Puerto Rico is out of money. And not just out of money, but in serious debt, owing $73 billion to many Wall Street companies after years of investment in the territory by Wall Street. What happens when a territory defaults? It’s not a country that can give away its assets — Puerto Rico is a U.S. territory and thus falls under U.S. law. And as the U.S. government is wont to do when big businesses are facing trouble, Congress is bailing out Puerto Rico with a special type of bankruptcy protection. Who is most affected by the news? What’s next for Puerto Rico?

Read The Capitalist’s Take Here

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T-MOBILE UNVEILS PLAN FOR FIRST NATIONWIDE 5G NETWORK READY BY 2020

T-Mobile on Tuesday laid out its plan to offer the first nationwide mobile 5G coverage by 2019.

The Bellevue, Wash.-based wireless carrier said it will utilize the low-band wireless spectrum licenses it just paid $8 billion for to offer the next-generation network, which will roll out in 2019 and expand nationwide by 2020. 5G promises to be at least 10 times faster than the existing 4G networks. Though we are…

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FACEBOOK HIRING 3,000 MODERATORS TO HELP COMBAT VIOLENT VIDEOS

Facebook is planning to hire thousands of people to help review user content following multiple high-profile incidents of people sharing videos of suicide and murder.

Mark Zuckerberg, Facebook's CEO and cofounder, said Wednesday the company will add 3,000 people to its global community operations team to help “review the millions of reports we get every week.” That is in addition to the 4,500 people already on the team.

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Closing Bell

– Wednesday, May 3rd

Markets Tick DOWN as Fed Stands Pat

Big Insider Trades

– FedEx Corp. (FDX) CEO Fred Smith Sells $25.5m

– Jamba, Inc. (JMBA) Director Glenn Welling Buys $700k