We need to get an explanation
In his recent speeches attacking Anna Deonarine, the Attorney General has made two very troubling statements. Yet they have received virtually no attention, with reaction being focused on the political and policing issues.
The first matter is that the AG said the bailout will cost the nation “more than 25 billion”. Mere weeks ago we were told by the Minister of Finance that the total cost was to be $24 billion. Who is correct?
If it is the AG, then what accounts for the discrepancy, and should we not have been told by the Minister of Finance? We are speaking after all, about an extra billion dollars or more of our money. What ever happened to openness and accountability? We need some answers.
Next the reports of the speech suggest that the AG held up a copy of the CLICO policy that he referred to. How did this come into the possession of the AG? Was it part of the police file, and if not does it not vindicate a concern I expressed about two years ago?
At that time I wrote a piece in which I lamented that the method of the bailout, unique to T&T, would result in the financial records of tens of thousands of our citizens falling into the hands of politicians. I was taken to task by Carolyn John, MD of CLICO who wrote that politicians and public servants would categorically not have access to personal files.
The means by which the AG was able to access this confidential information should be of concern to all persons with policies at CLICO. It should also concern all who interacts with any financial services company, as the lines of demarcation between regulators, rescuers and management appear not be blurred, but entirely erased. No financial sector can operate effectively where that is the case. We need and deserve answers.