Upfront Yankee

Puerto Rico

Politics and the Financial Crisis Slow the Drive to Privatize -...

Note: Former Puerto Rico Gov. Acevedo Vilá brought this NYT's report to our attention in his interview published in today's Puerto Rico Daily Sun. -- See earlier posting on Topix of this interview. -- Though this is a June 4, 2009, story, it is worth repeating today on Topix. Puerto Rico Gov. Fortuño is pushing ahead gung-ho with PPPs in Puerto Rico. -- Can we say: "Look Ma! Everybody is out of step except Fortuño? Open link and read full story. Learn all the facts. http://www.nytimes .com/2009/06/05/bu siness/economy/05p rivate.html Politics and the Financial Crisis Slow the Drive to Privatize I urge you to read the full story in the original NYT source. Also, see the Michael Moore film: "Capitalism: A Love Story." -- The film will have you on the edge of your seat wondering if what happened in the film is now happening in Puerto Rico. Do any of our political leaders learn from past experiences of themselves and others?  (9 hrs ago | post #1)

Puerto Rico

AAV: Focus on PPPs an invitation to chaos - Puerto Rico Daily S...

<p></p >[Open link for full commentary. Great news the Puerto Rico Daily Sun is now online. Read all about Puerto Rico in English by outstanding Daily Sun journalists.] ~~~~~~~~~~~~~~~~~~ ~~~~~~ “By establishing a dogmatic and ideological position, the [PPP] legislation weakens controls needed when public assets are placed in private hands. The largest and most ignomious cases of government corruption in Puerto Rico have occurred precisely when millions of dollars in public funds are placed in private hands. If you add to this that the current government has concentrated its plans for economic development fundamentally on PPPs, we are before a potentially explosive combination,” the book states. “Administration officials are going to feel their success is measured if they achieve the PPPs. That pressure combined with weakened controls could force that super board and the heads of corresponding agencies into approving PPPs that in no way benefit the people.” -- Aníbal Acevedo Vilá ~~~~~~~~~~~~~~~~~~ ~ I did not vote for AAV in the General Election of 2008. However, he is right on in his commentary about PPPs being an invitation to chaos. Republican Fortuño is trying to continue the failed "Trickle Down Economics" of Ronald Reagan and George W. Bush. Many of these contractors are under foreigh ownership as is Capeco. Puerto Rico needs political leaders who are loyal Democrats and believe in Barack Obama. I urge you to see the current hit film: "Capitalism: A Love Affair," produced and starring Michael Moore. This film will convince you that Puerto Rico is heading towards chaos under Governor Luis Fortuño. GO SEE THE FILM ASAP!!!! IT WILL SCARE THE HELL OUT OF YOU REGARDING WHERE PUERTO RICO IS HEADING.  (11 hrs ago | post #1)

Puerto Rico

Eric Hartley: Censorship shows police culture of overreach - Th...

Renenber the nut case ... Robot Cop? He would steal teenagers' drugs when they are on the beach at night to use himself. He was weird!!!! Also, I noted those brave Puerto Rican cops in the Condado area would always pick on a small kid to beat up. They could be cowards and bullies.... and dumb as hell!  (Yesterday | post #10)

Puerto Rico

Eric Hartley: Censorship shows police culture of overreach - Th...

Under your Topix name is always Toronto, Canada.... ????  (Yesterday | post #6)

Puerto Rico

Eric Hartley: Censorship shows police culture of overreach - Th...

Correcting typos: Nelson Eddy ---- I hope you will find comfy...  (Yesterday | post #4)

Puerto Rico

Eric Hartley: Censorship shows police culture of overreach - Th...

Are the police corrupt in Canada? Say no... I remember all those film musicals with Jeanette McDonald and Nelso Eddy singing about those wonderful, stout hearted men of the Canadian Mounties. The police are very polite in England. "Pardon me sir, I will need to arrest you for murder. Please be so kind as to put both hands forward in order I will be able to put these handcuffs on. I hope you will find comby Her Majesty's lodging for you near Old Bailey. Cheerio... Old Chap."  (Yesterday | post #3)

Puerto Rico

Eric Hartley: Censorship shows police culture of overreach - Th...

The following two comments are posted on The Capital Readers' Comment section. You can also post your comments on the newspaper's website. Let them know what you feel as a Puerto Rican or friend of Puerto Rico. Be sure to post your comments also on this Topix thread. __________________ ______ third world - 2009-11-08 21:42:09 John. As a resident of Puerto Rico, I can assure you that police here are NOTHING like their counterparts in the mainland US. They constantly abuse their authority, are ineffective when investigating crimes (to the point that federal assistance is the norm for high crimes), and are quite lackadaisical in regards to traffic enforcement, police reports, etc. Furthermore, there are incidents of corruption that appear regularly on local press. About the only thing they don't do that true third world police in the region do are shake people down for money. Proof of this are the local attorneys whose practices are primarily comprised of defending officers in state and federal court of U.S.C. 1983 violations. Comment hidden due to low ranking. Why is this comment hidden? Robert Krex - San Juan, PR - Karma: Neutral ~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~ When did this happen? - 2009-11-08 09:56:33 When did Puerto Rico gain its independence? Last time I checked it was still part of the good ole US of A. Granted it is a bit of a stepchild--but they do have non voting representation in Congress and are governed by the US Constitution. Overzealous cops are everywhere, but to compare AA cops to PR cops as if it is some third world nation is not fair. John Frenaye - Annapolis, MD - Karma: Excellent  (Yesterday | post #1)

Puerto Rico

"Photo opt" Governor - VOICES / Puerto Rico Daily Sun - 05/11/09

In addition to being a "Photo Op" governor, he would be called a "Trickle Down" governor if his political cohorts, the "No" Republicans, still controlled the U.S. Congress and the White House. The Democrats stopped tax cuts for the very rich and did programs for the people, of the people and by the people -- not the special interests. Obama Democrats do not believe in "Trickle Down" economics! What irony! These national Democrat programs are now making Republican "Trickle Down" Fortuño look good in Puerto Rico!  (Thursday Nov 5 | post #1)

Puerto Rico

JREF delays layoff of 7,000 until January - Puerto Rico Daily S...

McClintock: Not a setback Secretary of State Kenneth McClintock said that laid-off employees should not view the move by JREF as a setback for the administration, but as extra time for them to "reorganize their finances for their transition to the private sector." "This should not be a free-for-all for them. This is like a doctor telling a cancer patient he has a year to live instead of three months," he said in a radio interview Wednesday evening. --- Quote from Puerto Rico Daily Sun news report ~~~~~~~~~~~~~~~~~~ The next question we need to ask: "Is the Fortuño Administration the cancer or the cause of the cancer?" Or is it the cure and prevention? Does Puerto Rico need a Dr. Obama kind of leader who knows how to cure and prevent this kind of "trickle down" cancer that infected our federal government during eight years of the Republicans and Bush-Chaney government? Puerto Rico needs a second opinion from Dr. Obama and key bonifide Democrats in Washington.  (Wednesday Nov 4 | post #2)

Puerto Rico

Feds indict 10 in $14 million mortgage scheme allegedly headed ...

Here is an AP story on the mortgage fraud in Puerto Rico. It is also posted earlier on Puerto Rico News - Topix: http://www.oregonl ive.com/newsflash/ index.ssf?/base/bu siness-47/12572880 38152470.xml&s torylist=new_topst ories 10 accused of mortgage fraud at PR coastal resort 11/3/2009, 2:19 p.m. PST JILL LASTER The Associated Press (AP) — SAN JUAN, Puerto Rico - A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico, federal officials said Tuesday. The suspects are accused of a scheme in which buyers allegedly took out loans using fake documents overstating the value of a dozen Spanish-style mansions in the ritzy Palmas del Mar coastal resort community in Humacao, in southeastern Puerto Rico. A federal indictment charges developer Joseph McCloskey Diaz split the difference with the buyers, the loans went unpaid and the properties passed into foreclosure. "Now the banks are stuck with these houses" that are not worth as much as the mortgages, FBI spokesman Harry Rodriguez said. A federal grand jury indicted the group Friday on 33 counts including bank fraud, money laundering and submitting false statements to a financial institution. Nine people were arrested Tuesday morning, and McCloskey flew in from South Florida and turned himself in, according to the U.S. attorney's office. All 10 pleaded not guilty, said Lymarie Llovet, spokeswoman for the U.S. attorney's office. They would face up to 30 years in prison and $1 million in fines if convicted. The suspects include former salsa singer Miguel A. Matta Ponce de Leon-better known as Aldo Matta-who allegedly submitted false information to obtain loans to buy three properties worth $4.2 million from McCloskey, according to the indictment. Matta's attorney could not be immediately reached for comment. Authorities said the alleged scheme ran from 2004 to 2006 and involved properties ranging in value from $700,000 to $3.2 million. Most of the homes involved are now in foreclosure proceedings. "Mortgage fraud isn't a victimless crime," said Gilbert Garza, special agent in charge of Miami's Internal Revenue Service office. "It threatens the financial health of our communities and leaves lenders burdened with bad loans and neighborhoods with abandoned and deteriorating property." © 2009 Associated Press. All Rights Reserved.  (Tuesday Nov 3 | post #2)

Puerto Rico

Feds indict 10 in $14 million mortgage scheme allegedly headed ...

Upfront Yankee urges you to open link and read full story. It is loaded with newsworthy facts. This news is really a shocker involving famous Puerto Ricans being indicted.  (Tuesday Nov 3 | post #1)

Puerto Rico

Coalition warns of another general strike - Caribbean Business ...

I wonder how many Puerto Ricans will wear black on Friday.  (Tuesday Nov 3 | post #1)

Puerto Rico

Lupa del FBI a otro fraude - (FBI Scrutiny another fraud) - EL...

FBI Scrutiny another fraud By Melissa Correa Velázquez EL Vocero 02 of noviembre 2009 05:00 am Federal authorities are investigating another bank fraud scheme involving property appraisers, sales agents and managers of houses of financial institutions, sources from the spokesman. It was learned that the feds are investigating the concept of 'rejects' used by developers of housing project in Puerto Rico. The sources used as an example the sale by a 'realtor' of a residence which was worth $ 1 million, sold for $ 1.4 million. The $ 400,000 that were charged above the appraised value was divided between the banker and appraiser. Last August, He reported that authorities were carrying out a research that was caught in a vise to accountants, developers and senior executives of banking institutions. This as part of several investigations of bank fraud. According to sources, members of credit committees of banking institutions and developers can face charges of conspiracy, because the development is allegedly fraudulent documents to that financial institutions grant them loans for building projects. Already, numerous subpoenas have been submitted by the Grand Jury. Similarly, another of the angles investigated by federal authorities in relation to bank fraud is the filing of audited reports Fatule. Sources said several auditors are under investigation because they allegedly were provided for handling reports from banks. On Monday, U.S. Attorney Rosa Emilia Rodriguez-repeated questions of El Vocero, "that these cases of bank fraud was soon would lie. Although she was sentenced to six years imprisonment in the state forum, the former president of New York Mortgage, Nancy Hernandez, Noemi Perez and her daughter are targets of a probe whose evidence is evaluated by a grand jury in connection with bank fraud . THE SPOKESPERSON knew about three weeks ago the Grand Jury met in relation to this investigation. Several former employees of New York Mortgage few weeks ago appeared before that panel. In fact, sources allege that other former employees of New York Mortgage are under investigation by federal authorities. Hernandez was charged in October 2008 for illegally withholding money from their customers for the cancellation of mortgage balance to be referred to the prior mortgagee whose mortgage levied on properties that were refinanced by the bank he ran. Another financial institution that has been in the sights of the federal authorities is Beneficial Mortgage. A grand jury evaluates evidence about an alleged fraud scheme over $ 20 million from the company. The said company was raided on 27 May 2009 by agents of the Internal Revenue Service (IRS, by its initials in English), the Secret Service, the Federal Bureau of Investigation (FBI), the Office of the Commissioner of Financial Institutions ( OCIF), the Police of Puerto Rico and the Special Investigations Bureau (NIE). Although she was sentenced to six years imprisonment in the state forum, the former president of New York Mortgage, Nancy Hernandez, Noemi Perez and her daughter are targets of a probe whose evidence is evaluated by a grand jury in connection with bank fraud . THE SPOKESPERSON knew about three weeks ago the Grand Jury met in relation to this investigation. Several former employees of New York Mortgage few weeks ago appeared before that panel.  (Monday Nov 2 | post #1)

Puerto Rico

Big winner on economic stimulus and jobs is … Puerto Rico? - C...

So how has Puerto Rico done so well for itself? There’s little doubt that, despite its lack of representation, politics has played at least some role. For example, powerful Rep. Charlie Rangel (D) of New York, chairman of the House Ways and Means Committee, reminded Americans of Puerto Rico’s importance when announcing that the island’s US citizens would get tax breaks like all other Americans from the stimulus package. “Both compassion and economics obligates us to remember the ties that bind the United States with Puerto Rico and our territories,” said Mr. Rangel in a press release earlier this year. “The key to this recovery — short-term and long-term — rests on how well we can work together to stimulate all aspects of our economy.” .....Quote from The Christian Science article ~~~~~~~~~~~~~~~~~~ ~~~ Republican Governor Luis Fortuño should thank the Democrats in the U.S. Congress for these stimulus funds that are helping Puerto Rico. His Republican Party in the U.S. Congress voted by a large Republican majority against the stimulus funds. Fortuño's Republicans wanted instead of stimulus funds that large tax cuts be given to those making over $250,000 a year and allow to trickle down to the middle class. The Party of "No" is still complaining about Obama's stimulus funds. They just don't get it! Does Fortuño get it? He must be getting it because these Democrat-sponsored stimulus funds are making him look effective in correcting Puerto Rico's economy.  (Monday Nov 2 | post #1)

Puerto Rico

Manny Pacquiao Faces Biggest Challenge of His Career in Novembe...

I know very little about prize fighting. However, I do know that boxing is an important sport in Puerto Rico. Therefore, I decided to post this story on Topix. Why did boxing become so popular in Puerto Rico? I notice that most Puerto Rican boxers are lighter weight classes. There seem to be no heavy weight boxers. Or am I wrong?  (Sunday Nov 1 | post #1)