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发表于 2024-11-3 07:09:19
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By Francesca Trianni and Ellie Ism airmax ailidouMarch 12, 2014 9:24 AM EDTUntil recently, Puerto Rico was an investorsrsquo; tax heaven, renowned for its sandy beaches and killer rum. But the island is in dire financial condition and thousands of U.S. mom-and-pop investors may lose a big part of their savings if the small territory goes bankrupt.It all started with an over-borrowing spree that lasted for decades. It ended with an island of fewer than four million residents accumulating $70 billion dollars in debt. That is a debt per capita of around $10,600 or 10 times the median for U.S. states, according to the ratings agency Standard and Poorrsquo .Puerto Ricorsquo over-borrowing was facilitated by an eager group of U.S. investors. U.S. mutual funds were more than willing to buy Puerto Rico bonds, because the island has a special financial advantage: its bonds are triple tax-exempt, which means that bondholders do not pay federal, state and local taxes for their coupon income i.e. interest from the bonds.This created a large buyers base for Puerto Ricorsquo bond adidas originals s, which encouraged the commonwealth to keep issuing debt. As a result, today around 70 percent of U.S. mutual funds own Puerto Rico securities, according to Morningstar, an investment research firm that specializes in data on mu adidas campus tual funds and similar investment offerings.But Puerto Rico did not handle prudently enough this easy cash flow that was coming in. For years, Puerto Rico practiced defici |
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