Government Compounds CLICO Matter By Committing Another Gaffe

Prime Minister Fruendel Stuart

As I said in an earlier post there is no way that the DLP was going to throw Parris under the bus, however I never anticipated that the PM would have openly given him the kind on support that he gave today. As Crusoe said ASTOUNDING! So where does this leave us ? Who is [sic] going to support average Barbadians who have [sic] their life savings in CLICO ? My view on this is that an election close at hand and Stuart will not be seeking re-election[sic] after all he has qualified for PM pension already so why hurt is head trying to fix this debacle that is why he was so careless in his speech today. He could not in all honesty   expect to regain his seat after that showing so he must be bowing outWatching

 

BU is on record that Prime Minister Fruendel made an error by not calling a general election after the death of David Thompson. His explanation as to why he did not rings of political naiveté which does not bode well for the Democratic Labour Party (DLP) heading into a general election in a recessionary climate. If the political landscape gives an advantage then is should be accepted and exploited with the ruthlessness that it deserves. The irony for some is that Stuart represents himself as a student of history, recent history supports the view that if former Prime Minister Owen Arthur had called the general election when Thompson and Mascoll were warring the DLP would still be warming the opposition benches.

With a general election constitutionally due in two years Stuart would have been forgiven if he had called a general election to refresh the mandate. The analysis of the last general election suggests that the public profile of David Thompson loomed large. Six months after Thompson’s death Stuart continues to manage a cabinet handed to him by Thompson. The longer he remains inert on the issue of manhandling his men the more it becomes fodder for the opposition and stokes the perception he is dithering on the job.

Up to now the electorate has been sympathetic towards the government’s management of the economy in a global recession.  Is it unreasonably though for the people of Barbados and particularly the 38,000 CLICO policyholders to expect a caring government to reciprocate? The CLICO issue continues to be a difficult one for the country economically and politically for the government. The relationship between the Thompson family and perennial CEO of CLICO Barbados Leroy Parris has been part of the national conversation since the news broke about CLICO’s financial problems that Friday afternoon. The Thompson led government took the decision then to reassure the public that CLICO Barbados was largely a well managed company and there was no need for panic. The Mia Mottley led opposition at the time seized on the political opportunity and as they say they rest is history. The life insurance part of the business has been a problem for the government because of an annuity product which CLICO Life Insurance had been given permission to sell. The bottomline is, CLICO has now become a big problem for the Fruendel Stuart government.

During the Estimates Debate in parliament yesterday (16 March 2010) Stuart made his biggest gaffe to date by indicating he did not regard Leroy Parris as a ‘leper’. He further stated   “I don’t agree with everything he does. I have never agreed with everything he’s done, but like all other Barbadians he has worked his way up and he has had his ups and downs”.

Prime Minister Stuart has a right like his predecessor to be loyal to Leroy Parris. Most Barbadians however will have a problem with the political correctness of the statement at this time. It smacks of an indescribable insensitivity. The CLICO issue is a hot potato issue for the government, it has the potential to add 200 million to the national debt. The national ‘feeling’ index for Leroy Parris at this time is at an all time low given his surprising action to sue CLICO for 10 million dollars, a company which is unable to honour its financial commitment to policyholders. Why on earth would Prime Minister Fruendel Stuart utter the most insensitive statement to date which is sure to stoke political debate and alienate support is incomprehensible. Following the recent error in judgement by Minister of Finance to be seen publically socially cavorting with Leroy Parris in the Sandy Lane Box on Gold Cup Day makes one wonder if the government has an urgent need for a political strategist to be part of the setup, or do they? Bear in mind all through this fiasco Leroy Parris remains Chairman of the Caribbean Broadcasting Corporation.

It will be interesting to see how the CLICO matter unravels. It would be foolhardy for the government to enter the general election which is on the horizon with this matter in tow which must drag like an albatross. The dilemma for the government by placing the matter in the purview of the Court, it will make decision making a protracted affair.   It means the call by the Nation newspaper for the government to speak to the issue is asking it to violate the protocol of sub judice, something they (Nation newspaper) should understand very well.

Some where in the sweet bye and bye there is someone lounging on the beautiful shore who bears a contented smile.

0 thoughts on “Government Compounds CLICO Matter By Committing Another Gaffe


  1. @CCC: “You know how they are, not to be trusted further than you can spit.

    Take care, Big Bajan Boy (BBB)…

    (It was good for me; was it good for you?)

    As we all know, No One is to be trusted; at the end of the day….


  2. What you all think made Parris’ resign? If a person has the cajones to decide he is not moving despite all that has gone before; the effrontery to accept a place back on the board after filing a lawsuit agianst said company; demand to be paid those obscene sums for bonus in the face of such a disaster? What made him go? Strange, very strange.


  3. I dont think he really left. Saying he resigned was just a ploy to fool the policyholders that he was out of there. He was probally advised by the late “great” David Thompson. These people do not play by any standard accepted practices.

    I would like to know who appointed that board in the first first. Who appointed the Trinidadian board members? Do you they have work permits or do they need work permits to sit on boards in Barbados? What type of renumeration packages are they receiving and are they paying taxes on the money paid to them?

    This company does not play by any accepted business practices. Maybe Sinckler and finally told him look we defending you and you making us look bad by suing the company. Who knows with this DAMN LYING PARTY.

    Can you imagine that CLICO is still retaining some agents who were close to Leroy Parris, although they cannot write any insurance and paying them as far as my sources tell me $12,000 per month and this is whlie policy holders cannot get a cent or no medical claims are being honoured.


  4. Prodigal Son
    You are prefectly correct about CLICO agents still being paid a monthly salary which is based on what they were earning when they were selling the EPA’s.


  5. @Prodigal Son | March 25, 2011 at 9:49 AM |
    “Can you imagine that CLICO is still retaining some agents who were close to Leroy Parris, although they cannot write any insurance and paying them as far as my sources tell me $12,000 per month and this is while policy holders cannot get a cent or no medical claims are being honoured.”
    ***********************************

    Pray tell Prodigal, how on earth could something like this be happening?

    This toxic government, moving more slowly than the ubiquitous African Snails, but far more deadly, as they (the government) destroy the lives and spirit of the majority of Barbadians, deceitfully procrastinated in putting a Judicial Manager in place for CLICO, in the face of a wise, well-reasoned request over two years hence, to institute the appointment.

    Who can now doubt that the apparently negotiated intention among FRIENDS and PALS, (Fumble’s description) was to allow time for the “The Man At The Hellum” to get back on to the Board to facilitate the continuation of rape and pillage, and finally to lay a greedy suit against “himself” for TEN MILLION DOLLARS.

    Against himself, yes, for after all, he was still a Director of the company that he and his “very special friend” Duprey built! Imagine the imbecilic, asinine, bizarre scenario of a man practically suing himself! All without the slightest regard, no interest at all, for his suffering policy holders, who CAN’T get one single cent!

    Top that off with a country’s Prime Minister, AS HE IS, non-performing and holding down a massively diminished dead-man’s portfolio, boldly declaring that he will not treat his “special friend” like he is a leper. What is this but Official tacit approval for wrong-doing?

    The hearing re the appointment of a Judicial Manager has now been adjourned to May 2011 (more delay) and most likely there will be further delay as the company may very well file an appeal!

    Oh what a sorry mess from a group who vociferously declared with illegal BILLBOARDS all over the country that: “WE ARE READY TO SERVE.” They actually meant: “VOTE DEMS … WE ARE READY TO SERVE OURSELVES.”


  6. Hi David,
    I see that you are censoring me. Why don’t you simply ban me? I would find some other way to denounce the nonsense that this Government and it’s supporters continue to perpetrate against suffering Barbadians.


  7. Hi David,
    Please accept my apologies. You did not censor me. Just a simple mistake on my part. I am neither hasty nor paranoi as the accusations will come … just a mistake.


  8. Remember Owen Arthur was with him too…….he sold BNB to CL Finance.a Clico company. Also from 2006 Clico was seen to be heading for trouble and that government did nothing……..this really is not a government problem because Clico is a private company. Better yet Leroy better remember that lawyers and judges also have policies with Clico Life


  9. to ac- if all countries held that myopic view , then the world would be in turmoil and all thse barbadians who were able to progres as aresult of breaching te immigration requirements of the usa and britain and canada would not have had the opportunity. what happened to jesus’s admonition to be your brothers’ keeper. the notion of home drum beating first might be noble but selfish.


  10. @Ruth arnette
    Countries like USA and Canada can afford to extend a welcome hand to immigrants because of its vast resources and and overwhelming need for workers, Barbads is a much more smaller and jobs here are not enough to suffice the local population. Comparing tiny island to those mega counties is ludicrous. They have more . Barbados has very little


  11. Prodigal Son
    When I made the claim that Clico were paying their agents at the rate they were getting when they were selling new policies David of BU dismiss my comment as incorrect. I had that information directly from Agents who told me they were going to ride it out until it is stopped. Some of these Agents were getting as much as $15,000 a month. One Agent even went to work at Sagicor and was still getting paid from CLICO.


  12. Fair and Balance,

    Isn’t this sad when policyholders cannot get 1% of that back. In today’s Sun, we read that Guyana has settled with the policyholders there and Trinidad is paying back some money. But what we have here…… the head of the ponzi scheme making another farce resignation. In fact people were lead to believe that he was no longer associated with company, only to find out he was still on the board making decisions.

    The Supervisor of Insurance has to say if her hands were tied and why the department only filed for a judicial manager a few days ago when the thug for a minister said in November that a judicial manager was in place. The Speaker of the House even interrupted Dale Marshall during his contribution telling him the matter was sub justice and he cautioned him. Low and behold, they were lying.

    If I had money in CLICO, I would be down there everyday until I got it ALL.


  13. Just to change the conversation a bit though still dealing with the audacity of this government. I read on another thread that this government is going to create another constituency. I checked my sources and it is indeed in the pipe works as well as the introduction of hundred of thousand of new ID cards, more than the population of Barbados. Why?

    Can you imagine a goverment that is facing a deficit of ONE BILLION DOLLARS this Financial year can even think about adding more stupid expenditure to the debt. Even if St Philip South is too big, so what? Also paying two Ministers of the Environment. I understand that Lowe sent people to NHC to get jobs and Kellman sent them back telling them that Lowe is not the Minister! LOL!

    I agree with Appollo 13, they changed the law to accommodate one man to become CJ, change the law to accommodate this for now as the economy is in dire straits no matter what the lying Minister of Finance says.

    They could make a decision on this quickly but not for the poor CLICO policyholders! Sorry bunch they are.

    A DLP friend of mine told me that every time they get the government, there is some crisis and it makes it look as if they cannot manage the country. I had to let him know that the Sandi crisis was Sandi-made, it had nothing to do with a world crisis. Sheer arrogance and incompetence!


  14. @ ac
    “Ref to comment by enufff
    Somebody please tell Parliamentary Secretary. Harry Husbands”Home Drum Beat First” and bajans not going to stand idlly by while the jobs are given to foreigners. Hell No!”

    I agree with you. Tell Harry to fire the CEO of the QEH and the General Manager of CBC. Bajans could do dem jobs too.


  15. I just returned home from Lloyd Erskine Sandiford Centre where the final twelve Constituency Councils were launched.

    The feature address was given our Prime Minister The Hon. Freundel Stuart Q.C.

    Empowering Communities for a better Barbados.


  16. Now we see that in both Guyana and Trinidad people with EFPA’s are being paid by gov’t. How will this gov’t justify not compensating these people, especially as the regulatory system failed the people. Also what about the institutions that they wish to exlcude, these are instituions that have real people who can ill afford to lose their money, such as BARP, NIS, and company pension funds etc.


  17. @ CCC
    Constituency councils are not empowering communities. The councils do not represent the decentralisation of governance when councillors were chosen by central government and the Ministry still has direct control over their affairs. When councillors are elected, and or mechanisms such as participatory budgeting and project evaluation are in place to allow for meaningful engagement of constituents in the decision-making process then the government can talk about empowerment.
    We all know the true purpose of the councils, which is to empower the DLP candidates.


  18. to ac- i expected that comment. if that is the position we find ourselves in because of size, al the more reason we should keep our tail quiet and not inflame the situation with aggravating statements made byyou. by the way, the govt which ought to be taking comfort with your support by their actions do not support your position having according to joasquin appointed expatriates both black and white from larger countries to positions in barbados which can be done by barbadians.


  19. well said enuuf to their credit the dlp political support base has always been garnered through the promotion and infiltration and indoctrination of the various non governmental organisations. the constituency councils would be no different.


  20. @ Ruth
    Aggravation. ! call it what you want. The fact of the matter is if you can’t afford to feed your own. then tell me the sense in trying to feed others. No this is more than five barley loaves and two small fishes. Right now the fish are scare and they are plenty mouths to be fed. First let start by feeding our own and if an left over then we can share. We elect governments to do what is right for the people and at times the government must be reminded of this . It is not my words that would inflame the situation . but those of our elected officials who for one reason or the other refuses to hear the cries of the people.

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