The future of Puerto Rico is arriving quickly. The electrical authority PREPA negotiated its $9 billion debt repayment, and guess who is going to pay for it?
That’s right…the people of Puerto Rico.
A “SECURITIZATION CHARGE”
In Puerto Rico, fancy words often hide a simple crime.
The latest crime is the “securitization charge” that will be added to everyone’s electrical bill on the island.
One month ago, after negotiating with several vulture funds, PREPA announced that as of June 2016, a “securitization charge” of 3 cents per kilowatt hour would be added to everyone’s bill. This would amount to an average rate hike of $11.98 per household on the island.
But now, this “securitization charge” will rise to 4.2 cents per kw/hr within three months.
This is in addition to an electrical bill that is already 300% higher in Puerto Rico, than it is in New York City.
P3s and a FINANCIAL CONTROL BOARD
Puerto Rico will soon see more of this.
Once the Financial Control Board arrives, anytime that a debt is re-structured, the vulture funds and bondholders will demand that the debt be converted into a “Public Private Partnership” (aka P3) which is managed and operated by the vulture funds themselves.
These are really P5s…Public Private Partnerships for the Plunder of Puerto Rico.
Since the Control Board is merely a collection agency for the vulture funds and bondholders, the Board will ensure that all unpaid “debt” is converted into a P3, which will then provide a 30-year revenue stream to the vulture funds.
CAPITALISM + COLONIALISM = DISASTER FOR PUERTO RICO
This is where we are.
Puerto Rico is becoming a land of beggars and billionaires…owned by absentee landlords, fought over by lawyers and clerked by politicians.
An island with a 45% poverty rate and a per capita income under $16,000 annually (less than half that of Mississippi, the poorest state in the US) will soon be forced to pay an enormous electrical bill.
SOMEONE ELSE SHOULD PAY IT
Maybe someone else should pay this bill.
That “someone else” …could include Lisa Donahue, the “re-structuring expert” hired by PREPA for eight months, at a fee of $9 million. In July 2015, Donahue’s company billed the Commonwealth an additional $7.3 million for Donahue’s “re-structuring” services.
So far, Donahue’s 16 million dollar idea for “re-structuring,” is to raise the electricity rates for everyone on the island.
Someone else who should pay this bill…is Luis Fortuño, and everyone involved in $4 billion in illegal borrowing by PREPA from 2009 to 2012.
Someone else who should pay this bill…is everyone involved in the $100 million PREPA bribe scheme, which pumped money into politician’s pockets, and poisonous air over the entire island of Puerto Rico.
The ones who should not be paying for this PREPA debt, are the people of Puerto Rico. They did not create this debt, or benefit from it.
Unfortunately, this PREPA “re-structuring” ordered precisely that the people of Puerto Rico must pay it… with a rate hike of 4.2 cents.
For a history of the War Against All Puerto Ricans, read the book…
Buy it Now
Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com
My comment is I thought about moving to Puerto Rico but now I see there’s a government over there trying to rip people off about the electricity because of the hurricane there’s a lot of problems over there about the government wanting to put money money money money and their pockets cuz it’s a shame I thought about moving there but I don’t think I will now
Pingback: $36 million fraud at the Puerto Rico Energy and Power Authority | WAR AGAINST ALL PUERTO RICANS
Pingback: Puerto Rico will be SOLD on May 1, 2017 | WAR AGAINST ALL PUERTO RICANS
Pingback: The cleaner of PREPA makes $36.7 million in 23 months…while blackouts and electric bills skyrocket throughout Puerto Rico | WAR AGAINST ALL PUERTO RICANS
Reblogged this on It Is What It Is and commented:
This is what is coming … there seems to be no stopping it!!
“CAPITALISM + COLONIALISM = DISASTER FOR PUERTO RICO
This is where we are.
Puerto Rico is becoming a land of beggars and billionaires.”
LikeLiked by 1 person
Don Pedro Albizu Campos must be turning over in his grave. He spent a lifetime and 25 years of blood sweat and tears in jail trying to liberate his people. Is this the fruit of his outcome? I know his cause was crushed but don’t let his sacrifice be in vain. Start by demanding the Jone’s Act be repealed. The Jone’s Act is nothing but plain ROBBERYsince 1920 and hinders economic development in Puerto Rico. How can a people prosper and pay bills if they keep stealing from them. Also demand that the F.B.I. do their job correctly and press charges against Luis Fortuño, all the corrupt politicians In the PPD, PNP and all the United States congressman who are being paid by the Vulture Hedge Funds including Hillary Clinton. Their all crooks. The job description of a politician is to serve the people, not steal from the people. These CROOKS have their agenda all screwed up, and that’s why you have the haves and have nots. Independence is the only way to keep what’s rightfully yours. Long live a free and prosperous PUERTO RICO!!