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Puerto Rico protest (Spencer Platt / Getty)

Puerto Rico Bankruptcy Puts Pressure on California, Illinois, Connecticut

Puerto Rico’s world-record $116 billion bankruptcy filing represents a massive liability risk for auditors who will likely demand that highly-indebted states — such as Connecticut, Illinois and California — disclose more liabilities, write down assets, and curtail debt issues.

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Snapchat IPO Valued at Up to $40 Billion

Bloomberg reported Wednesday that the social media juggernaut Snapchat has filed to go public at the jaw-dropping valuation of up to $40 billion.