Monday, March 13, 2017

Scandalous Conflict of Interest of Members of Puerto Rico's Fiscal Board Named by President Obama!


by  Nelson Rodriguez-Lopez Esq.
March 12, 2017
(English Version, Spanish Version available..)


·        President of HUB International Insurance Services,
·        Principal Partner of CARRION, LAFFITE, CASELLAS
·        In-law of the former Resident Commissioner Pedro Pierluisi.
·        His main clients are large multinational and foreign companies, including commercial banks and investment banks such as UBS, doing business in Puerto Rico and have always opposed economic and financial reasons to statehood for Puerto Rico!
·        It is said he does not support any taxation to multinational and foreign corporations (His private clients) and  throws the tax burden on the Puerto Rican people!
·        His position is that all communication with the government of Puerto Rico must be made in writing and on Monday, March 13, 2017 he will impose his own proposal of a Fiscal Plan, which will come into effect on Wednesday, March 15, 2017!
·        Carrion's Tax Plan consists of tax increases to PuertoRicans, without investment or economic development alternatives! It is a Fiscal Plan that will create a terrible humanitarian crisis, because it riddles the most vulnerable and vulnerable Puerto Ricans!
·        Mr. José Carrion did not study at the University of Puerto Rico!

·        Current President of the Federal Home Loan Bank of New York, a federal banking system that caused a billion dollar loss to the federal financial system in the late 1980s and early 1990s! (FSLIC -Savings and Loans Banks)
·        President of the Governmental Bank for Economic Development of Puerto Rico from 1986 to 1989, under Rafael Hernández Colon, creating the first substantial budget imbalance in Puerto Rico. He also created the debacle of the finances of the broken municipalities in Puerto Rico, giving them the capacity to take loans to municipalities that had their finances in red!
·        Adviser to First Boston, an investment bank that was later acquired by UBS.
·        He later runs Santander Securities
·        President of Banco Santander de Puerto Rico, where his friend Carlos Garcia, also a member of the Fiscal Control Board, was its Executive Vice President.
·         In 2009 he became a member of the Economic Committee of Luis Fortuño, which creates Law 7 that dismisses more than 50,000 Puerto Ricans! He never studied at the University of Puerto Rico, graduated from Yale and Harvard.
· He currently runs his own investment bank which has a direct relationship with the bondholders and the large multinational and foreign financial corporations.
· Vice-President of Investments of Santander Securities and later
· Executive Vice President of Banco Santander of Puerto Rico, under the Presidency of Jose Ramón González,
· Was associated as an investment partner in the highly questionable UBS securities issues of the Retirement Systems of public employees and teachers of Puerto Rico!
· In 2009 he became the President of the Government Economic Development Bank of Puerto Rico and also a
member of the Economic Advisory Council of Luis Fortuño and his famous Law 7.
· Bond issues under its responsibility as President of the Government Bank have been highly questioned, as has the use of federal ARRA funds.
· He is not a graduate of the University of Puerto Rico. He is a graduate of the University of Pennsylvania.

 Without making accusations or questioning the morality or integrity of these three leading members of the Fiscal Control Board mentioned above, they clearly present a clear conflict of interest, will these lords objectively evaluate their own enforcement and acts? Will they watch over the best interests of the people of Puerto Rico or for their own interests and the interests of their own clients?

Nelson Rodriguez-Lopez Esq.