Holness Slams FINSAC-Era ‘PNP-ism’ as ‘Greatest Transfer of Wealth from Poor to Rich’

Prime Minister Andrew Holness has indirectly accused opposition leader, Mark Golding, of reaping wealth off the backs of Jamaicans during the 1990’s.

Hitting out against what he calls PNPism, Mr. Holness says the then People’s National Party, PNP-led administration presided over the greatest transfer of wealth from the poor to the rich in Jamaica’s history.

The near collapse of the financial sector in the 1990’s is to date considered one of the greatest economic crises faced by the country.

It’s colloquially referred to as the FINSAC Era.

This is in reference to the government created Financial Sector Adjustment Company, which was tasked with stabilising the situation.

Among the entities believed to have benefited from the high interest rate policies of the period was the firm Dehring, Bunting and Golding of which opposition leader Mark Golding was a partner.

Mr. Holness says the Jamaica Labour Party operates under an entirely different philosophy.

Prime Minister Andrew Holness. He was speaking at the North West St. Andrew Constituency Conference on Monday.