House Passes Puerto Rico Bail Out Bill that Puts Average American Bondholders’ Last
The Puerto Rico Oversight, Management, and Economic Stability Act, (PROMESA), just passed by the House of Representatives boasts it will take the island “from a path of destitution towards a path of prosperity. ” In reality, the House decided that debt-ridden Puerto Rico is simply too big to fail but what about the island’s bondholders, many of whom are regular Americans, saving for retirement.