Yesterday House Speaker Paul Ryan pushed through a Puerto Rico Rescue bill called PROMESA. The details of the bill are fundamentally challenging to understand in scope, however, the key aspect to remember is the underlying benefactor(s) – Wall Street. While Ryan is severely adverse to PROMESA being called a bailout, that’s exactly what it is – only worse. The plan structurally changes the dynamics of how State debt is repaid, and the considerations for bondholders under the 5th amendment (seizure of private property w/out compensation); which will lead to a guaranteed bondholder bailout. However, beyond the ‘bailout’ aspect there is...