CL Financial bailout – Charting the Ruins

…We have to make that honest assessment…Our society has become despondent, a resignation to decadence, where everyone owes everyone else a favour it seems… (1981)
…Who will rechart the ruin?… (1970s)

—Quotes from Leroy Clarke’s MACO interview 20 February 2016


Then they fill yuh head with all kinda story
Until truth becomes a mystery…
Now is time to Boom Up History!

Boom up History (3canal) © 2008 Machette Music

Correction

In my previous article, Camille Robinson-Regis was incorrectly named as a member of Cabinet in January 2009, when she was in fact serving at that time as our High Commissioner to Canada.

The voices of our leading Artists urge us to search for meaning, if we are serious about building a civilisation out of the lies and ruin we inhabit. That kind of serious building requires a solid foundation which must contain sober reflection and acceptance of responsibility by both the people and the leaders. This is the Season of Reflection, so this week I am looking backward to go forward. A Sankofa pause to delve into these sobering CL Financial events to try to derive some meaning. We have now passed Emancipation, so the series is moving onward to Independence.

In this article I will examine the positions taken by various leaders as the CLF crisis gathered force, culminating in the declaration of the bailout on 30 January 2009. There is either a sobering naivete or a lack of rectitude in the highest chambers in our Republic.

4ministers

The main persons dealing with the crisis were the Cabinet, the CLF Chiefs and the Central Bank. The former Cabinet members from whom we need to hear are – Colm Imbert, who is the current Minister of Finance; Mariano Browne, then Minister in the Ministry of Finance; Conrad Enill, former Minister of Finance and Chairman of the PNM; Karen Nunez-Tesheira, then Minister of Finance. Continue reading “CL Financial bailout – Charting the Ruins”