Mark vows firm UNC support for Baboolal

Mark was referring to Baboolal’s statement that East Indian women in the home, held the purse strings — remark which has been interpreted as support for Basdeo Panday and Chief Justice Sat Sharma.

Baboolal looked very amused as did members of the Government bench as Mark stated: “Madame President we don’t want to believe what we are hearing in the grapevine about your status in the Parliament.”

Mark, who has had many clashes with Baboolal on her rulings in the Senate, and who at one stage had even supported a motion of no confidence in her, yesterday championed Baboolal’s right to speak “the truth.”

At the time, he was speaking during the debate on the Financial Institution Amendment bill in the Senate.

Mark called on Government to withdraw the bill, which he said would put too much power in the hands of the Minister of Finance “whose dictatorial tendencies,” he said, “have become manifestly clear.” He said the PNM was not satisfied with controlling the Judiciary, the Parliament, the Police, it now wanted to control business.

He said under the bill businesses had to have Central Bank approval if they wanted to merge, and if the shareholding in the new venture was more than 40 percent, the business had to go to the Minister of Finance, (“who has demonstrated an infinite capacity for abuse of power”), for approval. “Is it a CLICO bill or a CL Financial bill?” he said.

Mark also argued that the bill represented Government’s attempt to invest in the Central Bank, the functions and duties which were previously invested in the Securities and Exchange Commission. “Why is Government seeking to undermine the role of the SEC?” he said. Mark added however that he was getting “disturbing news” about the irregularities at the SEC under the chairmanship of Osbourne Nurse.

Mark also questioned why the UTT had invested TT $11.6 million of unit holders’ money in a US $550 million natural gas pipeline project.

Independent Senator Kenneth Ramchand severely criticised the Central Bank’s “misguided regulatory fervour” in forcing large investors to make changes to their portfolio. He blamed that it resulted in a downward spiral in stocks which were traded at irrationally low prices. He said this led to a tremendous loss of investor confidence in the local market. “Do you know how many poor people’s money is invested in Unit Trust?” he asked. He added that he went “playing farse” and invested $10,000 in the stock market in what he considered blue chip stocks and lost.

Ramchand said the bill suggested that it was Government’s wish to be a powerful referee in the market in such a way that the runs made are in the Government’s interest.

But, he noted, no other Government had by its actions demanded that 80 percent of the buyers (of stocks) stop buying and no other Government had placed such a disincentive to investment.