Here is Puerto Rico’s explanation of its noncompliance with SEC Rule 15c2-12:
How can an underwriter sell bonds of an issuer whose financial disclosure is 18 months old? How can a fiduciary buy the bonds of an issuer with no current financials?
“The reality is that unconventional monetary policy is difficult, perceived as risky, and never pursued with the vigor of conventional monetary policy.” --Paul Krugman, NYT, March 17, 2010 "Reducing policy interest rates to the zero bound fails to stimulate credit supply and demand in a ‘balance sheet recession’ in which the private sector is deleveraging." --Adair Turner, 20 May, 2013