“If the CL Financial group is insolvent, then how are we paying for all this? Yes, that is the big question.”
“For the record, no one from the previous government or the Central Bank, for that matter, has ever even attempted to justify the rotten terms of this bailout. Not even an attempt to explain the interest-free, unlimited, unsecured loan to that lucky group of 325 CL Financial shareholders.”
What is this campaign?
We are witness to a second wave of assault on our Treasury. Let us be sure, those of us who are not in line to benefit directly from the bailout, that the picture is complicated and it contains perils for the entire country.
The original bailout was an unjustifiable and colossal facility granted to the CL Financial Chiefs and the shareholders of that failed, privately-owned, group. I say facility because the taxpayers’ money in our Treasury was pledged to repay the debts of the CL Financial group.
The deal was hatched in secret. The fact is, upon reflection, its terms were never formally debated in our Parliament. Continue reading