rico. a tax incentive was introduced which helped lure dozens of major companies to the island, employing significant numbers of people. but when that incentive expired in 2006, concurrent with a major recession in the states, those companies packed up and left. thousands of puerto ricans followed, looking for jobs that no longer existed on the island. the tax base shrunk drastically, creating a dire need for cash to shore up basic needs and services. so along came the municipal bond, a big fat iou that appeared to be salvation for a near broke government. they're sexy for investigators, triple exempt from taxes and bond owners buying puerto rican debt would have to be paid back before anyone. that's anyone.