The Kobre & Kim report on Puerto Rico’s debt crisis shines a light on the corrosive impact of political hiring at various governmental agencies on the island, including at its public electric utility.
The report leaves out any mention of how the underwriters, bond trustees, law and accounting firms, credit agencies and other financial advisers were selected and compensated by the Puerto Rico government.
Many of these same lawyers, accountants, bankers and credit-rating experts continue to have the ear of the Puerto Rican government.