Summary
The Padilla Administration's Fiscal Adjustment Plan is a campaign document designed to deflect criticism for his 3 Years of mismanagement to creditors.
The Governor wasted vast amounts of time, money and political capital on a series of failed initiatives that did not address the fiscal imbalances and eroded investor confidence.
In an attempt to win re-election in the face of dismal approval ratings, Padilla has raised a populist cry to punish "greedy" investors whose crime was trusting him.
On September 9, 2015, Puerto Rico's Governor Padilla released a Fiscal Adjustment Plan, which purports to provide a road map for the Commonwealth to achieve fiscal balance and a return to economic growth. The plan and Governor Padilla's speech to the Island's residents the same day seem to be part of a campaign strategy to deflect blame from his administration's fiscal mismanagement. He uses this platform to blame tax and rate increases on his predecessors and the Commonwealth's bond investors, including fund managers whom he convinced a mere 18 months ago to purchase a $3.5 billion bond issue and whom members of his administration have referred to as vultures.
Puerto Rico Does Not Need A Financial Control Board - It Needs A Governor
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