When Insensitivity, Ignorance And Commonsense Collide, The CLICO Saga Continued

Minister John Boyce having a drink in the company of Leroy Parris at Valery yesterday

In March 15, 2011 BU wrote about the insensitivity demonstrated by Minister of Finance Chris Sinckler, to be caught publicly sipping champagne in the company of former Chairman of CLICO Holdings Leroy Parris; he was all smiles on that occasion in the Sandy Lane Box on Gold Cup Day. Yet another minister is caught in the company of Leroy Parris at the launch of the Valery high rise housing project yesterday 8/11/2011).

It is a free country and ministers are free to fraternize with whosoever they please. However one would have thought with the CLICO Saga raging and a hotbed issue, ministers in government especially would show some modicum of commonsense and sensitivity indifference to policyholders who stand to lose significant lifesavings. So far the Deloitte judicial managers continue to search out the best way forward.

Where ignorance is bliss it should be exposed. Media reports confirmed that Prime Minister Fruendel Stuart along with Ministers Michael Lashley and Richard Sealy were in attendance at Valerie but appeared to have exercised better judgement to avoid being caught out. Kudos to Nation photographer Nigel Browne for  the Kodak moment.

Somebody needs to give Leroy Parris some advise. Whether you feel you have done nothing wrong in your former capacity as Chairman of CLICO Holdings there is something called commonsense, please exercise some. Why would you want to keep a high profile position at this time?

To further rub salt in the wounds of aggrieved CLICO and BAICO policyholders we understand he is about to change his Mercedez.

Remind us how much one of these cost?

0 thoughts on “When Insensitivity, Ignorance And Commonsense Collide, The CLICO Saga Continued

  1. Why should he care what people think of him? His company with him at the helm has milked millions from policy holders and he is still walking around a free man. He has friends in high places and they don’t care either. “IF YOU ARE NEUTRAL IN SITUATIONS OF INJUSTICE, YOU HAVE CHOSEN THE SIDE OF THE OPPRESSOR ” Desmond Tutu

  2. @ David:

    Because he was invited. He who paid the piper large sums and carrying nasty secrets can still call the tune. LP and & DLP are in such a symbiotic relationship that they can be deemed veritable conjoined twins. The DLP, especially CS at this stage since he is the man that got to deal with the mess, would like to distance itself from this electoral liability. LP is much smarter than you think. He is actually daring the DLP and telling them: “If you do anything to cause me to sink (or do time in ‘sing sing” although I might enjoy the time with the boys) , I will pull you under too!

    You got to take your hat off to the simple village boy from Lemon Arbor.

    St. John people are the smartest in Barbados that is why the elected 2 PM’s to be their representative. Ask Dowridge, the flour man!

  3. This is a sign the man won’t be touch. The only ones who will have to pay are the taxpayers of Barbados, and maybe the other territories which were robbed.

    The government is willing to inconvenience old pensioners at the NIS and the private pharmacies, because they are trying to save money to pay for the concerns of parris.

    Voter turn-out at the next elections are going to be the lowest ever in Barbados.

  4. It’s OK.
    According to Rihanna, high-class Bajans hail each other with the hypocorism “c*nt”, so the conversation would have gone something like:
    Boycey: “Yo, Parris, yuh dangerous c*nt”
    Ponzi Parris: “Arright Boycey, yuh miserable c*nt”
    which would be about right.

  5. I wonder what is BONNY PEPPA ‘s take on the sexual appeal of the 3 men in the captioned photograph?

  6. “To further rub salt in the wounds of aggrieved CLICO and BAICO policyholders we understand he is about to change his Mercedez.”

    These policy holders are like lambs to the slaughter. Don’t have a clue what is in store for them!
    Why should LP display one iota of common sense, sensitivity and decorum? That’s not his style! It’s like asking a man with no teeth to chew a chicken bone! They (the policyholders) should be thankful that far from changing his vehicle he has not purchased a luxury yacht berthed at Port St. Charles and soon Port Ferdinand where he can entertain his pals an visit his former in-the- pocket-pals in the OECS, especially St Kitts for his annual rectal examination. It is medically advised that a man at his age should have regular examination in order to detect any early signs of the onset of prostrate cancer

  7. Now having regard to all that has been said, is it not true that Tony Marshall was also a Director of the company and should of course also share responsibility for the actions of the company? And what about Jepter Ince ..?

  8. @BAFBFP:
    So you are slowly lifting the lid on the Pandora’s box!
    We hope you can handle what’s inside!
    Jepter and Tony jumped out at you and went straight to the NIS yard to open the feeding pipe for the other animals on the farm!

  9. WHY should John Voice run from Leroy Parris ????
    DOES John Voice care anything bout you talking nonsense about he with Leroy Parris ??
    WHAT yuh want to bet that John Voice dont care nothing bout you ???
    WHY you dont leave John Voice alone ????
    WHY dont you tek John Voice name out yuh mout ???
    DONT you know what we would do with you if you come in Oistins ???
    WHY dont you ask somebody ????


  10. That picture remind me of D’andrade of Trade Confirmers, walking along the South Coast, ice cream in hand,bermuda shorts,without a care in the world, just after the woman from Kingsland was reported to have ended up in Black Rock,and many others in transit..

  11. Was this a secret function where the Nation sneaked in and grab a few photos?

    This photo shows DLP, Parris, BLP. May I ask if something is wrong here?

    • Something which has stuck with us shaking out of this CLICO issue is the fact that while Parris was Chairman of the CBC it went dark on the CLICO coverage. It has irked BU that we have ‘journalists’ in the Pine who would go silent and not publicly protest that they were being forced to compromise their journalistic principles. What manner of journalists are they and how do they sleep at nights. Surely the union would have stood by their side?

  12. why keep skuirting around the issue and trying to place the seeds of misdeeds at everybody else’s foot other than the foot of mr parris’ advisors where the source of the misdeeds lay in the law offices in upper bay street next door to the brown sugar.why pillory everyone except the legal advisor?

  13. @balance

    You would want to be not balanced by ignoring there was a massive regulatory failure on a regional front which straddled different governments. In the case of Barbados that means BLP and DLP.

  14. There really is no such thing as a Journalist, that breed died of years ago (thanks in part to Grantley Adams in Barbados’ case). Instead what we have are Public Relations people seeking a pick wid somebody ….

  15. millertheanunnaki

    Come man you know what else is in the box … Tell mah nah. A decision on NIS involvement in 4C’s is pending and this box like it got allot in store. Tell mah nah

  16. It has irked BU that we have ‘journalists’ in the Pine who would go silent and not publicly protest that they were being forced to compromise their journalistic principles.

    Journalists in Barbados are not forced to do anything. They do what is required to secure their paychecks.

    Investigative journalism is a foreign concept that is yet to be adopted in Barbados.

    As has happened in foreign lands to people whose investments were decimated, some will protest, some will sue and some will kill themselves.

    And the rich will continue to get richer.

  17. Sargeant

    What does Hants have to give thanks for. Is his people responsible for the wanton slaughter of countless Algonkin Arapaho Assiniboin Atsina Bellabella Bellacoola Beothuk Family Chilliwack Chippewa Cowichan Cree Crow Dakota Inuit Etchaottine Etchareottine Etheneldeli Haida Hidatsa Huron Iroquois Kawchodinne Kitksan Kutchin Kutenai Kwakiutl Lillooet Malecite Micmac Montagnais Moravians Munsee Nahane Nakotchokutchin Nanaimo Neutral Nooksak Nootka Ntlakyapamuk Okanagon Onondaga Ottawa Passamaquoddy Puntlatsh Seechelt Sekani Senijextee Shuswap Siksika Songish Squawmish Tahltan Tatlitkutchin Tatsanottine Thlingchadinne Tionontati Tsattine Tschantoga Tsilkotin Tsimshian Tukkuthkutchin Tutchonekutchin. Thankful for what? He is just a not so i’grant immigrant …

  18. I’m trying to understand something, because we are paying off clico’s debt, and just before doing so we have traveled to china with cap in hand to collect a grant of RMB Yuan 20 million, about some Bds$M6.15.

    I obviously went to school long, but not too often, or just maybe common sense isn’t my forte.

  19. BAFBFP

    I can’t speak for Hants but if he is like me he will be thankful for Love, Family, Health, Friends and Laughter and most of all he will be thankful that he can still smell the flowers before he fertilizes them.

    Now what are you thankful for?

  20. @BAFBFP:

    The social and economic undoing of America and, by extension, Western Europe has very little to do with the continuing financial meltdown and coming avalanche of total economic failure. These are just the superficial symptoms festering the body politic. The concept of Retribution is manifesting itself in a real sense and visiting those who ancestors were directly responsible for carrying out genocide on such a massive scale against the original settlers who lived in harmony with nature; eliminating the bison by mass culling knowing full well the native people vitally relied on this animal for food, clothing, fuel and shelter; and corralling them into ghettos called Reservations only to be subjected to the negative effects of alcohol and gambling.

    Where is the Thanksgiving for these poor wretched native people? Maybe if the natives had succumbed readily to the religion, social mores and economic exploitation by the Europeans they might be just like the blacks today; in the same socio-economic filth and praising a white Jesus.

    A similar extermination exercise took place in Central & South Americas and the Caribbean and will soon see a similar socio-economic dislocation and a similar act of retribution to appease the souls of their massacred ancestors.

  21. David,
    “What manner of journalists are they and how do they sleep at nights. Surely the union would have stood by their side?”

    Are you sure that the unions would stand up for them against this powerful government? Remember what happened to the “tough” stand Denis Clarke (I do wish him a speedy recovery) took with the workers at Urban and how they were treated by a very same union man on “special leave” when he took over the agency.

    In this day, people are just trying to survive and they will always protect their hide.

  22. Happy Thanksgiving to you and yours too Sargeant.

    I am especially thankful that I was brought up in Barbados where good manners and civility was taught in my family.

    I am thankful that I was able to go fishing 3 days in a row and thankful that Saturday morning I caught a 5lb brown trout which I gave to a man and his son who had not caught any fish all morning.

    I am thankful that BU exist and that BAFBFP has a forum on which he can rant and rave.
    Maybe he should go fishing.lol

  23. millertheanunnaki

    I wid U. North American styled thanks giving was cursed from inception. I believe that it is time for some enterprising non-White not so i’grant immigrant to start a proper Thanks Giving on a different day for all of the right reasons as specified by others like Hants and Sarge as the basis for the day. The history of Thanks Giving in that part of the world is not a good thing at all. Leave dah celebration to people like Halsall …

    I wid U bro’

  24. @David, you wrote:
    Something which has stuck with us shaking out of this CLICO issue is the fact that while Parris was Chairman of the CBC it went dark on the CLICO coverage. It has irked BU that we have ‘journalists’ in the Pine who would go silent and not publicly protest that they were being forced to compromise their journalistic principles. What manner of journalists are they and how do they sleep at nights. Surely the union would have stood by their side?

    It might be small comfort, but journalists who hold back from covering “sensitive” subjects for fear of losing a steady paycheque or perhaps opportunities for promotion are not unique to Barbados.

    Even in that bastion of democracy and the “free press”, the USA, some journalists had to learn the hard way that it just does not pay to “rock the boat” to the point where it actually might be in danger of tipping over. Gently swaying the boat from side to side is fine. Tipping important personages or institutions into the deep is a no-no, whether they might deserve it or not.

    The book Into the Buzzsaw: Leading Journalists Expose the Myth of a Free Press (available at Amazon.com) is a compilation of the accounts of various award winning, mainstream US journalists recounting the stories of how they were abruptly awakened to the reality that certain stories that the establishment or advertisers would find embarrassing are strictly off limits for coverage in the media. What follows is a snip from a review.

    Into The Buzzsaw: 18 Tales Of Media Censorship

    by Michelle Goldberg

    Between them, the authors of the incendiary new book “Into the Buzzsaw,” out this month from Prometheus (Book came out in 2004. This snip is from an early review /GM), have won nearly every award journalism has to give — a Pulitzer, several Emmys, a Peabody, a prize from Investigative Reporters and Editor, an Edward R. Murrorw and several accolades from the Society of Professional Journalists. One is veteran of the Drug Enforcement Administration and a best-selling author, another is a Nieman Fellow at Harvard.

    And most of them are considered, at best, marginal by the mainstream media. At worst, they’ve been deemed incompetent and crazy for having the audacity to uncover evidence of high crimes and misdemeanors committed by government agencies and corporae octopi.

    Edited by ex-CBS producer Kristina Borjesson, “Into the Buzzsaw” is a collection of essays, mostly by serious journalists excommunicated from the media establishment for tackling subjects like the CIA’s role in drug smuggling, lies perpetuated by the investigators of TWA flight 800, POWs rotting in Vietnam, a Korean war massacre, the disenfranchisement of black voters in Bush’s election, bovine growth hormone’s dangers and a host of other unpopular issues.

    Borjesson describes “the buzzsaw” as “what can rip through you when you try to investigate or expose anything this country’s large institutions — be they corporate or government — want to keep under wraps. The system fights back with official lies, disinformation, and stonewalling.


    Of course smart journalists sometimes have ways of working around the censorship imposed from above. For example, check out this article (link below) in the London Evening Standard. The article discusses how the middle aged segment of British society in increasing numbers is finding it necessary to share accommodation in order to meet the high cost of housing in the UK:


    Take a close look at the cartoon at the head of the article and see if you can detect a “subliminable” (as GWB liked to call it) message for the readers on another topic altogether. LOL

  25. well david if the bucks stops at the irregular regulatory practices of CLICO by both administrations, then i have no problem with that ; but this constant pillorying of sinckler, stuart and now boyce and other politicians for their courage in not dumping their friend( who has not been charged for any crime) under pressure is disengenuos to say the least when mr thompson would havebeen privy to any corrupt schemes with which mr parris would have been purportedly involved.remember when accused of writng policies in contrvention of the instructions of the oversight committee , mr parris defiantly let all and sundry know that he had spoken to the minister of finance. a statement so loaded that when scrutinised would surely have given mr thompson a relapse.

  26. ISNT it true that most Barbadians including journalists and civil /public servants -whatever- policemen, firemen, artists and others are ”SHEEP” who just bleat and bleat and get beat ??????


  27. Leroy Parris never had any sense common or otherwise.Ditto John Bpyce as well. Parris is too stupid to understand what is prudent and what is not.I always smelt something wrong with CLICO.I was one of the lucky ones who got out 100% of their money because I didn’y wait.The moment T&T went belly up I moved.

  28. @ balance:
    “but this constant pillorying of sinckler, stuart and now boyce and other politicians for their courage in not dumping their friend( who has not been charged for any crime) under pressure is disengenuos to say the least when mr thompson would havebeen privy to any corrupt schemes with which mr parris would have been purportedly”.

    But Mr. Parris, by his own admission, broke the law by continuing to sell illegally policies that were deemed by the SoI to be invalid. He purposely went ahead in breach of the SoI instructions, and by extension, the Minister of Finance. The Westminster form of government which we claim to practice (ape) requires that the Minister of Finance avoids any semblance of association (either by words or deeds) with alleged wrongdoers that could be brought before law courts for fear of jeopardizing the Crown’s chances of getting a conviction of a perpetrator of financial infelicities.

  29. It would be brilliant if BU could get a copy of the NIS Internal Balance Sheet for BU analyst to review. If the NIB is having difficulty generating audited financials then the next best thing is to make the internal public, in the interest of transparency.

    • The bottomline is this, the current fianncials of the NIS should be available for the PEOPLE of Barbados to review as they see fit. It is their money!

      The bullshit quote attributed to Minister Chris Sinckler in the Barbados Today is just that, bullshit

  30. indeed david table D6, D7, D8 on central bank website haven’t been update since dec 2009. The whole idea of doing online database is so figures are easily accessible and current. no need to produce multiple pdf every month. it seems the old way data was kept more up todate

  31. Question; should not a large portion of blame for the CLICO fiasco be allocated to Layne the Permanennt Secretary and the BLP governement under whose watch the shennanigans of green verbs Leroy Parris and his CLICO were allowed to fester.
    The bubble burst under the Dems but the cause is found earlier under OSA, Layne and the 1994 to 2008 Bees.
    The same holds true for George Payne’s front man Barrack.

    • @Just Saying

      Do you understand we are passed the point of playing the blame game?

      Do you understand why people are starting to ‘rise-up’ all over the world in protest at the system?

  32. feeble effort just asking but catching at straws would not negate the fact that mr thompson was literally the mouthpiece of clico during the manifestation of its problem and gave them 10 million of taxpayers money to buy the confidence of a disdainful public while fiddling with the decision to put clico under judicial management.

  33. @ Just Saying:

    I agree that the previous Administration must carry some of the blame for aiding and abetting this fraud. They allowed LP to escape from jail. But the present Administration is equally culpable because the boys in charge gave succour to the crook and continues to provide him with a safe haven in return for some of the loot paid in advance.

  34. We seem also to forget Mr David Thompson was the attorney for the same Clico Group while Owen was the P.M; no wonder neither side wants Integrity Legislation!!!! However, the tax payers of this country MUST call for transparentcy because in the end it is us who will have to pay the policy holders, while those who took the cash lavish in their ill-received moneys.

  35. If we were to follow the money in all this so-called financial crisis around the globe, it seems that monies are being shuttled from the poor to the rich on a large scale through the use of governments. (banks bailout etc)

    Ordinarily persons would have objected to taxpayers monies being given to the private sector, but the “threat” of recession keeps them at bay. Some taxpayers around the place are waking up to this strategy by the elites, hence uprisings around the globe.

    One can hear a minister in Barbados telling the average man that if he is not allowed to used the taxes paid by the average man, to pay off the debts of the rich, then there will be stress. The game continues.

  36. How can you expect integrity from two old boy collectives that are not even listed as legal entities? … They are not clubs, not associations or anything …. Do you not get the facade that you call Democratic governance?

    • The ignorance continues in Barbados
      Agyeman Kofi
      The Sparman Clinic is in today`s Advocate seeking permission from Immigration to hire a non national as a marketing Rep. Barbados is adrift in the sea of ignorance
        Like · · 7 hours ago via BlackBerry ·

      Trina Daniel and 3 others like this.

      Raquel Gilkes Laughs maniacally…
      7 hours ago · Like · 3 people

      Rodney Kirton vast ocean
      7 hours ago · Like

      Agyeman Kofi Why are you laughing? This a serious insult when we have so many Marketing Reps even with Masters. How can we find out the requirement for this post
      7 hours ago · Like · 2 people

      Rolandson Lynch If the climate didn’t facilitate it, neither he nor his establishment could have done it. So its really the gatekeeper(s) of our labour mechanism facility (practice & policy) that is adrift in the ocean of ignorance (masking itself as liberalism).
      7 hours ago · Like · 2 people

      Raquel Gilkes I am laughing because if I doan laugh, I gine cry
      7 hours ago · Like · 4 people

      Rolandson Lynch well laugh na, dat is ya mouth gal.
      7 hours ago · Like

      Joel Howard Maybe the job isn’t paying much. Based on what I have gathered from a couple former workers, he pays cheap. Maybe the position will be fill from down south.
      6 hours ago · Like

      Curtis Murray i with ya on this one kammie. i saw this ad about a week ago and just like raquel i laughed to myself. but the real reason i laffed is because we will still do business with sparman and all de others who will refuse the give locals the better paying jobs.
      6 hours ago · Like · 1 person

      Raquel Gilkes Yup!
      6 hours ago · Like

      Nikita ‘Keetz’ Swann Maybe folks don’t like to hear a Bajan accent…foreign ones sound MUCH better…riiiiiight….
      6 hours ago · Like

      Max Skeete Barbados has a number of persons with qualificaitons in marketing and are out there looking for work. I wonder why the Immigration Dept. always grant permission to fill such posts. Are the bajans too dumb to fill those positions?
      6 hours ago · Like

      Rolandson Lynch Bajans are not dumb at all, just passive. We will chat and keep noise in private but public is another story. The reasons for such are vast but the compelling one to my mind is some of us have being politically compromise. Therefore to engage in overt action will lead to consequences we prefer not to deal with.
      6 hours ago · Like

      Agyeman Kofi Its amazing how our politicians are so compromised by political patronage that none are motivated to speak out. What is really going on in Barbados?
      6 hours ago · Like

      Angela Fergusson The answer lies with Bajans, we need to sort these situations out! The main reason is an attitude challenge! Sometimes we know too much but not enough of small things. We need to work on “Giving Great Customer Service” also interpersonal skills should be at a higher level! I must say there have been some positive changes in the last little while! Please know, I am not brushing everyone!
      6 hours ago · Like

      Agyeman Kofi Are there no honorable men around willing to put country before friends and self. Let’s not be sidetracked with personality attacks. Many of the ministers read these post so do let them know you hold them in trust to do the right thing. Always use you vote wisely its leverage
      5 hours ago · Like · 2 people

      Khati D’Souza If I had any love at all for Guyanese ppl, I probably would have told him hire me but I don’t and it not going to come in a hurry based on past experiences in my life…..AK : Ignorance have no cure. Why can’t he go and find someone on the list who graduate in marketing from UWI this year and let them do the job. Brain drain……
      5 hours ago · Like · 3 people

      Mahalia Francis Please excuse the pun but there is so much —- going on in the Island, it is really becoming very atrocious . What the heck are these people thinking. So many Nationals leaving College and UWI and he is thinking of asking for permission to hire a non-national, this is really crazy, bajans pls wake up and smell the coffee. The majority of them are literally fleecing our nation.
      about an hour ago · Like · 1 person

      Mahalia Francis Kofi in one of the comments someone spoke about an attitude challenge, but let me say that last Friday I went into Cave Shepherd to purchase some gifts for my co-workers, the experience was great. I needed some additional t-shirts for gifts, so my sister took me over to SY Adams, after choosing the t’s I went to the cashier to pay, she looked around and shouted “come over here” I turned to my sister and asked her who this woman was speaking to, I then asked the cashier who are you speaking to, she replied,”you”. I then said to her “,please when you are finished with the other lady, cash my items and then I will speak with you”. Well I kindly explained to her that this is my home and my navel string is buried here, if this is the way that you speak to the people in Barbados, you should be ashame of yourself. She didn’t want to cash the items, I insisted, after the transaction,I explained myself to her and allowed her to know that I have staff working under my supervision & that I wouldn’t even hire her for any position, she has poor customer skills. Another non-national from Guyana of the Indian race in Barbados insulting and being rude to the general public. OMG, I will travel home every year, but I will never shop there again. That cashier was rude,indecent, abnoxious and dispicable, very poor customer service.This kind of behavior should never be tolerated.
      31 minutes ago · Like

      Simone Alleyne But what can we, you and I non-politiicans and moneyed-folk, really do eh??????????? Respond to the Immigration Dept? First thing that will be asked is, what are your qualifications? Do you fit their requirements? Did you apply? Ten to one your objection will be overthrown for whateverflimsy excuse they come up with and you will then be branded a trouble-maker…..Barbados is a small island and despite what any sanctimonius poppet likes to claim, victimization happens! The solution has to come from the policy level!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Areas that we have NUFF manpower in like Marketing, like Construction, like nursing, and on and on, should be identified as non-work permit fields. And I am not only talking about the lower level jobs in these areas but all the way up to Managerial level because it is the highly qualified citizens of Bim who are hurting most with this *@#$%! Then, other areas where the country is weak in qualified manpower should be given the status of conditional work-permits, i.e. work permits will only be given for 2 years in these areas and a Bajan “apprentice” MUST be hired and MUST be trained in the relevant area with the view to take over at the end of the work permit. This means that the Immigration Dept will have to come out of their air-conditioned fiefdoms and go out in the field on a monthly basis to ensure that this is being enforced, working closely with BIMAP, UWI or SJPP….OMG! Actual work! Cut out all of this crap about trying to run people who have been here for long periods of time out of the country, that is just wrong and from a MARKETING and PR point of view sends a dangerous message to the rest of the world. Say that as of November 1st this is how the awarding of precious work permits will be handled AND ENFORCED. Those who are already here will in effect “get away” provided that they are legal and actively contributing to various aspects of our country and society. However, I do not hold out much hope for this policy suggestion to be considered, refined or implemented cause reallly from where I sit as a fedup, out of work, marketing professional with an equally fed up construction professional husband, too many palms getting greased, too many people is friends with too many big-ups and no one really cares unless it is actually impacting their personal household!!!!!!!!!!!!!!!!!!! JMO!
      11 minutes ago · Like

      David King We dealt with Sparman a while ago and was accused of trying to keep bread from a black man’s mouth. He has friends in high places which explains how he has been able to operate here given his murky background, get a license for ‘equipmen’t to carry around when many born and bred Bajans struggle to etc.
      2 seconds ago · Like

      Write a comment…

  37. Under a recent post (I don’t remember which), Bush Tea said he wondered what Inkwell thought of the NIS situation.

    Bushie, I shuddered at the thought of the work involved in putting my thoughts into words, but I also knew I had a responsibility to make the effort. Fortunately, I have been rescued and all I need to do is reproduce the article written for Caribbean360 by Peter Boos and published on October 13th. Peter Boos speaks for me and for every Barbadian, whether they contribute to the NIS fund or not. His article makes for compelling reading and since I suspect that Barbados Underground has wider readership than Caribbean360, his views should be propagated here for the benefit of all…with David’s permission, of course.

    BRIDGETOWN, Barbados, Thursday October 13, 2011 – Having witnessed the ups and downs of the Barbados economy for 41 years it is clear that the current crisis is certainly the worst we have experienced in that time, with no easy victories in sight and lots of hard slogging and tough choices yet to be made. Importantly, the current international environment in developed economies is expected to continue for a few more years, and to be characterized by slow growth and high levels of unemployment. The October 2011 report from the Central Bank of Barbados confirms this assessment.

    We can all agree that these are tough times and Government has difficult choices to make. It is the job of all citizens to help get the country back on a growth path by being more innovative, productive, competitive and confident.

    Recent disclosures that the developers of the proposed Four Seasons project have made an application for financing from the NIS Fund have surprised many. Even more surprising is the indication from Government this should and will happen, seemingly as a matter of course.

    No doubt there are many potential benefits of having a commercially viable, self-sustaining Four Seasons Hotel in Barbados, and few reasonably minded people in Barbados would want the project to fail just for the sake of it. This would simply not be a defensible position to take.

    Nevertheless, the fact that we are in a deep long term economic recession should not lead to a relaxation of the legal and socio economic principles governing the manner in which the NIS fund is allocated and invested. On the contrary, I am of the firm view that it is precisely in times such as these that the integrity of a fund in the nature of the NIS fund should be most jealously guarded. The fund is not a commercial or development fund. It is a social security and pension fund, which should, for obvious reasons, be invested on a conservative basis to meet long-term liabilities.

    “The people of Barbados are the owners of the NIS fund.”–Peter BoosSome may recall that CLICO failed essentially because it strayed from sound investment management practices as mandated in the law under insurance regulations, and took on several speculative investments, which eventually it could not support financially. Looked at objectively CLICO and the NIS have something very important in common: CLICO derived and the NIS derives large volumes of cash from insurance premiums, pension contributions, investment income etc. As a corollary to that, the people whose money was held by CLICO and is held by the NIS were/are depending on receiving the benefit of those funds. In many cases those funds are the only savings and retirement planning provision made by such people.

    Against this background some important questions arise on the appropriate use of NIS Funds by Government.

    How should NIS Funds be invested? What are the Investment Guidelines for NIS Funds and who sets them? What are the powers of any Government to mandate how these Funds may be invested?

    Recent announcements indicate that almost 70% of NIS Funds are lent to Government. On what terms does the Government borrow these funds from the people? Sovereign debt crises in Europe and the USA should be sufficient warning for Barbadians that Governments too can default. At the end of the day, it is the taxpayers who have to make good any shortfalls, and it is they who are at risk if their future social security needs cannot be met.

    In the recent 2011 Budget presentation [concerning] Government’s Proposed Strategy to Reduce the Deficit in Line with the Medium Term Fiscal Strategy (MTFS) the following statement was included:

    “Designing of a borrowing package from the NIB to three statutory entities (UWI, Transport Board, BTA and Needhams Holdings ltd) to allow for financing of $110 million during the course of this financial year for specific aspects of their programme. This will address the level of current transfers made to these entities from government but allow for greater flexibility to do more to stimulate the economy. Servicing of this debt will however be provided for, where necessary in the Consolidated Fund”.

    Is it appropriate for Government to essentially use NIS Funds as a bank for its funding needs? The precedent set in 2011 is a very dangerous one. This is essentially window-dressing so that our debt to GDP ratio and fiscal deficit are artificially made to look better in order to satisfy the rating agencies and other interested International Agencies.

    We do not have published information on any of the investments held by the NIS at this time. Why not? These Funds belong to the people. It should be remembered, at all times, that the people do not have the freedom to consider all of their financial planning options and, if they like, choose to allocate some of their money to the NIS, on the basis that the NIS is the best, safest or most rewarding investment. Not at all. The people and their employers are obliged by law to make monthly contributions to the NIS Fund. Ironically, in the world of optional investments, one can examine a plethora of information about a prospective investment, before deciding whether or not to invest. In the case of the NIS, to which payments are mandated by law, the reality is that no meaningful information has been provided to the people for a number of years.

    Looking at the deployment of NIS funds into the range of possible investments as desirable as it is to have a Four Seasons Hotel in Barbados, should NIS Funds be invested in that way?

    There are many other equally pressing national economic needs. Innovative solutions for the south coast tourism product, food security, expanded broadband connectivity, alternative renewable energy, niche manufacturing, economic diversification for exports (e.g. international medical services, arts/culture, international education services etc).

    So why the Four Seasons?

    Is this the role of the NIS? Is the NIS now to be a development bank with all the associated risks?

    The CLICO failure is primarily as a result of speculative, risky investments of policy holders’ funds. Many people have lost their entire investments and pensions, and the Barbadian taxpayers may yet have to carry the burden of its shocking demise. Consequently, the climate is such that there is widespread fear and concern that the NIS fund, which seems to be the only substantial fund left in the country, and which is a public pension and social security fund, may be risked as well.

    We should not invest scarce national savings managed by Trustees on behalf of the people in a way that is not within the NIS mandate, without open and full disclosure, within published and approved investment guidelines and subject to management according to rigorous governance procedures.

    The fiduciary responsibility of the Board of the NIS includes the obligation to invest the funds they manage, on behalf of the contributors, in a manner which will ensure stability of its investment portfolio for the long term to meet its future pension liabilities to contributors and other beneficiaries.

    I am informed that the NIS manages $3 billion in assets and has surpluses of $30M a month; and some are aggrieved that the commercial banks take advantage of this by offering low returns on deposits. However, given the current economic climate, it cannot be expected that returns will be generous. This much is clear and acceptable. To swing to the other side of the spectrum and posit that NIS funds should be invested in risky real estate developments, in the absence of the highest level of scrutiny must be a breach of fiduciary duties owed to the people of Barbados. Given the nature of the fund, the investments would be safer with the commercial banks since the principal would be safe. The assertion that the NIS fund is in surplus does not, in the absence of meaningful disclosures as to the state of the NIS fund, justify investment in risky ventures.

    Indeed in the circumstances it is understandable that people are asking: is this proposed investment not just another way of NIS lending money to Government through a ‘fronting arrangement’ to pursue its development agenda? If it is, then the investment should be categorized as such. At least then the investment would be a Sovereign Liability and of potentially greater value to NIS beneficiaries. Should the investment fail, what then? Unless the Government is willing to issue a guarantee to the people in respect of this use of the NIS fund, there is no acceptable answer to this question.

    Peter N. Boos FCAManagement and use of NIS Funds should be separate and distinct from Government’s funding needs. This really is the issue. Does Government determine the investment policy and choices of the NIS? Does it have the authority to do so under the law? More and more we see Government essentially regarding the NIS as a source of funds to finance Government’s operations. This is a dangerous course because even the wisest, most well-intentioned of Governments is not infallible.

    The public have become increasingly concerned in the past year or two about this, and the current Four Seasons proposal is a cause of deep concern for many stakeholders.

    The argument in favour of NIS funding of this project is that, in these recessionary times, Government has to support development projects in order for them to gain impetus. However, Government support is one thing, while, given the social security nature of the NIS fund, expending it for the proposed purposes is quite another. Put another way, Government support for a project should not automatically translate into depleting the NIS fund simply because this is the only fund of real cash remaining.

    The people of Barbados are the owners of the NIS fund. As such they are they entitled to full disclosure including:

    most recent unaudited financial statements (to 30 June 2011 would be acceptable)
    2010 audited financial statements as soon as possible
    access to most recent approved audited financial statements
    current list of the components of the investment portfolio totaling $3 billion
    the investment guidelines of the NIS Fund
    the governance policies of the NIS Board
    the powers of the Minister of Finance as regards NIS investments.

    Once these disclosures are made, the proposal to invest NIS finds into the Four Seasons project can be fully and fairly evaluated. The writer is not opposed in principle to that project or to investment in it, if the project is viable and the investment is structured in a fashion that will not put every Barbadian taxpayer at risk of having to “pick up the pieces” if things fall apart. The writer also does not advocate the disclosures highlighted idly or out of mischief. Indeed one of the reasons why the disclosures would be so welcome is because while the reality is that there may be nothing to hide or obfuscate, the prevailing absence of total transparency creates the impression, bewildering to the country, that there must be something to hide. Dispelling these fears through full and ready disclosure would give people more comfort in the context of the investment of their life savings into development projects generally; and an understanding of how this particular investment into the Four Seasons would be structured, especially as regards protection of the people’s funds and mitigation of their risk, would help to persuade us all that it is in fact a compelling investment, which serves the best interests of the people who have worked so hard to generate the NIS fund.

    Peter N. Boos FCA

    NIS Pensioner and Economic Commentator

  38. Hell NO! just another bail out. The Government needs to back off and protect the people first. Four Season is a Private industry let them seek funding elsewhere . Why is the government always so “GongHo’ at using the taxpayers money to help these ailing enterprises. Let Four Season find funding elsewhere and leave the people social secrity alone.As for the government they need a good kick up their behind for even entertainting such a reckless thought in these hard economic times.

    • The Four Seasons Project has lost credibility.

      The government must know it is walking a tightrope on this one.

  39. Where is the outrage. a little stink here and there is not good enough . Barbadian people must not rely on the government to make any kind of financial decision when it comes to their hardworking money. Where is the outrage? How dare the government try to f….k the people ! Who de hell they think they are?Is that why we vote for them to give our money to the rich! So what !if four seasons fail maybe it wasn’t to be. and don’t give me this malarky about jobs

  40. I am willing to march for not touching the NIS for four seasons, as well as integrity legislation, anyone else?

  41. Dear Mr. Prime Minister and Mr Snickler…Leff wee fcking NIS alone. Wunna allow Clico to THIEF and get away wid it BUT NOT wee NIS. Dis is wee money wee wuk hard fuh and was forced by law to contribute to. What de hell yuh touching it fuh without wee permission. Tek wunna stinking cheesy fingers off wee money.

  42. It is time for the super wealthy of Barbados, who have become billionaires from the support of such a small community, to do something of significance in the interest of that community. I suggest that the Minister of Finance call them out by making a public appeal for them to invest in this FS project and any other stalled project of national importance during this challenging period – they will ultimately recover it, as most money spent in Barbados will find a way to their bank accounts.

  43. @ Inkwell

    Is the bushman to conclude then, that you agree that all the current investments of the NIS should be made public and that the accounts should be up to date as specified by law -or that the Board should be dismissed in preference o a Board that can at least meet that basic standard?

    If you agree with Boos (and the Bushman rarely does), how would you classify the recent decision of the NIS Board to SELL it’s shares in BL&P? Would you not have thought that it was an opportunity to hold or even further invest in such a critical (and well managed) Company?
    …as opposed to this apparent headlong urge to invest in Persaud when no one else sees any future in his three seasons?

    For what it’s worth, if you had any sway, would you fire the Chairman?

  44. Those people in charge know that Bajans are a bunch of submissive, subservient church mice who will get in their little social gatherings and expel a lot of gas.

    That is why they can flaunt LP in our faces with 2 fingers stuck up in the air at us.
    You can’t have pins with LP, no needle and pins with LP; because he is we rich sweet benefactor.

    To use a much heard phrase from LP: “Don’t you know who we is?”

    Who the hell wanna stupid Bajans think wanna is? Ya put we there and we can spend wanna money as we like. “Like it or lump it”!

    Go march like the grand ole Duke of York, this time OSA can head the cavalry!

  45. Bush Tea,

    You said that you rarely agree with PB, but you haven’t said whether you agree with him on this occasion. What’s there to disagree with? Every Barbadian is a shareholder in the NIS and has a right to details of its investment portfolio. And I don’t think that you disagree that the NIS ought not to be risking the people’s money and long term social security in highly speculative ventures as Four Seasons is, given the current world economic climate.

    Now, I don’t know to what extent the Board takes policy direction from the minister, but, I would hope that the members’ integrity would weigh more heavily on their actions than the privileges of a pick on a Board. Today’s press statement by the Chairman shows the current status of the financial statements, but that doesn’t help us any with information on the investments and whether or not Government is misusing the fund as the opposition claims.

    I know the chairman and though he can be a pompous ass at times (well, most of the time) he is well meaning and I give him the benefit of the doubt in his claims of effort and progress in getting financials to the public. He is a career banker after all and the necessity for timely financial statements is ingrained.

    In the matter of Government’s L& P Holdings investment, sadly, the Government had little choice in the matter. The need for foreign currency far outweighed any thought of holding on to a solid investment for the long term, not to mention the considerable capital gain the sale achieved.

  46. To MillerA:
    What you are saying is true; we shall rant rave hope somebody does something because if there is lock up it would happen to them. And you and I would watch Rome as it burns for lack of a spinal cord or stiff back.

  47. This government is behaving as if Bajans are either asleep or have become illiterate overnight. First , we are to be satisfied with a ceremonial leader as prime minister. then Barbadians must admire and have confidence in a government that continues to associate itself publicly with the former president of a company whose dealings have brought, and continues to bring immeasurable pain and suffering to thousands of Barbadian policy holders and their offspring; some of whom will vote in the next elections. Moreover,a man like Jeptor Ince, who morning after morning influenced Barbadians to put their hard earned savings in the Clico Balanced fund and other term plans knowing full well that the company was not in good standing is still closely aligned and advising this government. I wonder how many Bajans really listen to him?
    We have missed the STRONG, CONFIDENT and POWERFUL prime-ministers. It is time for a new order of which the population can be extremely proud and confident.

  48. @Inkwell;

    Have you not understood Bushie’s previous posts.

    We have no need for NIS funding, because we are soon to be uplifted to BBEland, so stop your fretting about the cheating bastards down here , we’ll be upstairs in the gods, laughing at their torment.

    Ain’t it so BT.

  49. @ ST
    “….because we are soon to be uplifted to BBEland, so stop your fretting…”
    But in your case ST, I would fret!!
    -…..about to see your life savings evaporate before your very eyes….
    -…seeing your retirement savings being converted to finance four-season luxury villas (to join the already existing empty ones we have).

    Much like your last week at school, you choose to concern yourself with the chaos and uncertainties of “end-of-school-life” realities, while Bushie is focused on starting that exciting career with the Big Boss Engineering firm….in BBE Land. LOL

    …let’s see who has the last laugh OK?

    @ Inkwell
    ST is largely right about BT.
    Why realign the deck chairs on the Titanic?
    ….the issue is really the general lack of principles, disregard for honesty and not caring about others that has come to exemplify our society.

    Even when your friend manages to get the accounts up to date in December, and even if the NIS performs remarkably well…. Will this address our real problem?
    With respect to the L&P holdings, when we have reached the stage where it makes sense to sell the family farm to foreigners for 20 pieces of silver, -only to have to rent it from them at their price, so that our children can eat; we know that we have reached our lowest moral point.

    It does appear that the current Board is making progress in addressing endemic lapses in accounting and reporting….

    • According to press report Leroy Parris was large and in charge at the Thompson book release at the Hilton yesterday.

      The insensitivity of these people is mind boggling.

  50. No the voters will not forgive the DLP nor Freundel Stewart for their continuing association with Leroy Parris.

  51. In today’s Sunday Sun the police are investigating the illegal activities of Clico under the leadership of Leroy Parris where 800 policies were sold after they were warned to stop selling these policies by the Supervisor of Insurance in 2009. Since he is seen regularly in the company of many elected officials and a FRIEND of the PM will justice prevail? If criminal acts like these are allowed to continue without prosecution, the whole insurance business can be seen as a scam. Government will be seen for what they are … criminally minded and to associate with the likes of this former head of Clico. is blatantly telling the public that certain people are above the law in this small country. This also shows the world what a corrupt society we have.

  52. Today’s Nation and Last Night’s Barbados Today carried a story that a decision will soon be made on whether or not to prosecute top CLICO executives for disobeying the orders of the Supervisor of Insurance re. selling of EFPA’s. I wonder if anyone expects that to go in any direction other than to ignore the SOI’s order. However, If the unexpected happens and cases are brought, it will be interesting to see how it is dealt with in the current legal dispensation.

  53. I had’nt seen IslandGal46’s post above when I wrote mine. I agree essentially with her. I am eagerly looking forward to the spin that will be placed on DT’s input into that fiasco if and when the statement exonerating the former CLICO executives is made.

    • @checkit-out

      If we had FOI we would have seen how if any correspondence passed between the late PM and former Chairman of Clico Holdings on his reference that he consulted with Thompson.

      A very bold and serious statement which has never been pursued by the media.

  54. @ Checkit-Out:
    You really can’t be serious! Do you really expect this Administration to initiate proceedings to bring charges against LP? Can’t you see that the JM has already limited the scope of the forensic audit to only transactions between group companies? This effectively would allow blame to fall at the feet of the Trinidad parent company over which the local law has no jurisdiction. Even the man TT in charge of the accounts is still flying high with his big salary and perks although the same JM established that the over $300 million in assets cannot be accounted for with no supporting documentation on record or on file. This is the height of incompetence and un-professionalism coming from a man trained in the art of finance and number crunching.
    Listen to your small voice called Commonsense!
    LP will continue to skin he teets at wunna because he knows that de day he start running he mout like a “sick nigger backside”, loads of big-ups would be on the toilet paper list he would used to stop de runnings!

  55. David eff you is a Bajan you done know dat dead men tell no tales so unless Parris have a tape recording wha he say DT tell he doan count.

    Anyway if this saga ends up in court Lawyers in Barbados and Trinidad will make millions over the next 10 years as per usual.

    • @Hants

      You maybe correct, we will have to wait and see however if he has signed docs now that will be an entirely different matter.

  56. Millerthe Annunaki; Read my posts again. I don’t think I ever intimated that any putative action would go in a direction other than the one you have painted above. CLICO shuld be the horns on which the DLP loses the next elections but a credible opposition needs to show itself soon.

  57. Hants; taking your point above to its logical conclusion. Since dead men tell no tales, Parris can’t successfully claim that the SOI’ s order, re. sale of EFPAs, was overuled by the former PM (This will make the DLP hierarchy very vexed), therefore CLICO, under Parris’ leadership was in verifiable breach of the Law since he has no other point to justify CLICO not following the SOI’s directives, therefore a case can be brought against him and he is thrown to the wolves. Any other solution puts DT’s ever accumulating points towards sanctification by this Government in some jeopardy. The Government (The legal system thereof ) can only save both of them if the facts in the investigation as accumulated by the SOI’s brief are glossed over. Thats why I say I would like to see the arguments that will be made to throw out the case. They should be priceless.

  58. @ Checkit-Out;
    Those who demand justice must come with clean hands!
    The current Opposition is a toothless tiger whose hands are not clean with regard to the CLICO fiasco. Don’t expect anything but hot air coming from that side.
    But you see this talk about reformation in the Legal & Justice System! Just talk and it shall remain so.
    How can a country talk about justice when a blatant breach of the law goes unpunished because the perpetrator is a friend or pal of those responsible for enforcing the law?
    There is a saying that the Law is an Ass! LP is really making monkey sport at the donkeys he has in his hip pocket for sale!
    In terms of this Country’s Moral compass the direction in which the CLICO matter goes will measure integrity and honesty of Barbadians much flaunted belief in Christian principles and love of God.

  59. Peoples I went to Brumley the school for dumpsy children but didnt all the infelicities of CLICo and Parris evolve and take root under the Arthur administration. What we are witnessing is the affect not the cause. Any court case and I wont mind seeing Parris in front of CJ Gibson must include the mouthy Permanent Secretary Layne and the Ministers he reported to in the 14 years See Thru ran things. Back then is when the rubber hit the road. After 2008 you talking about the effects of CLICO’s previous 14 years of infelicities.

  60. David; Exactly!!. The written policies tell the story that CLICO was in breach whatever Parris’ defense. The best chance for the Legal system to exonerate Parris and the other executives from the consequences of that breach was to accept his story that a higher authority than the SOI gave them permission to sell the EFPA’s. In the absence of supporting evidence of that the CLICO executives should be made to stand trial. But if they were to stand trial who knows what facts they might bring out about the higher authority so it seems to be a general consensus that they cannot be allowed to stand trial.

    Evidence exists of breach; CLICO’s execs can’t reasonably trot out former explanation for going forward with sale of EFPA.s in defiance of SOI’s orders; CLICO execs should stand trial; Trial not in best interests of dead King, dead King’s family, DLP, nor CLICO; Rationale for not having trial should be interesting to EFPA holders, people interested in the rule of law, and many others, indeed to a knowledgeable electorate.

    Very interesting state of affairs. Lots more in the mortar than the pestle.

    • So that the issue is not whether CLICO breach the SOI order it is more about who was complicit in the decision.

  61. MillertheAnnunaki; I agree almost totally with your post above.

    Anonymous; Looks like you’ve almost totally exonerated CLICO’s former lawyer, David Thompson who was likely heavily associated with many of the CLICO actions over the same period mentioned and was essentially at the helm of them in his short period as PM. IMHO, if blame were to be shared between the three administrations re. the current outcome of the CLICO situation, I would rate the Owen Arthur administration at about 20%, the David Thompson Administration about 70% and the Freundal Stuart administration at about 10%. Re. the rot started during the Owen Arthur administration, that is arguable, but note that CLICO polluted the body politic throughout the Caribbean by a methodology of handsome payments, ostensibly for electioneering, to parties throughout the caribbean. The Owen Arthur rot was par for the caribbean course and was apparently predicated on an easily held view that CLICO was a well run company. The David Thompson component of the CLICO sht hitting the fan episode was unique to Barbados in that David Thompson should have known intimately of the CLICO influence-garnering practices and how that influence was used to the benefit of its executives and their friends.

    You said “Any court case and I wont mind seeing Parris in front of CJ Gibson must include the mouthy Permanent Secretary Layne and the Ministers he reported to in the 14 years See Thru ran things.” You seem to have something against Layne who appeared, to me, to be the only person in authority to have stood up against the tide to tell it as he saw it re. the whole CLICO debacle. If there were a trial, against all odds, I too would like to see him on the witness stand along with the new St John representative.

    It would be very very interesting to see the New CJ adjudicating a CLICO case. It probably will not be allowed to happen in the near future. But who knows?

  62. If it was a criminal act to “breach the SOI order”, there is no defence of said act.

    If the PM tell you to lick down somebody wid a big rock you gine do it?

    The Law is the Law.

  63. seem the lawyers have filed a stay against prosecution until the outcome of the judicial review. ( i taught the review was over now and they just had to decide on the course of action). Seem they would always have money to pay lawyers but not the policy holders. smh

  64. So the CLICO lawyers are acting as if there is a slim possibility that their clients might indeed be brought to trial. Anyone wonder why the COP would bring the matter of their investigations on the matter into the public domain? Did he have to? Wouldn’t it have been better for CLICO to have the matter treated as normal with just a terse statement from the DPP, if pushed, when the matter was resolved.

    • @Checkit-out

      Wondered the same when the statement was published, he could have stated the matter will be pursued like all other matters. There is a naivete how we seek to prosecute people in Barbados which supports the view that they are all in it together.

  65. He could have made no comment. Why telegraph the status of the investigations to the possible wrongdoers? There may be more in the mortar than the pestle.

  66. @ Anthony:
    “Seem they would always have money to pay lawyers but not the policy holders.”

    As person (based on your contributions) with more than a passing knowledge of the world of finance and accounting and their interface with business law you should have already come to a conclusion regarding the outcome of the CLICO tragedy. This terminally ill cash cow has been the source and sustenance of the largesse extracted by greedy executives, beggars of alms for political campaigning and parasitic ticks passing off as providers of professional services. Even on its dying bed it is being administered morphine paid for by the continuing premium contributions extracted by threats of being written out of the will even though the estate is full of encumbrances and tied up in litigation ad infinitum.
    The only parasites who would be benefiting from prolonging the pain and wanting to see the clinically dead cow kept in a comatose state are those who fees are deducted upfront from the trickle of financial sucrose still entering the drip bag of policy premiums.

    When it is finally allowed to remove the life support systems and pronounce the cow dead, the cost of this terminal care along with the undertakers’ fees would be so astronomically high as to blow the top off the gullible policyholders with many of them potentially suicidal and joining the long queue waiting to enter the gates at Black Rock. Nothing but bones would be left when the accounting and legal vultures are through with the carcass.

  67. Millerthe Annunaki;
    Well said! And we will continue watching the stellar performances by the various state and non-state actors in a constant, endlessly looping play that we have watched so many times before.

    I say nothing will come of the COP’s statement yesterday, in view of the predictability of outcomes of matters like this in these Islands but I am still hoping that, just for once, true justice will prevail for the small policyholders and Parris and Stuart and Chris and Mara and Owen and some other Caribbean Politicians who might consider it to be in their best interests to support CLICO above its victims, will have their day in court.

    I am after all essentially a dreamer.

  68. actually forcing the premiums still to be paid is the only the kept clico from doubling over itself. That provide the cash flow so parris could get some of his “gain” which he should go to jail for

  69. Yes! It will all come to light, even in Barbados.

    Is the CLICO Barbados situation likely to be any different?

    Oops! hold that thought. Is it likely that there was significant complicity in the whole debacle by their noted Lawyer here. If Sakal got a 40K retainer per month in Trinidad for her services, what do you think that the noted Lawyer here got? If the CLICO executives and their enablers in Trinidad got out the majority of their money before and soon after the collapse was it likely to have been any different in Barbados? And if Gita got the level of salary and retainers she got, what do you think Parris got? Why has the official reaction in Barbados been so muted?

    The missing 300 Million plus from Barbados CLICO needs to be actively sought and recovered by any means necessary for paying out the CLICO policy holders and annuitants. Not a cent from NIS or our tax monies. The TORs of the Judicial manager needs to be widely expanded to seriously search for any moneys the executives and their retained lawyers might have salted away.

  70. @ Checkit-Out | November 19, 2011 at 8:03 AM |

    You will not see any serious investigation at this end.
    It will be interesting to find out if the appropriate income taxes were paid on these huge bonuses and consultancy fees received by the various local executives. Well if the Duprey’s chauffeur in T&T was paid such handsome amounts one can wonder if LP is a tad jealous knowing that he was not the only “favoured” boy.

    It would be interesting if the JM could disclose this kind of information to BIPA about tax deductions and payments to the local IR. We certainly are not going to get it because of the lack of FoI and Integrity legislation.

    • @millertheanunnaki

      You should extended your comment to include that the BLP has no interest either in enacting FOI.

  71. David | November 19, 2011 at 8:47 AM |
    Tweedledee & Tweedledum (er!) where this absolute necessity for the modern practice of democracy and open government is concerned!

    How can political parties expect to offer people free education up to tertiary level, have the arrogance and gall to boast about it and then turn around and treat Bajans like silly little children?
    They have learned well from the Church conjurers !

  72. Its is very interesting to see the paucity of comments on this topic. Especially where concerned policyholders who presumably have a lot to lose, have apparently gone almost totally quiet in the midst of far reaching news coming out this week. Its almost as if someone is working obeah on the barbadian people. Or is it that people are resigned to the inevitable and cannot be bothered to comment.

  73. @ Checkit-Out | November 19, 2011 at 2:39 PM |

    You will be lone voice crying in the wilderness!
    Bajans have acted true to form. They have lived up to the reputation and image other people have of them!
    You check it out and see that the only people who would benefit from the circus performance taking place is the boys and girls in the business suits. The corporate pathologists and undertakers with high fees and charges attached.

  74. Bajan will get sweet stool wiped into their faces and smile while others go to the bank smiling with U,S $5miliion cheques.

  75. Quoting Space Invader | October 9, 2011 at 6:59 PM | It’s OK.
    According to Rihanna, high-class Bajans hail each other with the hypocorism “c*nt”

    Rihanna whatever her present financial success is NOT a high class Bajan, never was, NEVER will be.

    And this is the TRUTH.

    It is IMPOSSIBLE to buy class.

  76. Quoting millertheanunnaki | October 9, 2011 at 7:39 PM | “I wonder what is BONNY PEPPA ‘s take on the sexual appeal of the 3 men in the captioned photograph?”

    Since Bobby has nor responded I’ll do so for her.

    Without Viagra=0
    With Viagra maybe Bonny could work a thing…maybe.

  77. Quoting Carson C. Cadogan | October 9, 2011 at 10:57 PM | Was this a secret function where the Nation sneaked in and grab a few photos?…This photo shows DLP, Parris, BLP. May I ask if something is wrong here?”

    Dear Carosn C. Cadogan can you please explain to us what is a secret function?

    Can you tell us whether Cabinet Ministers who get paid from the public trough are always on duty or not?

    Can you tell us if newspapers have a duty to ask questions, take pictures and in all other ways represent the public interest?

    Tek ya time answering.

  78. Quoting balance | October 10, 2011 at 3:06 AM | why keep skuirting around the issue and trying to place the seeds of misdeeds at everybody else’s foot other than the foot of mr parris’ advisors where the source of the misdeeds lay in the law offices in upper bay street next door to the brown sugar.why pillory everyone except the legal advisor?”

    Fortunately for the legal advison he is DEAD, DEAD, DEAD. Best thing he ever did for himself.

    Unfortunately for Parris his late legal advisor is DEAD, DEAD, DEAD.

    But what the hell lawyers in Barbados are a dime a dozen.

    Unfortunately for the DLP Bajans don’t talk much, but they will let thier X in the polling booth seak for them.

    In my lifetime every political party has suffered a NASTY, NASTY surprise at the end of polling day.

    One day coming soon…

  79. Where there is easy money to be had (no creative thought, no risk, no hard work) you will always find lawyers, accountants and management consultants buzzing around like vultures.
    The BIPA has been silenced and the management and consultancy fees are flowing like embalming fluids from the clico cadaver to these buzzards (aka in local parlance as “cubbas”)
    Again a question is being asked: Have all the appropriate income taxes been paid to Inland Revenue in respect of all the bonuses and consultancy fees paid from the clico feeding trough?
    This is one area where LP and co can be legally nailed and exposed to further public ridicule. Time to recover what is legally due to the Treasury. But again, these people have friends in high places, in both camps too.
    Any investigation along these lines might reveal things of a very dirty and embarrassing nature. This nasty trail might lead to many who now pretend to be “above board” including the pols and ex-bankers.
    But as the saying goes: “Only bout here!”

  80. millertheannuki you is some kinda a joker? Surely you know that self employed lawyers, accountants, consultants and other “professionals” pay little or no income tax.
    Why do you think that ordinar Joes and Janes have to pay 20% of thier gross income to Inland Revenue?

    It is so that self employed lawyers, accountants, consultants and other “professionals” can pay little or nothing

    Only ’bout hay.

  81. @ Random Thoughts | November 20, 2011 at 9:03 AM |

    Zoe forgive me. But allow me please to use your lord’s name!

    Oh Lord! Please send down the IMF! Please, Father Above, save this place below from its self!
    Barbados has been known as a well managed relatively orderly and law abiding country with well- educated blacks in charge of the reins of government. The Law meant something where governance is concerned.
    Is this still the case “bout hey”?

Leave a comment, join the discussion.