Posted by: nastylittletruths | May 4, 2009

Local Bailout… US Style Failure

I saw a young guy in a mall once with a T-Shirt that read something to the effect that, if she’s rich and pretty, he’ll date her. (Trying to remember here… since it was funnier then). After reading yesterday’s Express investigative story by Camini Marajh, I was thinking the same about  Gita Sakal! US$45,000/month salary and US$2m bonus (guaranteed) makes it a very attractive proposition.

But I jest… What, pray tell, are we doing with these people? CL coudn’t meet their obligations to their clients and went to the Government to seek help. The Government asked for its pound of flesh for disbursing taxpayers dollars (!) and Ms. Sakal thinks that it’s unfair that all their monies are tied up? What money? You didn’t have any in the first place!

The story went on about the big boys who made their millions and millions of ‘hard earned pay’ making CL what it is today – a failure that is hanging around the necks of TnT taxpayers, not them. To make excuses that Duprey was a big picture man and he was an entrepreneur extraordinaire in where he took his company falls flat in the face of where the company is today.

I told many people since January that I saw no difference between our Duprey and the Stanfords of the world and all those greedy men and women in the capitalist capital of the world – the USA. How many men paid themselves millions – millions while the company was falling all around them. And now, just like Gita, they say that they are entitled to what their contract says is owed to them. Yuh talk about bold-face… I think that they should take their case to the taxpayers and see how they feel about it.

And what about the continuing saga of conflict of interest regarding the Minister of Finance. So, she said Clico paid off for her mortgage as it was insurance issue – that makes sense to me, but what about the Benz? Seriously, a Benz? And there’s no conflict of interest? I’m sorry, but it makes no sense to me when on the other hand your erstwhile colleagues speak about how difficult it is to find people for the Integrity Commission in the small pool of people available on the island.

Paying yourselves millions, running a company into the ground, the $10b that is needed to float back the group could have been meaningfully put towards infrastructure or services (well… as much as a dim PNM government can) and you still feel someone owes you something Gita? Isn’t the corporate secretary the legal embodiment of a company? After all that went on during your watch, you may be lucky to get away not making jail time.



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