Those who are interested in the well-being of the Grenadian people are now well known.
Those who are not, stood out clearly on Friday, 20 July 2012. Keith Mitchell, Modeste, Bhola, Nimrod, Church and Hood demonstrated their wicknedness and screwed the Grenadian people. All in the name of dirty politics! All because they are trying to make the government look bad and gain the elusive upper hand! They were so blinded in their attempt to gain power that they lost sight of the people’s business.
Could you imagine that the NNP group which presided over the poorest regulatory period in our history, a period, when insurance companies were allowed to virtually do what they wanted and the offshore sector ran wild, again failed to do the right thing?
During that period, thousands of persons in the USA and Grenada lost money. In Grenada’s case, a few thousands lost all their money in Cap Bank, Clico and Baico and a few hundreds lost their money in Nalgico. Some still cannot rebuild their homes after Ivan.
And now, in an attempt to put proper structures and practices in place to prevent things like that from occurring, the NNP group has blocked it. KCM claimed that it was the wrong time. Imagine that it is the wrong time to protect Grenadians! He said that it was the wrong time to introduce the VAT. He gambled with the economy which fell apart under his watch.
He used up all monies that he could have put his hand on to pay salaries. So even the money given by Trinidad to buy the coast guard boat was used to pay salaries as his tax structure was inadequate AND HIS EXPENDITURE HIGH. St Lucia is now introducing Vat, St Kitts introduced it last year but it was wrong for Grenada.
So they killed the Insurance Amendment Bill (2012) designed to introduce a sort of reserve requirement ratio for insurance companies wishing to do business in the Spice Isle.
Minister for Finance, Nazim Burke upon the Bill’s second reading insisted that in view of the fact that the financial sector has been bombarded with incidents of folding financial institutions, which resulted in intolerable losses for the public and investors, Government felt that it had become necessary to institute a clause which makes it mandatory for companies doing business in Grenada to make a deposit of EC$500,000, to the Grenada Authority for the Regulation of Financial Institutions designed to serve as a safety net.
Pointing to the CLICO and British American debacle and the SGL saga that left thousands of Grenadians without their life savings and pensions, Hon. Burke noted that the Government owed a duty of care to its citizens to try and provide in some way for that eventuality, and even to prevent it. “
In his opposition to the Amendment, Leader of her Majesty’s Opposition Dr. Keith Mitchell, sought to point out that in these hard economic times, the government was seeking to place an additional burden on its population, an argument countered by the Leader of Government’s Business, Nazim Burke who commented that it was better to spend one dollar extra to protect your hundreds of dollars, rather than wake up one day and find it altogether gone. ”
But perhaps the dumbest thing that transpired in parliament is the performance by Hood. He got up and asked the most stupid question heard for a long time. He obviously was wrongly advised. He appears not to know that there is something known as non- interest bearing accounts. He appears to know very little about how insurance companies are run.
He appears not to know about the concept of statutory reserves and its role in the protection of peoples deposits. Poor fella.
But driven by his intention of destroying, he demonstrated his true intentions. God must be in pain to see this ungodly act against the common people. And from a man of the cloth! Imposter or joker! Church is already lost and Gilbert was late in coming. But the planned intentions were quite clear. Frustrate, frustrate, frustrate.
And in the process, the Grenadian people got screwed. Compliments the NNP group!