In a statement carried by the Guardian on Thursday, former chairman of the PNM, and a Finance Minister in a past PNM administration, Conrad Enill, came out batting for the PNM with a remark which, to all intents and purposes, sought to extract some kind of political capital attributable to it. Enill said it was the PNM that empowered the Central Bank (some time in 2009), through legislation, with the strength to go after corporate wrong-doing and fraudulent business practices by people responsible for (particularly in this instance) the failure and scandal that Clico, CIB and other clan companies wrought and which have left so many thousands almost penurious, but yet hopeful that they can recover their monies.
It is as if, according to Enill, the PNM vested some sort of extra life into the management and resolve of the Central Bank with that particular legislation back in 2009, notwithstanding the fact that regulation and requirements of financial institutions-insurance companies, brokerage houses, venture capital firms, stock exchange, et al-operating here were always the responsibility of the Central Bank.
And that all financial transactions, all claims, queries and complaints of consumers/customers arising from unprofessional practices of those companies were first brought to the attention of the folks at the Central Bank and, from there, to the final arbiters. It is political tomfoolery to want to make such a ridiculous claim at this point in time! Enill, in seeking to gain political capital in this current CB-Clico-CIB-BA affair, deserves the response from all right-thinking people anywhere in the world: So what?!
Michael Coryat
Cascade