Daily News opinion: “No” to a Financial Control Board in Puerto Rico


#NoToControlBoard …. #PuertoRicoSeLevanta ….
“The Republicans in Washington, D.C. (particularly Sen. Orrin Hatch) claim that this Board will “educate and benefit” the people of Puerto Rico.
**** … and this is so on point!! Thank you, Maestro …
“But as Pedro Albizu Campos once wrote, “In the U.S. owning one man makes you a scoundrel, but owning an entire nation makes you a colonial benefactor.”

WAR AGAINST ALL PUERTO RICANS

The US Congress is currently deciding the economic fate of Puerto Rico. It is holding hearings on how to impose a Financial Control Board, that will rule over the entire island.

This Board will be a collection agency for U.S. hedge funds. It will also be as corrupt as the Gov. Fortuño administration.

In a New York Daily News op ed, the author of War Against All Puerto Ricans exposed this scheme. Here is the exposé, as published in the Daily News:

http://www.nydailynews.com/opinion/nelson-denis-puerto-rico-democracy-risk-article-1.2498482

The Republicans in Washington, D.C. (particularly Sen. Orrin Hatch) claim that this Board will “educate and benefit” the people of Puerto Rico.

http://cb.pr/u-s-house-holds-hearing-on-fiscal-control-board-for-puerto-rico/

But as Pedro Albizu Campos once wrote, “In the U.S. owning one man makes you a scoundrel, but owning an entire nation makes you a colonial benefactor.”

One Hundred Years of Solitude, followed by a Financial Control Board

This “Control Board” will not…

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About Dr. Rex

I'm originally from Puerto Rico. I was born in Santurce and raised in Rio Piedras. Have lived in Florida since 1999. I have a doctorate degree in Medicine; completed in 1976. My Internal Medicine specialty was completed in 1979. Worked for Puerto Rico's health system until 1985. At this time, I'm happily retired after working for the federal government for almost 28yrs. I want to offer any knowledge that I have to anyone "out there" who is interested. My views are liberal in almost every sense. My knowledge is "eclectic" - a bit of everything. Music and reading are my passion. Blogging has also become a very interesting endeavor. Metaphysical topics attract me. I'm interested in news reporting human issues like injustice, discrimination and abuse - the "wrongly" affected. My intention is to bring this knowledge to an understandable level and to help anyone in need. I'm open to questions and will answer them to the best of my ability. Currently working on an enterprise whose main mission will be to bring peoples of all walks of life together. To be one .... since we ALL are ONE!! The future looks bright and promising!!!

5 thoughts on “Daily News opinion: “No” to a Financial Control Board in Puerto Rico

  1. Unlike some US municipalities, Puerto Rico doesn’t have the option of filing for bankruptcy to garner some relief from their overwhelming debt crisis. This could be an option to have an assigned competent trustee to oversee debt restructuring and to set payments toward paying off the debt Those running for the position of U.S. president should be asked about their stance on this issue.

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    • No, no. no … this board is made up of hedge fund owners, who will reside outside PR. This is another takeover while the people suffer …. the answer is a new governor who wishes to help the island. Make it worthwhile …. to be either independent or valuable enough to become a state. None of which are viable now.
      This “board” answers to no one and has the legality and ability to decide on laws pertaining to PR. This is not the answer … this is another way to continue ransacking a country!!

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      • I MAY BE CONFUSED. Mea culpa!! It has been my understanding that this board is being forced on Puerto Rico because they cannot seek relief through the bankruptcy court system as in the case of Detroit.

        Of course, electing an accomplished, competent governor who plans to act in a way that is most favorable to the best interests of Puerto Rico and its peoples, would be an essential first step..

        Liked by 1 person

      • The board will be imposed in Puerto Rico, with the governor’s blessing. The hedge fund managers will be making all the decisions!! … no say from the people!! 😦

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    • This is what I READ ON A 10/2/15 BLOOMBERG REPORT by Ramesh Ponnuru:

      “Puerto Rico and its subdivisions amassed a lot of debt over the years, partly because the federal government gives them special treatment: Interest paid on their bonds can’t be taxed anywhere in the U.S. And while federal bankruptcy law allows municipalities in states to file for Chapter 9 bankruptcy, municipalities in Puerto Rico can’t do the same, because it isn’t a state. That makes lending to them more attractive. But once they’ve borrowed more than they can repay, it makes it harder to clean up the mess.”

      “Others say that Chapter 9 is insufficient because a lot of Puerto Rico’s debt wouldn’t be covered by it. Both that concern and the need for reform have motivated calls for a “financial control board” of the sort that Congress used to sort out the finances of Washington, D.C., in the 1990s.”

      “But extending Chapter 9 would give Puerto Rico some relief and provide taxpayers some protection — and Congress could write the law to provide more. Or it could opt for a financial control board, which could be a helpful way of combining reform and a debt restructuring. The main problem with the board idea is political: Congress may not be able to agree on something that ambitious. If it can’t, it should at least allow the courts to relieve some of the debt burden. Creditors, not taxpayers, should take the hit for unwise loans.”

      I am in agreement with this author. These investors continued to buy bonds when they were well aware that the added debt was becoming an untenable burden an Puerto Rico. They took on the risk and they need to pay the price. Of course the hedge funders would prefer the Financial Board.

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