Report: Former Santander Bank Execs Now on Puerto Rico Control Board Profited From Island Debt

File this one under “Only in Puerto Rico.” A new report called “Pirates of the Caribbean” that was published Thursday by Hedge Clippers and the Committee for Better Banks is accusing two current members of Puerto Rico’s fiscal control board of helping to generate and profit from the island’s massive debt crisis.

According the the first sentences of the report, “Former Santander executives José Ramón González and Carlos M. García served as heads of Puerto Rico’s Government Development Bank (GDB) and Santander in Puerto Rico. García and González were recently appointed to 2 of the seven seats of the PROMESA Fiscal Control Board. Together, these men built Santander Securities, the bank’s municipal bond business, which established itself as a leading bond underwriter coinciding with the growth in Puerto Rican public debt. This business brought in substantial fee income for the bank.”

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