The Intercept – We Can Finally Identify One of the Largest Holders of Puerto Rican Debt
For years, the identity of the owner of one of the largest holdings of Puerto Rican debts has been a mystery.
That mystery has finally been solved, with the help of the The Baupost Group, who unmasked themselves to The Intercept. The Baupost Group, a Boston-based hedge fund managed by billionaire Seth Klarman, owns nearly a billion dollars of Puerto Rican debt, purchased under a shell company subsidiary and hidden from public scrutiny. Baupost acquired the debt through an on-paper Delaware-based corporation named Decagon Holdings LLC, whose beneficial owner had been unknown until now.
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Why do these financial vultures hide the investments that give them the returns that make them the darlings of Fortune, The Wall Street Journal, etc. and stature in elite social circles? Not just their identity but also the identities of those investing in the hedge fund’s vulture capitalist funds.
Klarman supported Hillary Clinton in 2016, calling Trump “completely unqualified for the highest office in the land.”
So, ya wouldn’t think that Trump is now working to protect Klarman’s Puerto Rico bond investments. But turn over some rocks and some crawly things can be seen scurrying away.
As a “hedger,” Klarman has been an equal opportunity contributor to political candidates and parties. If “equal opportunity” is defined as something like 5% to Democrats and 95% to Republicans. It varies a bit by election cycle, but it’s always chump change for those Democratic politicians that he favors. And unlike Trump who bragged about his bi-partisan political contributions, Klarman contributions over the years have been extensive. A good sample is Klarman’s 2010 contribtutions.. (Scroll through the other election cycles to get a glimpse of Democrats that he has favored. Not many surprises.)
The Intercept article includes a listing of Klarman’s 2016 election cycle PAC contributions. All anodyne sounding names. I’ve added the descriptors/names that are more informative to this list and one mega contribution from the prior election cycle:
American Unity PAC (GOP/pro-gay)*: $1,000,000 (3/6/14) $500,000 (9/11/15) $500,000 (10/28/15) $500,000 (2/11/16) $500,000 (5/29/16)
Leadership Matters for America (Chris Christie): $5,000 (2/6/15)
Right to Rise (Jeb Bush): $25.000 (2/17/15) -$2,927 (5/2/16)
Independent Voice for Illinois (Mark Kirk): $100,000 (2/23/15)
America Leads (Chris Christie): $100,000 (6/15/15) $100,000 (12/22/15)
Conservative Solutions PAC (Marco Rubio): $250,000 (12/4/15) $250,000 (2/26/16)
Fighting for Ohio Fund (Rob Portman): $100,000 (3/14/16)
*Why the American Unity PAC merits additional consideration (other than the fact that it received most of Klarman’s contributions) is that it’s a creation of Paul Singer. Possibly the best known and most ruthless vulture capitalist. So, hedge fund manager Klarman hangs with Paul Singer.
Singer also opposed Donald Trump’s candidacy. Two other biggies on his list are Ending Spending Action Fund (a degree of bi-partisanship in 2016) and Our Principles Action Fund (single purpose anti-Trump ). Ah, but things can change:
Former Trump critic Paul Singer reportedly chipped in $1 million for inauguration. From Politico:
Trump was hanging out in the Oval Office with a handful of his top advisers in mid-February, prepping for his first solo news conference as president, when Singer arrived, according to three people familiar with the visit.
“Bring him in!” Trump bellowed.
Singer was directed to a seat beside Trump’s desk, where he got to listen as senior aides tossed Trump a handful of murder-board-style questions. Then, after everyone else shuffled out, Singer stayed for a one-on-one meeting. They discussed economic policy, according to a person briefed on the conversation.
Something to ponder:
"The committee cannot really understand the credibility" of the dossier w/out knowing who paid for it and who were the sources, Burr says.
— Shane Harris (@shaneharris) October 4, 2017
[Shane Harris – WSJ reporter]
Why, oh why, would the Trump administration be protecting the secret identities of the persons/entities that paid for the Steele dossier? While GOP House members continue to accept what is included in the dossier? Weird.
Excellent!
…. but, but Democrats need Wall Street too. 🙁
The British counterpart of the Steele dossier refuses to appear before US congressional committees.
Thanks.
The DP Wall St. funders are a slightly different crowd. Might be a millimeter above the vulture capitalists. Then again, we don’t know the names of all the investors in the vulture funds.
Hard to subpoena the Invisible Man.
AG
P.S. Your sig:
Maybe it should be “Give me liberty or give me debt!!!
AG
Recommended article by Stan Cox – Paul Cox – Before Maria, Forcing Puerto Rico to Pay its Debt was Odious. Now It’s Pure Cruelty
Re the Steele toss and dross, i don’t think it’s been established that the Donald admin has been blocking Steele’s testimony. And Steele, being a Brit, isn’t presumably subject to congressional subpoena.
But Steele and the Deep State Boys over here probably would prefer he not undergo cross examination on any of the dubious allegations in his junk pile. Too easily exposed as the dross doss it is.
The Senator Burr quotes only reflect the frustration of the House committee members. Burr’s one of the duller knives, but recognizes that they can only invite but not subpoena Steele. And it would be surprising if Steele knew who had paid for his contract. It’s Fusion GPS that hired him and the principals are US citizens and they know perfectly well who paid them.
The issue that is being stonewalled is what the FBI did. What was their deal with Steele and anything else that they did wrt to.
Mueller has interviewed Steele.
Dubious Role FBI and Steele Dossier
Christopher Steele refuses to name persons who funded his “investigation”.
My previous coverage on British dodgy dossier … 😉
○ Fusion GPS linked to UAE Sheikh and Rubio Donor
○ Did MI6/CIA Collude with Chris Steele to Entrap Trump?