Here's news. Cohen: Most CNMI bonding firms are insolvent(Saipan Tribune)
Except that, as the enterprising reporter reminded us, the Washington Representative flagged this problem two years ago and last year the Secretary of Commerce said the industry was a joke.
I wonder if our local spokespeople came right after him in the hearing when they explained that labor and immigration was under control, thank you very much for asking... and if they kept straight faces while doing so.
I also wonder what it would cost to bond a garment worker. It seems to me it would be something like trying to get workmen's compensation insurance for a 7-11 clerk: possible, but with a high premium.
Well, if the bonding companies can't pay, the government will have to step in. Since money is tight, maybe the parking meter revenue could be tapped.
BTW, do any of those factories have unresolved billing disputes with CUC? What about the companies that have already left? It sure would be hard to collect once they've moved to Vietnam or China.