Govt. appoints new board for D.F.C.

The embattled, demoralized and–did we forget–bankrupt, Development Finance Corporation finally has a new board of Directors. Leading the attempt to revitalize the government lending institution–or at least give it a decent burial–is highly respected accountant Arsenio Burgos. Burgos, who will also act in an executive capacity, is joined by board members: Kay Menzies, Maurice Underwood, and Dr. Cardo Martinez. G.O.B. board members serving in an ex officio capacity, are Financial Secretary Dr. Carla Barnett, and C.E.O.’s Dr. Mike Tewes and Hugh O’Brien. Former C.E.O. Troy Gabb, on whose watch the D.F.C. went bust amid scores of questionable loans, left his post as of July first. While Burgos and the new board are thought to be highly capable, consensus in financial circles is that they have been brought in too late, and without massive new capital injections, all they will be able to do is preside over an orderly liquidation of the once proud institution.