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HomeNewsArchivesEDC Troubles May Spell Disaster for Many V.I. Workers

EDC Troubles May Spell Disaster for Many V.I. Workers

Oct. 9, 2004 As 17 employees crowded into a meeting room on Friday Oct, 2004, management of an EDC company announced that it looks like this employer will be closed and we will all soon lose our jobs.
Due to the failures of Donna Christiansen, Vargrave Richards and Charles Turnbull, the unemployment rate on St Croix is about to spike to 30%-40%.
These officials have had years to get the EDC/Federal Treasury regulations and rules established and have failed to do so.
Despite the claims of the IRS that the "rules" are being abused, the Conference Committee in Congress last week announced that there ARE no laws or regulations to control this area. That is why they passed the new law that cripples the EDC program.
We should all be sorely disappointed by the inept leadership of our elected officials.
What will we do now? Other than replace Delegate Christiansen?
Floyd Pittman, CPA
St Croix, VI

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