rto

Acting Associate Attorney General Tony West Delivers Remarks at Puerto Rico Agreement Press Conference

Thank you, Governor, for that kind introduction. You and your administration – particularly, Secretary Sánchez Betances – have demonstrated an unwavering commitment to the safety and welfare of the people of Puerto Rico




rto

Eight Arrested in Puerto Rico on Charges of Illegal Trade in Endangered Sea Turtles for Human Consumption

Federal authorities arrested eight people in the cities of Arroyo and Patillas, Puerto Rico, yesterday on felony and misdemeanor charges for the illegal take, possession and sale of endangered sea turtles and their parts for human consumption as well as aiding and abetting violations of the Endangered Species and Lacey Act, announced Robert G. Dreher, the Acting Assistant Attorney General for the Justice Department’s Environment and Natural Resources Division and Rosa Emilia Rodríguez-Vélez, U.S. Attorney for the District of Puerto Rico.



  • OPA Press Releases

rto

Justice Department Files Lawsuit Against the Puerto Rico Police Department for Race, Color and Religious Discrimination

The Department of Justice announced today the filing of a lawsuit against the Puerto Rico Police Department PRPD) alleging that the PRPD discriminated against Yolanda Carrasquillo on the basis of race, color and religion in violation of Title VII of the Civil Rights Act of 1964, as amended (Title VII).



  • OPA Press Releases

rto

Halliburton Agrees to Plead Guilty to Destruction of Evidence in Connection with Deepwater Horizon Tragedy

Halliburton Energy Services Inc. has agreed to plead guilty to destroying evidence in connection with the Deepwater Horizon disaster, the Department of Justice announced today. A criminal information charging Halliburton with one count of destruction of evidence was filed today in U.S. District Court in the Eastern District of Louisiana.



  • OPA Press Releases

rto

Three Men Sentenced in Puerto Rico in Operation Guard Shack Prosecution

Two former officers with the Police of Puerto Rico and another individual were sentenced to prison late yesterday for their roles in providing security for drug transactions.



  • OPA Press Releases

rto

Puerto Rico Man Sentenced to Life in Prison for Murdering a Federal Witness

Xavier Jiménez-Benceví, aka “Xavi,” 28, was sentenced to life in prison following his conviction for murdering a federal witness on a drug trafficking case.



  • OPA Press Releases

rto

Five Puerto Rico Police Department Officers Indicted on Federal Civil Rights, Obstruction of Justice and Perjury Charges

A second superseding indictment against five Puerto Rico Police Department (PRPD) officers was announced today by Jocelyn Samuels, Acting Assistant Attorney General for the Civil Rights Division; Rosa Emilia Rodriguez-Velez, U.S. Attorney for the District of Puerto Rico; and Carlos Cases, Special Agent in Charge of the FBI San Juan Field Office.



  • OPA Press Releases

rto

Puerto Rico Man Sentenced to Life in Prison for 2009 Mass Shooting

Alexis Candelario-Santana, 42, was sentenced today to life in prison for murdering eight people and an unborn child and attempting to murder 19 others during a mass shooting at a Puerto Rico nightclub in 2009.



  • OPA Press Releases

rto

Halliburton Pleads Guilty to Destruction of Evidence in Connection with Deepwater Horizon Disaster and Is Sentenced to Statutory Maximum Fine

Halliburton Energy Services Inc. (Halliburton) pleaded guilty today to destroying evidence pertaining to the 2010 Deepwater Horizon disaster and was sentenced to the statutory maximum fine, the Justice Department announced.



  • OPA Press Releases

rto

Dominican National Sentenced to 42 Months in Prison in Puerto Rican Identity Trafficking Scheme

A Dominican national was sentenced today to serve 42 months in prison for her role in trafficking the identities of Puerto Rican U.S. citizens and corresponding identity documents



  • OPA Press Releases

rto

Puerto Rico Man Sentenced to Life in Prison for 2009 Mass Shooting

David Oquendo-Rivas, 29, was sentenced today to life in prison for his role in the murder of eight people and an unborn child during a mass shooting at a Puerto Rico nightclub in 2009.



  • OPA Press Releases

rto

Justice Department and the Commonwealth of Puerto Rico Jointly Select Juan Mattos Jr. to Oversee Reform of the Puerto Rico Police Department

The Justice Department announced today that, jointly with the Commonwealth of Puerto Rico, it is moving in the U.S. District Court for the appointment of Juan Mattos Jr. as Technical Compliance Advisor (TCA).



  • OPA Press Releases

rto

Former Puerto Rico Police Officers Sentenced for Roles in Scheme to Extort a State Defendant for $50,000

Two former police officers with the Police of Puerto Rico were sentenced to serve 63 and 60 months in prison for attempting to extort a defendant and soliciting bribe payments of $50,000.



  • OPA Press Releases

rto

Puerto Rico Man Pleads Guilty to Felony Violation of the Lacey Act for Illegal Sale of Sea Turtle Meat

SAN JUAN, Puerto Rico – Manuel Garcia-Figueroa, a resident of Playa Añasco, Puerto Rico, pleaded guilty to a bill of information charging him with a felony violation of the Lacey Act for the illegal sale of sea turtle meat, the Justice Department announced today.



  • OPA Press Releases

rto

Two Foreign Nationals Plead Guilty in Puerto Rican Identity Trafficking Conspiracy

A Dominican national and a Mexican national each pleaded guilty today in connection with their roles in trafficking the identities of Puerto Rican U.S. citizens and corresponding identity documents.



  • OPA Press Releases

rto

Former Sea Star Line President Sentenced to Serve Five Years in Prison for Role in Price-Fixing Conspiracy Involving Coastal Freight Services Between the Continental United States and Puerto Rico

The former president of Sea Star Line LLC, a Jacksonville, Fla.-based water freight carrier, was sentenced to serve five years in prison and to pay a $25,000 criminal fine for his participation in a conspiracy to fix rates and surcharges for freight transported by water between the continental United States and Puerto Rico.



  • OPA Press Releases

rto

Disc Jockey in Puerto Rico Pleads Guilty to Sexual Exploitation of Three Minors

A former disc jockey for area high school parties pleaded guilty today in the District of Puerto Rico to producing child pornography.



  • OPA Press Releases

rto

Four Individuals Sentenced This Week for Trafficking Identities of Puerto Rican U.S. Citizens

Four individuals were sentenced this week for their respective roles in trafficking the identities and corresponding identity documents of Puerto Rican U.S. citizens.



  • OPA Press Releases

rto

Former Puerto Rico Correctional Officer Sentenced for Scheme to Smuggle Heroin into State Prison

A former correctional officer at the Puerto Rico Department of Corrections was sentenced to serve 37 months in prison for attempting to smuggle heroin into the prison where he worked, Bayamón State Penitentiary, in exchange for a $3,000 payment.



  • OPA Press Releases

rto

Portola Valley, Calif., Man Sentenced to Prison for Failure to Report Foreign Bank Accounts Held at UBS

Christopher B. Berg of Portola Valley, Calif., was sentenced yesterday to one year and one day in prison to be followed by three years supervised release, announced Assistant Attorney General for the Tax Division Kathryn Keneally and U.S. Attorney Melinda Haag for the Northern District of California.



  • OPA Press Releases

rto

Two Former Puerto Rico Law Enforcement Officers Sentenced for Scheme to Smuggle Heroin to Inmates

A former state marshal and a correctional officer in Puerto Rico were sentenced today for attempting to smuggle heroin to inmates in exchange for payment.



  • OPA Press Releases

rto

Dominican National Sentenced to Serve 61 Months in Prison for Trafficking Identities of Puerto Rican U.S. Citizens

Wilfredo Blanco-Diaz, 40, formerly of Caguas, Puerto Rico, was sentenced to serve 61 months in prison and three years of supervised release by U.S. District Judge Gustavo A. Gelpí in the District of Puerto Rico.



  • OPA Press Releases

rto

Former Puerto Rico Correctional Officer Sentenced for Scheme to Smuggle Heroin into State Prison

A former correctional officer in Puerto Rico was sentenced to serve 37 months in prison for attempting to smuggle heroin into state prison by delivering it to an inmate in the parking lot of the Medical Center in San Juan, Puerto Rico.



  • OPA Press Releases

rto

Forty-Fifth Defendant Sentenced for Trafficking Identities of Puerto Rican U.S. Citizens

A Dominican national was sentenced today for his role in trafficking the identities and corresponding identity documents of Puerto Rican U.S. citizens.



  • OPA Press Releases

rto

Sixteen Current and Former Puerto Rico Police Officers Indicted for Allegedly Running Criminal Organization out of Police Department

Sixteen current and former Puerto Rico police officers have been indicted for their alleged participation in a criminal organization, run out of the police department, that used their affiliation with law enforcement to make money through robbery, extortion, manipulating court records and selling illegal narcotics.



  • OPA Press Releases

rto

Puerto Rico Superior Court Judge and Local Businessman Indicted on Conspiracy and Federal Programs Bribery Charges

A current Puerto Rico Superior Court Judge and Puerto Rico businessman were charged with orchestrating a criminal scheme in which the businessman paid bribes to the judge presiding over the criminal case against the businessman according to an indictment unsealed today.



  • OPA Press Releases

rto

District Court Approves Selection of Arnaldo Claudio as Technical Compliance Advisor to Oversee Critical Reforms of Puerto Rico Police Department

Today, U.S. District Judge Gustavo A. Gelpí approved the selection of Arnaldo Claudio to serve as Technical Compliance Advisor (TCA), overseeing the implementation of sweeping civil rights reforms under the Agreement for Sustainable Reform of the Puerto Rico Police Department.



  • OPA Press Releases

rto

Puerto Rico Police Officers and Civilians Charged with Federal Crimes in Connection with July 2012 Robbery in Bayamon, Puerto Rico

Three Police of Puerto Rico (POPR) officers and two civilians were charged with robbery, firearms violations, drug conspiracy and civil rights violations for their involvement in a July 2012 robbery in Bayamon, Puerto Rico, and an additional POPR officer was charged with lying to federal agents



  • OPA Press Releases

rto

14 Individuals Charged with Trafficking Identities of Puerto Rican U.S. Citizens

Fourteen individuals were charged in three indictments in Puerto Rico with conspiracy to commit identification fraud, money laundering, aggravated identity theft and passport fraud in connection with their alleged roles in a scheme to traffic the identities and corresponding identity documents of Puerto Rican U.S. citizens



  • OPA Press Releases

rto

Puerto Rico Businessman Pleads Guilty to Bribing a Puerto Rico Superior Court Judge

A Puerto Rico businessman pleaded guilty today to bribing Puerto Rico Superior Court Judge Manuel Acevedo-Hernandez, who presided over the businessman’s vehicular homicide trial and acquitted him of all charges



  • OPA Press Releases

rto

Sixteen Former Puerto Rico Police Officers Plead Guilty to Running Criminal Organization from the Police Department

Sixteen former Puerto Rico police officers have pleaded guilty for their roles in a criminal organization run out of the police department. The officers used their affiliation with law enforcement to commit robbery and extortion, to manipulate court records in exchange for bribes, and to sell illegal narcotics



  • OPA Press Releases

rto

Six Former Puerto Rico Police Officers Plead Guilty to Federal Civil Rights, Obstruction of Justice and Perjury Charges

Three Puerto Rico police officers, Erick Rivera Nazario, Angel Torres Quinones and Antonio Rodriguez Caraballo today pleaded guilty to federal civil rights charges in connection with the fatal beating of 19-year-old Jose Luis Irizarry Perez, announced Acting Assistant Attorney General Molly Moran for the Civil Rights Division, United States Attorney Rosa Emilia Rodriguez-Velez for the District of Puerto Rico, and Special Agent in Charge Carlos Cases of the FBI San Juan Field Office.



  • OPA Press Releases

rto

Attorney General Holder Records Message for Cartoon Network’s “I Speak up” Campaign to Combat Bullying

The Justice Department announced Monday that Attorney General Eric Holder has recorded a video message as part of the Cartoon Network’s “I Speak Up” campaign to combat bullying. The project urges young people to speak up in order to help bring bullying situations to an end.



  • OPA Press Releases

rto

Juul bought ad space on kids' websites, including Cartoon Network, lawsuit alleges

Over the past year Juul has faced criticism and scrutiny over its role in what public health officials call an "epidemic" of teen nicotine addiction.,




rto

Genomic profiling of intestinal T-cell receptor repertoires in inflammatory bowel disease




rto

Ritmo de crecimiento diario de la producción científica sobre Covid-19. Análisis en bases de datos y repositorios en acceso abierto

Torres-Salinas, Daniel Ritmo de crecimiento diario de la producción científica sobre Covid-19. Análisis en bases de datos y repositorios en acceso abierto. El profesional de la información, 2020, vol. 29, n. 2. [Journal article (Unpaginated)]




rto

The muni market in the post-Detroit and post-Puerto Rico bankruptcy era


Event Information

July 12, 2016
2:10 PM - 4:00 PM EDT

Online Only
Live Webcast

Puerto Rico is the latest, but probably not the last, case of a local government confronting financial strains that call into question its ability to meet its obligations to bondholders while providing services to its taxpaying constituents. Puerto Rico is, of course, a special case because it is a territory, not a state or municipality. Will Puerto Rico’s problems have ripple effects for the $3.7 trillion U.S. municipal bond market? What about the resolution of Detroit's bankruptcy? How will state and local governments and the courts weigh the interests of pensioners, employees, taxpayers and bondholders when there isn't enough money to go around?

On Tuesday, July 12, the Hutchins Center on Fiscal and Monetary Policy at Brookings webcasted the keynote address from the 5th annual Municipal Finance Conference, delivered by the sitting governor of Puerto Rico, Hon. Alejandro García Padilla. After Governor Padilla’s remarks on Puerto Rico’s future, Hutchins Center Director David Wessel moderated a panel on the politics and practice of municipal finance in the post-Detroit and post-Puerto Rico era.

Join the conversation and tweet questions for the panelists at #MuniFinance.

      

Video

Transcript

Event Materials

      
 
 




rto

The help that Puerto Rico needs


After years of irresponsible fiscal management, Puerto Rico has few good options to address its growing debt crisis. But in most tales of bad behavior, there comes a point where continued punishment for past mistakes becomes counterproductive. We're reaching that point on Puerto Rico, and the Barack Obama administration has put forward a sensible new approach. 

(Citigroup, my employer, has various business relationships with Puerto Rico, including serving as underwriter and market maker in various securities. I've had no involvement in those activities, and this column represents my personal views, not those of Citi.)

Puerto Rico's population and its economy are about 10 percent smaller than they were a decade ago. The poverty rate is 45 percent, only about 40 percent of adults are in the labor force, and unemployment is more than 11 percent. 

Given these dire economic indicators, it's not surprising that Puerto Rico has a serious debt problem. At this point, the territory's total liabilities amount to more than 160 percent of the economy, and debt service is projected to be more than a third of government revenue. Over the next five years, the fiscal deficit looks to be $28 billion, and although the Puerto Rican government has proposed aggressive policy actions, these could, at best, only cut the deficit in half. Because the territory's fiscal dynamic is unsustainable, its uninsured debt is selling at discounts of 30 to 70 percent. 

Something has to give. Which brings us to the White House's plan.

The first imperative is to restore economic growth. For this, there are no magic bullets, but one useful strategy is to extend the Earned Income Tax Credit to Puerto Rico. The EITC is one of the most powerful, market-friendly mechanisms for encouraging labor force participation, and its absence in Puerto Rico makes no sense.

The Obama administration also proposes removing an anomaly in the Medicaid system. If Medicaid treated Puerto Rico in the same way as it does the 50 states, the federal government would pay for an estimated 83 percent of its Medicaid costs. But because Medicaid payments to the territory are capped, the federal government has generally paid only 15 to 20 percent. In addition, temporary Medicaid payments enacted as part of the Affordable Care Act are almost exhausted, posing a near-term threat to Puerto Rico's Medicaid program.

Establishing an EITC in Puerto Rico and adjusting the share of Medicaid payments paid by the federal government make sense from a fairness perspective. The EITC piece would encourage work, and the Medicaid component would attenuate fiscal pressure on the island. These steps would, though, come at a cost to the federal budget, probably in the billions of dollars per year. The administration should clarify both the amounts involved and how they would be financed. 

The island's fiscal governance also needs to be strengthened. Its accounting systems have been shoddy, and revenue estimates have been overly rosy. A period of external oversight is appropriate, to improve transparency and budgetary rigor. 

Finally, there's the hard question of what to do about the existing overhang of debt. Write-offs are inevitable; the only question is how to do them in a structured and timely way. We have bankruptcy laws precisely to handle this sort of situation, which would otherwise involve overlapping negotiations with multiple creditors (Puerto Rico has 18 different debt issuers and 20 creditor committees) and probably extended lawsuits. 

At the very least, Congress should extend Chapter 9 bankruptcy laws to Puerto Rico's cities and public corporations. Municipalities in the states enjoy this protection, and there's no reason to treat cities in Puerto Rico differently than those in Florida or Texas. This step would cover about a third of the territory's debt. 

The more controversial question, though, is whether Puerto Rico's government should also have access to bankruptcy protection. State governments do not, but the administration proposes that territories such as Puerto Rico should. 

Bankruptcy would not necessarily mean that less debt would be repaid. So it is not clear that the traditional argument against bankruptcy protection -- that it would raise future borrowing costs -- carries much force. Negotiated write-offs and default would have largely the same effect, but would probably take longer and be messier. Among the options left, the administration's is the least bad. 

The plan requires legislation, and in today's polarized Congress, that's a daunting prospect. But as former Treasury Secretary Tim Geithner once emphasized, in a crisis, "plan beats no plan." the administration has one. Its congressional opponents don't.

Editor's Note: this op-ed originally appeared on Bloomberg View.

Authors

Publication: Bloomberg View
      
 
 




rto

Pete and Gerry’s launches a reusable egg carton

The country’s leading organic egg brand has created the industry’s first reusable egg carton.




rto

How do we save national parks from overtourism?

Selfie culture poses a real threat to the great outdoors.




rto

Green Tax Shift & Other Environmental Issues Cartoon-Style by Stuart McMillen

Here is someone who gets the message across, in a funny and beautiful way. Australian Stuart McMillen takes topics around environmental sustainability and turns them into catchy cartoons.




rto

Ollies Wooden Blocks are like LEGO meets Tinkertoys meets Erector sets

These sets of precision-cut oak blocks and planks, combined with clever connectors, are intended to help spark creativity and imagination in kids, and to "make playtime more meaningful."




rto

Smart Egg Carton Redesign is Made From Single Piece of Cardboard

One designer tackles how the ubiquitous egg carton could be rethought in order to waste less.




rto

The Ballad of Lonesome George, The Galapagos' Most Famous Tortoise

Lonesome George is quite a character. He's a Pinta Island tortoise, and, as Brian noted when he visited a few years ago, he's the last of this breed. Yep, that means when he's gone, that's it -- his species will




rto

Finally Baby-Making Time For One of a Kind Tortoise?

If Lonesome George suffers from performance anxiety, it's hard to blame him. At the ripe old age of nearly 100, the last-of-his-kind Galapagos tortoise has been charged with preserving his species' genetic




rto

Giant Tortoise Species May Not Be So Extinct After All

They were thought extinct, but in light of new DNA findings, scientists are echoing a very tortoise-y mantra: 'not so fast'.




rto

Super sexual centenarian tortoise single-handedly saves his species

Tortoise sauve! The randy 100-year-old Galapagos tortoise has sired over 800 babies.




rto

Go ahead and AVA Byte of fresh produce from this countertop garden

This soil-free smart garden promises fresh greens and veggies that are grown as local as it gets.




rto

What is Instagram's role in overtourism?

Can the social media platform be blamed for the surge in camera-happy tourists?




rto

Don't believe what's printed on egg cartons

A new investigative report from Viva! reveals that conditions for laying hens are as hellish and squalid as ever, even if they're labelled free-range.