We all know the story of the “Ants And The Grasshopper”. Industrious ants work hard and save for tomorrow. The wastrel grasshopper lives high by stealing the ant’s carefully saved resources. Winter comes ant’s find they have nothing. Well that’s the modern version of the story that seems to be enacted all the time. Looks like the ants in the Virgin Islands just found out their grasshopper politicians spent their winter funds.
U.S. Virgin Islands spent money intended to help after hurricanes
The U.S. Virgin Islands for years redirected money intended to help pay insurance claims after large disasters for other needs, raising the vulnerability of residents as Hurricane Irma ravishes the territory.
During years of yawning budget deficits, the U.S. protectorate tapped the V.I. Insurance Guaranty Fund to pay for other public services, according to government financial records reviewed by Reuters. Since 2007, nearly $200 million was transferred from the fund, including $45 million in fiscal 2011.
Insurance guaranty funds, present in every state and some territories, pay outstanding claims to residents and property owners if an insurance company becomes insolvent.
Territory officials could not be reached for comment on Wednesday. In response to questions from Reuters about the fund in late July, government officials responded that it had “borrowed money from time to time, but this has not been an issue.”
No surprise the governor sent out the national guard to confiscate guns before Irma hit. If I were in his shoes, I would have asked about the practicality of confiscating sharp or heavy objects as well. Imagine you have been paying premiums for years and Irma comes in, wipes out where you live, your home, your relatives homes, your neighbors homes and the people entrusted with the responsibility of managing the relief funds go oops ¯_(ツ)_/¯.
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