Dookeran: Treat all ex-presidents equally

Noting that there has been an unfair difference in terms of the support from the State for the former presidents, Dookeran, who served as a minister and deputy prime minister in a government headed by Robinson, said, “I ask myself why does it differ? If we are running a society in which there shall be equity it must start from top.” He was speaking on the Financial Institutions Amendment Act in the House of Representatives.

Robinson, who selected Manning as prime minister over Basdeo Panday after a general election that ended in an 18-18 tie, is the most favoured of all the former presidents. Robinson was granted a waiver on all taxes for two luxury cars. The State pays for a driver, security guard, a secretary, a nurse and reportedly a valet for him.

And as a result of the Salaries Review Commission, he also receives the highest presidential pension of all three former heads.

Dookeran also expressed strong reservations and concerns about the report that the head of the banking sector (at the Central Bank), the inspector of financial services, had accepted a job as the head of a major bank.

“In nowhere in the world would that be allowed without a time lapse,” he said. Dookeran said the convention would be that someone who holds such a position would not be able to work in that particular industry — especially in one of the client institutions — within a stipulated time of perhaps two years.

He noted however that the person would be taking up the new position within three months (of leaving the Central Bank). “This is an issue of the ethical behaviour in the performance of the function of the head of the financial services division of the Central Bank. And these are the little things that tend to erode the confidence and due course create problems for public management,” Dookeran said.

Dookeran also slammed Government for failing to establish by legal statute the office of the financial ombudsman. He noted the office was established via an arrangement between the Central Bank and the commercial banks and that it was financed by the commerical banks. But Dookeran argued any institution designed to protect the public interest must have the legal authority of Parliament.

No wonder, he said, that of 156 complaints filed with the financial ombudsman in 2004, he could only address 20. “Why tell people that we have an institution which protects their interests when by the method of financing it does not create independence and by the absence of any legal authority it cannot act?” Dookeran asked.

Dookeran chastised Government for placing more emphasis on control of the financial sector than on risk management in the bill. He said this was indicative of Government’s own obsession with control. He noted that the bill gave Government control over mergers and acquisitions as well as control over dominant shareholders. Saying that the issue of risk management was important, Dookeran warned that there were several risks to this economy. He cited the downward trend in gas prices. He noted that according to a recent Standard and Poors assessment, 25 percent to 40 percent of loans in Trinidad and Tobago would be non-performing in an economic slump.

“This should wake up any Minister of Finance. But the problem is that we don’t know who is the Minister of Finance,” Dookeran said.