Tuesday, August 11, 2015
Pain of Puerto Rico’s Debt Crisis Is Weighing on the Little Guy, Too
New York Times
By MICHAEL CORKERY
To Lev Steinberg, it seemed like a good place to park his nest egg.
Puerto Rico bonds offered high returns and tax-free income. And
there was little chance, his broker assured him, that the government
would default on its debt.
So Mr. Steinberg went all in, investing more than 85 percent of his
retirement savings in funds with large concentrations of Puerto Rico
“They told me this was safe,” said Mr. Steinberg, a 64-year-old ma-
thematics professor at the University of Puerto Rico, “that the legal
protections to repay the bonds were...[CONTINUE READING]