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Monday, May 09, 2016|
An NYC Dem Tries to Sick the SEC on OpFunds, Calls Out Steinmetz
An Empire State politician is calling for regulators to go after OppenheimerFunds [profile] over its investments in Puerto Rican government debt.
In the letter, Mark-Viverito calls out OpFunds CEO Art Steinmetz, accusing him of declining to meet with her about "the current crisis faced by Puerto Rico." Bloomberg reports that the commonwealth have $2 billion in payments due on July 1 and $70 billion in outstanding debt; its Government Development Bank defaulted on about $400 million in debt payments on May 2.
"We continue to work constructively with all parties involved in an effort to try to reach an equitable agreement," an OpFunds spokeswoman tells Bloomberg. "Throughout Puerto Rico's recent economic difficulties we have also been fully transparent with our investors."
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