In Puerto Rico bankruptcy board focuses on $6.9 BILLION in taxpayer money scattered across 800 bank accounts

Puerto Rico is a halfway point between the American style rule of law (such as it is sometimes) and what is all too often Latin American “rule of law.” That is, just blatant rule by cronies. Sometimes the cronies are on the “Right.” Sometimes the cronies are on the “Left.” But the powers that be always seem to consolidate the wealth (for themselves) to an extreme degree in the southern 2/3 of the Western Hemisphere.

Puerto Rico was going off the cliff long before Hurricane Maria blew it over. Indeed the storm may have been a blessing in disguise. It so decimated the place that there is little choice but to start from scratch in many respects. And that’s probably just what Puerto Rico needs.

(From Reuters)

Puerto Rico’s federally appointed financial oversight board on Friday questioned island officials about how they planned to centralize financial control after the bankrupt U.S. territory discovered nearly $7 billion in previously unreported money.

During a two-hour hearing that shed light on decades of disorganized and inconsistent accounting, the board asked about the government’s plans to consolidate a public sector that has more than 100 agencies…

…The board, put in place by the U.S. Congress to manage the commonwealth’s finances, is investigating some $6.9 billion scattered across 800 bank accounts, which Puerto Rico revealed for the first time in December.

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