Dem Candidate for Fla. Gov. Questioned Over Millions Owned in PR Debt

Dem Candidate for Fla. Gov. Questioned Over Millions Owned in PR Debt

Jeff Greene, a Democratic candidate for Florida governor, appears to own at least $26.8 million in Puerto Rican debt, The Intercept is reporting.

The website is attributing the information to Greene’s financial disclosure form, which it says lists his net worth at $3.3 billion as of May 31. Listed under secondary income on the form is “PR Commonwealth Public Impt.”

The listing offers no description of the value or the date of purchase, according to The Intercept. The website claimed it was logical the listing referred to Puerto Rico Commonwealth Public Improvement bonds. However, it said, the Greene campaign did not answer repeated questions about the listing.

The public improvement bonds are a type of general obligation debt the government has issued as far back as 1995. The Intercept noted the island is now more than $70 billion in debt and has been forced into crushing austerity.

If it does turns out Greene is profiting from Puerto Rico’s debt, it could spark controversy prior to the Democratic primary in Florida on Aug. 28, The Intercept said.

Greene’s “PR Commonwealth Public Impt” listing is found inside a JPMorgan investment held Aviation Plaza Partner LP, a real estate investment vehicle owned by his company, The Intercept reported. He listed Aviation Plaza as having $536 million in assets.

Under Florida law, candidates must list secondary investments worth at least 5 percent of the total business asset and that generate income of at least $1,000 in the calendar year, according to the Intercept. If Aviation Plaza is worth $536 million, it would suggest “PR Commonwealth Public Impt” is worth at least $26.8 million to Greene, the website reported.

Greene is competing against Gwen Graham, Philip Levine, Andrew Gillum and Chris King in the primary.

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Author: HEDGE

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