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Andrew Cuomo, Hedge Funds May Not Be BFFs Anymore

Andy is getting a little too Boricua for the "Two and Twenty" crowd.
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He's sorry. So very, very sorry.

When it comes to lots of things, like charter schools, same-sex marriage, that asshole who’s running New York City into the ground and who should be governor of New York, Andrew Cuomo and the state’s hedge fund industry are in perfect alignment. But in even the closest and most loving of unions, there are differences, even outright disagreements. Such is the case in the love affair between the not-so-Love Gov and the area’s masters of the universe.

You see, those masters have lent Puerto Rico a lot of money, and they’d like to get it back someday, preferably on the day it's due. Only problem is, Puerto Rico doesn’t so much have it, or so it says. And so they hedge funds have made a few suggestions, notably some more of that never-fail cure-all, austerity, and also that maybe Puerto Rico should put a few tax scofflaws on the rack as an example to others and **poof** lack of money problem solved.

Now, Andrew Cuomo doesn’t like to be at odds with his friends. He certainly doesn’t like to have to take public stances against the people who will finance his hopeless and quixotic 2020 or 2024 presidential run. But he has a problem, and that problem is the 750K or so Puerto Ricans who call New York State home and the fact that a possibly-not-insignificant number of them vote, and if Hillary Clinton wins and does not make Andrew Cuomo attorney general he might have to stay governor of New York, and those Puerto Ricans might not be inclined to support the sort of asshole who says their grandparents should eat more rice and less chicken so that a hedge fund’s returns will go up by several fractions of a basis point. So, with tearful regret and professions of affection for his erstwhile friends, Andrew Cuomo takes his politically convenient stand.

New York Gov. Andrew Cuomo led a delegation to Puerto Rico on Monday in hopes of helping the territory address its debt crisis, saying the situation “is threatening the livelihoods of millions of people—many with strong connections to New York.”

About an hour into the flight to the commonwealth, Mr. Cuomo said for the first time that he supported giving Puerto Rico the ability to pursue bankruptcy protection, a position that puts him in line with most of his fellow Democrats….

Besides, Mr. Cuomo said, “the problems of Puerto Rico will wind up migrating to New York.”

Now, governor, is that any way to talk about potential future voters?

Andrew Cuomo: Give Puerto Rico Ability to Pursue Bankruptcy [WSJ]



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