Garcia Padilla RESIGNS as Governor of Puerto Rico: U.S. Financial Control Board will now govern the island

War Against All Puerto Ricans: Revolution and Terror in America’s Colony

The Governor of Puerto Rico has officially turned over his administrative and fiscal powers to a five-member Financial Control Board.

According to the New York Times, this Financial Control Board “will have oversight over nearly all branches of the island’s central government.”

http://www.nytimes.com/2015/10/17/business/dealbook/puerto-rico-governors-fiscal-oversight-plan-raises-doubts.html

The Financial Control Board (FCB) will include representatives of the hedge funds that own Puerto Rico’s $73 billion public debt.

The FCB will also have authority over the treasury of Puerto Rico, the Government Development Bank, and most public corporations.

The “public corporations” under the FCB’s authority will include the education and prison systems; public housing; public transportation systems; highways, bridges, airports and seaports; public real estate; and energy projects throughout the island.

Gov. García Padilla explains the fine points of making himself impotent

As prescribed in Gov. Garcia Padilla’s own “Fiscal and Economic Growth Plan,” the FCB will have authority over “most government entities: including the commonwealth, GDB, and most public corporations,” and will also have “extensive subpoena powers.” (See p. 53)

http://www.mcvpr.com/media/news/400_PuertoRicoFiscalandEconomicGrowthPlan9.9.15.pdf

Fiscal Responsibility & Economic Revitalization Act

Immediate Hearings and Legislative Approval

At the insistence of Gov. Garcia Padilla, the Puerto Rico legislature will hold public hearings on his FCB immediately, this week of Oct. 19-23, and vote immediately thereafter.

http://www.elnuevoherald.com/noticias/finanzas/article38942727.html

In other words, Garcia Padilla is ramming this FCB through the legislature, as quickly as possible. After the FCB bill becomes law Garcia Padilla, his political party (PPD), and US plutocrats will be able to tell the entire world that “the US did not impose this FCB. The people of Puerto Rico, and their elected representatives, chose it themselves.” 

Senator Maria de Lourdes Santiago denounces the Financial Control Board 

Senator Maria de Lourdes Santiago responded immediately to the governor’s FCB.

“This project is an admission that the markets and U.S. institutions have absolutely no confidence in this government,” said Maria de Lourdes. “This Board would not supervise. It would govern.”

http://www.cnbc.com/2015/10/19/the-associated-press-concerns-grow-as-puerto-rico-debates-fiscal-control-board.html

In addition, Maria de Lourdes immediately convened a press conference to denounce the governor’s FCB plan. Specifically, she exposed the FCB as a scheme to turn over the entire Puerto Rican economy, into the hands of foreign hedge fund interests.

Here is a portion of that press conference:

WORSE than a mere resignation 

Some individuals may argue that the headline of this article is incorrect, because the governor did not officially resign his post as governor. 

But on a de facto basis, that is exactly what Gov. Garcia Padilla has done.

By his own hand, at his own insistence, he has turned himself into a ghost.

The FCB will rule.

Garcia Padilla will be a non-governor…un zero a la izquierda.

In fact, this FCB law is worse than a mere resignation…because not only Garcia Padilla, but every governor that comes after him, will no longer be the “governor” of anything.

Thanks to Garcia Padilla, the “governor” of Puerto Rico will be the headwaiter of La Fortaleza, catering cocktail parties for the hedge fund owners, P3 presidents, and FCB oligarchs who will now rule over Puerto Rico.

With this FCB law, Garcia Padilla will go down in history…not only as the governor who resigned, but the governor who turned the office of “Governor of Puerto Rico” into an international joke.

14 Comments on “Garcia Padilla RESIGNS as Governor of Puerto Rico: U.S. Financial Control Board will now govern the island

  1. I agree about the voting history of the Island. The only problem is that there has not been a candidate who really cares about the future of Puerto Rico. There also has not been a Representative to the U.S. who cares about P.R. I suggest that the Island get busy and really try and get some industry interested in doing business on the Island and that the Island REALLY get the ENTIRE Island involved in the tourism business, after all, this is an Island in the Caribbean !!!!!!!

    ______________________________________________________________________________________________________

    Maria de Lourdes Santiago DOES care.

    –Nelson Denis

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  2. Pingback: Puerto Rico gets a Financial Control Board | WAR AGAINST ALL PUERTO RICANS

  3. The Government does not fix the economy. A free economy does. Taxes = government power. Private investment stimulates the economy. We can complain all day about this governor’s proposal. He raised the taxes and people screamed. Now he is going to the private sector for a solution and another group want him out of the Island. Puerto Rico, pray for wisdom. No somos Grecia. No tenemos el apoyo de nadie a este punto. Si votaron por este governador, ahora apoyenlo o dejen que la Isla de Puerto Rico se ahoge en deudas.

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  4. Another in the line of injustices perpetrated on our people.The imbalances that have been generated by “business as usual” attitude of politicians and the robber barons has come to fruition. Letting a congress that cannot come to consensus on the most insignificant legislation rule on such a grave matter can lead to a human crisis on the island.

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  5. Estate poco a poco, convirtiendo, a puerto rico, en Estado, si Los Dejan .no Los dejen.por Nuestra Isla borinquena.

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  6. Eso es a todo lo que se opone nuestro partido (https://facebook.com/MejorandoPR)
    Yo estoy seguro que yo y miles de otras personas no vamos a permitir que esto ocurra. Esto simplemente no va a ocurrir. Unanse a mí los que saben que esto no es para nada de beneficio a la isla. No dejemos que porque quien nos gobierna estos años es un, y perdonen la palabra, morón que Puerto Rico vaya a ser mal administrado siempre.
    Ayudenme a regar el mensaje del Partido Radical cuál sú meta primordial es alcanzar que nuestra isla del encanto deje de depender del dolar americano y cualquier otro dolar o moneda. Volvamos a nuestras raíces. Y sí es necesario vamos y viramos El Capitolio patas arriba!

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  7. Reblogged this on It Is What It Is and commented:
    Puerto Rico now … officially, out in the open .. belongs to the USA!! “The Governor of Puerto Rico has officially turned over his administrative and fiscal powers to a five-member Financial Control Board.”

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  8. Clear evidence that our Island is a mere colony of the great financial powers of the USA. The federal government cares less of what happens to us. The congress of this great country(USA) is controlled and manipulated by the great economic powers. Members are mere puppets of the lobbyists that roam the halls of our capitol. So if they can manipulate our congress it is easy to understand why the USA congress did not act to help Puerto Rico in this financial crisis. The big corporations will do every thing in their power to prevent the island to declare bankruptcy. They will in fact own the island and its infrastructure.

    Liked by 1 person

  9. Check out his bank account. I’m sure the hedge fund people took care of him. Just another corrupt politician. Otro vendepatria, apuntalo!

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  10. The FCB is taking control of the government simply because this governor took the option of not paying the debt, just because he needed the money for other things. Very clearly stated……bye his secretary of”Hacienda”…..
    What can be expected for such actions….?….The whole world is having the perception that we are all very irresponsible
    people,….and that is not good for any of us in this island. There is always a breakthrough ,a solution for fixing our credibility and not being seen what we are not…..and if the FCB can straighten things out…..then so be it.
    The stubbornness of our leaders led us into this mess…….so something had to be done!!

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  11. PR,s had the opportunity to elect the right people to office but their blindness to party loyalty has allowed incompetent opportunist individuals to sack and destroy any hope of recover.The day that the voter learns to vote for candidates and not party vultures is the day that a true democracy will prevail.

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  12. I’m not in favor o this FCB, but when all doors closed on you and the USA Congress control the Puertorricans destiny is a clear way to show the world how hypocrite is the USA Congress, it rule on us but do not nothing to help us. Shame to admit but its the real and only truth….

    Liked by 1 person

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