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Thursday, May 23, 2024
HomeNewsArchivesVITELCO LOAN ANALYSIS NOT 'PROSSER BASHING'

VITELCO LOAN ANALYSIS NOT 'PROSSER BASHING'

Dear Source:
I would like to commend David S. North for a very insightful report on the business relationship Jeffrey Prosser has with the National Rural Utilities Cooperative Finance Corp. [Editor's note: See April 12 Op-ed article Has Prosser's prowess peaked?]
Mr. North presented a very unnerving view of the loan exposure of Vitelco/Innovative Telephone in comparison with the rest of the utilities in the nation using CFC money. He states that CFC's loan exposure per capita in the USVI is about $4,566, while its loan exposure to the nation is about $10 per person.
Some might think in reading this article that "here is another Prosser basher." But I feel that since a single individual has so much loan exposure and such a tight hold on so many of the business interests in the territory, there is cause for one to feel uncertain about this relationship.
Once again I would like to thank the Source for keeping the public informed on important public issues.
Jason Budsan
St. Thomas

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