Right Side News
The legislative process has a way of changing legislation, and when politicians are done working on the drafts of bills, they can be quite different than how they started. This is the case with the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) that Congress recently passed to address the crisis. The requirement of […]
PROMESA provides for reforms for Puerto Rico Debt Crisis[/caption] The U.S. territory of Puerto Rico finds itself facing more than $118 billion in debt from bonds and unfunded pension liabilities. The government has been unable to manage this debt and has already begun defaulting on its repayment. As a result, Congress has debated how it […]
Puerto Rico bailout will benefit Obama administration cronies[/caption] If the bailout and super Chapter 9 bankruptcy plan for Puerto Rico that the Obama administration supports prevails, rather than the House bill, several Obama cronies will benefit financially. They could stand to make more than $100 million if the bailout/bankruptcy plan is implemented. MillCo Advisors, headed […]