Recent reports in the international press that former Chief Financial Officer James Davis has blown the whistle on former boss and Texan billionaire Allen Stanford, may have implication for how Barbados and other small Caribbean islands welcome foreigners in the future with deep pockets. The revelation by Davis that Stanford entered a pack with his inner circle of employees and prominent others to keep regulators at bay maybe the final nail in the coffin which sees the Knight donning prison garb very soon.
Until Allen Stanford’s free fall from the pinnacle of his financial empire based in Antigua, he was the man. Nothing of any consequence seemed to have occurred in Antigua unless it was branded Stanford. His last business venture the 20/20 tournament was hugely popular and demonstrated that he was ahead of the WIBC in trying to popularize the shorten version of the cricket game. He owned financial entities, real estate and of note many important people in Antigua.
Sanford has not been found guilty yet but there is a lesson to be learned from what has unravelled so far. One man with money carry great influence in our small islands. Often times the lack of financial resources at a national and individual level creates the opportunity for our politicians and government officials to explore shortcuts when dealing with those with deep pockets.
In is against the foregoing that Integrity and Freedom of Information (FOI) legislation assumes great importance in small islands like Barbados. To prevent a Stanford from happening in Barbados, the legislative framework promised by the government cannot be rolled out too soon. The need to create an environment which encourages integrity in decision making should act as a counter to those with deep-pockets in our midst.
Prime Minister David Thompson should be sensitive to the Stanford matter given his declaration to tap the philanthropic market as a source of finance for public projects. In our view before Thompson starts to promote a philanthropic culture in Barbados, a legislative framework of Integrity and FOI legislation should be implemented first.
Already Barbadians have started to observe the unexplained haste persons in public life have been acquiring expensive things not commensurate with remuneration or obvious circumstance. BU is aware of the delicate process currently under way to implement Integrity and FOI Legislation.
If Barbados is to avoid the pitfalls and challenges to counter the influence of those with deep pockets, we must revise the current ground rules.






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