Finsac 'worst' economic disaster, says Wehby

[Lazie]

He stammers all the time. Stammer or not, at least he does not have to sit the CAPE.

Really now? In the interview yesterday he was doing quite well, until he got stumped. Maybe he needed to sit his CAPE because as finance minister he has not met any target he has set for himself in 14 -15 years.

[Bricktop]

If nothing else, that was courage. To this day, I have not heard one person offer a sensible alternative. It is easy to criticise. How about stepping to the plate when it matters?

The implication of the takeover is much larger than the fate of the Eagle Group. From an economic policy viewpoint, the government not only closed and sold off Eagle entities, but it facilitated the wholesale transfer of the domestically owned banking and life insurance sectors to foreign entities almost overnight.

It is difficult to understand how this was allowed to happen under a political party with socialist orientation, given the educational background of Finance Minister (Omar) Davies at the University of the West Indies, where adherence to the concept of "commanding heights" was once quite fashionable.

That action raises serious doubts as to whether Davies and the government had any vision of the economic future of Jamaica and the role of the financial sector. Our national anthem has a line, "Grant us vision lest we perish," and how pertinent that was to the dismantling of the domestic financial sector.

While there are merits in foreign ownership within the financial sector, the most important being to raise capital and loans overseas, I believe the joint venture approach of ownership should have been the preferred model, as is well-recognized in most countries.

Sounds pretty sensible to me

[Muadib]

You are wasting your time.

People believe what they want to believe.

Facts do not play a role in that model.

The problem has already been diagnosed, further investigation should focus on the CAUSE.. what is causing this political 'insanity' among otherwise reasonably sane people.

How is an entity such as the PNP deserving of such rabid, fanatical support ?

What have they done to deserve this ? It is rivaling suicide bomber muslim extremism.. at least dem feel seh dem getting 70+ Virgins for eternity.. what Jawge et al getting out of it ????

[Mosiah]

How much of this was offered at the time? It is easy to come with revisionist solutions 5 or 10 years after the fact. Hindsight is 20-20!

[Mosiah]

I am consistently emotional and you consistently an ass.

Good!

[Bricktop]

How much of this was offered at the time? It is easy to come with revisionist solutions 5 or 10 years after the fact. Hindsight is 20-20!

Following various meetings with (FINSAC chairman Gladstone) Bonnick, some of which were attended by (Eagle director Daisy) Coke, we negotiated in good faith for the government to enter into a joint venture with Eagle and to take controlling interest in March 1997.
A meeting was scheduled at the Pegasus hotel with the understanding that the terms of the joint venture would be presented by Bonnick. Attending the meeting were directors Coke, (Oswald) Harding, (Derrick) Milling, (Geoff) Messado, and (Keith) Senior.

It is noted in the EMB minutes of March 4, 1997: "Directors were advised that the first meeting between Eagle and FINSAC was scheduled for this evening to be followed by negotiations tomorrow and it was expected that by the weekend there should be an agreement."

When we went to the meeting in April 1997, we waited for nearly two hours after the scheduled time, when Bonnick, Financial Secretary Tyndall, and a host of lawyers arrived.

Bonnick announced to my utter amazement that the government would be taking over the Eagle companies. I asked whether they were going to close down Eagle entities that were the product of so many years of professional input. He replied yes.

I asked if there would be any compensation to the shareholders of Eagle, and before he could reply, Coke, who might have known of the decision because of her close friendship to Tyndall, said in colloquial Jamaican style, "After it no worth anything."

I was amazed to hear such a remark, and felt that with those words the final nail was being driven in, and I retorted that she could speak for herself but not for the other shareholders of Eagle.

March 1997. Hindsight?

[Gamma]

modus operandi.......

[Willi]

PSC Daisy Coke again????


No wonder we up the creek. LoL

[Mosiah]

But she was a part of Eagle. Whose side is she on in this revisionist period?

[Willi]

A Director...not an executive.

Corp. boards draw from a wide pool most times.

[Lazie]

I am consistently emotional and you consistently an ass.

Good!

Wait .. you're the ass expert now?

[Jawge]

Yes sir! quote: " take thine
ease, eat, drink and be merry........". Time man time. Good thing is that
most mysteries are revealed to me, hence I can read the unwritten, hear the unspoken and see the unseen.

Bless.

[Gamma]

S.L.O.W.L.Y......but surely

[Mosiah]

To recognize one when I see one? YES!

[Karl]

For Lazie -

And who was offering other alternatives to mitigate the impact of the meltdown?

Thanks for your response.

Mosiah: Yuh beat mi tuh hit!

...and, if many lose their shirts in another bank meltdown and the JLP sets up a similar organisation/body to do similar work...Lazie would start his 'puppa-licks' and start telling us about 'horse dead and cow fat' about what a wonderful move it is!
Lazie is blinded by JLPitis!
Poor Lazie!