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The PNCR vociferous about CLICO, but silent on Globe Trust

Dec 09, 2012 Letters

Dear Editor,
Well, the final nail has been placed in the coffin of Globe Trust and Investment Company Limited. Along with the final nail, some pertinent revelations emerged on the Trust’s fall.
I have always had my views about the role the PNCR played in the demise of Globe Trust, especially in the area of unsecured loans; and it was not complimentary.
When the CLICO issue arose, the Leader of the main opposition PNCR was rather vociferous about the path, the PPP/C Government had taken, which according to him, had resulted in CLICO’s troubles, however in relation to
the GT&ICL, the said gentleman was rather silent.
I can recall, asking the late Everall Franklin of GAP, why is it that the
PNCR never raised the issue of Globe Trust and Investment Company Limited in Parliament, bearing in mind that most; if not all, of the Depositors were supporters of the PNCR? Mr. Franklin smiled, and said, “Major, the PNCR will never raise that issue in Parliament, were they to do so, they would have been terribly embarrassed.”
Dear readers, you may recall that the (then) President B. Jadgeo, during the CLICO crisis, had offered to have an inquiry into CLICO, but he said, one must also be done in respect to GT&ICL. His offer was never accepted. Globe Trust was like a minefield to the PNC(R), and only a fool, or one who is suicidal, steps into a minefield unprotected    The PNC(R), was neither of the two.
Part of my 34 years of service in the Guyana Defence Force was spent in the Intelligence Command. I was the Command Warrant Officer, I therefore used some of the experience gained from that Unit to find out the root cause of the
Trust’s collapse. What emerged from my limited exercise, was a mosaic of greed, corruption, racism, backroom and club deals, and most alarming, the quest for political power, using other people’s money.
I learnt too, that we tend to look at issues from the point of race, and view things, through a glass darkly. As a result of my letters to Stabroek News on the Trust issue, I received telephone calls from people whom I considered to be my friends, accusing me of being anti-black. I was once told that if an Indo Guyanese had suffered financial loss, as a result of mismanagement by an Indian Bank, he would have kept quiet, and accepted his loss, and that I, as a Blackman, should have done the same.
With every letter that I wrote concerning the Globe Trust issue, I had cause to remember the vendor in Bourda Market; the lady who on receiving her cheque, which represented five percent of her savings, broke down and cried; the old gentleman who lived in London and who sent his pension faithfully each month to be deposited in GT&ICL; the many persons who became ill, when they learnt of Globe Trust’s collapse. Some subsequently died before receiving the handout.
Well, then, if because I highlighted the aforementioned, I am to be perceived as being anti-black    .so be it.
C. S. VAUGHN, MSM Major (Ret’d)

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