Social Security's mortgage forgiveness program was supposed to be a populist, pro-poor initiative - but it has turned into a political hot potato with the disclosure that SSB senior managers were participating in what the chairman has called insider trading.
That means they used the insider knowledge they had as employees to bring down their mortgage balances so that it would be included in the forgiveness programme - and that - we are reliably informed - extends right up to the CEO, Merlene Bailey Martinez who - according to our information - brought down her balance in November.
As the PM put it, they "tried a thing" - but, simply put, it didn't and won't work:
Prime Minister Dean Barrow - Prime Minister of Belize
"My position is that the Government of Belize has paid for - I believe - 782 mortgages. The list of the persons that were in the $50,000 and below category is a list that we have and have had for some time. There is no way any SSB staff member, who was not on that list, can now get on to the list in consequence of having paid down to try and get their loans under $50,000. From the time I learned of the situation, I indicated to the CEO that Government would not pay a penny more than the agree purchase price for the agreed number of mortgages."
Jules Vasquez
"The Opposition has alleged that CEO Merlene Bailey Martinez is among those who, subsequent to the announcement or some knowledge, reduced the balance of her mortgage to bring it into that $50,000 threshold."
Prime Minister Dean Barrow
"Well, all I will say that is Mrs. Bailey has confirmed to me that she is not proposing her name for even any kind of consideration in terms of whatever might the Board decision, with respect to persons who did that, so I will leave it there. She says that she is not in the 'mix' at all, in terms of the decision that the SSB Board will have to make with respect to persons who might have paid down."
Jules Vasquez
"But, you're only taking it half way. I'm saying that isn't it a fundamental breach of ethics if she, as CEO, tried to cease upon an opportunity, in which the spirit of it was for the poor and middle class."
Prime Minister Dean Barrow
"But I'm saying, don't you first have to ascertain from her whether she did in fact paid down? I wouldn't want to comment on that until you've had a chance to speak with her. I believe that I do know the answer."
Jules Vasquez
"I spoke to her and she wouldn't - she said that she was driving."
Prime Minister Dean Barrow
"I would prefer that you wait until the SSB meeting is over because clearly, the SSB Board will require a sort of tracking list or records that will track the transactions with respect to all SSB staff member loans."
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