by Richard Lawless
The Obama administration along with leading democrats are preparing
to throw tens of thousands hard working Americans under the bus. The
Administration is pushing hard for bankruptcy protection for Puerto Rico.
This action would allow the government of Puerto Rico to cancel all
active contracts with American companies and better negotiate the is-
lands staggering debt with its bondholders. These hardworking Ameri-
can families played by the rules and risk their capital to do business
in Puerto Rico.
It is estimated that there are between 30-40 billion dollars of active con-
tracts with the government of Puerto Rico. How many American fami-
lies will be ruined by this? How many hardworking Americans will lose
their retirement funds when the island defaults on their bonds?
The administration says it does not matter. What matters is the Puerto
Rican vote. There is no limit to what wealth the administration will des-
troy or American treasure it will give away to guarantee reelection.
Puerto Rico is one of the most corrupt countries in the world. There are
so many investigations going on in Puerto Rico that most of the U.S.
Government agencies are constantly adding to staff to keep up. It app-
ears that the DOJ has been asked to “slow walk” critical investigations
into billions of dollars in Puerto Rico bond fraud and billions in stolen pu-
blic monies. The administration cannot risk having these investigations
get in the way of its efforts to win bankruptcy protection and additional
taxpayer money for the island.
Richard Lawless is CEO of Commercial Solar Power, Inc. in Temecula, CA. The opinions expressed
in the preceding commentary are exclusively his own.