Tuesday, July 12, 2016
I hope now we can rest that WA Wijewardena has finally been shown up to be a charlatan
Wijewardena, by his own article has been able to show himself to be one who just does not understand monetary policy and practice by his own vociferous defence of private placements, which have basically ruined the small saver, and reduced the returns of the EPF being forced to buy low yield securities and encouraged Govt. profligacy due to their artificially low interest paid on borrowings.
One has to first and foremost read Wijewardena’s article in this link: http://www.ft.lk/article/553934/Direct-sale-of-government-securities--Demon-or-servant?
Then one should read the reply to it by Arjun Mahendran in this link:
and decide for oneself who is more likely to be correct, based on your knowledge of economics and the way business is done, not in Wijewardena’s time but in 2015 and 2016 when these events transpired.
For good measure, we must note that Wijewardena was also persona non grata even during the Rajapakse regime for being a loose canon, where Central Bank employees were forbidden from attending lectures or seminars where Wijeardena was present.
I just hope that finally Mahendran has called his bluff. Wijewardena may have been a solid banker in his time, but his endearing need to write or be heard is forcing him to make statements that are at best last century, and at worst remiss in leading many people who tend to believe him implicitly, astray.
Lets face it the Central Bank when Mahendran took over was a totally inept, corrupt, and politicized place. Don’t ever forget it? Cabraal had ruined the joint. It was a difficult place for anyone unwanted to enter. Hence the resistance that Mahendran felt was gigantic, as inherently these top paid Civil Servants hate highly paid international bankers as a matter of envy due to their impotence.
I trust that finally COPE will have some sense to fairly asses the situation, and the Auditor General will also understand his limitations, being completely out of his depth in trying to pontificate on a subject beyond his compensation level. Further I would add that Chandra Jayaratne is also acting like an old fool in commenting on a subject and topic he knows nothing about in writing this letter to UNP COPERS!
http://www.ft.lk/article/554133/Chandra-J-s-open-letter-to-UNP-members-of-COPE Read it and you will know what I mean. He is also exposed as a fool.
This is written by one who seriously questioned Mahendrans appointment, in a blog entry on January 11th 2015 even before he was appointed
Read it and you will see that I predicted the problem before it happened, and poor Mahendran had to take the shit for NO fault of his own. What his son - in law did or did not do is another story, but don't rub it on Mahendran please. They rarely talk to each other, let alone get involved in doing a deal to benefit each other! That is why I said the appointment was poor judgement and nothing wrong with the person, who could have saved Sri Lanka at least Rs1trillion in interest payments alone. Wijewardena's contribution does not even exceed five zeros in comparison, so its about level of importance to Sri Lanka and no personal agenda of one or another for BROWNIE POINTS!