The TV ads flash the noble faces of American retirees and urge Washington to help protect their savings. The back story is kept rather vague. It’s that many older people invested in Puerto Rican bonds. The U.S. territory’s economy is in deep crisis, and it has begun defaulting on this debt.
The question here: What prompted ordinary investors to put their savings into Puerto Rican bonds? But first let’s look at who is running the ads.
No, the retirees haven’t pooled their Social Security checks to make their case. These ads are being run by hedge funds and other big Wall Street players who made their own bad bets on Puerto Rico’s debt.…