A Long History of Wall Street Bailouts and How Puerto Rico Will Not Be Different

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World Review of Political Economy

Volume 9, Issue 2

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A Long History of Wall Street Bailouts and How Puerto Rico Will Not Be Different

research-article

Author(s): Mayra Velez-Serrano

Publication date (Print): Summer 2018

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: Puerto Rico, debt crisis, bailouts, moral hazard, financialization

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Abstract

Even though in 2012, publications such as Morningstar were advising investors to “Watch Out for Puerto Rico,” and pundits were commenting about a very likely default, by 2013 and 2014, Wall Street was frenetically buying up Puerto Rican bonds. Wall Street incurred in a risky behavior that is comparable with what happened during the 1980s Latin America crisis, the 1997 Asian crisis, the 1998 Long-Term Capital Management (LTCM) crisis, and the 2008 mortgage subprime crisis. By giving a brief overview of a series of economic crises around the world caused by speculation and risky lending, this article shows that the case of Puerto Rico, a nonincorporated territory of the United States of America, mirrors the same patterns of financialization of the economy and risky lending. It suggests that Wall Street bought these speculative-level bonds since this type of behavior has always been compensated by a bailout either through the US Treasury or an International Financial Institution (IFI), thus posing a moral hazard problem. The main argument of this article is that Wall Street and other bondholders will try to get their risky loans paid by the Government of Puerto Rico by forcing austerity measures, and when this inevitably fails, they will turn to the Treasury of United States to recover their money. It concludes with the question on how long the Island will have to suffer through the wave of higher taxes and cuts on social services before Washington bails them out.

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Journal ID (doi): 10.13169

Journal ID (publisher-id): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN (Print): 2042891X

ISSN (Electronic): 20428928

Publication date (Print): Summer 2018

Volume: 9

Issue: 2

Pages: 265-288

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Publisher ID: worlrevipoliecon.9.2.0265

DOI: 10.13169/worlrevipoliecon.9.2.0265

SO-VID: fbce62b9-4cee-470d-8f6c-9048eed0a32e

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History

References

Albers, M. B. 2008. “The Financialization of Home and the Mortgage Market Crisis.” Competition & Change 12 (2): 148–166.
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Boughton, J. M. 2001. “Silent Revolution: The International Monetary Fund, 1979–1989.” Report of International Monetary Fund. Accessed January 23, 2018. https://www.imf.org/external/pubs/ft/history/2001/.
Brott, S. 2017. “Calatrava in Athens: The Architect as Financier and the Iconic City.” The Journal of Public Space 2 (1): 15–32.
Buchs, T. D. 1999. “Financial Crisis in the Russian Federation: Are the Russians Learning to Tango?” Economics of Transition 7 (3): 687–715.
Cintrón-Arbasetti, J. 2015. “The Crisis in Puerto Rico Fills Politicians and Lobbyists' Pockets in the United States.” Report of Centro de Periodismo Investigativo. Accessed January 23, 2018. http://caribbeanbusiness.com/puerto-ricos-crisis-packs-the-pockets-of-politicians-and-lobbyist-in-the-u-s/.
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Corsetti, G., P. Pesenti, and N. Roubini. 1999. “What Caused the Asian Currency and Financial Crisis?” Japan and the World Economy 11 (3): 305–373.
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DeBonis, M. 2016. “House Passes Puerto Rico Fiscal Rescue Bill Ahead of July Cliff.” The Washington Post . Accessed January 23, 2018. https://www.washingtonpost.com/news/powerpost/wp/2016/06/09/puerto-rico-fiscal-rescue-is-poised-to-pass-house-as-july-deadline-looms/?utm_term=.84e50bb32c7e.
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Edwards, F. 1999. “Hedge Funds and the Collapse of Long-Term Capital Management.” Journal of Economic Perspectives 13 (2): 189–210.
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Federal Deposit Insurance Corporation. 1997. “The LDC Debt Crisis.” In History of the Eighties—Lessons for the Future, Vol. I: An Examination of the Banking Crises of the 1980s and Early 1990s , edited by Federal Deposit Insurance Corporation, 191–221. Washington, DC: Federal Deposit Insurance Corporation.
Foster, J. B. 2008. “The Financialization of Capital and the Crisis.” Monthly Review 59 (11): 1–19.
Fouskas, V., and C. Dimoulas. 2013. Greece, Financialization and the EU: The Political Economy of Debt and Destruction . Basingstoke: Palgrave McMillan.
Friedman, M. 1953. “The Case for Flexible Exchange Rates.” In Essays in Positive Economics , edited by M. Friedman, 157–203. Chicago: The University of Chicago Press.
Gillette, C. P., and D. A. Skeel, Jr. 2016. “A Two-Step Plan for Puerto Rico.” Faculty Scholarship Paper, no. 1621, 1–21. Accessed January 23, 2018. http://scholarship.law.upenn.edu/faculty_scholarship/1621.
Government Development Bank of Puerto Rico. 2017. “Puerto Rico Sales Tax Financing Corporation Report.” Accessed February 19, 2017. http://www.gdb-pur.com/investors_resources/cofina.html.
Greenspan, A. 2013. “Never Saw It Coming: Why the Financial Crisis Took Economists by Surprise.” Foreign Affairs 92 (6): 88–96.
Hedge Clippers. 2016. “Pirates of the Caribbean: How Santander's Revolving Door with Puerto Rico's Development Bank Exacerbated a Fiscal Catastrophe for the Puerto Rican People.” Report of Hedge Clippers Organization. Accessed June 10, 2017. http://hedgeclippers.org/wp-content/uploads/2016/12/20161025_HedgeClippers_ReportPR_v3-3.pdf.
International Monetary Fund. 2000. “Recovery from the Asian Crisis and the Role of the IMF.” Report of International Monetary Fund. Accessed January 23, 2018. https://www.imf.org/external/np/exr/ib/2000/062300.htm#III.
Joffe, M. 2016. “Hedge Funds Might Not Get a Windfall from Puerto Rico.” Business Insider . Accessed January 23, 2018. http://www.businessinsider.com/hedge-funds-might-not-get-a-wind-fall-from-puerto-rico-2016-4.
Krippner, G. R. 2005. “The Financialization of the American Economy.” Socio-Economic Review 3 (2): 173–208.
Landrith, G. C., and M. Wallop. 2016. “Letter in Opposition to PROMESA Bailout.” Frontiers of Freedom . Accessed May 2, 2017. https://www.ff.org/letter-in-opposition-to-promesa-bailout/.
Lee, S. Y., and M. E. Venezia. 2000. “A Primer on Brady Bonds.” Report of Emerging Markets Fixed Income Research Institute based in Salomon Smith Barney, March 9.
Merie, R. 2016. “How One Hedge Fund Made $2 Billion from Argentina's Economic Collapse.” The Washington Post . Accessed January 23, 2018. https://www.washingtonpost.com/news/business/wp/2016/03/29/how-one-hedge-fund-made-2-billion-from-argentinas-economic-collapse/?utm_term=.aead78feaea9/.
Morningstar . 2012. “Muni-Fund Investors: Watch Out for Puerto Rico.” Accessed March 27, 2017. https://www.morningstar.com.
Novak, V. 2014. “American Future Fund Goes to the Islands.” OpenSecrets . Accessed January 23, 2018. https://www.opensecrets.org/news/2014/09/american-future-fund-goes-to-the-Islands/.
Ostry, J. D., P. Lougani, and D. Furceri. 2016. “Neoliberalism: Oversold?” Finance and Development 53 (2): 38–41.
Rasmussen, R. K. 2016. “Puerto Rico: Of Capital Structures, Control Rights and Liquidity.” Capital Markets Law Journal 11 (2): 228–243.
Sachs, J. D. 1989. “New Approach to the Latin American Debt Crisis.” Essays in International Finance, no. 174. Princeton: Princeton University Press.
Sachs, J. D., A. M. Solomon, W. S. Ogden, E. Wiesner, and R. T. McNamar. 1988. “International Policy Coordination: The Case of the Developing Country Debt Crisis.” In International Economic Cooperation , edited by M. Feldstein, 233–320. Chicago: The University of Chicago Press.
Sanger, D., and A. DePalma. 1995. “US Bailout of Mexico Verging on Success or Dramatic Failure.” The New York Times . Accessed January 23, 2018. http://www.nytimes.com/1995/04/02/business/us-bailout-of-mexico-verging-on-success-or-dramatic-failure.html?pagewanted=all.
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Whitt, J., Jr. 1996. “The Mexican Peso Crisis.” Economic Review—Federal Reserve Bank of Atlanta 81 (1): 1–20.
Williamson, J. 2009. “A Short History of the Washington Consensus.” Law and Business Review of the Americas 15 (1): 7–23.
Wirz, M. 2014. “Big Hedge Funds Roll Dice on Puerto Rico Debt.” The Wall Street Journal . Accessed June 10, 2017. https://www.wsj.com/articles/big-hedge-funds-roll-dice-on-puerto-rico-debt-1397087103.
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Comments

Comment on this article

[1] Albers, M. B. 2008. “The Financialization of Home and the Mortgage Market Crisis.” Competition & Change 12 (2): 148–166.

[2] Arbasetti, J., and C. Minet. 2015. “Map of the Players and Their Positions in the Puerto Rico Debt Game.” Report of Centro de Periodismo Investigativo. Accessed May 27, 2017. http://periodismoinvestigativo.com/2015/07/map-of-the-players-and-their-positions-in-the-puerto-rico-debt-game.

[3] Associated Press . 2017. “Puerto Ricans Protest on May Day as Debt Deadline Nears.” Accessed January 23, 2018. http://www.bostonherald.com/business/business_markets/2017/05/puerto_ricans_protest_on_may_day_as_debt_deadline_nears.

[4] Balmaceda, J. 2017. “Puerto Rico Oversight Board Appears Doomed to Recycle Failed Austerity Schemes.” The Forbes Journal . Accessed April 2, 2017. https://www.forbes.com/sites/debtwire/2017/03/22/puerto-rico-oversight-board-appears-doomed-to-recycle-failed-austerity-schemes/#117b92724791.

[5] Bertola, L., and J. A. Ocampo. 2012. “Learning from Latin America: Debt Crises, Debt Rescues and When and Why They Work.” Report of Institute for the Study of the Americas. Accessed January 23, 2018. http://ilas.sas.ac.uk/sites/default/files/files/filestore-documents/events/Papers/Bertola_and_Ocampo_paper.pdf.

[6] Bhatti, S., and C. Sloan. 2016. “Puerto Rico's Payday Loans.” Report of the Roosevelt Institute. Accessed January 23, 2018. https://www.scribd.com/doc/317074793/Puerto-Rico-s-Payday-Loans.

[7] Boughton, J. M. 2001. “Silent Revolution: The International Monetary Fund, 1979–1989.” Report of International Monetary Fund. Accessed January 23, 2018. https://www.imf.org/external/pubs/ft/history/2001/.

[8] Brott, S. 2017. “Calatrava in Athens: The Architect as Financier and the Iconic City.” The Journal of Public Space 2 (1): 15–32.

[9] Buchs, T. D. 1999. “Financial Crisis in the Russian Federation: Are the Russians Learning to Tango?” Economics of Transition 7 (3): 687–715.

[10] Cintrón-Arbasetti, J. 2015. “The Crisis in Puerto Rico Fills Politicians and Lobbyists' Pockets in the United States.” Report of Centro de Periodismo Investigativo. Accessed January 23, 2018. http://caribbeanbusiness.com/puerto-ricos-crisis-packs-the-pockets-of-politicians-and-lobbyist-in-the-u-s/.

[11] Cintrón-Arbasetti, J. 2016. “275 Investment Firms Jumped on Puerto Rico's Junk Debt.” Report of Centro de Periodismo Investigativo. Accessed January 23, 2018. http://periodismoinvestigativo.com/2016/08/275-investment-firms-jumped-on-puerto-ricos-junk-debt/.

[12] Cohen, M. 2013. “Austerity and the Global Crisis: Lessons from Latin America.” Social Research 80 (3): 929–952.

[13] Corsetti, G., P. Pesenti, and N. Roubini. 1999. “What Caused the Asian Currency and Financial Crisis?” Japan and the World Economy 11 (3): 305–373.

[14] Dayen, D. 2017. “Our Bankrupt Policy for Puerto Rico.” The American Prospect . Accessed January 23, 2018. http://prospect.org/article/our-bankrupt-policy-puerto-rico.

[15] DeBonis, M. 2016. “House Passes Puerto Rico Fiscal Rescue Bill Ahead of July Cliff.” The Washington Post . Accessed January 23, 2018. https://www.washingtonpost.com/news/powerpost/wp/2016/06/09/puerto-rico-fiscal-rescue-is-poised-to-pass-house-as-july-deadline-looms/?utm_term=.84e50bb32c7e.

[16] Devlin, R. 1989. Debt and Crisis in Latin America: The Supply Side of the Story . Princeton, NJ: Princeton University Press.

[17] Edwards, F. 1999. “Hedge Funds and the Collapse of Long-Term Capital Management.” Journal of Economic Perspectives 13 (2): 189–210.

[18] Evans, D. 2015. “How UBS Spread the Pain of Puerto Rico's Debt Crisis to Clients.” Bloomberg . Accessed January 23, 2018. https://www.bloomberg.com/news/articles/2015-09-22/how-ubs-spread-the-pain-of-puerto-rico-s-debt-crisis-to-clients.

[19] Federal Deposit Insurance Corporation. 1997. “The LDC Debt Crisis.” In History of the Eighties—Lessons for the Future, Vol. I: An Examination of the Banking Crises of the 1980s and Early 1990s , edited by Federal Deposit Insurance Corporation, 191–221. Washington, DC: Federal Deposit Insurance Corporation.

[20] Foster, J. B. 2008. “The Financialization of Capital and the Crisis.” Monthly Review 59 (11): 1–19.

[21] Fouskas, V., and C. Dimoulas. 2013. Greece, Financialization and the EU: The Political Economy of Debt and Destruction . Basingstoke: Palgrave McMillan.

[22] Friedman, M. 1953. “The Case for Flexible Exchange Rates.” In Essays in Positive Economics , edited by M. Friedman, 157–203. Chicago: The University of Chicago Press.

[23] Gillette, C. P., and D. A. Skeel, Jr. 2016. “A Two-Step Plan for Puerto Rico.” Faculty Scholarship Paper, no. 1621, 1–21. Accessed January 23, 2018. http://scholarship.law.upenn.edu/faculty_scholarship/1621.

[24] Government Development Bank of Puerto Rico. 2017. “Puerto Rico Sales Tax Financing Corporation Report.” Accessed February 19, 2017. http://www.gdb-pur.com/investors_resources/cofina.html.

[25] Greenspan, A. 2013. “Never Saw It Coming: Why the Financial Crisis Took Economists by Surprise.” Foreign Affairs 92 (6): 88–96.

[26] Hedge Clippers. 2016. “Pirates of the Caribbean: How Santander's Revolving Door with Puerto Rico's Development Bank Exacerbated a Fiscal Catastrophe for the Puerto Rican People.” Report of Hedge Clippers Organization. Accessed June 10, 2017. http://hedgeclippers.org/wp-content/uploads/2016/12/20161025_HedgeClippers_ReportPR_v3-3.pdf.

[27] International Monetary Fund. 2000. “Recovery from the Asian Crisis and the Role of the IMF.” Report of International Monetary Fund. Accessed January 23, 2018. https://www.imf.org/external/np/exr/ib/2000/062300.htm#III.

[28] Joffe, M. 2016. “Hedge Funds Might Not Get a Windfall from Puerto Rico.” Business Insider . Accessed January 23, 2018. http://www.businessinsider.com/hedge-funds-might-not-get-a-wind-fall-from-puerto-rico-2016-4.

[29] Krippner, G. R. 2005. “The Financialization of the American Economy.” Socio-Economic Review 3 (2): 173–208.

[30] Landrith, G. C., and M. Wallop. 2016. “Letter in Opposition to PROMESA Bailout.” Frontiers of Freedom . Accessed May 2, 2017. https://www.ff.org/letter-in-opposition-to-promesa-bailout/.

[31] Lee, S. Y., and M. E. Venezia. 2000. “A Primer on Brady Bonds.” Report of Emerging Markets Fixed Income Research Institute based in Salomon Smith Barney, March 9.

[32] Merie, R. 2016. “How One Hedge Fund Made $2 Billion from Argentina's Economic Collapse.” The Washington Post . Accessed January 23, 2018. https://www.washingtonpost.com/news/business/wp/2016/03/29/how-one-hedge-fund-made-2-billion-from-argentinas-economic-collapse/?utm_term=.aead78feaea9/.

[33] Morningstar . 2012. “Muni-Fund Investors: Watch Out for Puerto Rico.” Accessed March 27, 2017. https://www.morningstar.com.

[34] Novak, V. 2014. “American Future Fund Goes to the Islands.” OpenSecrets . Accessed January 23, 2018. https://www.opensecrets.org/news/2014/09/american-future-fund-goes-to-the-Islands/.

[35] Ostry, J. D., P. Lougani, and D. Furceri. 2016. “Neoliberalism: Oversold?” Finance and Development 53 (2): 38–41.

[36] Rasmussen, R. K. 2016. “Puerto Rico: Of Capital Structures, Control Rights and Liquidity.” Capital Markets Law Journal 11 (2): 228–243.

[37] Sachs, J. D. 1989. “New Approach to the Latin American Debt Crisis.” Essays in International Finance, no. 174. Princeton: Princeton University Press.

[38] Sachs, J. D., A. M. Solomon, W. S. Ogden, E. Wiesner, and R. T. McNamar. 1988. “International Policy Coordination: The Case of the Developing Country Debt Crisis.” In International Economic Cooperation , edited by M. Feldstein, 233–320. Chicago: The University of Chicago Press.

[39] Sanger, D., and A. DePalma. 1995. “US Bailout of Mexico Verging on Success or Dramatic Failure.” The New York Times . Accessed January 23, 2018. http://www.nytimes.com/1995/04/02/business/us-bailout-of-mexico-verging-on-success-or-dramatic-failure.html?pagewanted=all.

[40] Shah, A. 2009. “Emergency Economic Stabilization Act of 2008.” Harvard Journal on Legislation 46: 569–584.

[41] Skuria, A., and H. Gillers. 2017. “Puerto Rico Bankruptcy Is ‘Beginning of the Story’ for Investors.” The Dow Jones Newswires . Accessed June 8, 2017. http://www.foxbusiness.com/features/2017/05/04/puerto-rico-bankruptcy-is-beginning-story-for-investors.html.

[42] Strange, S. 1996. The Retreat of the State: The Diffusion of Power in the World Economy . Cambridge: Cambridge University Press.

[43] Streeck, W. 2013. “The Construction of a Moral Duty for the Greek People to Repay Their National Debt.” In Moral Categories in the Financial Crisis , edited by M. Fourcade, P. Steiner, W. Streeck, and C. Woll, 14–20. MaxPo Discussion Paper 13/1. Max Planck Sciences Po Center on Coping with Instability in Market Societies, Paris. http://www.maxpo.eu/pub/maxpo_dp/maxpodp13-1.pdf.

[44] US Treasury Department. 2008. “Troubled Asset Relief Program Transactions Report.” Accessed February 2, 2018. https://www.treasury.gov/initiatives/financial-stability/reports/Documents/001-05-08CPPChart.pdf.

[45] Weinert, R. S. 1978. “Why the Banks Did It.” Foreign Policy 30: 143–148.

[46] Whitt, J., Jr. 1996. “The Mexican Peso Crisis.” Economic Review—Federal Reserve Bank of Atlanta 81 (1): 1–20.

[47] Williamson, J. 2009. “A Short History of the Washington Consensus.” Law and Business Review of the Americas 15 (1): 7–23.

[48] Wirz, M. 2014. “Big Hedge Funds Roll Dice on Puerto Rico Debt.” The Wall Street Journal . Accessed June 10, 2017. https://www.wsj.com/articles/big-hedge-funds-roll-dice-on-puerto-rico-debt-1397087103.

[49] Wirz, M., and A. Kuriloff. 2015. “Mutual Funds Are Front and Center in Puerto Rico Talks.” The Wall Street Journal . Accessed June 10, 2017. https://www.wsj.com/articles/mutual-funds-are-front-and-center-in-puerto-rico-talks-1437347277.

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