Post by Logan on Jun 10, 2016 4:46:41 GMT -6
As the CEO of Commercial Solar Power (CSP), Mr. Lawless ordered a forensic investigation into the $13,200,000 losses the company incurred while doing business in Puerto Rico. In an effort to better understand the causes for such losses, Mr. Lawless and his team uncovered questionable practices by the Puerto Rico Government and outright fraud by the Credit Rating Agencies, Fitch, Moody’s and S&P.
The very first step in considering an investment of company resources in any company is to check the credit ratings of the company and make sure they are financially sound. In this case, the rating agencies were giving the Puerto Rico Electric Power Authority an “A” rating. A pretty sound rating for a utility company.
Given that the credit rating was the companies first step in their due diligence process, CSP did an audit of the bond offering memorandums that these good ratings were based on. The audit uncovered hundreds of millions in missing funds and a utility that has been technically bankrupt since 2007. It seemed inconceivable to the CSP team that all three rating agencies gave a bankrupt company an investment grade credit rating. We delivered the results of our audit to the Puerto Rico FBI, U.S. Attorney and the Puerto Rico Legislature.
After receiving no response for many months, I wrote an editorial that appeared in many Puerto Rico Newspapers and Blogs. Shortly after I wrote the article I started receiving phone calls. One of the calls was from someone who implied he was from the CIA and stated that the CIA has been listening into phone activity between the utility and Hugo Chavez Venezuela). The calls detailed a criminal enterprise that was stealing literally billions in public fun ds through bogus oil purchases and fraudulent municipal bond issues. While listening in to the conversations over a number of years it became clear that the Puerto Rico FBI Office and the Puerto Rico U.S. Attorney Office were (and are) accepting payoffs to insure no interference from those agencies. This story was confirmed to me by British Intelligence and confirmed a third time by the editors of Caribbean News Now.
Read more: puertoricomonitor.blogspot.com.au/2016/06/american-and-british-intelligence.html
The very first step in considering an investment of company resources in any company is to check the credit ratings of the company and make sure they are financially sound. In this case, the rating agencies were giving the Puerto Rico Electric Power Authority an “A” rating. A pretty sound rating for a utility company.
Given that the credit rating was the companies first step in their due diligence process, CSP did an audit of the bond offering memorandums that these good ratings were based on. The audit uncovered hundreds of millions in missing funds and a utility that has been technically bankrupt since 2007. It seemed inconceivable to the CSP team that all three rating agencies gave a bankrupt company an investment grade credit rating. We delivered the results of our audit to the Puerto Rico FBI, U.S. Attorney and the Puerto Rico Legislature.
After receiving no response for many months, I wrote an editorial that appeared in many Puerto Rico Newspapers and Blogs. Shortly after I wrote the article I started receiving phone calls. One of the calls was from someone who implied he was from the CIA and stated that the CIA has been listening into phone activity between the utility and Hugo Chavez Venezuela). The calls detailed a criminal enterprise that was stealing literally billions in public fun ds through bogus oil purchases and fraudulent municipal bond issues. While listening in to the conversations over a number of years it became clear that the Puerto Rico FBI Office and the Puerto Rico U.S. Attorney Office were (and are) accepting payoffs to insure no interference from those agencies. This story was confirmed to me by British Intelligence and confirmed a third time by the editors of Caribbean News Now.
Read more: puertoricomonitor.blogspot.com.au/2016/06/american-and-british-intelligence.html