No Conspirators or Smoking Gun in Puerto Rico Report: Joe Mysak
- Good intentions, binge borrowing created muni debt debacle
- No one thing doomed Puerto Rico; it was everything combined
Photographer: Christopher Gregory/Bloomberg
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The 608-page investigative report prepared for Puerto Rico’s Financial Oversight & Management Board isn’t exactly a whodunit.
Who was responsible for Puerto Rico borrowing its way to bankruptcy? How was it even possible for the island to build up $74 billion in bonded debt and $49 billion of unfunded pension liabilities, a burden that is described as "catastrophic”?