The Financial Control Board which will rule over Puerto Rico is supposed to be represent “good government,” and to fight against corruption and bribery. But the law which creates this Board has a specific provision (Section 104-d) which authorizes the Board to receive “gifts, bequests and devises” from anyone, and in any amount.
This is an open invitation to bribery, influence peddling, and money laundering in Puerto Rico, under the auspices of the US government. Here is the complete text of the bill, known as HR 4900…
Page 21 of this bill is quite clear. It contains Section 201(d), which is titled “GIFTS, BEQUESTS, AND DEVISES.” This section states — boldly and openly — that the Board may accept money, real estate, or gifts of any kind. The Board may then use or spend these “gifts” in any way it sees fit…so long as it is “consistent with the Board’s bylaws, or rules and procedures.”
But guess what?
There are no “bylaws, rules or procedures” with respect to the receipt and expenditure of these gifts. So the Board has complete discretion on the “administration” of all the gifts!
We can easily foresee a Financial Control Board receiving free hotel rooms from John Paulson, free yacht excursions from Nicholas Prouty, free food from Stone Capital Partners, and gifts of every conceivable sort from fifty different hedge funds.
All of these of course, will be received “for the purpose of aiding or facilitating the work of the Board,” as written in Section 201(d). Any self-respecting district attorney would call it something else: payola, pay-to-play, influence peddling, money laundering, and bribery of a public official.
This is the type of “good government” that the US is preparing for Puerto Rico.
For a history of the War Against All Puerto Ricans, read the book…
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