INSTEAD OF wringing hands about the timing and cost of the dismissal of the former central bank governor, Derick Latibeau-diere, I think the country should breathe a collective sigh of relief.

The governor was allowed to live too high on the hog, with precious few gains to show. For a poor country, his salary, expensive allowances and perks stood out like a sore thumb. And I don't believe that even he would have the gall to suggest the country got value for the money. Further, he had access to multimillion-dollar loans at such low interest rates that made a mockery of the efforts of many Jamaicans, who are unable to access commercial loans because of the prohibitively high interest rate regime that the governor maintained.

His interest-rate policy has wreaked havoc not only on the livelihoods of many, but also on our aspirations to ensure a greater share of the nation's wealth for all Jamaicans. The transfer of wealth since, and by virtue of FINSAC, have been from the poor/middle class strata to the rich and foreigners. Without a doubt, the monied class has been the greatest beneficiary of the central bank's high interest rate policy and currency management.

However culpable the governor was, he did not act alone. He could write but not approve his exorbitant cost to taxpayers. That he was allowed to remain almost inflexible in the throes of so many middle-class Jamaican entre-preneurs, caught in the crippling financial meltdown of the 1990s, is not blame for him alone.

Early exit for comrades

Now that he is gone, he should be quickly followed by the person whose abdication of duties allowed for all these happenings. The very thought that the latter could return to that office at Heroes Circle makes it more imperative that he make an early exit. For, regardless of our politics, failure must be seen for what it is, and we should not be forced or cajoled to "run wid it" if it is failing us or has failed us in the past.

One down, one more to go. The sooner the better.

I am, etc.,

DELFORD G. MORGAN

Attorney-at-law

pepe.morgan@yahoo.com

Westmoreland