Social Security Board Chairman resigns

The Senate Select Committee has asked for his head, the Prime Minister confirmed he would be fired and today Social Security Board Chairman Yasin Shoman pursued his only honourable option: he resigned. In a letter dated Saturday July fifteenth, but released to the media only this afternoon, Shoman defended government’s securitization initiative and the Board’s role in guaranteeing the mortgages sold abroad. As for the report that characterized his actions as reckless and negligent, Shoman says that it, and I quote, “manifests the inability of the investigating committee to grasp the nature of the complex transactions they were charged with investigating. I am also satisfied that the report does not contain a shred of evidence to impute any wrongdoing or negligence on my part, or of any member of the Social Security Investment Committee or the Social Security Board.” During the time of the alleged negligence–which involved the S.S.B.’s guaranteeing loans which had virtually no collateral–Shoman served as Deputy Chairman of the Board and its Investment Committee. As for S.S.B. general manager Narda Garcia–whose firing has also been approved by the Prime Minister–she has declined our numerous requests for comment. Unlike Shoman, Garcia has four years to go on a lucrative five year contract awarded by … Chairman Yasin Shoman.