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Last Minute

The Least Transparent FCB Members

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Since the Fiscal Control Board (FCB) was imposed by PROMESA to manage Puerto Rico’s finances over a year ago, some of their members and employees have never disclosed their financial information.

The only ones who have fully complied with the reporting requirements are Ana Matosantos and the Board’s executive director, Natalie Jaresko.

Section 109 of PROMESA reads: ‘Regardless of any ethical provisions applicable to the employees of the covered territory, all members and staff of the Financial Oversight Board will be subject to federal conflict of interest and financial disclosure requirements under 18 U.S.C. 208 of the Code of Laws of the United States,’ which means they have to disclose their finances.

Some days ago(Thursday), the FCB reported that the financial documents of their members had been updated up to December of 2016. The initial reports only covered up to August of 2016.

Members who have remained silent:

1- José Carrión III, FCB chairman

Submits the longest reports, but without amounts

Did not reveal incomes earned or asset values in February or July

Did not include his spouse’s finances either

Submitted quarterly report in June without amounts, although he did disclose transactions over $1,000

2- Elías Sánchez Sifonte, government representative in the FCB

Did not submit detailed information on his income or assets now or in February

Neglected to include his spouse’s income

His reports are not certified by the Board’s Ethics advisor, Andrea Bonime

3- Jaime El Koury, General Counsel to the FCB

Has not submitted any information

4- Ramón Ruiz Comas, FCB deputy executive director

No information regarding amounts for incomes or assets in February or now

No information for his spouse either

Reports are not certified by the ethics advisor

Submitted partial or incomplete information:

1- Carlos M. García

Did not disclose his incomes, wages or asset values, now or in February

In February, he only reported wages with Banco Santander for a little over $5,000

His spouse’s finances are unknown

Although his quarterly report shows security purchases through his Bay Boston Capital LP fund, he did not disclose the amount

2- David Skeel

Failed to reveal some of his earned incomes and asset values in February

He did disclose his spouse’s income in February, but not in July

In the July report, he failed to include his wages as a professor at University of Pennsylvania Law School

Outdated information:

1- José R. González

In February, he submitted a complete financial report, including his spouse’s incomes, but the information is updated only up to September of 2016

Reports are not certified by the ethics advisor

Rectifications:

1- Andrew Biggs

In February, he failed to provide his spouse’s information, but he reported everything in July

2- Arthur J. González

In February, he did not include his spouse’s pension, but he included all the information now

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