Bernardo Vega presents an incredibly sad tale of mismanagement and bureaucratic folly in today’s Op-Ed section of El Caribe. Vega looks at the Banco Intercontinental (BanInter) statistics and reveals that a mere 85 accounts held 77% of the total deposits both here and “offshore.” He points out that the Monetary Code establishes a guarantee that is limited to RD$500,000 per account. Offshore accounts are never guaranteed. The economist says that it was understood that some members of the Monetary Board suggested in this case more benevolence be given and suggested that the limit used by the US Federal Reserve Board of US$100,000 be observed. Vega, a former ambassador and finance minister, says that the most important economic decision in the history of the DR was made either in the National Palace or in the Central Bank – nobody really knows where – and that this was to honor the full deposits of all clients. In his opinion, if those 85 accounts that held the 77% of the deposits had not been fully paid, the amount of unbacked currency issued would have been reduced by a like amount, pushing inflation to an estimated 15% and driving the peso to an exchange rate of RD$25 to US$1. He says that 8 million poor and middle-class citizens have had to suffer so that 85 rich people can stay rich. Vega points out that the decision to favor so few companies or individuals was not only immoral, but also extremely costly in political terms. Ten months before this decision, the PRD had swept the congressional elections. After this decision, the PRD cannot count on more than 25% of the electorate. Vega dismissed the two reasons given to proceed with the full payments as absurd. He ends his piece by asking the government to send the list of the 85 account-holders’ names to the director of Internal Revenue for a review of their income tax statements, and perhaps perform a reassessment of their taxes.