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Today, the main questions Chaoul is asked are the following: why didn’t you tell the minister of finance, of whom you were the advisor, what you now tell the vice-governors? And why didn’t you, then, push for the application of the code of money and credit? And why didn’t you whisper to the ear of the person who appointed you advisor within the negotiative delegation vis-à-vis the IMF that the Central Bank is not a fund for the financing of the failed subsidy policies that led to further money losses in smuggling operations?
On the eve of Central Bank governor Riad Salameh’s end of term, economist Henry Chaoul sent a message of guidance and warning to the vice-governors.
For those who don’t know who Chaoul is, he was an advisor to the minister of finance on the day the Lebanese government decided to stop paying the Eurobonds. The question remains: does the man who contributed to the decline have the right to give advice?
Also, Chaoul was one of the “specialists”—or “consultants,” for lack of a better word—who led the negotiation initiative with the IMF. These operations were supposed to lead to an agreement with the Fund a few days later, or weeks later at worst.
Chaoul, however, who had failed dismally at the ministry of finance, resigned four months into the negotiations and endeavored to paint a heroic image of himself. In fact, he justified his resignation by stating that he “did not sense a real will to start reforms.” That being said, Chaoul never objected to the countless “reforms” of the Energy sector—and other sectors—where losses were legion.
Henry Chaoul’s only objection was against the restructuring of banks, as the initial plan was to lay the burden of money loss on depositors, banks, and the private sector and to license five new banking institutions. God knows who’s behind these establishments!
Chaoul, who managed the companies of deputy Michel Daher, was also partly responsible for the bankruptcy of one of these and was able to avoid paying the salaries of its employees.
“Chaoul the Reformist” was also banned from dealing with the New York stock exchange, as per a decision taken in 2017 by the U.S. Securities and Exchange Commission, an American federal government agency in charge of implementing federal laws relative to digital securities.
Chaoul, who walked away from negotiations and pretended to be a hero of the people, has made an appearance again, this time as a “supreme guide” for the Central Bank’s vice-governors. This “valiant reformist” is now trying to be the light in the darkness. It is no secret to anyone that he is bent on making a clean slate of his failed past in order to be appointed governor of the Central Bank after the end of Salameh’s mandate.
Today, the main questions Chaoul is asked are the following: why didn’t you tell the minister of finance, of whom you were the advisor, what you now tell the vice-governors? And why didn’t you, then, push for the application of the code of money and credit? And why didn’t you whisper to the ear of the person who appointed you advisor within the negotiative delegation vis-à-vis the IMF that the Central Bank is not a fund for the financing of the failed subsidy policies that led to further money losses in smuggling operations?
Chaoul, oh Chaoul, please refrain from lying and stop playing the hero; everybody knows who you are. Spare us your advice; it has brought nothing except further failure!
And do not go on thinking that your files have been brushed under the carpet! Your time is yet to come, and jail is the only retribution for the likes of you.
