President Obama has appointed seven members to a federal control board that will run the finances of Puerto Rico's nearly bankrupt government for at least the next five years and restructure nearly $70 billion in debt. The board is made up of three Democrats and four Republicans who will not only approve any budgets created by the island's politicians, but also attempt to negotiate with the island's nearly 20 creditors. On Wednesday, hundreds of protesters in Puerto Rico blocked a street in front of a hotel where bankers and business executives were gathering for a conference hosted by the Puerto Rico Chamber of Commerce. Meanwhile, a new report from the ReFund America Project has revealed firms like UBS, Citigroup, Goldman Sachs and Barclays Capital have collected $1.6 billion in underwriting fees from Puerto Rico since 2000 just for refinancing bonds to pay interest and fees on older bonds.
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