FEDS RAID HOUSING PROJECT
As reported this morning by El Nuevo Dia, federal agents have been
carrying out an operation since early this morning at Los Claveles
public housing project in Trujillo Alto. Agents are serving four sea-
rch warrants from the Immigration and Customs Enforcement agen-
cy (ICE). The operation has to do with drug trafficking and money
laundering, but ICE did not provide much in the way of further de-
tails, other than to say that illegal material was found among the
four apartments that were searched.
PREPA TO PROPOSE 4 CENT RATE HIKE
From The San Juan Daily Star:
"The Puerto Rico Electric Power Authority (PREPA) plans to sub-
mit a new rate structure calling for a hike of around four cents, sour-
ces inside the utility said. The utility is still working on a study that
will help it decide what would be the appropriate rate. However, the
four-cent hike was the same as proposed by one of the utility’s insu-
rance companies. PREPA Chief Restructuring Offi cer Lisa Donahue
said on Tuesday that with the savings and cuts that have been made
at the utility, it expects to be able to submit a reasonable rate struct-
ure..."
SANDERS & WARREN BLAST VULTURE FUNDS
From News Is My Business:
"The two most prominent progressives in the U.S. Senate urged the
federal government Thursday to help Puerto Rico stand up against
the “vultures” they largely blame for the island’s current fiscal night-
mare. Sen. Bernie Sanders (I-VT), the chief rival of candidate Hilla-
ry Clinton for the 2016 Democratic presidential nomination, took ti-
me out of his packed campaign schedule to engage five witnesses —
including Puerto Rico Gov. Alejandro García-Padilla — who testifi-
ed at a hearing by the Senate Committee on Energy and Natural Re-
sources. Sanders, reeling off a raft of statistics on Puerto Rico’s de-
mographic and fiscal decline, called the island’s 56 percent poverty
rate among children a “human tragedy..."
OBAMA SEEKS BANKRUPTCY FOR PR
From The Chicago Tribune:
"President Barack Obama is pressing for Congress to give Puerto Rico
sweeping powers to reduce its $73 billion debt burden through bank-
ruptcy, escalating administration involvement as the Caribbean island's
access to cash dries up. Puerto Rico would be provided with a form of
bankruptcy protection not now available to American territories. Ad-
ministration officials also called for lawmakers late Wednesday to in-
crease health-care funding for Puerto Rico, extend tax credits to the
poor and put independent oversight in place to monitor the govern-
ment's budget..."
POPULAR POSTS $84.7 MILLION PROFIT
From Caribbean Business:
"Popular Inc. on Friday reported third-quarter net income of $84.7 mi-
llion. The Hato Rey, Puerto Rico-based bank said it had earnings of 82
cents per share. Earnings, adjusted for one-time gains and costs, were
90 cents per share. The a company that runs Banco Popular and other
banks in Puerto Rico and the U.S. posted revenue of $481.8 million in
the period..."
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