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| Silvanus Fontenard |
Some people are now angry that credit unions might be buying Government bonds to help pay their own salaries. However these same people stayed silent when Choiseul Credit Union bought over 30 million dollars in Government Bonds and treasury bills between 2013 and 2016.
Wow! How hypocritical. I don't believe in bond purchasing
by community organizations because governments do not have longevity - the
interest rates can change with the tide and that most governments are insolvent
anyway. However, because of the crisis, it could be the only time one can
consider tolerating the bonds because it will be used to help pay public
servants and we all have to chip in.
What I
don't understand is that the very people who thought it was OK between 2013 and
2016 when there was no crisis are up in arms now. Is it because their cousins
and party friends were the ones making those decisions? These are the questions
the people of Choiseul must ask now that the credit union is using COVID as an
excuse to reduce interest rates on savings by 75 percent as quietly like mice,
from 4 percent to one percent without informing the members. They are only
finding out when they go in to do business.
Why won't they say that they messed up by buying truckloads
of bonds and were taking large sums which they are unable to lend out from
unsavoury characters from outside Choiseul and Soufriere who do not qualify for
membership under our bye laws. They have created a crisis and are now using
COVID as the excuse.
COVID has not impacted us much. The hotel workers
who are the ones most affected are still getting some reduced level of income
from the NIC and their employers in some instances. Those who contribute to the
NIC will continue to receive the support until September so where is the
justification for blaming COVID. They messed up and now have an excuse.
It is easy to manage this current situation if you know
anything about "Managing Cooperatives in a free market or Crisis
Management". Obviously many of the board members accept the positions but
never educated themselves on how to run the organization. It's not just about
being on a board - one must get to know the philosophy, guiding principles and
regulations which prescribe their operations to the letter , otherwise you have
chaos when faced with challenges.
COVID's problems are
not really here yet. They will come after September so brace yourselves. These
inept and crooked monkeys whom you entrust with your livelihoods and life
savings will make you run to hell with a smile because it will appear to be a
better place than where they are taking you.
All I wish to say to those who have called me to complain is
" be prepared for a very rocky road". The journey is just beginning,
you have not seen anything yet. May GOD bless you in this impending crisis?
End.
Editor's note: Fontenard have always stood up to the faux pas of this organisation. An article he wrote in 2017 http://choiseul-inform.blogspot.com/2017/03/choiseul-credit-union-behind-by-2m-plus.html still make for a good read.
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