Jamaica’s financial sector now seems like a train wreck you cannot take your eyes off. Revelations are staggering, and, we suspect, there is more to come. We can only imagine public relations teams scrambling to manage these various crises. One oversight individual took the fall. But others in leadership may soon go.
Had Usain Bolt not been a victim perhaps none of this would have come to light. We are used to scamming foreigners and the criminality that comes with it. But defrauding ordinary Jamaicans brings great concern. Is our money safe anywhere? We’re not sure!
The reputation of Jamaica’s financial institutions have taken a serious hit. Apart from skimming of funds there seems to have been gross negligence of due diligence. This loss of trust has made all of us anxious about any savings we’ve put away for a rainy day.
Jamaicans do not play with their hard-earned money. Many say they will return to safely tucking money under mattresses, along with their immunization cards and birth certificates. Who can blame them? “Borrowing” investors’ money now seems a favorite pastime of crooked employees at these financial institutions.
Of course, social media exploded with speculation and one artiste quickly echoed what’s on people’s minds. Gage forward and fling lyrics with SSL, with the operative line: Weh De Money Deh? To wit: Question, question mi wah ask: money got foot now, money can walk? Money just get up and walk guh a waan park. And nobody nuh spot weh de billions pass? Weh De Money Deh? Gage sampled an old Vybz Kartel composition to meet the moment.
It’s become popular so fast it may well seal any hope of restoring faith in these institutions. Perhaps stricter regulations and better oversight may come out of this mess. Jamaicans want the financial sector to wheel and come again with better communication, full transparency and fiduciary responsibility. A few companies have sent reassuring letters to customers to stem the fall out. But the onus is on the sector to make customers feel more secure about their investments.