Over the past 7 days here on 7newsbelize.com we asked you which was the most important story of 2004. Well the results are in and they show overwhelmingly that the Social Security scandal was the most compelling news story of the past year. 47% of those who voted thought that Social Security was the biggest story, while only 26% voted for the G7 rift which finished second, and only 10% of you thought it was the BTL buyout fiasco.
So social security it is, a story that took off on the evening news of the 28th of July when 7NEWS obtained proof that social security had been making bank payments for Glenn Godfrey. By all appearances, it was a gross misuse of public funds to cover for a private friend of the Musa administration, but that revelation was just the beginning. By the end of the year $6 million would seem small compared to the tens of millions in securitization proceeds which went to Godfrey's companies which were guaranteed by social security. Two weeks after that first story in July, minister of works Joe Coye came forward to publicly question social security's money management, and two days later on August 12th came the dramatic G7 rift. And, as they say, things haven't been the same since.
So we agree with our viewers, this year social security was the biggest, most compelling, most important story. And with the landmark Senate hearings to continue in the New Year, it already seems to be front-runner for 2005. But what really makes it such a big deal? In August, Jules Vasquez looked at Social Security's loan portfolio, and found a sordid entanglement of special interests and reckless board decisions...you can revisit the story by clicking here.
Since that story, not much has changed. The insolvent DFC is still not current with social security, and for the past 15 months now, it has not made any payments on its $43 million in debt. As for the $18 million in securitization proceeds which were guaranteed by social security and went to Glenn Godfrey's companies, that has emerged as a flashpoint in the ongoing Senate probe into Social Security. And despite consternation and outrage from the public, Narda Garcia who served on the board and acted as general manager at all material times, was re-hired in November on a 5 year contract.
