“Hell No! This is not a private matter”

Dec 12, 2011 Letters

Dear Editor,
The Feds are trying to turn Ed Ahmad into a poster boy for the financial meltdown that hit the United States in December 2007. Trillions of dollars worth of “Liars Loans” were issued to people who did not qualify for these loans. These “Liars Loans” mortgages were packaged and used as securities to issue new bonds (CDOs, Collateral Debt Obligations) around the world.
When the homeowners could not make their mortgage payments, the CDOs bond markets collapsed. Trillions of dollars were involved. A real financial meltdown took place. The U.S. stock market lost fully 50 percent of its value. The DOW plunged from 14,000 to under 7,000.
Now get this: Of the several trillion dollars worth of “Liars Loans” mortgages issued (also called subprime mortgages), it is alleged that Ahmad was involved in selling a mere $50 million. Who sold the other trillions of dollars?
Why don’t the Feds arrest and charge the tens of thousands of mortgage brokers across the United States who did exactly the same thing Ahmad was alleged to have done? Why aren’t the bankers going to jail for being complicit in the subprime racket?
Oh! It is obvious why the Feds are targeting Ahmad: Congressman Gregory Meeks (my Congressman – I’ll never vote for this sob again) received some of the largesse from Ahmad.
And this is a major violation of the law in the USA for a Congressman to receive such a large unreported cash gift. Congressman Meeks has since admitted to receiving the money but said it was a loan, not a gift, and has since repaid the loan with interest.
I repeat the Feds should arrest and charge the tens of thousands of mortgage brokers across the United States who did exactly the same thing Ahmad has been charged with.
I have one problem with this Ahmad epistle. Ahmad shipped a container with an estimated value of US$100,000 worth of building materials to former President Jagdeo.
Jagdeo’s office released a statement admitting to receiving the container and said, he as president, was entitled to receiving such duty-free shipments; and further said this was private matter.
Well, the Guyanese people ought to protest and shout “Hell No. This is not a private matter”. Every other citizen has to pay customs duties if they enter the country with an electronic gadget valued as little as US$100.
And, here you have the Head-of-State receiving a whole 40-ton container of stuff and paying not a dime in duties.
Something else, a possible greater violation of law. Was the container a gift to Jagdeo? Did Jagdeo pay full value for the container? If Jagdeo paid for the container he should immediately call a press conference and produce his proof of payment, and clear this cloud of possible law-breaking from over his head.
If Jagdeo cannot produce proof of payment, then this container must be deemed a gift. Such a gift must be considered a bribe. And the citizens of this country have the right to demand to know what Jagdeo gave in return to Ahmad.
The Guyanese people have already been told that Ahmad purchased sugar estate lands at a public tender and has also opened a store or warehouse in the building that formerly housed the Mirror newspaper. This tender should be investigated to determine if it was legal or corrupted.
Mike Persaud

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