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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.

Bitcoin (Rick Bowmer / AP)

Bitcoin Crushes Bank Fees in Emerging Economies

New evidence is emerging that virtual currencies and distributed ledgers, like bitcoin, are gaining strength in emerging economies by cutting out huge fees charged by local banks and financial institutions.