Title: Passing the (billion) bucks
We all have the scourge of laziness within us to some extent.
Indeed, many of us would prefer to lounge in a hammock than work in the sun…easy choice really!
But what are consequences of those actions?
When one chooses to not focus on objectives, but rather pass on the baton of responsibility?
And that exact scenario is being played out, for the world to see as it pertains to CL Financial.
Former Finance Minister under the People’s Partnership Vasant Bharath claimed they tried to get audits done into the international conglomerate.
And international it was, with bases in over 26 countries.
Bharath described the operations of CL Financial as “tentacles” with branches here, there and everywhere.
Government, admittedly then and now, were overwhelmed.
And of course, had their hands tied by legislation governing the bailout agreement.
But every expert, from businessman to economist, says CL Financial MUST be saved.
The implications of its failure border on dire.
Not just financial.
Social. Jobs. Cultural. The economic impact on the lowly policyholder.
While Government is intent on cutting it up into parts and selling it at below value price.
This is the easy way out. Grab 5 dollars instead of wait a day for a hundred.
This is a mentality that as a nation we suffer with: We do not look to long term gains, but rather the fete for now.
It is a dangerous precedent to set.
Government has asked us to band our belly in these uncertain economic times.
It is time they do the same.