New Video: Preying on Puerto Rico, The Forgotten Citizens of Hedge Fund Island
New Video: Preying on Puerto Rico, The Forgotten Citizens of Hedge Fund Island
Last month I returned to my native Puerto Rico to attend a wedding and was catching up with family still on the Island one evening. A couple of sips of whiskey in, and the truth came out: My wife’...
Last month I returned to my native Puerto Rico to attend a wedding and was catching up with family still on the Island one evening. A couple of sips of whiskey in, and the truth came out: My wife’s father reported that he hadn’t received a paycheck in 3 months.
He is a doctor. A highly specialized one, And, with most of his patients coming through government insurance, he hadn’t seen a dime in payment.
Most Puerto Rican health care professionals try to hang on as long as possible. They want to stay in their homeland, be with their families and help make things better. But increasingly, they have no choice. Now many doctors are among the hundreds of thousands of Puerto Ricans who have become economic migrants, forced to flee from home because they simply cannot survive on patriotism and hope.
In 2014, 364 doctors left the island, the Puerto Rican Surgeons and Physicians Association reported. Last year, 500 practitioners packed up and got out.
“Don’t get hurt on a Sunday or a holiday,” one man recently told CNN after his uncle died because only 2 neurologists were on duty to serve the island’s 3.5 million “forgotten citizens.” (His family now calls the lines at the hospital “the walking dead.”)
Behind those staggering numbers is rapacious, hungry, heartless greed as embodied by two simple words: Hedge funds.
Just like Detroit, Greece and other places rocked by the recession and government mismanagement, Puerto Rico’s debt ballooned over the last decade, further exacerbated by colonial status and expiring tax incentives.
In 2012, hedge fund managers began to circle the Commonwealth, looking to reap billions – and experiment with new wealth extraction strategies that could be imported back to the American mainland. The short version: They bought Puerto Rican bonds after the price fell.
Now these “vulture” managers (as they are literally called for their creditor and distressed buying schemes – los buitres in Spanish) insist that any package from Washington that allows Puerto Rico to renegotiate its $72 billion debt puts Wall Street investors at the front of the line to get paid.
A handful are holding out for even more; refusing to accept any restructuring and demanding even more severe austerity measures and suffering so they don’t have to take any losses on their risky investment.
These carrion feeders are in fact, real human beings, acting in inhumane ways: Mark Brodsky, of the $4.5 billion Aurelius Capital and Andrew Feldstein, of the $20 billion BlueMountain Capital are two leaders of the vulture flock of hedge fund billionaires circling Puerto Rico trying to make huge profits from what’s turning into a full-scale humanitarian crisis.
Brodsky bought up the Island’s debt for as low as 29 cents on the dollar and now is demanding full repayment (Think Greece, and Argentina). He is helping fund economists who argue that vital government services must cease – and schools and hospitals must close - to extract full payment.
Feldstein has teams of lawyers fighting basic protections for Puerto Ricans in court and lobbyists taking the same case to Congress. On his dime they have launched a high profile and highly fraudulent media campaign to make sure Congress keeps working for the billionaires – and against teachers, students, the elderly… and my former neighbors and relatives.
Together with John Paulson – who literally bragged to his bros that together they could create the “Singapore of the Caribbean” and create a tax haven for themselves – these vulture investors are consuming the living, for their greed.
That’s why I’ve been working with Brave New Films and a large coalition, including Make the Road, New York Communities for Change, Organize NOW, Florida Institute for Reform & Empowerment, AFT, SEIU, NEA, New Jersey Communities United, Grassroots Collaborative , Center for Popular Democracy, Strong Economy for All, and Citizen Action, under the campaign banner Hedge Clippers, to help ordinary Puerto Ricans expose the truth about these bad actors and their flock.
Preying on Puerto Rico: Forgotten Citizens of Hedge Fund Island is a series of short film videos that Puerto Rican activists helped create to kick off an escalated series of large actions calling on those with the power to help to stand up for Puerto Ricans and stand up to los buitres.
These same leaders are behind a growing wave of protests on Capitol Hill, Wall Street, the Trump Towers and at the Federal Reserve Board offices in cities across the U.S.
They are getting attention and being heard, but the path forward is uphill. We need your help. With unemployment at 14% and 45 percent of Puerto Ricans living below the poverty line Puerto Rico is in a humanitarian crisis. PROMESA, the bill that just passed out of the US House and is on its way to the Senate, is a bad deal that will help the hedge funds, but not the Puerto Rican people.
Preying on Puerto Rico: Forgotten Citizens of HedgeFund Island is only the beginning of how we can use our voices and votes to help my father in-law remain on the Island to help save lives – and end this suffering caused by these vultures and the politicians that do their bidding.
Join us today to share these films – and call Feldstein and Brodsky to ask them: how many more billions do you need to make before you stop pillaging the poor?
By Julio López Varona / Brave New Films
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Pilot program to create network of legal counsel for NY immigrants
NY1 News - July 20, 2013 - A pilot program is helping make sure New York immigrants get fair legal representation. The New York Immigrant Family Unity Project will match up needy immigrant...
NY1 News - July 20, 2013 - A pilot program is helping make sure New York immigrants get fair legal representation. The New York Immigrant Family Unity Project will match up needy immigrant families with legal counsel.
Advocates say it's to prevent people from being unfairly detained and families from being torn apart.
"As a judge, I have been struck by the too often poor quality of lawyering for immigrants, indeed, the too often absence of counsel for immigrants, which all but dooms an immigrant's case," said Judge Robert Katzmann of the Second Circuit Court of Appeals.
Officials say 2,800 people are detained in the state each year and face deportation without legal representation.
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A New Front On Immigration: NY Legislation Would Let Undocumented Vote, Drive
Buzzfeed - June 16, 2014 by Adrian Carrasquillo - New York Democrats announced Monday new legislation that would grant state citizenship rights to undocumented immigrants.
The...
Buzzfeed - June 16, 2014 by Adrian Carrasquillo - New York Democrats announced Monday new legislation that would grant state citizenship rights to undocumented immigrants.
The bill could represent a bold new advocacy strategy: using states’ rights to secure legal protections for the undocumented.
York state senator Gustavo Rivera and assembly member Karim Camara’s bill would allow undocumented immigrants to vote, drive, receive professional licenses, run for civil office, and receive Medicaid as well as in-state tuition in New York by making them New York state citizens.
“It’s up to New York to figure out who it’s political community is,” said Peter Markowitz, professor at the Cardozo school of law, who made the legal case for the legislation through the country’s dual-sovereign structure. “New York gets to decide who is and who isn’t a New Yorker. The federal government may not interfere.”
The prospects for federal changes to U.S. immigration law took a hit last week after House Majority Leader Eric Cantor’s primary election loss, attributed by some as directly the result of attacks by Cantor’s opponent on his immigration record.
Flanked by activists in front of the Statue of Liberty Monday, Rivera struck a positive tone about the bill, called the New York is Home Act.
Immigrants would be eligible to become state citizens if they show proof of identity, proof of three years of New York State residency and proof of three years of New York State tax payments; the bill also requires a commitment to abide by state laws and uphold the state Constitution, and a willingness to serve on New York juries and to keep paying state taxes.
Rivera said the idea has been in the works for two years and called the legislation “bold,” not because of the pieces themselves, but because they are all in one bill.
“This is unlike SB1070,” Rivera told BuzzFeed after the event. “Arizona said, ‘We can do this and affect things on a federal level.’ No, you can’t. But the conversation we need to have is: What rights do we have in a state?”
Spokespeople for Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito, the first Latina in the role, said Monday they were reviewing the legislation.
“In light of inaction at the federal government, the administration is interested in learning about local initiatives to increase equality among immigrant communities,” de Blasio deputy press secretary Maibe Ponet said.
“Given congress’s failure to address immigration reform, people are obviously becoming increasingly frustrated, a spokesman for Mark-Viverito said. “[The speaker] is supportive of increasing voting rights and will be reviewing the legislation.”
Cesar Vargas, a DREAMer who has been fighting for the right to practice law as an undocumented immigrant, would benefit from the portion of the legislation that would give licenses for professions like lawyers, doctors, dentists, midwives and others. He said he is set to work with the mayor and the city council speaker to “see how they can support undocumented lawyers.”
“As we stand in front of the Statue of Liberty, we’re reminded of the American Dream, and I’m reminded of the dream of my mother for me to be a lawyer,” Vargas said.
Many sought to draw a parallel between the fight for marriage equality — and its stops and starts over the years.
“This will get a lot of attention for New York,” DREAMer Antonio Alarcon, 19, said. “It will take months to pass, we’re going to be fighting for this like they did for marriage equality.”
“Full equality and inclusion will gain momentum in our time,” said Andrew Friedman, co-executive director of The Center for Popular Democracy.
He said his group is in discussion with four to five other states for similar legislation with the stated goal of putting “another horse in the race” in the way those who fought for marriage equality continued to refine what they were asking for.
Jose Davila, the vice president off policy and government relations at the Hispanic Federation echoed the belief that the legislation comes at an important time for the fight for changing U.S. immigration laws.
“Instead of tear families apart, we should be reframing the debate. What kind of state do we want to be?”
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Jeff Flake debates GOP tax plan with voter on a plane
While traveling Thursday on an airplane from Washington, GOP Sen. Jeff Flake debated a voter in a wide-ranging discussion about the GOP tax plan, the issue of Dreamers, the Affordable Care Act and...
While traveling Thursday on an airplane from Washington, GOP Sen. Jeff Flake debated a voter in a wide-ranging discussion about the GOP tax plan, the issue of Dreamers, the Affordable Care Act and the Children's Health Insurance Program.
Flake spoke for 11 minutes to a person who identified himself on his Twitter account as Ady Barkan, of California, according to a tweet posted by his friend. Barkan explained his current situation having been diagnosed with Lou Gehrig's disease, or amyotrophic lateral sclerosis, and how the tax bill would affect his health care to Flake.
Read the full artilce here.
High-ranking Fed official resigns, reveals role in leaked confidential information
High-ranking Fed official resigns, reveals role in leaked confidential information
Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, resigned from his post effective Tuesday, after revealing he'd played a role in a leak of sensitive information to a financial...
Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, resigned from his post effective Tuesday, after revealing he'd played a role in a leak of sensitive information to a financial analyst several years ago.
In a statement, Lacker said he spoke on Oct. 2, 2012, with an analyst at Medley Global Advisors, a macroeconomic research firm owned by the Financial Times Limited. The analyst asked about non-public policy decisions.
Read full article here.
SF Finalizes Settlement in Nevada ‘patient dumping’ Case
SF Finalizes Settlement in Nevada ‘patient dumping’ Case
A $400,000 “patient dumping” settlement with Nevada approved Tuesday by...
A $400,000 “patient dumping” settlement with Nevada approved Tuesday by the San Francisco Board of Supervisors also requires that state to regularly report to The City for the next five years regarding any patients sent to California.
The settlement establishes criteria for sending those patients to California in the first place.
City Attorney Dennis Herrera had sued Nevada two years ago over the state’s improperly discharging psychiatric patients and sending them on Greyhound buses to San Francisco with little means and nowhere to stay, a practice first exposed by the Sacramento Bee.
The Nevada Board of Examiners, which reviews claims for payment, approved the settlement Oct. 13 and on Tuesday the Board of Supervisors unanimously approved it, making it official.
As part of the settlement agreement, made public Tuesday, Nevada agreed to only provide travel assistance for released patients based on certain criteria. That would include, for example, cases where the patient was a California resident at the time they were admitted for treatment in Nevada.
Other criteria includes cases where a clinic has agreed to accept the patient in the destination city in California or an acquaintance or family member has agreed to care for the patient.. The agreement also requires the discharged patient to have a travel chaperone, like a family member, who must be present when released in Nevada and accompany the patient on the trip to California.
“I’m pleased we reached an agreement that will assure the well-being of psychiatric patients when they’re transported, and that also offers a model for how jurisdictions can work together to better protect our patients and taxpayers,” Herrera said in a statement released shortly after the Board of Supervisors vote.
When the proposed settlement was reported by the San Francisco Examiner on Oct. 5, Nevada Gov. Brian Sandoval said in a statement, “We look forward to working with California to ensure all patient transfers to and from both states are managed using these best practices and adhering to conditions detailed in the agreement.”
The settlement agreement requires Nevada to provide San Francisco with a semi-annual report regarding any patients Nevada’s state mental health system sends to to California between January 1 and December 2019. The report must include patient information like date of discharge and eligibility for travel under the agreement.
Since April 2008, San Francisco identified 24 patients bused from the state-run Rawson-Neal Psychiatric Hospital in Las Vegas to San Francisco, with 20 in need of medical care “some within mere hours of getting off the bus,” said the lawsuit. Over the past five years, Nevada sent a total of 500 patients by Greyhound bus to cities and counties in California,” the lawsuit said. The lawsuit sought $500,000 in expenses for the medical care of the patients.
Also on Tuesday, San Francisco increased gun control regulations, which has prompted the closure of the last remaining gun store.
Supervisor Mark Farrell, who introduced the legislation, offered no apologies for the pending closure of High Bridge Arms at 3185 Mission St., which plans to shutdown on Oct. 31.
“I believe all of us in San Francisco will be better off,” Farrell said of the anticipated gun shop closure. The store was opened by Bob Chow, a Chinese American who competed in the US Olympics, in 1952, operating primarily as a gunsmith. In 1987, it was sold to Andy Takahashi, who before coming to San Francisco via Alaska lived in Japan.
The legislation requires the video recording of all firearms sales, which would be available to the police with a search warrant. The legislation would also require at least weekly reporting the Police Department of store bought ammo. The law was supported by the Law Center to Prevent Gun Violence.
“Even though our city and our state have some of the toughest gun control laws on the books there still remains more that we can do to protect public safety,” Farrell said.
The legislation was approved in a 9-0 vote. Supervisors Eric Mar and John Avalos were absent from the meeting. Both were attending the Local Progress convention in Los Angeles.
Source: San Francisco Examiner
New York Questions Big Retailers Over 'On-Call' Staffing
Reuters - April 13, 2015 - New York's attorney general has sent letters to 13 national retailers, including Gap Inc, Target Corp and JC Penney Co Inc, about "on-call shifts" in which workers are...
Reuters - April 13, 2015 - New York's attorney general has sent letters to 13 national retailers, including Gap Inc, Target Corp and JC Penney Co Inc, about "on-call shifts" in which workers are told whether to report to work a day or less before a scheduled shift.
Attorney General Eric Schneiderman's letters, sent on Friday, say on-call systems leave "too little time to make arrangements for family needs, let alone to find an alternative source of income to compensate for the lost pay" on days the employees are not called in to work.
A number of companies with stores in New York are requiring employees to check in by telephone, text message or email before a planned shift to see if their services are needed, Schneiderman wrote in the letters.
The system allows retailers to adjust staffing based on store traffic forecasts made by scheduling software. The companies can then reduce over-staffing and under-staffing.
His requests come as workers' advocates claim success in efforts to increase pay and benefits at fast food companies and national retailers, including recent raises of minimum wages by McDonald's Corp and Wal Mart Stores Inc.
Schneiderman said the "on-call" practice might violate the law in New York, where employers are subject to a rule that says employees who report for a scheduled shift on any day have to be paid for at least four hours at the basic minimum hourly wage.
Target said workers are informed of their schedules 10 days before the start of a work week and it does not employ "on-call" shifts. JC Penney said it has a policy against on-call scheduling. The Gap said it is committed to "sustainable scheduling practices" and is conducting research on the matter.
Worker advocates say unpredictable scheduling is one of the key challenges facing low-wage workers.
"One of reasons it is coming to light now is that people are organizing around it," said Tsedeye Gebreselassie, senior attorney at the National Employment Law Project.
He noted that a 2011 union-backed study of New York retail workers showed a fifth surveyed were required to always or frequently be available for on-call shifts.
Bills addressing on-call scheduling are currently being considered in the state legislatures of Massachusetts, Connecticut, Minnesota, Oregon and California, according to the Center for Popular Democracy, a worker advocacy group.
The U.S. Labor Department said it is aware of the on-call scheduling concerns and is looking into the matter.
"This is an important issue for workers struggling with work-life balance, especially for women," spokeswoman Tania Mejia said.
Schneiderman asked the retailers to provide details on the processes they follow to schedule on-call shifts, such as whether they use computerized systems and penalize employees who do not follow on-call procedures.
He also asked the companies for any analysis they might have conducted on cost savings associated with on-call shifts and the impact on workers' wellbeing. The companies have until May 4 to send in their responses.
The Gap said it was engaged in a research project with the UC Hastings College of Worklife Law to examine scheduling and productivity, and expects to receive some data in the fall of 2015.
"In the meantime, each of our brands also has been working to evaluate and refine their practices to make improvements," a spokeswoman for the retailer said.
Letters were also sent to Abercrombie & Fitch Co, J. Crew, L Brands Inc, Burlington Coat Factory, TJX Cos Inc , Urban Outfitters Inc, Crocs Inc, Ann Inc, Sears Holdings Corp and Williams-Sonoma Inc.
Sears and Ann Inc both said they do not use on-call scheduling. Representatives of the other retailers did not immediately respond to requests for comment. (Reporting by Supriya Kurane and Siddharth Cavale in Bengaluru, Karen Freifeld and David Morgan in New York, Nathan Layne in Chicago, and Lisa Baertlein in Los Angeles. Editing by Anupama Dwivedi, Dan Grebler and Andre Grenon)
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Protesters Converge On Stephen Schwarzman's Water Mill Home
About 35 protesters from various political organizations—the Center for Popular Democracy, Make the Road New York, New York Communities for Change, and Strong for All Economy Coalition—converged...
About 35 protesters from various political organizations—the Center for Popular Democracy, Make the Road New York, New York Communities for Change, and Strong for All Economy Coalition—converged on the Water Mill Home of Stephen Schwarzman on Friday afternoon.
Mr. Schwarzman is the chairman and CEO of The Blackstone Group and an adviser to President Donald Trump.
Read the full article here.
How to Help Residents of Puerto Rico and the U.S. Virgin Islands Recover After Hurricane Maria
How to Help Residents of Puerto Rico and the U.S. Virgin Islands Recover After Hurricane Maria
These organizations are helping with immediate needs—like food—and long-term efforts, including rebuilding...
...
These organizations are helping with immediate needs—like food—and long-term efforts, including rebuilding...
Read the full article here.
Another Victory for Workers in Seattle—This Time It’s Their Schedules
Another Victory for Workers in Seattle—This Time It’s Their Schedules
Although she was hired on as a full-time employee at Domino’s Pizza, Crystal Thompson had a schedule that became erratic and unreliable shortly after she began working there in 2009. One day she’d...
Although she was hired on as a full-time employee at Domino’s Pizza, Crystal Thompson had a schedule that became erratic and unreliable shortly after she began working there in 2009. One day she’d start at 9 a.m. and work until 9 p.m.; and then she’d get a call asking her to work the morning shift the next day.
“It’s so hard trying to plan your life.”
The single mother of three relied on the job to pay over $1,200 a month in rent, utilities, food, and child care, but during the most volatile weeks, she was lucky if she got even 20 hours in shifts. Moreover, it was difficult to find a babysitter or make doctor’s appointments when she sometimes received her schedule only a day in advance. At a loss, Thompson moved one of her children into the living room and found a roommate to shoulder the part of the rent that she couldn’t afford.
“It’s crazy,” Thompson says about her schedule. “It’s so hard trying to plan your life.”
But thanks to an ordinance passed in Seattle last month, Thompson and other workers in the service and retail industries will finally have the freedom to think more than one day ahead. The new law, known as “secure scheduling,” will take effect in July 2017 and will impact large retail, service, and drinking establishments with a minimum of 500 workers globally, as well as full-service restaurants with more than 500 workers and 40 or more locations.
The measure requires that employers post work schedules at least two weeks in advance, offer additional hours to existing workers before hiring new employees, and provide at least a 10-hour break between closing and opening shifts. Thompson says that anything less than that doesn’t leave enough time to rest, shower, care for her children, and be alert enough to work another shift.
The Seattle measure comes on the heels of similar legislation passed in San Francisco in 2014, which labor activists call a game changer for the labor movement. It provides that hourly workers have the ability to better budget their expenses, take on second jobs, and plan for education and family time.
Workers in the service and retail industries will finally have the freedom to think more than one day ahead.
Working Washington, a Seattle-based labor advocacy organization that led the efforts, attests that, much like legislation for a $15 minimum wage that passed in Seattle in 2014, predictable schedules will likely spread to other cities and states too. New York City Mayor Bill de Blasio recently announced that he and other city officials plan on drafting legislation to ensure secure scheduling for fast-food workers.
Thompson’s plight is common for workers in the service and retail industry nationally, as shown in a report co-authored by associate professor Susan Lambert at the University of Chicago’s School of Social Service Administration. About 3 out of 4 early-career adults in hourly jobs report fluctuations in the number of hours they’ve worked in a month, and nearly half of part-time workers said that their employers gave them a week’s notice or less when their schedules changed.
Photo courtesy of Working Washington.
The problem is especially severe among African Americans and Latinos in Seattle. Another study, this one commissioned by the city itself in July, revealed that the two groups were the most likely to receive their schedules with less than a week’s notice, be required to be on-call, or to be sent home during slow shifts. They also reported higher rates of having difficulty attending classes and working second jobs because of their schedules.
Sejal Parikh, executive director of Working Washington, says that erratic scheduling has proliferated in the past two decades with the advent of scheduling software programs. After her group pushed for a $15 minimum wage and won, a campaign for secure scheduling seemed like a natural next step, she says. “The $15 minimum wage is about money, and the secure scheduling campaign is really about power.”
A stable schedule allows workers to spend time with their families, have hobbies, and further their careers.
But the measure is not immune to opposition. The advocacy group Washington Retail Association issued a press release in August stating that the measure undermines the fluctuating nature of business and would lead to layoffs. But Parikh counters that companies are already staffing leanly and that there’s usually not an excess of workers during one shift. A secure schedule simply allows a barista who lives an hour away from work to get eight hours of sleep at home instead of sleeping inside of the coffee shop, she contends.
It’s important that the more than 75 million people who work hourly jobs nationally have some say in their own schedule, says Carrie Gleason, director of the Fair Workweek initiative at the Center for Popular Democracy. A stable schedule allows workers to spend time with their families, have hobbies, and further their careers. Gleason adds that the legislation “ensures that Seattle workers can have a voice” in determining how many hours they work, which is something she hopes catches on in other cities.
In Seattle, Thompson is already planning out the time she’ll enjoy once she has a more predictable schedule. She is now working part time because she’s caring for her 9-month-old baby, but Thompson says she plans on going back to school to get a degree in Spanish and to become an interpreter. The new ordinance will also allow her to figure out child care and to budget for the rent in her new Section 8 housing, which takes 30 percent of her income.
More than anything, Thompson says she’s looking forward “to more peace of mind.”
By Melissa Hellmann
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