When most Americans think of Puerto Rico, they probably think of sunny beaches, tropical breezes, and crystal clear waters. They usually don’t think of big bank crimes and junk bonds. But right now, thanks to the Swiss bank UBS, the island is embroiled in a huge banking disaster. UBS is accused of selling worthless investments to customers, and passing them off as safe bets. This is a move that will leave thousands without a retirement pension.
And if that’s not bad enough, a leak from inside the bank now shows that when its own employees raised concerns about the bonds that they were selling, management essentially told them to move along and mind their business.
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