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Sen. Darcy Boyce, Minister of State in the Ministry of Finance, Investment, Telecommunications and Energy

Senator Darcy Boyce will break his silence tonight at 7.30PM (VOB Radio). The hosting of a Press Conference at this time when most people expected that the Budget was imminent has come as a surprise to BU. Does it mean that the budget will be further delayed? Perhaps this is an attempt to do some damage control given the recent gaffe by Senator Jepter ‘physical deficit’ Ince. The rise of Boyce over Estwick is also an interesting side issue. We will find out shortly.

To kick off the discussion a recent comment by Conrad should do the trick:

I don’t know how to express this idea properly. It will come across as knocking the government, but if anyone in the government party were to really reflect on it, they will see I am trying to find them a way out before it is too late.

The DLP is a party with a proud tradition for bold policy and honest communication. But it has got itself unnecessarily caught up into a position where it no longer views Government as finding solutions to problems as it did in the 1960s and 1980s, but merely as political point scoring. Political point scoring is the job of opposition and they found one of the best in Hartley Henry at doing it. He is the consummate professional at political point scoring. But he has nothing to offer real, hard, economic problems. Faced with tough economic problems the Government’s response is not to find policy solutions, but to score political points.

Stuart’s contributions is not to float some new ideas or finding ways to communicate the problem to the people, but to say to people “Guard your minds” or “lets not be distracted by people worrying about the present lest we forget about the mismanagement of the past”. These are nice political strokes, but they actually make it harder for the government to actually address real problems, because the political position is that there aren’t problems they can do anything about.

The DLP’s Faustian Bargain with Hartley Henry is that they get into office, but they have no economic solutions to tough economic problems, because Hartley is not about economic policy, indeed, part of his anti-Owen message was an anti-intellectualism and that Owen viewed the society as an economy not a society.

There is no reason why it should be this way. Henrism was merely a device to win power, but the hubris of victory seduced DLP strategists into thinking that Henrism was more than just a political campaign but was actually a coherent set of ideas. It is not. It is an empty vessel when it comes to economic policy making. Economics isn’t everything, it is nothing without societal objectives, but to do away with economic ideas at a time like this and rely upon buffoons like Ince is dangerous.  It is like having a heart operation but saying that because doctors make lots of mistakes we will do it ourselves using our home-bred, god-fearing, commonsense….

The DLP old guard must deject Henry’s anti-intellectualism and become once more the party of ideas. We have a Government caught in the headlights, frozen, and unable to do anything, hiding behind the fig leaf of it is a big global problem and the last lot did a bad job. Two and a half years into our biggest economic challenges and the Government has no fresh, bold, economic ideas and all it can do is maintain that they do not need them. How can self-respecting DLP intellectuals support that? There is nothing intrinsically DLP about that position, it is Henrism, it is not Barrowism. The real choice the DLP have is not between a set of individual personalities, but between someone who stands for Government as Leading with bold economic ideas as Barrow did, or as Government as merely the exercise of power and patronage, with Paris at CBC and Ince at the Ministry etc. Sadly, Stuart seems to have planted himself in the second camp. Maclean and Sealy too. Who is in the first? Estwick? Sinckler? Where are they? What are they saying? Now is the time for them to make some speeches to set out a vision, because we cannot afford another year in the valley of the blind.


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140 responses to “Senator Boyce Breaks His Silence”


  1. @ Flavour of the Month // July 30, 2010 at 4:13 PM

    TO BUSH TEA !

    I am not a yardfowl but you are right , PeopIe are hurting from the decision Bajans made on January 15 2008. You are so right because the first hurt was $108 million in taxes–that hurt bad bad bad. Need I go on ?
    *******************************************************************************************
    Touche Flavour.
    Bush Tea likes that retort.

    However you are no doubt aware that one of the great blessings of life is hurt.
    …..YES HURT!.

    Natures way of telling us that something is fundamentally wrong -and that changes in lifestyle are needed is PAIN.

    Do you take it to be a curse when your head hurts? or do you understand that this is a blessed warning to you that is intended to help you to avoid REALLY serious consequences by making some adjustments in what you are doing?

    For years now, Barbadians needed some economic pain to warn us that it is unnatural to spend more than you earn,
    …have you ever heard the saying “by the sweat of a man’s brow shall he eat bread”? -It means that we need to earn what we spend.

    Of course there are those among us who think that ‘pain’ is THE problem, (doctors included) so their solution is to prescribe pain killers……. you know the kind that the bushman means – like free education, free school clothes, free lunch, free books, free bus fares, reverse tax credits, costs overruns, and subsidized fuel prices.

    …unfortunately, once we are desensitized to the immediate pain, we continue with the fundamental bad habits and soon we will have to pay the ultimate consequences.

    Senator Boyce made a veiled comment about CLICO which also shows that he may well be much to intelligent and practical to ever be a politician. He said words to the effect that those who invested in CLICO should have been wise enough to recognize the risks involved, given the high interest rates offered in comparison to other agencies.
    Now that the dog has died, these people running around crying ‘poor me’

    Is Mia suggesting that we should create a situation where idiots can put their money in all kinds of high risk pyramid schemes without fear of pain, while the rest of us (like Bush Tea who bypassed CLICO and settled for 4% from my Credit Union) cover their behinds?

    A fool and his money are soon parted – and we should let them remain so, else they will not feel any pain – and will not change their foolish ways. (c) Bush Tea 2010


  2. Bushie:

    I like your balance, which shows the skill of the tight rope artist, rather than that of the tight ass ropist. But I fear that you, like JTB, are a voice calling in the wilderness. If you look around you will see that you have company. From the differing contributions I have read on this blog, I have concluded that there is a herd of wild jackasses not far off. Thankfully, they may bull, but they will only
    breed contempt through their familiarity with each other.

    Why won’t Bajans accept that change doesn’t come easily. Not even small change, since you have to work for it In this view I have been trying to read the PDC’s contributions, and must admit some sympathy for their position. You can get a slice of ham or bacon by carving your pig, on the margin, but Bajan pork mouts also want pork chops as well as a whole lot of souse!

  3. Straight talk Avatar

    As always BT, I enjoy your perceptive allegories.

    Without wishing to infringe your copyright, LOL, could this one be extended by expanding the doctor’s “character”.

    There are only two MDs in town, both are held in high esteem by their lists, and they both prescribe the exact same treatment for the symptoms presented.

    Do they really understand the prognosis, but prefer to shield the patient from the bad news?
    This may mean losing the patient and the consultation fees to the rival practice.

    Or have they failed to identify the disorder and take the easy way of giving out the standard “aspirin” and hope the patient will recover naturally, in which case he maintains his kudos, or otherwise offers sympathy to the mourners blaming the other quack’s earlier misdiagnosis.


  4. @ BAFBFP
    Bush Tea impresses easily..no?
    ************************************
    ..it always did 朋友 (peng you), remember to let it steep for at least five minutes and then add honey to taste…..

    @ Dr George
    You flatter the bushman, who is just lucky to have been given a lil’ pick as one of BBE boys…..
    I like your assessment of the Bajan attitudes to pork….. too many proper ‘porkmouts’ …..LOL

    @ ST
    The two MD analogy should now be outdated don’t you think?. After all the money we have spent in education and infrastructure, anyone who depends wholly on their doctor to manage their personal health deserves whatsoever they get.

    MDs have too many (often hidden) agendas to be trusted to manage the bushman’s health exclusively. Their advice will be sought and valued – along with many other factors……

    As was suggested to GP some time ago (and obviously rejected out of hand), doctors actually benefit more from having their patients ill, (but not quite dead). A perfectly healthy patient is no patient.

    Similarly, political parties relish having ill (foolish) yardfowls depending upon their largess, but not quite totally destitute. A wise citizen will thrive in spite of the party in power and will be no yardfowl.

    Bush Tea’s emphasis is therefore not on the games played by the various parties, but on the need for wise analysis and action by individual citizens, to the extent that politicians (like good MDs) become the means by which intelligent citizens achieve their objective of good health.


  5. Here is a non-partisan assessment of Clico.

    Our insurance sector was poorly regulated both prior to and after 2008. This is clearer with the wonderful vision of hindsight, but what should have been obvious prior to 2008 was that the insurance supervisor was ill-chosen and out of his depth and had become a creature of the industry rather than its regulator. I think this was one of the motives for the BLP proposing a new all-encompassing regulator (a new FSC) in the 2007 budget – but they should have done so earlier. (Where is the FSC? PM Thompson (bless him) promised it in 2008, in 2009 and in 2010.)

    The product at the centre of the Clico problem, a high yield deposit masquerading as an investment vehicle, was not illegal. The insurance supervisor could legitimately argue that it was not inevitable that it would go bust (it was not meant to be a liquid asset and there were performing assets) and it was not unique. There are many insurance and endowment products with investment vehicles attached to them all over the world.

    By 2008, Duprey had turned Clico into a funding machine for its gas to fertilizer and gas to methanol investments. He was the, or one of the world’s largest exporter of methanol. In the ten years to 2008, this was a highly successful investment offering equity returns of up to 25% plus and so Clico wanted to fund more of this through its own equity and less through equity partners and so it borrowed more and used its banking and insurance subsidiaries as conduits into methanol equity investments and this way they were able to offer the high returns they promised to the “depositors”.

    Of course, the company was becoming riskier: more debt and more debt pretending to be equity. It should have been picked up first by the Trinidad regulator. Questioning it in Barbados, when the Trini regulator was not doing so, would have required a very brave regulator, confident of the backing of his Government.

    But the problem really emerged in the second half of 2008, when gas prices fell by over 50% wiping out the equity in Duprey’s highly leveraged operation. Prior to 2008 it was a hypothetical problem that our regulators should have been concerned with, after 2008 it was a real problem.

    By early 2009 with Clico’s financial subsidiaries in danger of collapsing and undermining the Trinidad financial sector and economy, the Trinidad government stepped in and effectively took control of the company. At that point it should have been obvious to all that the assets backing the depositors by Barbadians were at similar risk. There may be regulatory excuses prior to end 2008, but there could be none after 2008. The Barbados Government should have stepped in a that point to ring fence these assets and asked the courts to rule on how assets should be allocated to depositors for fairness sake in the event that the assets could not cover the liabilities.

    Failure to do so, meant that insiders could take out their deposits, undermining the asset protection of the rest, and, it allowed the company to become Ponzi-like after 2008, selling new insurance to obtain premiums in order to finance out the existing depositors and not investing the new insured premiums. This was allowed to happen. It should not have been. Why did it happen? It partly happened because we did not have the expertise to act in this way, – but this is not a great excuse because such expertise was being offered to us from CARTAC (Caribbean Regional Technical Assitance) funded by multilateral and bilateral donors like the IMF. A few experts also voiced these concerns in early 2009, some on this blog.

    The other reason, one is left assuming, is that it was an attempt to protect Paris from the fate of Duprey. The consequence of that protection, prolonging a company that should have been in some sort of conservatorship after 2008 is that depositors and pensioners have been disadvantaged unnecessarily. Disadvantaged, not (just) because they put their money into the wrong product, but once the Government was aware that this was so at the end of 2008, they failed to act. Perhaps the Government was hoodwinked by Paris to buy time. But those who took their money out early, like Paris, were given better terms that those who stayed in can now get, or those who were encouraged to stay in by the Government, including Stuart more recently, and those who were told to stay, such as large pension schemes, like the Liat scheme. These pension trustees should sue the Government for the same treatment on their deposits as Paris got. Will our pension trustees stand up for the pensioners? Or will they just take their fees, shake their heads and do nothing? AS has become traditional, the Government would like to blame the depositors or the BLP or anyone else, but the Government carries responsibility for losses depositors incurred as a result of inaction from end-2008.


  6. @Conrad

    But those who took their money out early, like Paris, were given better terms that those who stayed in can now get, or those who were encouraged to stay in by the Government, including Stuart more recently, and those who were told to stay, such as large pension schemes, like the Liat scheme.

    Didn’t Parris take his money out from CLICO Mortgage and Finance? Isn’t it wrong to compare to those who invested in annuities in CLICO Life Insurance?


  7. Gabby win… my people from the East not happy… Very sad day for people from East.. Very sad day for judges all over world…!


  8. @Conrad,

    A few observations:

    – the previous and current governments must both take responsibility for not engaging a consulting actuary or other industry professional to provide technical assistance to the Supervisor of Insurance.
    – you said that “the high yield deposit masquerading as an investment vehicle, was not illegal”. Was it insurance, or should it have been subject to Central Bank (or other) regulation? I am not sure if the answer is clear.
    – The Trinidad Central Bank claimed that they identified issues in the group when they (the CB) first became responsible for insurance regulation, a few years ago. Was this communicated to other regulators in the region? Alternatively, did these other regulators ask any questions of the Trinidad regulator?
    – you note that the Trinidad government stepped in and effectively took control of the company. You then go on to suggest that the Barbados government should have asked the courts to rule on allocation of assets to depositors. But this was not done in Trinidad was it? The Trinidad government installed a CEO (or equivalent) to take control of the regulated entities, so the Barbados government needs to explain why they did not do the same, having opted NOT to place the matter in the hands of the court.
    – The Oversight Committee also needs to explain if it exercised any oversight of the daily operations of Clico Life, as intended by the MOU, or if they simply allowed management to do as they pleased (including making decisions as to which depositors got their funds back).
    – Senator Boyce is right to say that there should be no concern that the term of the Oversight Committee has ended because the Supervisor of Insurance can exercise the required oversight (my words, not his). He should have mentioned however that the SOI reports to the Ministry of Finance so that Ministry (and cabinet) is ultimately responsible. Furthermore, what are the legal means available to the SOI to effectively protect the interest of policyholders and depositors?


  9. When protection agencies fail, capitalism fails.. good news for my family …no?


  10. Me and my intelligent agent hold the firm opinion that it is not necessary for Bajans to know the beneficiaries of the private placement ..no?


  11. I am sorry conrad, you cannot escape your history. Based on your posting history I have great difficulty at this time, seeing any of your comments as non-partisan.


  12. BAJAN TRUTH // July 29, 2010 at 11:00 PM

    “… my background in business and education has taught me that you need competence to manage a small economy well,as you do a business, it does not manage itself. “…” I mentioned this to someone how good it was that they have an economist like …”

    In the East businesses are run by businessmen not economists (or accountants) unless you are in business of giving advice…no? If Government is in business when will Bajans see a Ministry of Exports, after all making money through sales of goods and services is the PRIMARY activity of business…no? (Taxing people is like selling goods and services to members of staff…no?)


  13. We in East fear ALBA arrangement. We know it be serious threat to our making friendly in Caribbean. But my family glad that Barbados Government only has Venezuelan Embassy but not really friendly with Comrade Chavez…. He does not own US debt, we do…no? So you support my family and you be supporting US too…ha ha.!

  14. Donald Duck Esq, Avatar
    Donald Duck Esq,

    David

    If Mr Parris took the money out of clico mortgage and finance it had less money to pay back the funds to related parties in the group some of which would have had an impact on clico life. At the end of 2007 clico mortgage and finance owed related parties in the group over $10 million. I have not seen the 2008 and 2009 financials for clico mortgage and finance.

  15. Donald Duck Esq, Avatar
    Donald Duck Esq,

    Readers need to be aware that when the likes of dominica and jamaica start paying interest above the market rate they eventually were compelled by the imf to renogiate the coupon rate with the bond holders. Therefore do not think it cannot happen in Barbados.


  16. @ Conrad – thanks for the presentation and clarity.

    @ Bush tea – While I agree with some of what you said. It is callous to make statements that investors should have not been so greedy to get an interest rate that was so high, they should have smelled a rat. You could not hav etaken our history into consideration. The truth is that many of those investors are ordinary barbadians sold a product by a insurance agent and not the risk-taking investment savvy person looking for a deal. Some of them are people who would have graduated from the meeting turn, to an insurance policy, to ‘this is a good product with good return’ recommended by an agent you trusted. Would agents have stressed the risk? would the non-savvy person understand that it is not an ‘insurance product’, and therefore has higher risk. Large institutional investors and the savvy investors are different. The savvy investor withdrew his money in the early days after the Trinidad announcement, leaving the rest to hold the bag.

    Our peope have not been educated to good financial behaviours and savvy investing. For example we opened a stock exchange and people did not participate because gov’ts failed to educate people. Therefore gov’t has a binding duty to protect the citizens. This has not been done. It is the height of callousness and contempt for Darcy Boyce to adopt an atittude of ‘it serves you right’ when gov’t has been negligent and reckless in their responsibility with regards protecting these investors. This then generates more fear and risk aversion which augurs ill for mobilising domestic resources for economic development.

    If we are going to build a properous society we have to take seriously how we manage and educate citizens so we can build wealth and pull people out of poverty. This cannot be done by gov’t handouts with free houses, HELP, camps and free busfares. The economic fallout from Clico will be felt for years to come, those pensions that are lost, those investments that did not materialise, because of negligence, recklessness and corruption. This situation will further dent citizens confidence in a gov’t that chose not to protect their interests and then turned and blamed them; or a gov’t that did not keep good watch on these situations.


  17. “those investments that did not materialise, because of negligence, recklessness and corruption”… and no one takes a bullet to the back of the head…. The ways of the East are decisive and transforming ..no?


  18. Dear Brutus,

    As usual you raise a number of important issues. Let me not pretend to have definitive answers to all of them, but here are my considered responses.

    Yes, I agree with you that successive governments have not given the supervisor of insurance of sufficient resources to do a proper job. In part this is because we are wedded to the argument that tax payers should fund these regulatory agencies, and not, as occurs elsewhere, the regulated firms themselves paying for it through fees.

    I remember hearing Professor Persaud presenting his version of the FSC at a meeting in Bridgetown three or maybe four years ago…..we have limited regulatory capacity, so we need to concentrate what we have and we need to focusing on doing a few things extremely well on a global benchmark. I am not so sure that the FSC would have got it right or made a difference, but it would probably have had a better chance of getting it right than a singular supervisor overwhelmed by the industry.

    Was the Clico product illegal? Generally the returns from investments backing an insurance product are not taxed, unlike the returns form other investments or bank deposits. Insurance companies the world over have taken advantage of this by offering insurance which also acts as an investment product. They can do so, if the investment product is sufficiently attached to an insurance product and is not a short-term asset. Clico sailed very close to the line with this product and may well have crossed it, but it is a blurry line and many insurance companies were doing similar things.

    Did the Trinidad and Barbados supervisors communicate enough? Part of the problem is that Trinidad has a unitary regulator at the central bank and we had a separate insurance regulator outside the central bank so the Trinidadians may have communicated to their central bank counter-parties in Barbados, but the message may not have got to the insurance regulator. There is a very effective Caribbean Supervisors Committee who meet once a quarter, but these tend to be bank supervisors. The then Director of the Caribbean Centre for Monetary Studies, our current Governor, gave an excellent presentation of the Clico problem to other regulators in 2008 or early 2009. Of course, you didnt; need a lot of communication to draw lessons for Barbados from what was happening in Trinidad in 2008 and what the TnT Government was alleging in Parliament and press releases.

    Lack of communication between national regulators is not new and the conclusion of regulators the world over is that they need to rely less on regulatory help from abroad and more on the quality of their own national regulation. I guess we need that FSC more than ever.

    One of the reasons why the Trinidadians went the route of imposing a CEO (conservatorship) and not the courts is that they were trying to put an operating energy company, whose operations were a significant chunk of the TnT economy, back together again. In our case the issue was not about GDP and energy, but, it was an insurance company in breach of its statutory requirements, and so it was about how do you ensure the insurance company is fairly and efficiently managed down. That is why the Courts or an early and powerful oversight committee, overseeing day to day operations was required. The analogy was Equitable Life in the UK, where the courts were brought in to work out how to allocate redemptions.

    As chairman of the oversight committee, PS William Layne has been aggressive and tough on the company. Has he been closed down for being too tough and aggressive? I do not know, but all I know is that the last place any of us should have confidence in is the Supervisor of insurance, which is where the matter has been returned. I gather, the head is on leave and so the enormity and complexity of Clico is being left to a junior and small team. In reality, given the company needs Government help, we should extend the life of an oversight committee with a reporting line into the finance ministry. Clico Pensioners risk losing a big chunk of their pension as a result of late action. If I had my money there and listened to PM Thompson and Acting PM Stuart that there was nothing to worry about, and now face a 30% or more haircut in a pension made already inadequate by the rising cost of living, I would be organizing a march onto Bay Street!


  19. The Clico Affair raises some critical questions. Can small economies really regulate large corporations such as Standford and Clico. We are like prey to these predators who look to control and influence policy and regulation and exert their influence to that effect because of the size of their money, level of investment and employment. People can easily be corrupted whether it is an SOI or a Prime Minister. The strength to regulate these large businesses cannot be at the local level, and by the time the companies make large contributions to campaigns and people’s pockets, the situation is compromised. Parties which come to power without experience and no plan beyond getting elected does not exercise care in who they associate with; what they promise and what they take. The only possible salvation is a pan Caribbean institution responsible for regulations etc beyond individual Prime Ministerial reach.
    Brutus you and Darcy joking, as in not serious, that the SOI is sufficient to monitor the daily operations of Clico. SOI mandate and power only knows and acts after the fact. The company has not been mandated to ask for approval from SOI about payments etc have they, on a daily, weekly or monthly basis? So don’t talk stupidness. That is nothing more than an attempt to justify more recklessness and dishonesty on the part of this gov’t.


  20. Dear David,

    You are right that we are not dealing with one product or one subsidiary but a few. Permit me then to present the argument differently.

    I think Clico was not sufficiently regulated (prior to 2008 and after), but it would not have needed better regulation were it not mismanaged. In the case of customers and policy holders being put at risk because of mis-management, poor diversification and risk management, it is not fair that the managers should be given preferential access to their share share of the depleted assets at the expense of all others. In the case of Northern Rock, which the British Government had to bail out, the FSA has just fined the finance director and other senior directors something like US$500,000 each.

    The critical point is that in a situation where the overall assets of the parent have fallen below the liabilities, paying out anyone from any product in full, comes directly at the expense of those still in products. Allowing a financial firm in this position to continue trading and writing new business is also creating new losses and new liabilities onto the remaining assets. Policy holders suffered a loss up to the end of 2008, but inaction by the Government once those losses were laid bare by developments in Trinidad, placed further risk on the policy holders and worsened that loss.


  21. @Conrad

    Will accept your comment as conceding the point. The further question refers to the due to head office item which we understand was reflected on the Clico balance sheet. How would these funds have been remitted without Central Bank’s approval? Assuming Central Bank approval was received wouldn’t requests to remit said funds to head office have triggered some kind of verification by Central Bank i.e. cross communication between Central Bank and SOI allowing for statutory reserve verification etc


  22. @Conrad – your observations are interesting, and thanks for introducing me to the Caribbean Centre for Money & Finance. I see very little evidence of the PS being tough on the company though, but if this is true he can still be tough via the office of the SOI which reports to his Ministry.

    @Bajan Truth,

    If Clico Life had been subject to the regulation of the Central Bank of Barbados, do you think the matter would have played in out the same way? I doubt it. I believe that the FSC will be a lot tougher than the SOI but I doubt they will be fully operational in the near future.

    The Office of SOI has the power not just to monitor the daily operations of Clico Life, but to take control of them.


  23. Our worst fears maybe coming to pass…

    Britons’ fears raise double-dip recession chance

    Double-dip feared as US economic growth loses pace

    Links compliments of Looking Glass.


  24. On first reading of this article in the Sunday Sun, I think that Ezra Alleyne should really be ashamed of what he wrote. It seems to me be utterly devoid of logic. He should have left this for Albert Brandford to tackle.

    http://www.nationnews.com/articles/view/senator-boyce-out-of-place/

    His argument essentially is that under the Constitution, the Minister of Finance must be an elected member of the House. A senator can therefore not be Minister of Finance and can not “open the batting” on financial matters. He said “it is constitutionally wrong for a senator to lead speak on financial matters”.

    Isn’t this utter nonsense, or is it just me?


  25. At a time the country is crying out for leadership the spinmasters will look to capitalize on the weaknesses of the opposition. It is clear the DLP is struggling for a spokesman on finance at the moment. Does anyone believe that Acting Stuart is the man? Didn’t think so. It is a problem the DLP will have to fix soon if Thompson is not going to comeback. They have one month to fix it.


  26. @ Brutus

    Concerning the SOI, you really think that an acting SOI, which has been described as possibly operating out of its league, more so now it is the acting person, would take it upon itself to declare that they will take control of the company without the say so of the Ministry head, the Minister of Finance? Which is who and what appetite do they have for taking action? If they did not do their duty before 2008, when reports were coming in late to them, and alert Ministry of Finance to take action; or speak now and say they did tell the then MOF Arthur but nothing was done. Pray tell by what possible computation of the brain did you arrive that they would now take this step.

    This situation is a disgrace that no action has been taken, and it seems unlikely to be taken, because we have no oversight, and the Minister of Finance still saying nothing. Meanwhile people are at risk, not only here but in the OECS. These callous bastards more studying political fallout and costs rather than protecting Barbadians. The economic and financial implications of this are enormous and could impact our recovery, and yet they say nothing. For the love of God, do something.


  27. BRING BACK OWEN ARTHUR !


  28. Dear God more fallout in the paper today. Arthur like he was right and HH was blowing more smoke rings. Is he really paid to lie like this to b’dians? He should have explained his Thompson slogan – he will not lie, cheat or steal – Could it be that HH really meant that that was his job as political strategist to play that rol?. Paper today – Pickering was the hoax it was. Ezra Alleyne really talking crap, Darcy did not speak in Parliament. The real question is why is Stuart or Estwick not speaking to the nation. Darcy presented no policy, solutions, direction, just a justification of the past, which is no help to us now.

    Marilyn has beans or is it peas to spill with her rice. No its beans to spill and licks to share like peas. Cou-cou had hinted about possible corruption -Lashley is charged for getting paybacks 5 – 10,000 on each house. No wonder the distribution of housing contracts was so skewed to just two contractors. Jada or Preconco got 1200 houses to build recently. Threw a few scraps at small contractors last week. Properly hear more about it, to throw people off the scent.

    Wondering how they are going to shut up Marilyn? One thing you can say about Marilyn she is a no-nonsense person and a woman who genuinely cares. If it ain’t right, it ain’t right. We might hear from Nasser, my contractor buddies say he already rumbling. I was wondering why with all the talk about the poor man, Lashley kept sidestepping the small contractors. If Cou-cou is true about this alleged corruption, poor Bajans had to pay that additional cost for the HOUSING EVERY LAST PERSON. Should be renamed Helping Every Lashley ( to) Prosperity. No its Michael row the boat for sure, hallelujah. Full of Money and prosperity. Hallelujah.

    I’ll wait to hear facts from Marilyn and others before I come to a conclusion.


  29. @Bajan Truth,

    You asked – “Concerning the SOI, you really think that an acting SOI, which has been described as possibly operating out of its league, more so now it is the acting person, would take it upon itself to declare that they will take control of the company without the say so of the Ministry head, the Minister of Finance.”

    Actually, I do not think so and this is the essence of the point I am making, so we finally agree on something. So the buck stops with the Ministry of Finance which includes the acting Minister, the Minister of State and the Permanent Secretary who was chairman of the Oversight Committee. They can exercise control through the SOI, so Boyce was right that the expiry of the term of the Oversight Committee does not necessarily mean that control over the company disappears.


  30. @ Brutus

    The real question is not if they can, but if they will? Darcy certainly did not indicate that SOI was instructed to move oversight to the next level where the committee was operating; he did not indicate that this has been discussed and will be put in place shortly; he did not even say ‘we looking at it’.


  31. @Bajan Truth,

    What Darcy said, according to Barbados Today, is

    “…we expect that the Clico matter will be resolved fairly shortly and that it will be resolved in a way that does not cause damage to the principal of the investments in the company”.

  32. Donald Duck Esq, Avatar
    Donald Duck Esq,

    Bajan truth.

    if what you are saying about jada and preconco is tru should they not be prosecuted. if so what under what law will they be prosecuted.


  33. There is no way in which that article by Mr. Ezra Alleyne should have seen the light of the day in today’s Sunday Sun.

    It is pure unadulterated irrelevance bordering on total nonsense.

    Any serious editors at any serious newspaper anywhere would have saved readers the pain of reading Alleyne’s vacousness, by doing the honourable thing.

    What does much of what is in Alleyne’s article have to do with what Senator Boyce had to say on Thursday night last??

    Absolutely nothing!!!

    It would have been good if he had responded to the tenor of what Boyce produced by using any ideas proposals for the material financial betterment of this country, rather than childlishly trying to raise constitutional issues where none were present at the media conference.

    What a constitutional nuisance sometimes!!

    So much for this DLP/BLP partisan political foolishness!!

    PDC


  34. What does much of what is in Alleyne’s article have to do with what Senator Boyce had to say on Thursday night last??
    …………………………………………………………………………………………………………………………………..
    PDC. His language was based on Constitutional Rights. Simply, the State of the Economy should have been delivered by either the Honourable Mr David Estwick or the acting Prime Minister Mr. Freundel Stuart. Nothing would have been wrong if the said Senator Boyce was present to give his views, but not being the only spokesperson.


  35. Marilyn Rice Bowen was at foreday morning jamming . I could see that she was thinking hard. She looked good in mud though.

    She should be comfortable in this mud battle with Minister Lashley–

    Ring the bell !!!!!!!!!!!!!

    Lashley is family to Plastic-Bag so its mud garbage and plastic bags ??? hmnnnnnnnnnnn !!!!!!–what a twist

    DLP FOREVER—————

    DOING SHITE

  36. G.C.Brathwaite Avatar

    If PDC does not see the connections or the PDC does not fully understanding the repercussions between constitutionality and daily practices, why put your mouth in gear and your mind in park? You do nothing whatsoever to attract support from the public, One cannot operate as though constitutionality and the rule of law do not count in the day-to-day affairs of governance. At some time there will be a backlash, and that is usually more stinging that when the act which is later deduced to be ultra vires occurs. Think your way through PDC. I truly want to help you become a mouthpiece that offers real alternatives, but I cannot support mediocrity or the incapacity to think critically. Governance, and I mean good governance demands awareness of constitutional matters. Like in a recent commentary by Ezra Alleyne, there is sufficient linkage to say that we should look much closer at the things that are unfolding and passing as being above board legally.

  37. G.C.Brathwaite Avatar

    Bright boy Darcy may have to come back to the public and shed some light on the happenings or non-happenings in St. Lucy. I know that up to now no one has muzzled Kellman (not suggesting at all that this is a requirement or suitable), but for years he has been arguing for projects to come to that constituency. I know that the BLP tried, but I would hate to think the Dems are setting up straw-men in Pickering. I urge who is responsible, not to think that Kelly will not speak, he will. He will expose anything that threatens his continuation as the MP for St. Lucy. There should be no promises made to the public that are not intended to be kept, and worse yet, Boyce should not speak definitively on issues if there are numerous red cards and stumbling blocks in the way. I swear kelly will cut you down regardless of whose protection you have at the moment, after all he is a long-serving MP and you are a selected Senator with a less than remarkable record.


  38. It is official, Sir Frederick Smith who claims to have been responsible for interpreting the constitution of Barbados the first 6 years after independence has called Ezra Alleyne stupid. His comment was driven by Alleyne’s article last week in the Sunday Sun suggesting that Minister Darcy Boyce was out of order to speak on behalf of he government on financial matters. Sir Fred says that Boyce is a Minister of government and was within his right having received direction from acting Finance Minister Fruendel Stuart.


  39. After listening to Senator Boyce tonight on CBC I am convinced that very little infrastructural work will take place in the next year. He just listed some things that he is hopeful will be coming on stream. I am very doubtful given the speed at which government works that so many projects can actually be implemented in the next year.

    Do not expect money from IDB or CDB, if as he said he is now “looking” at this or that with these agencies. These institutions work even slower than the Government of Barbados

  40. Commander Hawkins-Joe Avatar
    Commander Hawkins-Joe

    Why do I suspect Senator Boyce is about to either fall flat on his face or be pushed over a cliff? Is there is any truth to the rumour that the wife of Senator Boyce works for JADA/Bjerkhamn? If yes (besides any other incentives:-), does this explain that Groups sucess in securing ALL of the government contracts awarded in Barbados during the last 30 months? How much money did Senator Boyce just arrange to give his good friend Gline Bannister to construct the new Bridgetown Marina? was it 50, 100, 200, 400 or 800 MILLION DOLLARS?

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