Government Bytes

Because of over-spending and relying on a possible federal bailout, Puerto Rico is saddled with over $70 billion and recently was denied restructuring rights under Chapter 9 bankruptcy rules. Bondholders, who expect to receive returns on their investments, anticipate that the “decision will ultimately result in a resolution being dragged out over a longer period of time, having the administrative costs incurred eat in to the ultimate recovery … .” Even though the PR government is expected to appeal the ruling, taxpayers in the Commonwealth are on edge.

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According to a recent report from the Government Accountability Office, the Department of Treasury is still managing $2.9 billion worth of assets through five non-housing programs in the Troubled Asset Relief Program (TARP), and has incurred costs of $37.
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