National Puerto Rican Coalition Seeks Federal Investigations of Rum 'Deal' That Trans
How did an agreement to direct $6 billion to a foreign liquor conglomerate in exchange for 40 jobs get Congressional consent and Administration approval?
Source: National Puerto Rican Coalition
Tuesday September 14, 2010, 11:38 am EDT
The National Puerto Rican Coalition (NPRC) will hold a press conference on Thursday, September 16, at the National Press Club to discuss the organization's requests to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to investigate a deal between Diageo, a UK-based liquor conglomerate, and the U.S. Virgin Islands.
"Diageo has structured an unusual and highly suspect agreement with the government of the U.S. Virgin Islands," said NPRC Chairman Miguel Lausell. "Through this 'deal' more than $6 billion in U.S. tax funds will be assigned directly to Diageo over the next 60 years to assist in the creation of 40 jobs. When you take into account the 350 jobs in Puerto Rico that were lost as a result of this deal, Diageo in effect will be pocketing $19 million for every job killed in Puerto Rico. What's most troubling about this sour deal is that the Federal and State officials involved in negotiating and/or sanctioning it have close family ties."
"How can a publicly-traded company secure a deal so sweet that it is guaranteed profits that exceed 100 percent annually for up to 60 years?" Lausell added, "Or give credible indications of revenue inflows to its shareholders when the 'rebates' are based on a discretionary federal program that Congress may alter or eliminate in any given year?"
Copies of the requests to the U.S. Department of Justice and the Securities and Exchange Commission will be available.
Thursday, September 16, 2010
National Press Club, Zenger Room - 13th floor
529 14th Street NW, Washington, DC
For more information on the press release, contact Naomi Lopez at 318-422-0446
In the past 32 years, the National Puerto Rican Coalition, a non-profit organization, has emerged as one of the most respected and effective organizations advocating for the concerns of the Puerto Rican community. NPRC's mission is to systematically strengthen and enhance the social, political, and economic well-being of Puerto Ricans throughout the United States and in Puerto Rico with a special focus on the most vulnerable.
Ambassador of Rum
Ministry of Rum
When I dream up a better job, I'm going to take it. In the meantime, the research continues.