In this week’s roundup show, Cate Long and Gil Hall discuss and analyze events from Puerto Rico. Topics include:
- A trial in federal court in San Juan regarding an unrelated tax matter (Walmart v. Puerto Rico) requires important figures in Alejandro García Padilla’s cabinet to testify under oath. GDB head Melba Acosta Febo testified on Tuesday. KPMG audit partner Ernesto Aponte testified Wednesday. And Secretary of the Treasury Juan Zaragoza testified on Thursday. Major points:
- The ELA is insolvent.
- There are serious concerns about the liquidity of the Government Development Bank of Puerto Rico.
- The KPMG partner responsible for the ELA audit indicated that, contradictory to public statements made by administration officials, the delay of the audit is due to the Commonwealth’s not having provided key documents. He also stated that KPMG would not be able to finalize the audit for at least eight weeks after all documents were made available to his team
- Another hearing in Congress last week on Puerto Rico, this time with the House’s Subcommittee on Indian, Insular and Alaska Native Affairs.
- Melba Acosta, Jim Millstein, and George Cleary spoke to Congressional staff on Friday outlining the latest debt proposal made by the ELA on Monday, February 1st.
Cate Long: @cate_long
Gil Hall: @gillamhall