A high-ranking Puerto Rico legislator has charged that the island's Government Development Bank awarded three firms lucrative senior underwriting slots in exchange for campaign contributions to Gov. Pedro Rossello.

In a letter to the Securities and Exchange Commission last week, representative-at-large Jorge de Castro Font charged that Bear, Stearns & Co., Lazard Freres & Co., and Lehman Brothers were named underwriters of commonwealth debt through the bank because of their participation in Rossello's successful 1992 campaign.

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