I am a former member of the council of the Chamber of Commerce and a former officer of the Chamber. During my stint as an officer I had advocated the setting up of the financial services trade section. My fellow officers had nominated me as chairman of the steering committee to set up that section where I had the invaluable help of the late Anthony Galdes and others. Galdes eventually became section chairman.

Today I see that that sector of our economy is threatened by the apparent inability of the regulators to visibly act on apparent irregularities by individuals and banks active in that sector.

Damage to that sector of the economy has already been caused. People active in the sector know of difficulties faced by companies and individuals who want to do business with certain banks in the US and Spain, among others.

At the moment, the damage is contained. But we have no guarantee it will remain contained in the future. On the contrary.

It is of the utmost importance that the regulators do their duty and clean up that sector before our economy is irreparably damaged.