Thursday, August 2, 2018

How did Natalie Jaresko end up directing the PROMESA Federal Control Board in Puerto Rico?

Will someone explain to us, US citizens in Puerto Rico, how did Natalie Jaresko end up directing the PROMESA Federal Control Board in poverty ridden and bankrupt Puerto Rico? 
Who placed her there? Why her  
Don't we have excellent other people in the US who also qualified for that job? 
Any similarities between PR and what happened in Ukraine? 
Phony ‘Corruption’ Excuse for Ukraine Coup  

"There was, for instance, the case of Finance Minister Natalie Jaresko, who was regarded by many pundits as the face of Ukraine’s reform before departing last April after losing out in a power struggle.
Yet, Jaresko was hardly a paragon of reform. Prior to getting instant Ukrainian citizenship and becoming Finance Minister in December 2014, she was a former U.S. diplomat who had been entrusted to run a $150 million U.S.-taxpayer-funded program to help jump-start an investment economy in Ukraine and Moldova.

Jaresko’s compensation was capped at $150,000 a year, a salary that many Americans – let alone Ukrainians – would envy, but it was not enough for her. So, she engaged in a variety of maneuvers to evade the cap and enrich herself by claiming millions of dollars in bonuses and fees.
"Ultimately, Jaresko was collecting more than $2 million a year after she shifted management of the Western NIS Enterprise Fund (WNISEF) to her own private company, Horizon Capital, and arranged to get lucrative bonuses when selling off investments, even as the overall WNISEF fund was losing money, according to official records.

Ukrainian Finance Minister Natalie Jaresko.
Ukraine’s former Finance Minister Natalie Jaresko.
For instance, Jaresko collected $1.77 million in bonuses in 2013, according to a WNISEF filing with the Internal Revenue Service. In her financial disclosure forms with the Ukrainian government, she reported earning $2.66 million in 2013 and $2.05 million in 2014, thus amassing a sizeable personal fortune while investing U.S. taxpayers’ money supposedly to benefit the Ukrainian people.

It didn’t matter that WNISEF continued to hemorrhage money, shrinking from its original $150 million to $89.8 million in the 2013 tax year, according to the IRS filing. WNISEF reported that the bonuses to Jaresko and other corporate officers were based on “successful” exits from some investments even if the overall fund was losing money.

Though Jaresko’s enrichment schemes were documented by IRS and other official filings, the mainstream U.S. media turned a blind eye to this history, all the better to pretend that Ukraine’s “reform” process was in good hands. [See’s “How Ukraine’s Finance Minister Got Rich.”]

Ukraine Has Opened Pandora’s Database of Corruption
But declaring billions of dollars in wines, watches, and tickets to outer space isn’t going to win the public’s love — or the West’s trust.
"Yet, Ukraine is a country beset by widespread poverty, made worse by the post-coup neoliberal “reforms” slashing pensions, making old people work longer and reducing heating subsidies for common citizens. The average Ukrainian salary is only $214 a month."

Finance Minister Who Oversaw Collapse of Ukraine's GDP Hoped to Save Puerto Rico

Sunday, June 10, 2018

UN:Puerto Rico’s Extreme Poverty Is due to its Political Status

UN Report on Extreme Poverty Blames Puerto Rico’s Political Status


United Nations Special Rapporteur on Extreme Poverty,  Philip Alston,  has presented a sharply critical report on the USA to the UN Human Right Council in which he singles out Puerto Rico for its unique political problems.“Political rights and poverty are inextricably linked in Puerto Rico,” Alston continued. “If it were a state, Puerto Rico would be the poorest state in the Union. But Puerto Rico is not a state, it is a mere ‘territory.’ 

Puerto Ricans have no representative with full voting rights in Congress and, unless living stateside, cannot vote for the President of the United States. In a country that likes to see itself as the oldest democracy in the world and a staunch defender of political rights on the international stage, more than 3 million people who live on the island have no power in their own capital.”

Puerto Rico’s status comes up in the U.N.’s decolonization committee every year.

“It is not for me to suggest any resolution to the hotly contested issue of Puerto Rico’s constitutional status,” Alston said in the report. “But what is clear is that many, probably most, Puerto Ricans believe deeply that they are presently colonized and that the US Congress is happy to leave them in the no-man’s land of no meaningful Congressional representation and no ability to really move to govern themselves. 

In light of recent Supreme Court jurisprudence and Congress’s adoption of PROMESA there would seem to be good reason for the UN Decolonization Committee to conclude that the island is no longer a self-governing territory.”

The question of Puerto Rico’s political status arose in the report on poverty because the territorial status affects Puerto Rico’s financial status.
“Puerto Rico has a fiscal deficit and a deficit of political rights, and the two are not easy to untangle,” said Alston.

Puerto Rico newspaper El Nuevo Día interviewed Alston and heard concerns that the PROMESA fiscal oversight board’s austerity measures would “sink the poor into a situation of greater poverty.”
The report makes a number of general suggestions for the United States which apply to poverty across the nation. For Puerto Rico, however, the emphasis in the report is on the territory’s political status.