Tuesday, November 1, 2016

Did we have to wait 20 months for the COPE finding to be forwarded to the Attorney General?

If anyone has read my blog in its entirety you will know that it is upholding the law of the land that is paramount, in everything I recommend and write. Most of my detractors of my opinionated statements do so as they talk out of emotion, or from what they have read, or have been INFLUENCED by people who they believe are experts.

I have debunked these so called experts as Charlatans most of the time, as they have an agenda to which they work, and that has nothing to do with upholding the rule of law, though they may imply such a stance to the uninitiated. My previous post on the subject is one classic example of bull shit from experts.

This whole BOND SCANDAL has been grossly mismanaged by the Govt. to their cost, and accordingly, the Govt. has lost goodwill, especially from people who voted for them, who have turned due to this ONE event. Most of the people have NO clue as to what occurred, but having been plugged into 20 months of misinformation, you cannot expect much from intellectually challenged public, who have to believe what the Media feed them, even if that is a pack of lies.

The spectators of this scene in Government, and I mean the highest echelons of Govt. and their advisers, have shown their true colors, namely unqualified even to manage their household. They have let matters come to this stage, unable to foresee the extent this FRANKENSTEIN’s MONSTER of their own creation, which has taken a life of its own, resulting in this state of utter HYSTERIA.

If at that stage, the PM had the humility to accept that though he did nothing wrong, it does seem that he did! I hope he understands that at least. So if it seems that he did err, what would be the best course of action?

It would be “accept blame that in an environment of say a 9% interest rate in the Commercial Market, the issuance at 12% was unusual, and if only to prevent the element of collusion of an untoward transaction, the CBSL SHOULD have immediately, looked at how much those particular bonds were sold in the secondary market, and issued a penalty amounting to the value of the profit on the FIRST transaction of these bond sales.” IMMEDIATELY all allegations of misappropriation of state funds could then be nipped in the bud. I REITERATE THAT IT IS NOT TOO LATE to issue this penalty NOW and clear the air with regards to this transaction and the one a year later, once and for all.
Having explained this simple way out of the mess to save the Govt. any more embarrassment, do they have anyone with a modicum of commons sense to understand and act on it? I am afraid not.

As a result of this stubbornness we will have the AG investigate this, and make a recommendation that they have NOT been able to prove that collusion took place, as they have NOT been able to show any financial enrichment by TWO parties to collusion, and ONLY in one party, that is NOT sufficient for such an assumption.

Then this will create a furor from ANTI GOVT groups, including Civil Society that gives a lot of moral high ground to the detractors, and the issue will CONTINUE TO FESTER.

Is my latter prediction, the preferred alternative of this Govt. the price for stubbornness?

I MUST NOT BE, and so I plead with anyone who has any brains in this Govt. to take cognizance of my proposal and immediately request that the CBSL, issue a letter of demand for lost interest, based on the calculation proposed by me, on Perpetual Treasuries, and have done with it. They can then continue to do their business, as they are the Primary Dealer with the best dealing room, and should be an asset to the Country to pave the way for other enterprising entrepreneurs to enter the field of Primary Dealing, to give them a fight in competitive bidding.

It is now proved that State Institutions are too incompetent in doing this job, due to the lack of motivation on the part of their management, and it is therefore WRONG of the COPE report to give priority to STATE actors in allocating Bonds. The reasons are pretty obvious, as they are second class in their performance, due to the public sector mentality that rewards incompetence and punishes competence.

If Sri Lanka is to move forward with a dynamic workforce, dynamic youth MUST be incentivized, rewarded, promoted and permitted to excel, instead of the current practice of clipping their wings at EVERY stage. The present result is a MASS migration of the best of Sri Lanka, as soon as they have received their education to go to lands that appreciate their competence and ability.

It is time our 225 fossils in Parliament simply leave and let new BLOOD in to give some much needed blood transfusion into the “Body Politic” so that practical solutions to everyday problems are found, and we move on, rather than get stuck for 20 months on a Bond Scandal that appears to have another 20 months of life left to resolve!

1 comment:

  1. Why have we witnessed 20 months of rubbish by Media and Politicians?

    This is a simple auction, and the mistake CANNOT be on the part of the BIDDER unless collusion can be proved to defraud the people of Sri Lanka. Collusion cannot be assumed.

    It is a simple case of the Central Bank asking for bids, and allotting to bidders more or less at rates. The BIDDER CANNOT be held responsible for the BOND SCAM, either the Governor and or the Members of the Public Debt Dept are wholly responsible and cannot hide under the law.