Tuesday, March 14, 2017

THE DISAPPOINTING FISCAL SUPERVISORY BOARD OF PUERTO RICO




 THE WORK OF THE FISCAL SUPERVISORY BOARD OF PUERTO RICO HAS BEEN A TOTAL DISAPPOINTMENT......
By * Nelson Rodriguez-Lopez Esq.
March 14, 2017

I don't think I am the only person totally and bitterly disappointed with the Fiscal Supervision Board for Puerto Rico approved by the US Congress! We were advocates for the creation of PROMESA last summer of 2016, since it represented our hopes for an objective vitality and a new vision of the finances and economy of Puerto Rico! Unfortunately it has not been that way!

When the names of the members of the Fiscal Supervisory Board began to shuffle, we began to perceive erratic and misguided moves in the Obama Administration and even in the office of  House Speaker, Paul Ryan.

One backroom move of those with great economic interests in Puerto Rico, was to block Dr. Miriam Ramirez's appointment from the Fiscal Supervision Board, even though she was interviewed by Ryan's Office  and recommended by Ranking House Members. Dr. Ramirez  has been an inexhaustible advocate of federal equality for Puerto Rico.

Candidate names began to surface publicly and it became immediately became apparent, that these presented serious conflicts of interest such as Jose Ramon Gonzalez and Carlos Garcia! To make

matters worse, then came the appointment of the President of the Fiscal Supervision Board, José Carrión, a hardly known individual by the rank and file people of Puerto Rico! Just the mention of his name, revealed a universe of conflicts of interest, either with the bank or in the insurance industry,

We were then informed that Mr. Bill Cooper's appointment as Executive Director of PROMESA, did not materialize when Cooper insisted on the importance of
THE GRAVES AMENDMENT, included and approved in the PROMESA BILL, so as to authorize the Board  to investigate and prosecute in Puerto Rico those who for years stole into Puerto Rico's Treasury chests.

At that particular point, the serious conflicts of interest of the members of the Fiscal Supervision Board was evident! For example, the appointment of Mr. Ramón Ruiz Comas, former President of Triple S (SSS) who according to some sources was not a constructive ally in the Health Services in Puerto Rico!

The Fiscal Plan, approved yesterday, although it gives a partial victory to Governor Ricardo Roselló, relative to the immediate dismissals and the health card, leaves great uncertainty regarding the long term results of the measures which will be taken. Although emphasis has been placed on the liquidity of Treasury coffers to safeguard the immediate functioning, the finances and the economy of Puerto Rico are thrown into a greater abyss!

The plan approved and amended by the Fiscal Supervision Board lacks measures of economic rehabilitation and public debt restructuring! The Fiscal Plan as amended by the Fiscal Supervision Board does not create economic incentives or economic investment! There are only pension and salary cuts as well as increase in property and other taxes on the backs of the working and retired Puerto Rican people! THERE IS NO ECONOMIC REHABILITATION ONLY EXPANSION AND NO NEW INVESTMENT!



The members of the Fiscal Supervision Board, far from improving the Fiscal Plan of Governor Ricardo Roselló weakened it. For the Member of the BOARD, the most important thing is to PAY, no matter if along the way they annihilate Puerto Rico and the Puerto Ricans!

WITH THE FISCAL BOARD, THERE IS NO DIFFERENCE WITH WHAT PUERTO RICO HAD WHEN WE WENT BANKRUPT!  Most of the people now in the board, are those who caused the debacle in PR.  As you can see, some of the members of the Fiscal Supervision Board do not serve their purpose! The appointments of President Obama and Congressman Paul Ryan, as we noted when the names began circulating, have been a solemn failure!

* Nelson Rodriguez-Lopez Esq.: BA University of Puerto Rico, Magna Cum Laude, Philosophie et
Lettre Diploma, Sorbonne, University of Paris, Juris Doctor, University of Puerto Rico, International Law, University of Oxford, Wadham. Former Legal Counsel of the Governor of Puerto Rico, Former Legal Counsel of the President of the Senate of Puerto Rico Luis A. Ferre, member of the Board of Admission of Lawyers of the Supreme Court of Puerto Rico, Secretary General National Republican Party of Puerto Rico, Former General Counsel and Executive Vice President of Banco Bilbao Vizcaya Puerto Rico, General Consultant Banco Santander de Puerto Rico, Member of the Board of Directors of the Ponce Art Museum, President CLB Task Force of San Juan.