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Letter: Clean it up. Protect the people
Published on May 9, 2017 Email To Friend    Print Version

Dear Sir:

Government through a financial regulator should have a say on salaries and expenses of ANY institution that could qualify for a government bailout.

Including banks, insurance companies, ANY organisation in the finance industry whose failure could throw responsibility to their clients onto the state in cases where management actions collapse the company, the state should have oversight on ALL capital expenses.

Further, the threshold for cover needs to be increased to at least 51 percent of ALL deposit balances held in trust in case of institutional failure, so that customers could be guaranteed at least 50 percent return so that one company's collapse does not lead to systemic failure.

What happened to CLICO/CL Financial threw the ENTIRE burden on the state, despite us having been warned since 2002 by a then attorney general that the company was technically insolvent.

Further, no board members of ANY institution beholding to the state or has any interests in any business with the state, no interlocking directors (directors on associative boards) should be allowed.

State institutions need to be insulated from the decision makers at private companies with whom they may enter into any business, and vice versa.

No more party treasure/company director/government post holders should ever be contemplated after the Home Mortgage Bank fiasco.

Right now the state is making decisions on a the continuingly bailed out CLICO/CL with former directors investors also part of the government and the opposition, an aberration and a contradiction to financial responsibility and fair play.

Phillip Alexander
Reads: 3391

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