I had to laugh today when I read in the Nation where Freundel Stuart appears to be making a case, replete with convoluted illogic, for blaming the BLP, ie. Mia Mottley, for the current situation with the Judicial Managers. Once again suggesting that the BLP is to blame for everything that took place during this administration.

His case seems to be that the DLP was forced against its better judgement to bring in the Judicial Managers because of the strident advocacy for this by the Opposition. He appears to be suggesting that the Oversight committee would have done a much better job of securing the creditors money than the JM but that he was persuaded to change to the JM option because of the Opposition calling for JM.

I suspect most people in Barbados can see the fallacy in this argument and the tacit admission in it that simple logic is not the PM’s strongpoint. Hint. He did not have to accede to the pressure from Mia Mottley’s calling for a JM which facility is the normally used one in cases like this, in fact, making that point is an unforced error of epic proportions; The CLICO horses with the stolen moneybags had bolted even during the Oversight’s committee’s stint and the cleverly designed TOR’s for both the Oversight committee and the Judicial Management seems to have allowed for further significant depletion of the resources during the JM’s tenure.

Something does not seem quite right here.

@ Caswell
So how can you be sure that the SOI did not encounter similar obstacles to those that you experienced?

There is ABSOLUTELY NO QUESTION that the SOI, Parris, Board members, Auditors, other CLICI Staff and the Government must be held accountable and ideally prosecuted for their various roles.

HOWEVER anyone who trusted their life savings to this collection of thieves and idiots cannot escape a significant degree of personal responsibility.
Bushie’s question is this…..
WHO IS RESPONSIBLE FOR ENFORCING THE LAWS OF BARBADOS?
WHY ARE CHARGES NOT BEING BROUGHT AGAINST OBVIOUS FRAUDSTERS?

David;

Thanks for putting up the partial timeline on CLICO which I only just had sight of. I think it is time someone put up a much more detailed timeline. Such a timeline might put to rest some of the misconceptions that have gained ground on this blog about CLICO; David Thompson’s involvement in the debacle; FS’ involvement; Owen Arthur’s involvement also; The SOI’s role and responsibility for the EFPAs being sold illegally; His/Her authority being thwarted by LP’s use of the ploy of access to DT; etc. etc.

It may even turn out that the SOI might not be as culpable in this matter as many on this blog thinks.

‘As usual, you missed the point. The Supervisor of Insurance had a statutory duty to report on and regulate the operations of all insurance companies. He gave a clean bill of health to CLICO, certifying that it was sound.”

BRO CAS, I AM AT A LOSS HERE.LONG AFTER THE SUPERVISOR OF INSURANCE WOULD IN YOUR PINION HAVE FAILED IN HIS STATUTORY DUTY; THE THEN PRIME MINISTER OF BARBADOS, THE HONOURABLE MR DAVID THOMPSON ALSO EMPHAICALLY ASSURED BARBADIANS THAT CLICO WAS SOUND AND WAS A WELL RUN COMPANY AND ASSURED BARBADIANS THAT THEIR INVESTMENTS WERE SAFE AND PROCEEDE TO PUMP 10 MILLION OF TETAXPAYERS MONEY INTO THE COMPANY TO EMPHASIZE ITS SOUNDNESS. WAS MR THOMPSON LYING TO THE PUBLIC ABOUT THE SOUNDNESS OF THE COMPANY?

@Caswell

You are making a good point and the SOI was one of the government agencies fingered by international institution for strengthening. The truth is we never thought a CLCIO could happen here. You should note CLICO was a catastrophic failure i.e. all across the Caribbean. Perhaps St. Georges point is valid. Let BIPA prove to what extent the SOI failed.

@Inkwell

You are correct that there was an “uncomfortable” window between expiry of the mandate given to the Oversight Committee and when the JMs were appointed. In fact if memory serves Leroy Parris was only forced out when the JMs too over. Will research and revert.

@ patenham | October 29, 2012 at 7:49 PM |
“Thanks for conceding defeat.”

The gravamen or import of that statement is way too high for poor CCC to understand or even appreciate. DEMS GONE!!! LOL!!

@ David:

Do you agree that Mrs June Fowler the leading spokesperson for BIPA needs to shut her mouth?
What’s wrong with her?

Let her put pressure on the PM to fulfil his promise of giving them back the principal element of their investments?

The CLICO JM’s proposal for all investors to take a similar cut across all classes of policyholders is totally unfair and ridiculous. Why should life insurance and pension annuitants suffer the same fate and loss as those gamblers holding the greedy, and riskier EFPA’s?

@Miller

PM Stuart is on record stating the government has to wait on the courts BUT the government remains committed to honoring its promise of satisfying the principal of CLICO policyholders. He was quick to make the political point that the opposition et al wanted the matter to go to JM and here is the result of it.

@Miller

Do you think the government can go in to a general election by not offering a palatable solution to policyholders? Can the government afford to alienate such a large constituent?

@ David
So are you suggesting that should a large enough group of Bajans get together and invest in Everglades real estate, or in the Brooklyn Bridge, there will be no serious risk of any financial loss as long as there is an election due?

@Bush Tea

You know that yours is a very generous interpretation of the position. There was a catastrophic regulatory failure across the region. To compound it for Barbados a PM flanked by the former SOI and Governor of the CBB assured policyholders their investment was safe. The matter is no longer one of ‘normal’ market failure. Added to the equation’ it has become a political football.

@Miller

The PM is probably going to say to BIPA you wanted the matter to go to JM and look what has happened. Here is what the government will do to top up the offer. Don’t ask BU how the government intended to finance the hole.

@ David | November 5, 2012 at 3:40 PM |

And to make matters worse the clown calling herself chief cook and bottle washer for BIPA is allowing herself to be treated like ‘piggy in the middle’ by the politicians from both sides of the pitch. Both political leaders are wooing her and her band of financial illiterates by promising her unrealistic solutions to the CLICO affair.

The market value of the remaining assets would take a nosedive as soon as the Barbados economy goes into meltdown or come under special heavy measures by the IMF leaving the policyholders holding the entire shitty financial stick.
The only ones benefitting from this long drawn out affair are the JM’s and Terrence Thornhill.
Up to now the stupid woman has not made any known moves to sue the directors and officers of the Barbados operations. Why is she not calling for the removal of Thornhill, a high class gofer and financial handyman that covered up many of the transactions that led to the collapse of the local operations?

@ David | November 5, 2012 at 4:18 PM |
“Perhaps a group of young lawyers may see the opportunity to build a reputation and claim payment in lieu of settlement.”

Brilliant suggestion! Maybe Douglas Trotman can take the lead. They will have my unending respect and admiration.
But this is not the UK or USA. You can be sure these guys will be ostracized both socially and in business and deprived of the opportunity to work gainfully by the entrenched powers that form part of the CLICO scam circle.

Maybe we can get Hal Gollop to climb the moral mountain top and switch sides and like a true Christian soldier put on the armour of God and fight this wicked evil in the name of true justice.

@ David | November 5, 2012 at 4:47 PM |

That is the image he tries to project. That of a morally intoxicated Don Quixote but with an air of sanity about him.
Representing Leroy Parris and CLICO is a major affront to his misguided desire to appear as Mr. Clean and Upright in our legal world.
Switching sides like Saul on the road to Damascus would provide the golden opportunity to honestly earn his much desired silk and subsequent knighthood of St. Andrew and be a true son of the soil to readily drink from the chalice of justice and fair play.

@ David | November 5, 2012 at 5:25 PM |

Every person is entitled to due process and legal representation in a court of law.
There are so many powerful crooks in that profession choosing one to represent Parris would be like shooting at monkeys fishing in a barrel.

Ask “Amused” or even ac’s husband for confirmation

I would recommend the erudite Leslie Haynes or even the successfully honest Michael Lashley when he is removed from the Cabinet to represent Parris.
Birds of a feather tend to fly together.

@ David | November 5, 2012 at 9:18 PM |

Other than not having a helicopter appreciation of the CLICO incestuous fiasco you must remember her ‘other-half’ is part of that “see and don’t see” brotherhood for the sake of audit fees to keep the firm alive in a very competitive market

By threatening to sue the local auditors, PwC Int’l would be prepared to give a little to the BIPA movers and shakers in order to keep them quiet and avoid any semblance of the Arthur Andersen scandal especially in the current financial regulatory environment in which auditors and banks are under the microscope.

A piece of advice to Mrs. Fowler and her personal advisor Robert: Get the CLICO Auditors involved in any litigation proceedings BIPA is contemplating. You stand a much better chance of getting an attractive out-of-court settlement. Please don’t foul up this time!

Miller…… he should make that promise #1 on the list…..for CLICO and other thievery….
Bushie would vote B.

@ Peltdownman | November 9, 2012 at 2:47 PM |

My problem with June Fowler is not at any personal level. It is with the political role (and I do not mean party politics here) she has assigned to herself. She is allowing herself to be courted by politicians and if she thinks that any political administration would ever be in a position to use taxpayers’ money to return the policyholders’ investment she is certainly living in cloud cuckoo land.

Not even one lawsuit has been brought against the directors or any officer of CLICO. Why is she not calling for the removal of Terrence Thornhill from that company? He is the financial brains behind the scam and fraud that cause the local operations to be in the current position. Why is Thornhill still being paid a huge salary and benefits from the premiums of the suckers calling themselves members of BIPA?

Is she, June Fowler, so blind as to not see that the perpetrators at the local end of this fraud are protected by the hierarchy of the DLP and still play important roles in the current political administration affairs? Terrence Thornhill sits on the Board of the EGFL and Leroy Parris is not only a consultant but also a key player in determining political strategy and ‘in like Flynn’ in the DLP sanctum sanctorum because of financial investments in electoral campaigning.

Until she comes out and calls for the removal of Thornhill and make it abundantly clear that the directors and officers, especially Leroy Parris and Terrence Thornhill, will be sued both jointly and severally as provided under the Companies Act then she remains in the eyes of fair-minded intelligent people as just a political prostitute and rubbish to be discarded like a used condom after the coming elections.

Oh! And watch out who you call a political prostitute. Checked the mirror lately?

well well well

Even if this is a bluff at least it sounds like a “solution.”

http://www.nationnews.com/articles/view/clico-payment-by-christmas/