Puerto Rico’s electric utility was already effectively bankrupt. Now, most inconveniently, Hurricane Maria has knocked out power to the entire island.
We predict that that hurricane will provide the cover for Congress to provide a massive bailout—effectively leveraging the tragedy of Maria to cover for its previous woes too.
Perhaps it’s unseemly to discuss now at this time that calls for compassion. But the hurricane could well provide, shall we say, a glaring silver lining for this island that will allow it to escape accountability for its decades of corruption and mismanagement.