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Governor Garcia Padilla Gives New Contracts to Debt Avoidance Consultants

July 26, 2016

It is clear that not much has changed, even in the dying days of the Garcia Padilla Administration. Puerto Rico continues to default on debt payments, the Commonwealth remains shut off from the market, and the governor continues to push a campaign against bondholders even as it drives his economy off a cliff.  Governor Garcia […]

Consultants vs. Bondholders: Millstein / Cleary Era Nearing the End?

July 18, 2016

In a move that surprises nobody, Governor Garcia Padilla and the disgraced GDB President Melba Acosta took to the press to defend the work of their high-priced lobbyists and debt-avoidance consultants. Here’s a refresher on what they’ve done for bondholders across Puerto Rico and the U.S.: Consultants: $250M Bondholders: $0 Acosta believes the consultants have […]

Melba “Resigns”

July 7, 2016

Governor Garcia Padilla’s Inner Circle Jumping Ship Its official, Melba has resigned. This is not shocking in and of itself. Acosta was a key player in the Garcia Padilla Administration’s campaign against its own people and the rule of law, and her abject failures in stewarding the GDB and in providing clarity to Puerto Rico’s […]

ICYMI: Peter Roff Eviscerates Super Control Board Corruption Clause

June 28, 2016

Earlier today, columnist Peter Roff wrote an op-ed in The Daily Caller, in which he expertly denounced one of the most deeply troubling aspects of the PROMESA legislation: the bill’s open encouragement of corruption by allowing the Super Control Board to accept gifts from stakeholders like labor unions. He writes, “In this one provision lay […]

Exposing the White House’s Tall Tales about PROMESA

June 27, 2016

Ahead of the House vote on PROMESA earlier this month, National Economic Council Director Jeffrey Zeints published a “mythbusters” blog about PROMESA. Despite its title, the post was mostly a false propaganda tool designed to promote some of the Obama Administration’s favorite tall tales about the bill, in a clear effort to sway lawmakers on […]

Improving PROMESA

June 23, 2016

Recently, the Republican Policy Committee published an analysis in favor of the PROMESA legislation. The bill has some major deficiencies, which we believe must be overcome to make this bill a workable solution to the crisis facing Puerto Rico. A few facts to start: The House version of PROMESA does in fact grant Super Chapter […]

Where is the Money, Secretary Zaragoza?

June 22, 2016

On Sunday, Puerto Rican Treasury Secretary Juan Zaragoza penned an op-ed in El Nuevo Dia appropriately titled “Where’s the money?” In it, Secretary Zaragoza laments a decade and a half of broken fiscal policy on the part of Puerto Rico’s government, and asks why the government’s once seemingly endless river of cash has dried up […]