Another Christmas and no Finsac report


Thursday, December 19, 2013    

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How wrong were the political optimists among us who were sure we had moved beyond the politically immature days when the start-ups of one party in power became the very things to de-select and bury when the other party won.

Today my focus is on the deliberately stalled Finsac report, stalled by factors I think have everything to do with a politically motivated agenda.

As for me, in one breath I want to take the easy way out and blame the Jamaica Labour Party (JLP) for not having the political magic needed to secure a second term beyond 2011. That the JLP lost miserably is a political truth therefore I am forced to bow to reality and conclude that the stalling of the report has everything to do with more than the possibility that the major findings would have been politically devastating to the People's National Party (PNP).

Started in 2009, as a campaign promise made by the JLP in its run-up to the 2007 elections, the enquiry was mandated to look inside what brought about the massive meltdown in the financial sector in the 1990s and some specifics about the actions of Finsac, the government entity that was charged with managing the fallout and the 'restructuring' of some of the entities involved.

After spending over $60 million on the enquiry, the commissioners played into the hands of the ruling PNP by admitting that the scope of the work was much wider than they thought, and more time and money was needed to complete the enquiry and draft the final report. With not much of the support for its completion...

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