Monday, March 9, 2015

The MORONS don’t listen!

I made it abundantly clear in my blog post that bringing Arjuna Mahendran into the CB will be a big mistake, and I noted the reasons. It should at least have been done after the elections, by which time the Central Bank could be cleared up of the bad eggs by a stand in ex Central Banker, who could have weeded out the chaff.

Mahendran knowing NO better has actually promoted some of these people who really should be fired from the Central Bank, as their hands are as dirty as they go, for backing Cabraal and his merry gerrymandering of the statistics to distort reality.

That is the price RW is paying for not following my advice, after all he reads my blog doesn’t he? Anyway I am surprised that some stern action has not been forthcoming, before the shit hit the fan on Mahendran’s son in law and his dealing with the bonds on the change of policy to a higher interest rate scenario from a lower one, where other primary dealers have lost their shirts, whilst Perpetual is laughing all the way to the Bank.   

No matter what spin is put on it, and I am even able to accept that Mahendran was blissfully unaware of his son in law’s activity, it is common practice for a connected party such as his son in law to desist from the auction and take no part in the BOND AUCTION.

You live and learn, and fortunately the average JOE does not understand the nuances of this business, but in one deal this guy is likely to have netted a clear profit in excess of Rs250M.

Governing is not easy at the best of times, Governance is even more difficult, as one has not just to show complete independence, but be seen to be free from any conflict of interest.

The advice that RW has been given by his coterie hangers on has clearly failed this time, and in such event, I am sure no one shares blame for this action. I hope however that it is a lesson for the future, where the Govt. stops this rot, and takes on a new veneer before it is too late, to build the confidence of the public that it can do the job entrusted to them.

It is time to appoint an independent committee just to look into the conflict of interest in any of the prime appointments including the Bank Chairman. This will take the weight of the PMs shoulders, and ensure the public know that the Govt. is serious about good governance.

I am willing to give this Govt. another chance, as they have accepted the reigns of state without time to plan ahead, and find suitable people, which was added to by the 100 day complication, that necessitated a different approach. If they do not learn then it is their wake we go to!

As alluded to above, I believe that there is only one option. That is to use the services of a reputable Ad agency to give the message to the grassroots, public, not just the UNP that the promises made are enacted, albeit slowly due to legal reasons, and the Govt. is on top of their work, and have prioritized the 100 day plan ahead of giving employment to their supporters, and handling long lasting grievances of theirs. It is this kind of PR that helped MR in the early stages, but they have to be fulfilled at some stage to prevent it from being merely another unfulfilled promise.    

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