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Old 07-11-2018, 03:07 PM
 
328 posts, read 185,830 times
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CEO of Puerto Rico's bankrupt power company abruptly resigns - Orlando Sentinel
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Old 07-12-2018, 11:36 AM
 
Location: Philly
10,067 posts, read 14,907,535 times
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Quote:
Puerto Ricans also have grumbled about Higgins' $450,000 annual salary as the island struggles to emerge from an 11-year recession.

However, power company officials announced that the new CEO will earn $750,000 a year.
nice raise. higgins seemed to bring some stability
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Old 07-12-2018, 03:33 PM
 
Location: Philly
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well this is turning into a train wreck
Alleging pols want to control Puerto Rico power company, board members resign – Caribbean Business
Quote:
Five members of the Puerto Rico Electric Power Authority’s (Prepa) governing board, including newly chosen Chief Executive Officer Rafael Díaz Granados, abruptly resigned Thursday, citing political forces that want to control the public utility....“The Governing Board of PREPA must temper the salary to what I am proposing or, alternatively, the members who are not willing to do so must resign their positions, so that these are assumed by people who work arduously on the search for a good executive director willing to work for a salary that fits the reality of PREPA,” the governor wrote.
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Old 07-12-2018, 04:40 PM
 
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No PREPA, no storms this summer.
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Old 07-12-2018, 06:52 PM
 
Location: On a Long Island in NY
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Quote:
Originally Posted by pman View Post
Giving a $750,000/year contract on an island where most people make under $20,000/year is really bad optics.

Politicians don't want to control the power company, they want to win the next election. There was no way Rossello could let that salary stand.
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Old 07-12-2018, 08:49 PM
 
Location: Philly
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Quote:
Originally Posted by WIHS2006 View Post
Giving a $750,000/year contract on an island where most people make under $20,000/year is really bad optics.

Politicians don't want to control the power company, they want to win the next election. There was no way Rossello could let that salary stand.
This is exactly why it needs to be privatized. Two CEOs and the board have been turned over because of politics (aka optics) and political grandstanding. In the end the island has a lot more to lose than 400k if they make a bad choice. How can you run a power company like this? Answer is you cant. No win situation for rossello.
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Old 07-13-2018, 04:38 PM
 
Location: On a Long Island in NY
7,801 posts, read 9,076,709 times
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Quote:
Originally Posted by pman View Post
This is exactly why it needs to be privatized. Two CEOs and the board have been turned over because of politics (aka optics) and political grandstanding. In the end the island has a lot more to lose than 400k if they make a bad choice. How can you run a power company like this? Answer is you cant. No win situation for rossello.
I agree, PREPA needs to be privatized. I don't understand what they are waiting for, Rossello has even said that they have several potential buyers lined up.

Of course, then he'll be accused of "selling the country" by the chest thumpers
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Old 07-16-2018, 02:07 PM
 
Location: Philly
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Puerto Rico Energy Commission Approves Fortuño-Era Renewables – Caribbean Business
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Old 07-20-2018, 09:55 AM
 
Location: Philly
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complaining baout a 450k salary? seems foolish
Quote:
But on July 11, just four months into the job, Higgins resigned. Among the factors influencing his decision, he said, was that compensation details stipulated in his contract could not be met. A month earlier, Puerto Rico's justice secretary had said it would be illegal for a public employee like Higgins to receive bonuses on top of his $450,000 salary.
https://lancasteronline.com/news/wor...cd86abb97.html

https://www.bloomberg.com/news/artic...v-anger-ensues
Quote:
Even as Puerto Rico’s residents were bracing for painful austerity measures, the bankrupt commonwealth spent $245,000 on a bulletproof Chevrolet Suburban to shuttle around Governor Ricardo Rossello....Still, the episode stoked anger in Puerto Rico, where residents have suffered through a decade of recession and are bracing for measures that could include reduced sick and vacation days and even reductions in pensions. Recently, Rossello himself joined a chorus of critics over executive pay at the commonwealth’s power utility, a firestorm that a new appointment Wednesday afternoon was supposed to lay to rest.

Last edited by pman; 07-20-2018 at 10:13 AM..
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Old 07-20-2018, 10:00 AM
 
328 posts, read 185,830 times
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Quote:
Originally Posted by WIHS2006 View Post
Giving a $750,000/year contract on an island where most people make under $20,000/year is really bad optics.
But borrowing 72 billion and not being able to account for it is just fine.
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