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Group With Soros Ties Targets Hedge Funds in Puerto Rico Crisis

A day after the House passed a bipartisan Puerto Rico debt relief bill, the anti-Wall Street group Hedge Clippers and a left-wing filmmaking group released videos attacking the hedge funds that hold some of the commonwealth’s debt.

Brave New Films, a Culver City, Calif.-based group with ties to billionaire financier George Soros, released two films on Friday detailing how Puerto Rico’s debt crisis has affected the island’s health care and education services. Each video blames elements of the crisis on BlueMountain Capital Management LLC and Aurelius Capital Management, LP.

BlueMountain owns debt issued by Puerto Rico’s power authority, PREPA, and has been engaged in restructuring negotiations with the instrumentality.

“It’s time to hold hedge fund vultures accountable for what they’re doing in Puerto Rico, the states, and around the world,” a narrator says in one of the videos.

Hedge Clippers, which is promoting the videos, has been involved in the Puerto Rico debate. The group recently organized protesters who marched to the New York home of Treasury Department official Antonio Weiss, lambasting his previous affiliation with the financial services industry and his current role as the Obama administration’s point man on Puerto Rico.

A spokesman for BlueMountain declined to comment, and Aurelius didn’t respond to a request for comment.