{"id":1348,"date":"2013-11-23T18:48:23","date_gmt":"2013-11-23T18:48:23","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/11\/puerto_rico_paid_wall_street_s"},"modified":"2022-03-11T08:54:41","modified_gmt":"2022-03-11T14:54:41","slug":"puerto-rico-paid-wall-street-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/","title":{"rendered":"Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales"},"content":{"rendered":"<p>\t\t\t\tAs most investors in Puerto Rican bonds are aware, the territory is billions of dollars of debt and the ratings on many of the bonds the Commonwealth has issued have recently fallen.  As a result the value of many <a href=\"https:\/\/www.investorlawyers.com\/perdida-de-fondo-de-bonos-ubs-de-puerto-rico.html\">Puerto Rican municipal bonds <\/a>has plummeted over the last few months. Still, even with falling ratings and prices and a looming crisis for the Puerto Rican government, Wall Street firms continue to help the territory borrow money. <\/p>\n<p>Reportedly, Puerto Rico and its public agencies have sold $61 billion of bonds in 87 deals since 2006. With these deals the island paid these US securities firms, their attorneys, and others approximately $1.4 billion. Also, the financial firms were able to charge higher underwriting fees for Puerto Rican municipalities than what they imposed on US cities and states when they were in trouble.<\/p>\n<p>According to the<em> Wall Street Journal<\/em> the territory has paid approximately $764 million in fees to underwriters, credit raters, attorneys, and insurers in the last seven years while backstopping a lot of the bonds. <a href=\"https:\/\/www.investorlawyers.com\/citigroup-background-information.html\">Citigroup (C) <\/a>and <a href=\"https:\/\/www.investorlawyers.com\/ubs-painewebber-background-information.html\">UBS (UBS) <\/a>received over half this money for underwriting. And just this August, <a href=\"https:\/\/www.investorlawyers.com\/morgan-stanley-background-information.html\">Morgan Stanley (MS) <\/a>was a lead underwriter when Puerto Rico&#8217;s electric power authority sold $673 million in bonds.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/\"  title=\"Continue Reading Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As most investors in Puerto Rican bonds are aware, the territory is billions of dollars of debt and the ratings on many of the bonds the Commonwealth has issued have recently fallen. As a result the value of many Puerto Rican municipal bonds has plummeted over the last few months. Still, even with falling ratings [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039],"tags":[],"class_list":["post-1348","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales &#8212; Investor Lawyers Blog &#8212; November 23, 2013<\/title>\n<meta name=\"description\" content=\"As most investors in Puerto Rican bonds are aware, the territory is billions of dollars of debt and the ratings on many of the bonds the Commonwealth has &#8212; November 23, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales &#8212; Investor Lawyers Blog &#8212; November 23, 2013\" \/>\n<meta name=\"twitter:description\" content=\"As most investors in Puerto Rican bonds are aware, the territory is billions of dollars of debt and the ratings on many of the bonds the Commonwealth has &#8212; November 23, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales &#8212; Investor Lawyers Blog &#8212; November 23, 2013","description":"As most investors in Puerto Rican bonds are aware, the territory is billions of dollars of debt and the ratings on many of the bonds the Commonwealth has &#8212; November 23, 2013","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/","twitter_card":"summary_large_image","twitter_title":"Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales &#8212; Investor Lawyers Blog &#8212; November 23, 2013","twitter_description":"As most investors in Puerto Rican bonds are aware, the territory is billions of dollars of debt and the ratings on many of the bonds the Commonwealth has &#8212; November 23, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales","datePublished":"2013-11-23T18:48:23+00:00","dateModified":"2022-03-11T14:54:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/"},"wordCount":519,"articleSection":["Municipal Bonds","Puerto Rico Bond Funds"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/","url":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-paid-wall-street-s\/","name":"Puerto Rico Paid Wall Street Securities Firms $1.4B in $61B of Bond Sales &#8212; 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