The editor of Belize's leading newspaper this week tried to draw parallels between Belize's current economic woes to that of the Leeson Barrings scandal that brought down one of the most important banks in Britain. And that perhaps was a precursor to the current financial crisis in the United States of America.
"There is a Belizean version of the
Nick Leeson/Barings saga: Something happened in Belize between 1989 and
1996 which set the stage for the Ralph Fonseca excesses and
irresponsibilities of 1998 to 2004. I have friends who blame Said Musa
for what happened, and I have accepted their arguments. In fact,
sometime between 2002 and 2003, I can remember speaking as follows to
Mr. Musa. "You know, we didn't elect Ralph Prime Minister. We elected you. You are the one with the ultimate responsibility."
"Most Belizeans know that Said Musa
and I had a special relationship. My friends feel that Said benefited
far more from that relationship than I did, but that has never been an
issue for me. I never envied Said his great successes, and always
wished him well, until August of 2004. Since then, both my friends and
my enemies have claimed that I always tended to let him off the hook.
After reflection, I have to plead guilty to that charge. Read More.
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