@Trained Economist

An investment policy document the info you provided is not.

what do you mean by an investment policy David?

Interesting to hear Chairman of the NIB stating that the NIS has an Investment Committee as well as a policy. What is the policy and who are on the Committee?

He also call Persaud naughty for going public in the way he did and advised that Chairman Persaud has not formally presented to the NIS.

What a mess! This project has lost significant credibility.

BTW, who is paying Persaud? His fees can be pretty hefty. Are his fees coming from the proceeds of the Ansa loan proceeds guaranteed by the GoB?

@David

Do u mean an investment strategy?.

I Believe Dr. Persaud should be relived of the position he is holding viz a viz the project. I have no confidence in him to deliver and he likes the press too much. He has been given barbadians false hope for the longest time.

I have confidence that the nis board would analyse any investment project before commiting. The actuary can assist in determing the viability of a project to contribute to the fund to pay future generations.

If the nis does not invest how will it continue to meet its obligation. The Nis has been investing in all types of projects through its existence and it would always carry a basket of investment, and from experience it would know what are the high risk and low risk investment.

Do u think an institution like that will recklessly invest in projects without due consideration?

@ obedient

I am big enough to admit when I am wrong. However, I do not intend to turn this into a jousting match with you, but clearly from the nonsense you write, you have absolutely no knowledge of government administration.
You are just a political yard fowl, who, when forced into a corner to bring facts to substantiate your accusations, resort to name calling and insults, because you cannot justify anything you write. You are in the habit of regurgitating, on this blog, what the DLP politicians were talking about during the last general election campaign. You bring nothing of substance to any discussion, only the political blame game, which has now become tired, since there are no new issues you can introduce.

In the absence of freedom of information and integrity legislation, how do you think those persons who contribute to the NIS would interpret the actions of this government department, as it relates to the investment of their contributions, especially when information is not forth coming, and when the presentation of financial statements are not current?

@ obediant

“People like you, want to condemn the dlp, but forget that the blp have fourteen years of skeletons in their closets. Again, you think drafting legislation is easy, go and come again”.

If the DLP has evidence to lock up the BLP criminals who committed these “murderous” (corrupt) acts, then let justice prevail. Expose the individuals and prosecute them. That is what the criminal law is there for!

“I write from a position of knowledge of government administration’ “you think drafting legislation is easy, go and come again”.

No! We don’t think so. We know it is a technically challenging, engaging and time consuming process that requires extreme care and in-depth knowledge of jurisprudence especially when it comes to contentious issues such as integrity and FOI legislation. As an experienced administrator you should have advised the DLP not to make outlandish and impossible promises in their manifesto such as enacting this kind of legislation in 100 days.

Don’t attack me. Counter what I say, I am just a mugwump!

Somebody is seriously misleading the Government and the country as a whole. An actuarial review of the National Insurance Scheme is required every three years by law (Section 34 of the Act).. How can you do an actuarial review without accounts? If you can would someone please enlighten me.

You would recall that after those reviews the pension age was increased and so too were the contributions. There were riots in France when the pension age was increased. In Barbados we just take it, mind you, I am not advocating riots.

If Four Seasons project is not attractive enough for investors at the start wrt to financing it; when NIS et al invest in it will it be attractive at the completion where the NIS will get back its money?
Why should NIS invest in this long term real estate project?
What are the expected returns?
If many of the units are not sold or take years to be sold how will NIS get back my pension money?
It seems that this will become other debt that central government will have to underwrite.

sorry to digress but i am wundering to know why a non-national is spearheading the drive to get the four seasons project re-started. where are our bright local brains who have benefitted from free university education at our expense? can they not come up with any thing in the interest of the country other than selling themselves short by holding on to the political party coattail for the sake of a seat on a board or such like? recently, the cry that barbados is for bajans was the swan song; how ironic it is that a non-national is now leading the charge to lur investment to four seasons,

@Anthony

chalk and cheese

@Art

i am happy that i am stupid, yet u respond to my stupidity that means birds of a feather flock togehter.

I have prasticed the art of repetition from blp yardduppies like you hence you have a yardduppy and a yardfowl colliding. The yardfowl will pick your remains. How about that?

@David

I know the difference between an investment strategy and policy, hence u dont need to lecture me about that?

I wanted to ascertain if u meant a policy or a strategy?

@ obediant:

What have I done to you that you want to “hit me below the belt”? I have already told you that I am the man in middle. Both you and BLP operatives can attack me but you can’t shake me from my position. To coin a phrase, “I am no yard fowl”!

But if I were to take you up on your offer and lend the BLP a hand in writing their next general election manifesto it certainly would not contain anything like the unrealistic, unworkable, pie-in-the sky drivel that was written in the lie sheet presumably prepared by you or compiled based on your “learned” advice. Most of the con artist proposals put to the people of Barbados cannot see the light of day and will never be implemented by the current regime. Your so-called brilliant proposals will never shine in the memory of the people.
Do a scorecard of your promises and you will see that many of them have remained unfulfilled (Zero, zilch). You might get away with some due to rainy conditions, i.e. the “int’l recession”, but many of them do not involve foreign economic factors. The sketch of impracticalities designed by you certainly makes for good laughter.

A big question to you: When are we going to see implemented Integrity and FOI legislation? The 100 days have long passed. You know why you will not proceed accordingly? Because your boys are now at the trough getting your guts full; just like the previous lot. But Night (darkness or evil) runs until Day (Light or goodness) catches it, do you hear? The same thing that the BLP reaped in the last elections (including the bi-election in St. John) you (the DLP) will also reap if you continue down this path of lies, deception and corruption. The forces upstairs are looking down on you.

BTW, what kind of jokey / monkey advisor / strategist are you? Are you going to wait to call an election in 2013? Do you have any idea what is in for this country in the first half of 2012? It seems you have no vision, poor fellow! You better strike while the iron is hot, get it? 2012 will not be a favourable year for you. Or you already know the harsh decisions that have to be made (as instructed by the IMF) and you are just killing time while you are eating from the trough the last vestiges of kickbacks with the intention of losing the election and leaving a horrible mess of pig dung for the next administration to clean up. Take my advice! Before I take what is below my belt and use it on you but then you might just like it, so I’ll use the belt instead (hope you have a sense of humour!).

@Millertheannuaki

But the instigator of these Machiavellian strategies received his ‘just desserts’ in a most timely fashion
***********************

I am always intrigued when death is viewed as “just desserts” by others. When you die will you have received your “just desserts”? When an infant dies did he or she receive their “just desserts”? Or is “just desserts” reserved for those whom we consider political opponents?

Persaud wants BBD270, here is the funding document from the IADB suggesting a funding price of USD137/BBD270.

How much has bee spend on the project to date?

One is reminded of a sponge. Not one cent of NIS money!

http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=36377179

@anthony

What is missing from the equation is the appetite from the villa market which is needed to create cashflow for the project.

With the prospect of a double dip forecast by many of the worlds financial institutions in 2012 should our NIS take on this risk?

No, it is too high risk.

@David

You seem to have a problem with me as I challenge you and some of the bloggers on their perspective.

You are the blog owner, that i recognize, but i will put my perspective in as strong away as possible and will repsond to bloggers firmly when they miecharterise what i say, or attack. You need to be as objective as possible as the blog master.

So i say to all those bloggers who have attacked me by calling me a yardfowl previously, i have coined the word yardduppy for them and at least a yardfowl still has some economic utility, whereas a yardduppy shelf life has expired.

@miller

you have to wait until 2018 to get some of the gravy from the gravy train when your party is likely to return to office, So u have ten years to assist it in drafting in legislation that u deem should be on the books by them. Ask your party to push to have the integrity bill move to become an act. Futher, ask your leader, the chairman of pac to investiagete ant fincancail impropierty.

people need to speak out on the legth of time it is taking for appeal cases to be heard by the national insurance tribunals.as a legal luminary who has more than proven your worth, can you comment on what rights those affected have in this regard?

not splitting hairs but research indicates that profesor avinash persaud is the son of guyanese born development economist profesor bishnodat and trinidadian born novelist lashkimi persaud. perhaps they were attached to the university when avinash was born. anyhow still makes him a bajan.

Balance

Thanks for the compliment but I am no legal luminary: I read and understand and am not afraid to to be wrong.

That said, however, you have introduced an area that is near and dear to me: I plan to write a post on the excesses of the National Insurance Office and the very inefficient tribunal system. The system is managed by a lot of silly people who get carried away with the little power that they have and the use that power to make people’s lives miserable much to their own delight.

Presently, I am involved in a case where someone received an anonymous call to say that someone who is in receipt of a disability pension is working. The NIS stopped the pension without reference to the pensioner. Only when she went in to enquire about the non-receipt of heh pension that she was told why it was stopped. She appealed the decision and had to wait for close to a year before the matter was heard by a tribunal. This is now six months and the tribunal has not given its decision. The pension is the lady’s only source of income.

I have another matter where the tribunal gave a decision over two years ago but the Chairman has not sent the written decision to the Director so nothing can happen. I am also involved in a matter where an officer stopped a pension about six years: the matter is before the tribunal and I am now told that I have to wait because there are many cases before mine to be heard.

The remedy is taking the tribunal before the court under the Administrative Justice Act, but therein lies the problem the victim has no money to go to court.

David

Should Esther be the one making the statement or the minister finance? Seem like kellman ambition become clearer by the day.

Today is a day to drink one for Steve.

@ Caswell:

I think you will make a very good Ombudsman . Given your vast knowledge and understanding on a wide range of social issues and the workings of the machinery of Government you will be able to carry the “fight” for the disadvantaged in the name of justice and fair play.

Hope my wishes come through some day, of course with your acceptance and enthusiasm.

@Enuff

I say what i mean, and mean what i say