“Hedge funds that hold billions of dollars of Puerto Rico’s high-yield debt ‘are feeding off the misery of the island,’ Mark-Viverito, speaker of the City Council, told a cheering crowd last week at a City Hall rally. She accused the funds of trying to gut wages, education and health care for the island’s 3.5 million residents.  What she and other critics who spoke that day didn’t say was that New York taxpayers and retirees entrust some of those hedge funds with more than $2.2 billion of the city’s $166 billion in pension assets.  The Puerto Rican government said officials need to cut spending and take other steps to revive the economy, such as cutting the island’s minimum wage below the federal $7.25 level.”

http://www.bloomberg.com/politics/articles/2015-08-06/nyc-rips-hedge-funds-over-puerto-rico-while-giving-them-billions

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