The leader of the Congress of the People (COP) and former governor of the Trinidad and Tobago Central Bank is demanding answers about the CL Financial "debacle".In a news release Winston Dookeran said he was "stunned" to learn of the developments.
"We listened to four of the main players in the management of the Trinidad and Tobago economy engage in a startling expose of the ills afflicting our economy and the depth of their mismanagement as illustrated by the sad tale of CLICO's failure," Dookeran said.
He said the officials "delivered a damning indictment of their collective stewardship while trying to distract the nation with a pathetic display of self congratulation at their ability to speak with the same forked tongue".
Dookeran added, "Clearly, the impact of the global economic crisis on Trinidad and Tobago is deepening and the government's response is partial and superficial."
Sadly, the only clear element of their plan will be to effectively nationalise the Republic Bank through the distressed acquisition of 55 per cent of its shares. He admitted that while "a sale might be a viable way to address CLICO's liquidity problems, we must be concerned and vigilant in the way this sale is handled by this administration".
Dookeran said he is concerned that the Central bank was unable to state the size of the financial hole to be plugged at CLICO. "The nation will therefore be at a loss as to the government's capacity to achieve its objective," he said.
Dookeran wondered whether the finance minister and the prime minister were wrong when they said the country was not "as vulnerable as the U.S." with regard to the global financial situation.
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