Citigroup Drove Puerto Rico Into Debt. Now It Will Profit From Privatization on the Island.

``Citi is responsible for having underwritten large chunks of the utility's $9 billion in debt, and at one point owned at least hundreds of millions of dollars in PREPA bonds directly, according to an analysis from the Action Center on Race and the Economy. Citi "has been profiting from helping push Puerto Rico over the edge for a long time," said Carrie Sloan, ACRE's research director.... [thus] one of the same banks that drove the Puerto Rico Electric Power Authority, or PREPA, into the red will now be paid to help auction it off to the highest bidder.''