{"id":6260,"date":"2018-05-02T17:42:08","date_gmt":"2018-05-02T17:42:08","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6260"},"modified":"2022-05-19T09:56:19","modified_gmt":"2022-05-19T14:56:19","slug":"ubs-plays-role-in-puerto-rico-economic-crisis","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-plays-role-in-puerto-rico-economic-crisis\/","title":{"rendered":"Ex-UBS Official Recounts How the Bank Got Investors to Take on More Puerto Rico Debt"},"content":{"rendered":"<p>\t\t\t\tA former UBS (UBS) banking official is claiming that Wall Street banks like his previous employer played a key role in the Puerto Rico economic crisis that has left the U.S. territory more than $70 billion in debt and mired in bankruptcy-like proceedings. The ex-UBS official, Carlos Capacete, was interviewed as part of a joint NPR and FRONTLINE probe.\u00a0 Capacete worked for UBS Puerto Rico (UBS-PR) for over a quarter of a century and was the head of the biggest UBS branch on the island in Hato Rey. \u00a0At one point, Capacete oversaw $3 billion in client assets. Capacete left UBS in 2014 shortly after the crash in Puerto Rico bonds.<\/p>\n<p>Prior to the market crash, Puerto Rico bonds and closed-end bond funds were highly profitable sales products for UBS and other banks on the island. While trying to prevent a government shutdown a number of years back, the U.S. territory started to borrow to pay for yearly government costs. This added $48 billion of debt in 14 years, reports PBS and FRONTLINE.<\/p>\n<h2><strong>The Puerto Rico Debt Crisis Only Increased as Banks Made More Money\u00a0<\/strong><\/h2>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/ubs-plays-role-in-puerto-rico-economic-crisis\/\"  title=\"Continue Reading Ex-UBS Official Recounts How the Bank Got Investors to Take on More Puerto Rico Debt\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A former UBS (UBS) banking official is claiming that Wall Street banks like his previous employer played a key role in the Puerto Rico economic crisis that has left the U.S. territory more than $70 billion in debt and mired in bankruptcy-like proceedings. The ex-UBS official, Carlos Capacete, was interviewed as part of a joint [&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":[3910,4051,3755],"tags":[3061,3063,3000],"class_list":["post-6260","post","type-post","status-publish","format-standard","hentry","category-bond-funds","category-puerto-rico-debt-crisis","category-ubs","tag-puerto-rico-debt-crisis","tag-puerto-rico-economic-crisis","tag-ubs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UBS and Other Banks Help Fuel Puerto Rico Debt Crisis | SSEK Law Firm Blog<\/title>\n<meta name=\"description\" content=\"Learn how UBS and other banks played key roles that helped to fuel the Puerto Rico debt crisis that has left them more than $70 billion in debt and bankruptcy-like proceedings.\" \/>\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\/ubs-plays-role-in-puerto-rico-economic-crisis\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"UBS and Other Banks Help Fuel Puerto Rico Debt Crisis | SSEK Law Firm Blog\" \/>\n<meta name=\"twitter:description\" content=\"Learn how UBS and other banks played key roles that helped to fuel the Puerto Rico debt crisis that has left them more than $70 billion in debt and bankruptcy-like proceedings.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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