Jack Warner Pledges $1 Million To The HCU
Austin “Jack” Warner has pledged $1 million to the Hindu Credit Union (HCU). ONLY NOW!!!!! Hmmm… Is this a case of Politricks?
Jack Warner, MP for Chaguanas West announced that he will be holding a meeting on Sunday to discuss the Hindu Credit Union (HCU) and issues surrounding CL Financial. In his announcement he stated that he plans to pledge $1 million towards the HCU in order to help wipe out the shortfall between the assets and liabilities of the company.
A lot of people are praising Jack Warner’s efforts, proclaiming him to be a man ‘for the people’. However, I for one, think that these people are missing the big picture. The HCU requires $300 million to cover its losses. Therefore, he needs 299 other persons to pledge $1,000,000.00 each as well (that’s quite a lot of money considering the economic situation).
With this money they hope to establish a new company whose shareholders will be the existing members of the HCU, together with new shareholders, including businessmen, who could inject the $300 million. He also said that the company will have a new board of directors as well.
Mr. Jack Warner even went further to criticize the PNM government for not bailing out the HCU. But I don’t think it would have been appropriate for the government to bailout a company that has not offered any worth while explanation for its present situation, notwithstanding the fact that this is a Credit Union which is not governed by the same policies as banks. I do, however, sympathize with all those who have lost their life’s earnings due to the down fall of HCU. A proper investigation into why HCU failed needs to be carried out before they inject $300 million dollars back into that company.
Warner is being claimed as a hero who has come to the rescue of HCU’s stakeholders. But this so called rescue comes after a long period of time. What exactly prevented the UNC from intervening from before?
Warner made it known to HCU shareholders that the “Government doesn’t see you as equal citizens. They see you as UNC voters at worst. Others in the corporate world or even some sections of the media see you as losers, depositors who lost out by being members of the once powerful HCU.” Additionally, Warner stated that HCU shareholders do not need to wait on the help of the government but can help themselves. But why is this self help coming so delayed? Sounds like Politricking to me!
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