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De Blasio Says Hedge Funds Are Invested in Puerto Rico's Failure

  • Ill-intentioned investors must be stopped, New York mayor says
  • Statements come a day after utility strikes debt-relief deal
New York City Mayor Bill de Blasio speaks at a press conference on Oct. 21, 2015.

New York City Mayor Bill de Blasio speaks at a press conference on Oct. 21, 2015.

Photographer: Andrew Burton/Getty Images

New York Mayor Bill de Blasio described some hedge-fund managers as predators endangering Puerto Rico’s 3.5 million residents by demanding cuts in spending and services to ensure they’re paid in full on bonds purchased at cents on the dollar.

“We’ve all heard the phrase ‘Follow the money,”’ de Blasio said during a City Hall news briefing a day after returning from the U.S. commonwealth. “There is a very powerful group of people in the private sector who are actually hoping that Puerto Rico fails. We can’t allow it to hold up action.”