Ocel(art)
11-03-2007, 04:55 PM
hey, so i posted this up earlier in a different thread, and that thread got taken down, because people weer being nasty to one another... hope this thread doesn't go down that road...
just to hear your thoughts. i mean, alot of cop people think that dookeran is honest, but perhaps this extract might show that he isn't the strongest leader around...
A top financial expert is charging that Congress of the People (COP) Leader Winston Dookeran didn't help "the small man" when he held the post of Governor of the Central Bank of Trinidad and Tobago. And Ved Seereeram is challenging Dookeran to a debate.
Seereeram is considered Dookeran's equal in the finance world and calls the COP leader "a dismal failure."
Seereeram, a well-respected name in economics, once featured in a two-page spread in Time magazine, said "As far as I am aware, the finance industry deteriorated significantly under his watch. During his term as Governor of the Central Bank, Trinidad banks (not all of them) went on a rampage in the Caribbean."
Seereeram charged that the banks "cheated their retail consumers, their corporate clients and even governments, including ours." He pointed to allegations at two major banks in particular for sinking many Caribbean countries in debt.
He said Belize is now considered the begging bowl nation of the Caribbean, adding that Dominica is another such victim that had to seek IMF support to provide financial resuscitation.
Speaking about Dookeran's tenure at the Central bank, Seereeram described it as "a scandal."
He charged that in 1998, one bank defrauded the government of more than $70 million on a financial transaction but when he said when it was brought to the bank's attention Dookeran didn't do anything about it.
He said Basdeo Panday as Prime Minister ordered a forensic review.”The ensuing report," Seereeram claimed, "confirmed the illegality of the transaction."
He said Panday then returned the matter to the Central Bank for review, "but again, Dookeran did nothing."
The financial consultant further alleged that another fraud perpetrated by the same bank on Petrotrin resurfaced while Dookeran was at the bank.
"More than $25 million was cleverly pilfered from a State agency by an institution under his regulatory control and he did nothing," he charged adding that the intyernational media covered this story under the headline: Predators in Paradise.
Seereeram remains convinced that if Dookeran was as learned as he claims to be and was serious about protecting the integrity of the financial system, he would have performed his duties differently.
Seereeram noted that as Governor, Dookeran could have protected the vulnerable in society or the small man by putting a stop to deceptive advertising by some banks.
“He would have desisted from using the add-on rate method. This is deceptive. Early repayment fees of 10 per cent are charged without the borrower knowing. He would have insisted that banks publish a list of all banking fees in the foyer of each branch. He could have forced the banks to stop all the forced savings loans," Seereeram said.
http://www.hotlikepepperradio.com/cms/modules/news/article.php?storyid=687
just to hear your thoughts. i mean, alot of cop people think that dookeran is honest, but perhaps this extract might show that he isn't the strongest leader around...
A top financial expert is charging that Congress of the People (COP) Leader Winston Dookeran didn't help "the small man" when he held the post of Governor of the Central Bank of Trinidad and Tobago. And Ved Seereeram is challenging Dookeran to a debate.
Seereeram is considered Dookeran's equal in the finance world and calls the COP leader "a dismal failure."
Seereeram, a well-respected name in economics, once featured in a two-page spread in Time magazine, said "As far as I am aware, the finance industry deteriorated significantly under his watch. During his term as Governor of the Central Bank, Trinidad banks (not all of them) went on a rampage in the Caribbean."
Seereeram charged that the banks "cheated their retail consumers, their corporate clients and even governments, including ours." He pointed to allegations at two major banks in particular for sinking many Caribbean countries in debt.
He said Belize is now considered the begging bowl nation of the Caribbean, adding that Dominica is another such victim that had to seek IMF support to provide financial resuscitation.
Speaking about Dookeran's tenure at the Central bank, Seereeram described it as "a scandal."
He charged that in 1998, one bank defrauded the government of more than $70 million on a financial transaction but when he said when it was brought to the bank's attention Dookeran didn't do anything about it.
He said Basdeo Panday as Prime Minister ordered a forensic review.”The ensuing report," Seereeram claimed, "confirmed the illegality of the transaction."
He said Panday then returned the matter to the Central Bank for review, "but again, Dookeran did nothing."
The financial consultant further alleged that another fraud perpetrated by the same bank on Petrotrin resurfaced while Dookeran was at the bank.
"More than $25 million was cleverly pilfered from a State agency by an institution under his regulatory control and he did nothing," he charged adding that the intyernational media covered this story under the headline: Predators in Paradise.
Seereeram remains convinced that if Dookeran was as learned as he claims to be and was serious about protecting the integrity of the financial system, he would have performed his duties differently.
Seereeram noted that as Governor, Dookeran could have protected the vulnerable in society or the small man by putting a stop to deceptive advertising by some banks.
“He would have desisted from using the add-on rate method. This is deceptive. Early repayment fees of 10 per cent are charged without the borrower knowing. He would have insisted that banks publish a list of all banking fees in the foyer of each branch. He could have forced the banks to stop all the forced savings loans," Seereeram said.
http://www.hotlikepepperradio.com/cms/modules/news/article.php?storyid=687