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

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.

Citigroup Global Markets Inc., or Citi, will be the main investment bank consultant in the restructuring and privatization of PREPA, the Washington-appointed Fiscal Control Board — the body now overseeing Puerto Rico’s finances — announced recently. Puerto Rico Gov. Ricardo Rosselló first announced the move toward...

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