Puerto-Rico

Thousands Strike Across Puerto Rico Demanding End to PROMESA, Austerity, and Privatization in National Day of Action

2022-02-18 00:00:00 +0000 UTC | Importance: 9/10

On February 18, 2022, thousands of publicly-employed union workers, retirees, and university students participated in a national strike and march that spread throughout Puerto Rico, with the largest contingent filling streets in San Juan. Demonstrators marched behind a banner declaring ‘People …

Puerto Rican Workers' Union Central Workers' Federation United Auto Workers Electrical Workers' Union Puerto Rico Teachers' Unions +1 more puerto-rico labor-organizing strikes promesa austerity +5 more

SEC Fines McKinsey Subsidiary MIO Partners $18 Million for Puerto Rico Conflict of Interest and Material Nonpublic Information Violations

2021-11-22 00:00:00 +0000 UTC | Importance: 9/10

The Securities and Exchange Commission censured MIO Partners Inc. (McKinsey’s investment subsidiary) and ordered it to pay $18 million to settle allegations that it had access to material nonpublic information about Puerto Rico and other issuers while simultaneously overseeing investments that …

Securities and Exchange Commission (SEC) MIO Partners McKinsey & Company Financial Oversight and Management Board for Puerto Rico mckinsey sec-enforcement mio-partners puerto-rico conflict-of-interest +4 more

LUMA Energy Assumes Control of Puerto Rico's Grid Amid Massive 'Fuera LUMA' Protests Against McKinsey-Designed Privatization

2021-06-01 00:00:00 +0000 UTC | Importance: 9/10

LUMA Energy officially took over operation of Puerto Rico’s electrical transmission and distribution system on June 1, 2021, triggering widespread protests under the rallying cry ‘Fuera LUMA’ (Out LUMA). The takeover represented the culmination of McKinsey’s privatization …

LUMA Energy Puerto Rico Labor Unions Angel Figueroa Jaramillo Jocelyn Velazquez Rodriguez Todo Puerto Rico por Puerto Rico Coalition +1 more puerto-rico luma-energy protests privatization labor-organizing +5 more

Puerto Rico Selects LUMA Energy for $1.5 Billion Grid Privatization Following McKinsey's Recommendations, Quanta Services Connection Raises Questions

2020-05-15 00:00:00 +0000 UTC | Importance: 9/10

The Puerto Rico Public-Private Partnership Authority recommended LUMA Energy—a joint venture between Quanta Services and Canadian Utilities Limited—to operate Puerto Rico’s electrical transmission and distribution system for 15 years in exchange for $1.5 billion, with annual management fees of …

LUMA Energy Quanta Services Canadian Utilities Limited Puerto Rico Public-Private Partnership Authority McKinsey & Company +1 more puerto-rico privatization luma-energy prepa mckinsey +5 more

Investigation Reveals McKinsey Advised Both Puerto Rico Fiscal Board and Hedge Fund Creditors Through Whitebox Advisors Holding $140 Million in Bonds

2018-12-01 00:00:00 +0000 UTC | Importance: 9/10

Centro de Periodismo Investigativo revealed that McKinsey’s conflict of interest in Puerto Rico extended beyond its own bond holdings to include connections with major creditors through hedge fund Whitebox Advisors, which held over $140 million in Puerto Rico bonds through various investment …

McKinsey & Company MIO Partners Whitebox Advisors Financial Oversight and Management Board for Puerto Rico Centro de Periodismo Investigativo mckinsey puerto-rico conflict-of-interest hedge-funds consulting-scandal +4 more

Hurricane Maria Devastates Puerto Rico, Exposing Infrastructure Collapse While McKinsey Continues Advising on Privatization and Austerity

2017-09-20 00:00:00 +0000 UTC | Importance: 10/10

Hurricane Maria struck Puerto Rico on September 20, 2017, knocking out the entire electrical grid, leaving thousands without shelter, and causing thousands of deaths directly or indirectly—exposing catastrophic infrastructure failures resulting from decades of austerity and debt service …

McKinsey & Company Financial Oversight and Management Board for Puerto Rico Puerto Rico Electric Power Authority Naomi Klein hurricane-maria puerto-rico disaster-capitalism shock-doctrine mckinsey +5 more

McKinsey-Designed Fiscal Plan Mandates Devastating Austerity: Pension Cuts, School Closures, Healthcare Privatization, Furloughs

2017-03-13 00:00:00 +0000 UTC | Importance: 10/10

The Financial Oversight and Management Board unanimously approved a brutal 10-year fiscal austerity plan (2017-2026) developed with McKinsey’s strategic consulting, imposing severe cuts to pensions, education, and healthcare to prioritize debt repayment to bondholders. The plan’s key …

McKinsey & Company Financial Oversight and Management Board for Puerto Rico Puerto Rico Government Rafael Torregrosa mckinsey puerto-rico austerity shock-doctrine pension-theft +5 more

Obama Signs PROMESA Creating Unelected Fiscal Control Board to Govern Puerto Rico's $72 Billion Debt Crisis

2016-06-30 00:00:00 +0000 UTC | Importance: 9/10

President Barack Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law, establishing a seven-member Financial Oversight and Management Board with sweeping powers over Puerto Rico’s government. The board, appointed by the U.S. President rather than …

Barack Obama U.S. Congress Financial Oversight and Management Board for Puerto Rico Puerto Rico Government puerto-rico promesa fiscal-control-board austerity colonial-governance +3 more

Puerto Rico Defaults on $422 Million Bond Payment, Triggering Largest Municipal Debt Crisis in U.S. History

2016-05-01 00:00:00 +0000 UTC | Importance: 9/10

Governor Alejandro García Padilla ordered Puerto Rico’s first major default, blocking a $422 million payment on Government Development Bank bonds. This historic default was part of Puerto Rico’s unprecedented $72 billion debt crisis, representing debt larger than the island’s GDP. …

Alejandro García Padilla Puerto Rico Government Development Bank Puerto Rico Government Hedge Fund Creditors puerto-rico debt-crisis municipal-bankruptcy financial-engineering austerity +3 more