicated to making sure the people of Puerto Rico are heard and vulture hedge fund managers don’t get away with pushing Puerto Rico further into crisis. Watch and share.