In the 1990s, Jamaica faced one of the most devastating economic crises in its history—an era defined by the rise and operation of the Financial Sector Adjustment Company (FINSAC). The video “THE FINSAC DEAL: Which Made Mark Golding & Peter …” reveals how this financial intervention—initially presented as a rescue plan—ultimately became a tool of dispossession, enriching a few while crippling thousands of Jamaican families and businesses.
The Rise of FINSAC
FINSAC was established under the People’s National Party (PNP) as a mechanism to stabilize Jamaica’s failing financial institutions. But instead of helping citizens, it aggressively seized assets, businesses, and properties from struggling Jamaicans—transferring ownership and wealth into the hands of a select political and business elite.
What was branded as “economic recovery” quickly turned into widespread financial ruin for small entrepreneurs, homeowners, and investors who watched their life’s work stripped away.
The Role of Political Elites
The video sheds light on prominent figures—such as Mark Golding and other key PNP members—who were closely tied to the transactions and outcomes of the FINSAC operation. For many Jamaicans, this confirmed suspicions that FINSAC was not merely an economic policy gone wrong, but a deliberate system of wealth transfer and political profiteering.
The FINSAC crisis has since been described as one of the most blatant examples of economic injustice in modern Jamaican history.
The Human Cost of FINSAC
Beyond numbers and bank reports lies the real tragedy—ordinary Jamaicans losing homes, farms, and businesses overnight. Generations of work were wiped out, leaving families in poverty and communities broken. The scars of these losses remain visible today in Jamaica’s fragile economy and persistent distrust of political leadership.
Why This Story Still Matters
This is not just a history lesson. It’s a call for accountability, justice, and remembrance. The FINSAC story highlights how unchecked political and financial power can devastate an entire nation. Bringing these truths to light is essential in preventing such exploitation from happening again.
As Jamaica continues to navigate economic and political challenges, reflecting on the lessons of FINSAC ensures that the sacrifices of its victims are not forgotten.
