Financial Services Commission Needs To Deliver on its Remit

Bruce Bayley, Chairman of CGI

Bruce Bayley, Chairman of CGI

The observation has been made by BU et al from time to time that there is a lack of financial analysis by the local traditional media. While there is reporting about financial matters, the public continues to be cheated out of billions invested in the education system through the years which continues to produce accountants and graduates in many disciplines a dime a dozen. Our observation pertains mainly to financial entities where consumer risk is greatest for many.

Section 4.(e) of the Financial Services Act 2010 states that the Financial Services Commission (FSC) was established “to promote stability, public awareness and public confidence in the operations of financial institutions”. The last five years have wreaked havoc on the economies of countries all over the world, Barbados being no exception. It is therefore not unreasonable to expect that companies operating in Barbados are currently managing declining balance sheets and are therefore under financial stress.

BU believes that in the current environment the dearth of financial analysis has accentuated the risk for the general public. There seems to be the acceptance that if Company X meets its legal obligation to publish its Balance Sheet and Profit and Loss in the newspaper all is well. Unfortunately BU does not have the expertise and resources to effectively fill the void although we have sensitized our readership from time to time of the need to be vigilant in these matters.

The reality if there is a heavy reluctance to rigorously analyse balance sheets by relevant stakeholders in society, the FSC mandated under the Act must be seen and act as the entity of last resort on behalf of citizens. BU is willing to be corrected but  there is no sense that the FSC has projected itself  since its establishment to promote stability, public awareness and public confidence in the operations of financial institutions.

In the last two years BU has been alarmed at the balance sheets of a few financial entities, and this includes insurance companies. Capita, formerly CLICO Mortgage and Finance raised the eyebrow, and of late CGI Consumers Guarantee Insurance (CGI). CGI Insurance continues to pique the interest of many because one of the principals has been aggressively investing in the private healthcare sector. One must assume that CGI represents the core business which is funding the expansion.

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To be fair, CGI’s financials which were published recently do not support deep analysis. It is a conservative snapshot and limited by its year over year comparative. What must be concerning CGI management though is the precipitous fall in premium receivables to the tune of about 20%. The concern is reflected in Chairman’s Bruce Bayley commentary. Not sure if this means that Bayley will be forced to sell of his polo horses like Sir Cow. In the absence of a fuller operating history we are left to speculate if the Profit and Loss fully supports the 20% drop. For example, is net premium income getting ‘smoothed’ out year over year by how management is structuring their reinsurance contracts? How are the agreements being negotiated to help to show ‘consistent’ performance?

What would be interesting is if the public had a view of historicals for new accounts by CGI post 2008. It is not unreasonable that CGI has benefited from the demise of CLICO and the time it took CLICO General Insurance to transition to Sun General. In fact Chairman Bernie Weatherhead of Sun General recently acknowledged this fact in his Chairman’s report. Sun General’s recently published financials is another ‘nasty’ view of a performance of a local insurance company but it is early days yet for this company. If CGI has benefited from the bounce in performance derived from CLICO now that this opportunity is gone how will CGI sustain its business?  Hopefully the regulator (FTC) will be vigilant to ensure risk standards to boost premium income are not being compromised. But how will we know anyway.

It is unlikely CGI’s Accountants BDO Barbados or CGI will declare the level of detail required for the public to apply good analysis, it is a private company. BU welcomes submissions which can give at least a five year analysis. This way changes in the key performance indicators can be better assessed. It is unfortunate that CGI has not seen the need to undergo the rigour of acquiring an A.M BEST rating for the benefit it brings.

What we expect is that this is when the FSC should be stepping up to paint a truer picture of performance for the public. The summary accounts of CGI which satisfies legal obligation is opaque and impossible to support any narrative of worth. This is doubly so where valuations are an art and not a science as collapses of companies perceived to be strong has shown.

0 thoughts on “Financial Services Commission Needs To Deliver on its Remit

  1. The only intent that works is Fraud.
    We dont see nothing so far that works well where money and Ministers are involved in.
    Always look for ways to get FUNDS , but no where to pay them out but bank to bank in pvt accounts.

  2. Look for Carson Cadogan to come to the rescue of CGI and Peter Harris. He WILL NEVER allow such a story to slide. I have been asked in the past if I thought that Carson could be on Peter’s/ CGI’s pay roll. I am sure not, for ACCRA Hotel pays great salaries.

  3. Coal Pot Jon Jon got rid of Carson from Accra. It seems there was a racket going on in Accra storeroom under Carson’s nose

  4. @ Fooled by David | May 12, 2013 at 7:32 AM |
    “It seems there was a racket going on in Accra storeroom under Carson’s nose”

    Given Carson’s credentials and strong support for this corrupt DLP administration one would not be surprised if he is not at the centre as the ring leader.

    He would most likely take up a post in some Statutory Board like the TB as a square peg in a round hole before it goes belly up in the coming months. Simpson certainly would not engage a lying black crook like Carson.

  5. hi miller how did your colonoscopy go. Seems like u still in pain. Btw to day is mothers Day so u better be nice to me.

  6. From my understanding, these local insurance companies accept a customer’s premium, are liable for the first 20% of loss claims, and the rest of the liability is then passed on to re-insurance companies who the local company is supposed to pay a premium to for “back up” insurance. I challenge the FSC to PRODUCE re-insurance certificates for CGI, TRIDENT, and other insurance companies. A catastrophic loss in Barbados would not have been covered by several of these companies whose reliance on God is A Bajan rhetoric to guard against a hurricane/other versus the required stated reserves and paid re-insurance premiums would prevent any ability to indemnify their policy holders. The house of cards called Barbados was in the past a stacked deck, but now it is on the verge of collapse. Oh how the mighty shall fall…

  7. Can’t argue with Gonsalves he makes a strong case , in his reference to CCJ isn’t it ironic that Jamaica has used Caricom laws as a bench mark to sue Barbados govt and it is most likely Gonsalves would pursue such avenue to seek remedy through the CCJ.for liat which he deems as unfair and may I add stifling practices against LIAT,

  8. David,

    Excellent commentary.

    The PDC has evolved a very important theory – the cost of use of money theory – which can be used by any one who has a sufficient knowledge of it to give a very good understanding of the cost of use of money at the macro level in the country.

    Before the evolution of this theory ( and we are not imputing anything here), we could have gone to the Central Bank of Barbados itself right there on Spry Street in the City, and could have got the latest economic and financial statistics in book form.

    Now a couple years ago, the Central Bank stated that it would no longer be printing and publishing them and some other ones like the Statistical Digest, which last came out to the public in book form in 2007, and that instead a person who wished such information normally found in the physical book forms should go to the Central Bank’s website and get such information.

    Why this monetary authority acted in this way, we cannot readily recall. It might have been for financial cost cutting reasons!!

    But, whatever the reasons, would anyone seriously believe it, that the Central Bank does not have the latest, the most up to date information on the economic and financial statistics of the government of this country on its website?? Whereas some time ago even when it presumably took so much material money out of them to put together and print and publish so many copies of those books, all it basically simply took was the effort of a social science researcher in need of such information to go there by the Bank’s security on the inside just after entering the Bank from Spry Street side and ask for the latest copy and he/she would have in most cases there and then got a copy of the same latest economic and financial statistics for the particular period. Does any one know that??

    But, the present Governor of the Bank, when he was appointed to the Bank in 2009, came to the public of Barbados telling them – words to the effect – that the collection and dissemination of reliable timely information between the bank and some others relevant governmental ministries and departments was critical to the government and many others formulating and making timely decisions in the country.

    Furthermore, the Bank -under the same Dr Worrell – has even been able to put the Governor’s reviews of some of the annual, quarterly, or three quarters visual statistical performances of the Barbados political economy and services industry sectors not only in data retrievable releases but also recorded video releases on its website, and its follow up conferences with representatives of some sections of the media in Barbados also in video format on its website.

    But, even though this particular monetary authority has been able to make progress in those directions, it has not been able to make any progress in relationship to some members being able to access the said website in order to avail themselves of the latest statistical information data on the performances of certain political economy financial variables in this country!!

    Verily, it seems that the Bank has got into the habit of taking one step forwards as it takes two steps backwards!!

    For, whilst we in the PDC have not been saying that the Financial Stability Report 2012 should not have been produced, what we are in fact saying is that the Central Bank of Barbados could have yet found it so possible in conjunction with the same Financial Services Commission to have produced the Financial Stability Report for 2012, but still without its filling in many of those areas where there are glaring absences of such critical information on its website, or where there is the inability of persons to access otherwise crucial data via many of the useless malfunctioning links within its website.

    A serious analysis of the Financial Stability Report 2012 would show that – in its current state – it is far from complete without information and data – and the latest most up to date ones as well – that should have been in it, but that are not in it, on the size of the monetary base, the amount of currency with the public at the end of certain times, etc – and that are very crucial to an understanding of, or that are vital in giving plausible support – by way of reference to such information and data – to some of the claims contained in the same Report.

    For a long time we have been trying to get some very important information on some very crucial variables to help us calculate the real actual cost of use of money (local) for 2012, and the real actual cost of use of US dollars for 2012, and have not been able to do so because the critical information has not been there on this website that has become so woefully lacking and inadequate and deficient in so many regards.

    While it is true that during the time the Central Bank of Barbados had – especially in 2010 – been directing members of the public to use its website in order to get some handle on the latest economic and financial statistics, and therefore the website was providing information, data and statistics on many indicators that were fairly current and pretty usable, the said thing cannot be expressed by the PDC at this time about it.

    For, it is another very backward step in the public relations of the Bank and another bad blemish on reputation of the Bank too to find that after earlier perhaps securing the confidence of many members of the public in its progressive information communication leadership thrusts, that it could be later found to be undermining this confidence and by extension this leadership by continually performing such information communication deficits.

    We venture to write that this increasingly misguiding monetary authority has been deliberately wilfully neglecting or refusing to put such critical information, or enough of it, which it really does have in its possession, on the website for fear that it will be further embarrassed and its integrity further despoiled by successful challenges by many people to the veracity or otherwise of many of the figures and statistics it is putting out into the public’s domain.

    For instance, the Central Bank of Barbados had been claiming that it had BDS $ 1.5 billion (provisionally) in foreign reserves at the end of 2007 – which if one had to include the entire banking system in Barbados it was said to be BDS $ 2.4 billion. This was a total lie and a counterfeit statement because the same authority was reporting that were fewer than US $ 200 million in foreign reserves in Barbados including what was in the entire banking system at the same time.

    Another cruel and monstrous lie and fictitious and dangerous statement that the Central Bank had also put out into the public was where it had told Barbadians that commercial banks had BDS $ 11.3 billion in assets and the same amount in liabilities at the end of 2007. But a check with the economic and financial statistics of the Central Bank of Barbados would show that at the same time the total amount of money circulating was BDS $ 1. something billion. So, what a wretched wicked lie about such amounts of assets and liabilities, when it is that such figures simply express/reflect much of the same local or foreign money (the latter so-called converted into BDS from foreign currency rather stupidly yet impossibly) that has been circulating.

    Finally, we again ask many politically conscious members of the public of Barbados to make sure that there is a commission of enquiry put in place to enquire into many of the affairs at this once prestigious but now badly fallen increasingly partisanly involved governmental institution.



  10. CGI is not known for fair practices and guess who is the insurance company for the government fleet of buses, yes CGI.

  11. @David

    I am very concerned that Barbadians are bing tken for a ride as regards their money. Can u imagine the interest rate being paid on money in the bank? I can now understand why people use to keep thei money in biscuit tins, among other things.

    Even the credit union movement has joined this exploitation of comsumers by paying reduced returns on investment. Quite recently i was asked if i were interested in renewing my premiere plan and responded in the positive, without being told that the the rate on investment was being reduced by almost 60%, We are really being shafted by these insitutions which are paying unsusually high salaries. It is time that something be done with those banking institutions and the rate that is baing charged on credit card payments and the late payment fee. I hope that the siad banks are showing the fees they are collecting as a separte head and the interest derived from such transactions so that the economists and those who have an interest in this aspect of banking so that proper analyst can be done.

  12. miller an to “piggy back’ on your asinine comment stating that the shareholders own the company What say u would it be better for the shareholders to buy more stock/ shares to keep that dying bird LIAT flying? that to go after other peoples money? U old JERK! Feel Better !

  13. Note that interest rates the world over are being forced down mainly because we all dance to the US market. Interest rates in the US have been under 1% for several years now. It is the nature of the beast. Consumer confidence remains shot therefore no aggressive borrowing.

  14. Why are we not discussing Capita’s published financials? In a climate where banks are refusing money or paying very low rates Capita continues to advertise for deposits. What is the FSC and Central Bank’s position?

  15. Carson’s silence is almost deafening. I am very concerned, is he all right, for he never misses an opportunity to staunchly defend any story on BU that paints his boy Peter Harris in less than a stellar light.

  16. Who would believe that there is an attempt by the main discussant to discuss serious issues under this very important thread on here and yet there is to be found much trivia coming out of the minds of some of these people who have been connecting with this blog?? Who would believe it??


  17. @PDC

    Some people will do their own thing, it is the nature of the beast just pick sense from nonsense to use the oft term.

    Has the FSC issued any directive to any insurance or credit union since assuming oversight? Are all the insurance companies compliant?

  18. @David


  19. While we cannot tell you very much about the acting Head of the Financial Services Commission and what he is doing or not doing as acting Head, we have not been able to confirm it, but we were told by a pretty reliable source that Mr Ian Carrington was the person who was hauled over the coals recently by that fool for a Minister of Finance.

    What happened to Carrington was understood by the source to have made it – under the caption: Bureaucrat put in his place – into the Flying Fish and Cou Cou column, in the Saturday Sun of April 6, 2013.

    We were made to understand that the issue had to do with use of funds in the NIS for certain other purposes.


  20. If this is allowed to continue, there will be no pension funds left for retirees in the next decade….I saw Persaud yammering on about investor talks for four seasons, he is using a lot of don’t knows, not sures and maybes, a very clear sign that nothing is concrete and they may have to sell the dump that is four seasons for a song, if it’s ever sold at all.

  21. @ Well, Well

    Are you seriously telling me that the government is insuring all its vehicles with a commercial insurer, rather then self-insuring?
    If that is so, I do not normally like being rude, but the people responsible are brain dead buffoons and should be barred from any job in the public sector.
    No doubt these insurer are laughing their way to the bank. They must think all Barbadians are semi-literate idiots.
    More power to the Trinis.

  22. Hal………………’s true as gospel, and the people on the island are not taking stock of these events, too busy attacking and pulling down each other on a daily basis. The people responsible are worse than brain dead, them and their yardfowls just don’t know when to quit. Insuring their vehicles with a commercial and private insurer and the rest will come on in the wash.

  23. @Well, Well

    I am fully aware that insurance companies, especially motor insurers, rip off Barbados motorists and taxpayers.
    They should be compelled to publish data on the number of claims they have honoured, and we also want evidence that they are competing against each other, and not running a cartel.
    We also have the lunacy that every time there is a traffic accident, even if no one is injured, that police must come out with tapes, measuring, and behaving like trained monkeys.
    If the police were to invoice the insurance companies every time they were called out the nonsensical practice would soon stop.
    The hospital should also invoice insurers every time someone injured in a road traffic accident is sent to the hospital for treatment.
    I have mentioned here before that I suggested to a car hire firm owner that they should self-insurer and to this day nothing has been done about it; I also mentioned this at a meeting of the ZR owners and one government employee = who once lived in London – screamed. He had never hard anything that that before.
    It is easy money, insurance, that is why Clico and others have done so well.
    But our politicians and civil servants do not know anything about modern financial services, and that includes the regulators, and they are reluctant to get proper advice.
    The price of this collective ignorance is that the people suffer.

  24. @Hal

    Note that former Minister of Health instituted the policy that any patient with medical insurance patient cost incurred should be claimed from said insurer. Believe it has allowed the QEH to recover about a million dollars speaking subject to correction. And yes the insurance companies have an ‘arrangement’.

  25. Hal……………as long as politicians and their cronies get their kickbacks, they are not too broken up with conscience of having insurance companies act as cartels…….it did not take too big a jump before CLICO through it’s lawyer and the island’s prime minister Thompson was pouring money into the election machine and on and on it goes……….

  26. The answer is simple. Every candidate who put themselves forward for parliament must make a full declaration of their assets.
    If elected, they must update this this annually, along with those of their close relatives. If they are found to have assets that have not been declared then they faced a statutory prison sentence and a lifetime ban from holding public office.

  27. Hal…………….simpler said than done, who will be the first politician or minister to institute these rules and see that they are complied with? The PM was talking pretty at that conference last week, but remember, he is Shakespearean by nature..with so many of them known to be corrupt and this one that one and the next accused of this, that or the other by the US etc…………how and when will transparency and integrity really start??

  28. @Hal

    the system is more than that. Even those persons who had a value system, when they reached the top, they realized that to achieve more than they want, they must joine the corrupt bandwagon.

    two sundays ago, i was talking with a former chairman of a statutory board under the blp admimistration, and what he said to me was eye opening; that is he refused to enter into a corrupt arrangmenent for vehicles with a supplier and he was hauled over the coal for not facilitating the suggestion. Power, Race and corruption are features of Barbadian society.

  29. Hal……….it never stopped…………

    David…………………over the years i have watched these international agencies who don’t work, live and some don’t even visit the island put these grades out there, yet when it’s time for them to go before the UN or international bodies, you hear how corrupt Barbados and the other island’s ministers are, i don’t even bother with them.

  30. Hal…………….the only way i see redemption is to over the next decade, phase out the crop of politicians now alive and hope their replacements are not recruits from their school of idiocy and corruption and that they are definitely not lodge members.

  31. David

    You did a good job on this post. I hope that there is a next one dealing with credit unions. The FSC oversees credit unions while the Registrar of Co-operatives is left to regulate the other co-operatives. Unfortunately, the FSC has been unable to recruit anyone that knows anything about credit unions and they are making a complete mess of the movement. They concentrate on minutiae while leaving credit unions basically unregulated.

    The FSC recently published guidelines for credit unions and a quick glance has confirmed to me that they do not have a clue about what they are doing. They are going to preside over a massive failure of credit unions if they do not get their act together. Thankfully, COB members have me to safeguard their funds. I cannot speak for the other co-operatives: we already know that Public Workers is being run by people who can be considered questionable, but they have friends in Government. When COB’s members were informed of James Paul’s behaviour; they sent him packing, unfortunately, the membership of other credit unions are not that involved.

    The FSC is being micro managed by a board and about 13 subcommittees which has already caused Ian Carrington to leave for his own piece of mind. Look out for problems.

  32. @Caswell

    The problem we see with the credit unions is that the same people are recycled on the Board. New blood from the floor needs to be supported.

    BTW have been hearing rumblings that the guys at Belmont Road maybe looking at lay offs.

    • David

      The problem is not so much that there are recycling people on boards. The problem is that they are recycling crooks. In addition, the regulator has allowed by-law changes that allows this problem to flourish.

      Also each person joining a credit union should be given training in co-operatives but this does not happen, so most people joining a credit union have no idea about their rights and responsibilities. They are just interested in getting loans and allow boards to mismanage under the non-seeing eye of the FSC.

    • David

      The only way Public Workers could have purchased CLICO Mortgage Finance Company is if special permission were granted by the Registrar, in accordance with section 34A of the Co-operatives Societies Act. But at that time David Thompson intervened to help CLICO by giving permission as though he were the Registrar and also forcing NIS to cough up the purchase price as a loan to the credit union.

    • Well Well

      It is not called strong arm tactics: it is called corruption. To be more exact misfeasance in public office which is a criminal offence. Where is the DPP?

  33. What are the basic regulatory qualifications for financial advisers and insurance brokers? Are there rules on brokers earning commission and selling products, rather than advising clients?
    What about the capital requirements and stress testing of insurance companies?
    Banks and insurance companies have opposing business models and I am very wary of the central bank carrying out joint stress testing with the FSC?
    What training have the FSC staff received? These are important questions.

  34. Quality journalism training is important for aa young democracy. Why cannot the community college – not the ever-expanding university – launch a decent journalism course?
    A lot of our journalists tend to register in the International journalism course at City University, which to my mind is a waste of money and gives a false impression of the quality of their training. The community college can do much better.
    If they want, I am prepared to offer some ideas.

  35. @Hal

    You should give Jewel Forde a call (email). She is on FB and works at CBC. She is the last President on record of the BAJ.

  36. At this stage in my life my priority is offering my services to Barbados before putting my feet up.
    There is more to financial journalism than re-writing press releases or ranting on about the obvious abuse at the NIS. A good financial journalist is not only a competent journalist, but an effective financial analyst and that means more than just understanding balance sheets.

  37. On Mondays we look forward to the Nation’s Business Authority and the Barbados Advocate also has a business section. Fact is the two are pasted with opinion pieces and little analysis.

  38. Well……………pigs flew in Washington when Obama was inaugurated, hey, you never know, it may take a while, but some may fly again.

  39. Plantation…………it’s a money grab, there are bank heists, diamond heists, banks are selling what they don’t have…………they started selling something recently called bitcoin, you can google it, it is really virtual but do you think that stopped them from selling it….HA!

  40. The Sunday Sun editorial of May 12, 2013, is an interesting one.

    It is interesting to us because the PDC is on a campaign against all TAXATION in Barbados, and is on a campaign to help create a post-TAXATION society for the very productive people of Barbados.

    For, a future coalition government of which the PDC is a part of shall ABOLISH all TAXATION in Barbados and thus remove all the relevant people and businesses and other entities from the evil scourge of TAXATION and replace it with the right strategies for the government of Barbados earning its own income and paying its own bills as well as for it being able to access money out of the core financial system of this country without the government – in regard of EVIL WICKED TAXATION – any longer violating the income and property rights of all relevant Barbadians, businesses and other entities.

    What makes the editorial also interesting is that the person, or persons, who wrote this editorial can easily be mistaken for doing the bidding of the Barbadian and Canadian Federal governments, rather than representing the fundamental causes and interests of all TAX victims here in Barbados and across the world against such perpetrated evil.

    For the writer, or writers, of this piece of missive must be told by the PDC that the efforts of the Canadian federal government are not be construed by any reasonable person as any “latest piece of bad news that comes in the wash of international efforts of the major countries of this world to fight tax evasion and tax havens”.

    They must also be told by the PDC that the mouthings of this particular minister of international business in this case ought not to be construed by any reasonable person as they, or the Nation Publishing Company, “giving fulsome support to the minister for his own further declarations that correspondence has been sent off to the Canadian authorities and that discussions will intensify over the coming weeks”.

    For, both Barbadian and Canadian authorities must be in their respective jurisdictions completely condemned for stealing countless portions of the incomes, payments and transfers of the relevant people, businesses and other entities in these two jurisdictions.

    Were these journalists truly awakened to the realities of evil wicked TAXATION and its deleterious destructive social political psychological financial effects and relatives, they would not have been thinking about this ” bad” news about international efforts to so-called fight tax evasion and to so-called fight so-called tax havens, and thinking about being so supportive of the minister’s utterances about correspondence and interaction intensifying between the two governments over these matters, but they would have by now recognized that these two governments and other governments of the world – which altogether involve some of the most unproductive inefficient people on the face of God’s earth – and which brazenly deceitfully use many of the social shortcomings, psychological fears and anxieties of the poor and needy, to support their own crimes and schemes of inhuman wickedness and corruption and international wars, et al, would have been seeing the starkness of the way, the truth and the approaching them like a train in a tunnel of darkness – the intellectual and political growth and development in no TAXATION movements across the world and the removing of greater humanity from the yoke of TAXATION.

    So, these particular people of these particular western governments are NOT fighting so-called TAX evasion and so-called TAX havens, they are using such terms and such languages and such other already failed ideological political methods to conceal the fact that they (these thieving governments ) are struggling between each other for criminal TAX proceeds and seeking to protect their own criminal and corrupt networks and their own respective stupidly adopted gigantic and unwieldly civilian and military bureaucratic regimes in the face of another era of enlightenment virtually worldwide.


  41. Inadvertence

    In the first and second lines of the fifth paragraph it should have been written as “They must also be told by the PDC that their particular writings in this case…….”, instead of “They must also be told by the PDC that the mouthings of this particular minister of international business in this case……….”

    In the fourth last line, of the seventh paragraph, the word missing between the words:”the” and “approaching”is “light”.

    Our sincerest apologies.


  42. Casweell…………………it is looking more and more like the DPP is not his own man in the scheme of things and therefore unable to have independent thought or able to be proactive in determining who should be charged in corruption or criminal activity once it involves ministers, their friends and families.

    • Well Well

      Our system begs for fundamental change. The apex for a legal officer in the Public Service is to become a judge. The post of DPP is therefore not at the top and any holder thereof might still have his/her eyes on the prize. However, the only way for a person to become a judge is to find favour with the Prime Minister. Put another way, you can’t become a judge without the PM’s recommendation. It would therefore not be in the interest of anyone, who is aspiring to be a judge, to anger the PM.

  43. @ David

    This article, the anachronistic financial services architecture, as proposed; the misguided comments of most; and the over-reliance on what Walden called an ‘inverted totalitarianism’ blinds us to the illiteracy of the ruling classes. None of the entities mentioned above are willing to deal with the rise of the corporate state and the coterminous betrayal of the Barbados ruling class. Instead they are content to live in the fantasy world of hope – a linear, not circular, time construct. Like Jewish and Christian peoples elsewhere expectant of some divine deliverance. Economic totalitarianism blocks our view from the real demons – eg Goldman Sachs. Goldman is the main beneficiary of the cultural dislocation it has wrought. It is a global criminal enterprise that betted against the advice it was rendering to its own clients. The clients went broke and Goldman got all the money. There is nothing that this country or region can do to make live better for their peoples in circumstances where the role of Goldman within the global financial order is ignored.

    Economic or financial totalitarianism determines what is studied at Cave Hill. It promote a pervasive ignorance of the worst kind, producing people who can’t see beyond a cushy job paying 30K per month. People incapable of thinking, especially in new situations, or in a dynamic fashion. The UWI is then turned into a neo-colonial school aimed at misguiding young people about the realities of their existence. Any financial services ‘transformation’ agenda that adheres to a faux reality only serves the large global banks intent on impoverishment of the peoples and driving us back to serfdom. In this respect the governments of Barbados are to assigned full marks.

  44. Caswell…………i thought so, the system needs to be disaggregated, not unlike a document and carefully reconstructed minus all the parts that breeds, croneyism, favoritism, nepotism…………judges should be voted for by a body that has no reason to be biased ,not the PM and if you are not kissing his butt, literally or otherwise in that long line that is the food chain to recognition and acceptance, you won’t get the pick….too many recipes for corruption in the current system. The current system distracts from all the other underhanded dishonest things being perpetrated.

  45. There are a lot of good accountants [(under-employed) priv or seekin work] out there that could be utilized in Govt positions….Inland Revenue, Small Business and Off shore, FSC,VAT departments and more…..Why Govt is so slow to make them a part of the soln. for adequate reportin boggles….Definitely it was not a money thing.. as this been going on under BOTH administrations…Ask Hants about Revenue Canada….talk about collecting Revenue…here lies the jackpot…Govt needs to get serious, give Cave hill graduates some work….affa all

  46. We are trying to introduce Michel Chossudovsky for an understanding of the the current global financial-capital model as it evolves. Of course the colonials will not be part of this new bail-in model to consolidate resources. As Bajans would say – thief money. In short, the nonsense in this so-called ‘commission’ will not be germane, to put it lightly.

  47. Old Onions……………you were not on the blog yesterday, but it appears things are more involved than we all thought, if you read the Two Questions thread with the photos of Boyce and Bjerkham, it is an indication that the ministers are now only pretending to have power of any significance on the island…………their power is now regulated to keeping their own people in subjugation why other groups prosper and milk the taxpayers incessantly. They are no longer in control of the transport board and it appears have not been for many years, it is now a wait and see where the tides will lash and how high.

  48. And Journalism is part of the Mass Communications programme at BCC. Hal could write the Principal with his suggestions.

  49. Enuff……………i am sure where you saw Alvin made suggestions to Adrain which can be easily picked up by the government spies who monitor the blog and put into action, not even Adrain who complains incessantly about government’s inaction deemed it necessary to comment on Alvin’s suggestions or put any of it into action, or suggest to his fellow hoteliers that they can experiment with it. So we can suggest up and down and all around, if people don’t care to act they will not, until things have tumbled down and cannot be picked up, then you will hear words of apologizes and regret, and then the blame game and finger pointing will start.

  50. @ The Govt spies Well Well talkin bout…

    Sitting down and waitin for a break in the recession is bare foolish thinkin…time to get crackin wid some changes…..start wid D vat 2.5 % it want easing off….free up so money to restart commerce hence ease D businessmen to re-hire…get agriculture crackin….put some Lowe workers to plant sweet potatoe and yams….Drainage ent want all dem..start re-introducin spies on the Transport Board route…they would see what is really gine on…switch them bout too…expand the basket of goods, poor people ent had no right payin $5 for corn beef…. $5 for a sandwich loaf and $2.50 for a sardine….

  51. Old onions wrote, “Sitting down and waitin for a break in the recession is bare foolish thinkin”

    Nobody is waiting for anything.

    The problem is that Barbados has very little to work with.No natural resources. The glory days fueled by Tourism and the Construction of over valued properties are done and will not return for a very long time.
    Remittances from overseas Bajans are likely to drop significantly.

    All the bs about “our people are our best resource” does not apply to modern day Bajans.

    We depended on others and luck to generate the environment to satisfy the craving to live like “rich” amurcans.

    What next?

    Must be a prime candidate for the “first Cog removal”
    Name for me one role that he usefully fulfills.
    He perverts Justice.
    Cavorts with the Facts.
    Eradicates evidence.
    Promotes Perversions.
    Excreates excuses.
    “Morally” justifies Murder.
    It was stated in another Blog on BU, that he is a”Serial shagger of Old Women”
    Has the Blogger ,back up on this.?
    What sort of Lieing, perverted ,sick minded and totally corrupt individual, is this DPP Charles Leacock.
    How can it be that we all stand by and watch DPP Charles Leacock send our justice system and the reputation of Barbados, to the sewer.

    Do we really intend that this Guyanese ingratiate,should remain in office and prime mover in the proliferation of Corruption,receiving remuneration on a scale that would support many Honest BARBADIAN families now being laid off,because of the damage HE PERSONALLY has done to the World Image of Barbados.
    By constantly supporting corruption and justifying murder.
    His image and actions are of of Pompous Popinjay,insensative to the Barbadian people , culture and the wellbeing of Barbados.
    Increasingly showing himself as Totally arrogant and dictatorial to the very people and Country that have to suffer him.
    Ignorant to Barbadian ways and social mores.
    Careless of the World Ridcule he brings on Barbados,in the light of his sick perverse translations of Barbados law.
    Barbados would make a massive POSITIVE statement to the World by removing this Perverted Object,from an office that is crucial in Barbados being recognised as supportive of Justice and Law and Order,not some third world parody of Guyanese led Justice.
    A place where again Vistors can feel safe and understand that Law and order prevails and available to them.

  53. @ Hants
    The problem is that Barbados has very little to work with.No natural resources….
    Tell me something bredds….when you go fishin for you tell (entice) the fish so? Or do you scent up the waters with lil patented sardine oil (comes in a bottle now) to try to start up some activity…

    Likewise down here bredds…you must start up the activity from within…remove that 2.5% Vat for starter…Since when did it make sense to reduce consumers spending power (SALES) ..followed by a 2.5% Vat tax on SALES and expect to reap MORE? Boggles the mind ..what were they thinking….

  54. @ Hants
    We depended on others and luck to generate the environment to satisfy the craving to live like “rich” amurcans.
    Using the fishin senario once more….what you are in effect sayin is …we must await till the other fishermen come to the river …and start up the fishing frenzy( activity)…before we could throw in our lines to catch some fish…..Is that what you do Hantie boi…..If you had to wait on me….you won’t get
    Bare Boo Hants…..Barbados must get activity going from within..we have a lot of things done wrong during the last term that needs ‘desperate correcting’….tourism for one..agriculture for two…banking for three……you can’t use vinegar to catch files..nor kerosene (VAT) to attract fish.

  55. Old onions wrote ‘desperate correcting’….tourism for one..agriculture for two…banking for three.

    Tourism. How are you going to get MORE Tourist to come to Barbados when airlines are decreasing airlift. More Government subsidies?

    Agriculture requires massive investment. So in Barbados that will require More Government subsidies.

    But wunna say de Guvment broke.

    Banking? Please explain.

    Just so you know Old Onions, it is illegal in Ontario to “chum for game fish”. You want Hants to get a $1000 fine? lol

  56. @
    Just so you know Old Onions, it is illegal in Ontario to “chum for game fish”. You want Hants to get a $1000 fine? lol

    Now that I didn’t know THAT!…But this I do….Tourism info comin out BTA shows that more emphasis was placed on luring spend from non traditional markets like South Amer. and China at the expnse of traditional like Uk, Can, USA…NOW that had to hurt!….while I support going after the new, you don’t neglect what is sure ABP tax or not…Ck Antigua..they have reported a bumper tourist season (see past Adrian article)…Sealy slipped.

    Agriculture…..where D John Deere tractors?…What massive investment what? Move some the Drainage Unit workers up Graeme Hall wid dung baskets on their heads like ole days and take a page from Armtag Farms.
    We surely must feed our selves if nothing else Hants…prob. wid this Ministry…not enuff $$ comes in the kitty to keep the attention of certain people…

    Banking yes…time Govt get in there and negotiate with BIG banks…if they really serious about attracting Small Businessmen entrepruners….ask Baffy about the horrors a new entrant gets securing a lil overdraft…even when he making money…Time to change this policy.. This you can vouch…. Canada economy consist of more small businesses than big ones….Banks must adopt a change in policy to help promote Small Business in BIM

  57. @ Hants FYI…….( You Me Percy Article By A. Loveridge)

    Recently published online by Caribbean News Now, hotelier, Rob Barrett, the CEO and operator of three hotels on Antigua, St. James Club, Galley Bay and Verandah Resort and Spa, announced some very encouraging news.

    ‘The first quarter of 2013, January through March, has been the best quarter in terms of financial results I have experienced since coming to Antigua over 20 years ago, despite lingering and significant global economic challenges in both North America and the UK’.

  58. Dr. love…… hear one blogger tell it, because of the way the system is set up and has never been changed, Leacock or any other DPP would be the same, they are merely puppets whose strings are being pulled by unseen hands………..they just take orders.

    Hants…………..there is a saying in NY for how Barbados remained in the air for so long until the bubble burst…………it’s called, pulling b***s*** out of thin air, and we have to admit, it did work for quite a few decades, now if only the greedy monopolies worldwide had not screwed up, it might have lasted another century, but all good things must come to an end…………nothing lasts forever.

  59. Hello everyone on Bu.
    It was indeed intriguing to hear Minister Donville Inniss berate public officers about their productivity at work and the need to improve our efficiency and cost effectiveness if Barbados is to effectively confront the harsh economic challenges facing it. I said earlier intriguing, because it was only a few days ago on this BU site someone alleged that the Director of the Office of Public Sector Reform, Mr. Michael Archer, had printed some Adminstrative manuals cheaper at the Government printing department , but curiously chosen to print another 3000 copies of the same manuals at S and M printing for a higher price ($ 9,000.00). I chose to note that posting then and investigate for myself.

    A visit to Mr. Archer’s office on Tuesday this week by my messenger revealed the following, as reported to me by my messenger :

    1. Mr. Archer’s office table was covered with the said manuals , and he was heard on the phone telling someone ” come and get some more even though you may have enough”

    2. As is the norm, the Government Printing Department is acknowledged on those copies of the manuals that they print. But no acknowledgement from S and M printing on the back of the ones that they apparently printed. So it is true that the Government Printery printed some of the documents (250 in total)

    Two things I found strange after my interaction with my minstry’s messenger :

    1. Why did my ministry receive a second batch of these manuals after receiving 20 copies the week before ? The staff compliment in my ministry is 25 persons all of which have nothing to do with Administrative manuals, and I now have 50 copies of the same. I checked with my secretary and it was revealed that Mr. Archer frantically called and asked that the messenger be sent to collect the said manuals.

    This call came just after the story I alluded to earlier was posted on BU.

    My secretary informed me that she reminded Mr. Archer that the minstry was already in receipt of 20 copies which were suffiicient. He countered by saying the excess can be shared with visitors to the ministry.

    2. Why would Mr. Archer be trying to rush these manuals out of his office if there is nothing to hide ?

    I had a check done at the Treasury Department to confirm that a payment of $ 9.000.00 for the printing of 3000 manuals by S and M Printing was indeed processed. I am now convinced that person, who reported this matter on BU, in an earllier posting their account of events bears much merit.

    This is clearly a wanton and unnecessary waste of resources by a senior public officer that should be more reasonable with the use of governent scare financial resources. Senator Garner recently declared on the floor of the Senate that the Office of Public Sector Reform needs to be shut down. I must confess Mr. Archer’s recent action ( one among many of recent times, my investigations have revealed) does that department no good.

    In my capacity I have alerted PM Stuart and the Head of the Civil Service about the apparent skullduggery taking place at the Office of Public Sector Reform under Mr. Archer’s (mis) guidance.

    I took this opportunity and length to confirm that the earlier posting on this matter indeed took place. That poster (though anonymous) must be given kudos for highlighting such acts in our public service that we can do without.

    It would be wise if we all pay attention and heed Minister Donville Inniss advice.

    Thank you.

    • I am not trying to condone anything that Mr. Archer is said to have done, but there is a bigger picture. If you want to see wastage, start at the level of the Cabinet. We have the largest Cabinet in the History of this country with Ministers having hardly anything to do. For example, the Minister of the Environment and Drainage is responsible for:

      Coastal Conservation,

      Environmental Conservation
      Environmental Engineering (Environmental Protection Department)
      Botanical Gardens
      Sanitation Services,
      Solid Waste

      Environmental Engineering Unit
      Coastal Zone Management Unit
      Environmental Special Projects Unit (Natural Heritage)
      National Conservation Commission
      Sanitation Services Authority

      Drainage Unit

      This is all that detains a Minister of the Crown, most of which has nothing for the Minister to do.

    • @Caswell

      For so many years some of us on BU have been asking the Prime Minister to send a message to the populace that these are hard times and we are prepared to lead the way by reflecting it in decisions which will impact the pockets of Cabinet. Yes it will not be a significant savings but often times leadership is about seizing the opportunity to be empathetic with those you lead. This government instead has sent the message it is business as usual. While all around them the private sector is sending home employees, under employing etc. Also the government spokes pieces continue t implore all and sundry to by judicious in spending.

  60. @Permanent Secretary, I find your post and careful very interesting to say the least. Since you are obviously a Permanent Secretary like me, and one who has a large sway with the political directorate, can it be safe to assume that your comments are more than just what meets the eye? Can it be that in a former life, possibly you worked with Mr. Archer and there might have been some falling out with you two that you now ind it prudent to highlilght his skullduggery in this way and attempt to make this man lost he pension? Would it be safe to say that rather than confront him face to face, you choose to use the blogs under cloak to inflict harm on this man?
    i too am a PS, and I am not a personal friend of the man, but I would not air my axes in public but enough about this. Let us speak about this wastage of funds.
    We can look at the Natural Heritage Department and its Director, Mr. Steve Devonish, who has been known over the years to purchase exhorbitant electronic equipment for his office (and home too dare I say) and not a boy aint ask he one thing. Let us look at the way in which the Beautify Barbados workers have been treated over the years, no proper changing facilities on the worksites, no hazzard allowances etc. Let us look at the careful way in which the Director (ag.) carefully positioned herself to become indispensible to him, let us look at how the PSC did not appear to do its due diligence in its appointment even though an officer currently on staff, unceremoniously resigned many years ago after apparently misappropriating funds. Let us also look at how this same officer was able to keep the Director on a short leash by ensuring that he kept far from his staff while appearing as though the work of the office was key.
    Want to talk about wastage, let us talk about the good work which the audit department has been doing but the government has clearly not taken the time to try to get some of these Heads accountable.
    Want to talk about persons who are allowed to constantly divide offices for their own agenda to take the proof of burden off of them while they systematically plot, copy documents and forge a case against their bosses because they found it fit to carry on an interoffice affair openly while still equally yoked and having produced 5 offsprings. Talk about how the bosses knowing these things still felt compelled to keep the officers’ integrity in place and not report it to the CPO. Let us talk about officers who have gone overseas on government business but ended up getting involved in illicit affairs and embarrassing the public service.
    Let us look at those officers who as Donville has pointed out are present daily while not working and finding time to blog in an offensive manner about the public service. Let us as PSs talk about those officers who we are afraid to have transferred because we feel that they will eventually get what they deserve. Let us talk about those same officers who have violent outbursts by cursing their superiors but we as PSs aint have the balls to reprimand while we know that they are the ones who are disagreeable and disruptive.
    I can go on, but to do so will mean that I will have to pull more dirt out of the Mangrove Pond and I will not do so.
    So, my fellow PS, while i applaud your conscious effort to bring Michael Archer before the jury of public opinion, we as PSs have other important things to deal with. Let us get on and help our PM keep the country safe and the economy safe while ensuring that there are no layoffs in the service. Let us help our Ministers to listen to what we technocrats advise them to do and stop them from thinking that all of us belong to Owen. Come on, let we get on with the business of running a country and stop with the despicable behaviour!

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