Refund America Project report: Nearly half of the debt owed by Puerto Rico is not actually money that the island borrowed, but instead interest owed on bonds underwritten by Wall Street firms

Series of banks were lead underwriters on the bonds, including Citigroup, Merrill Lynch—now under Bank of America—Goldman Sachs, UBS, Banco Santander.

Refund Project website:

A fact sheet on Puerto Rico’s capital appreciation bonds (CABs). Haga clic aquí para una versión en español de este informe.


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