Does Leroy Parris Maintain a $5,000,000.00 Deposit with the Central Bank of Barbados?

 Dr. DeLisle Worrel

Dr. DeLisle Worrel

BU seeks clarification, in the public’s interest, on a 5 millions dollar deposit listed on an asset disclosure to the Barbados Court in an Affidavit filed by LEROY PARRIS to overturn an order freezing his assets and those of Branlee Consulting Services Inc. BU is unaware the Central Bank of Barbados is authorized to accept deposits from individuals. Last week David Ellis, a friend of Governor Delisle Worrell, asked the same question on national radio. To date the question, not surprisingly, remains unanswered.

195 comments

  • @SITH

    You have assumed Mara was employed at Thompson & Associates at the time the cheque was issued.

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  • David February 26, 2015 at 11:40 AM #

    “The invoice, error not withstanding, had to have been approved by HR and the Board given the state of Clico at the time. Any way you view this transaction it had to be red flagged.”

    By mentioning HR, I hope you are not referring to Human Resources.

    I will mention this fact one more time. In the absence of the knowledge you now have, relative to the circumstances surrounding the preparation of the invoice, as revealed by the forensic audit, as well as the civil suit brought against Parris, in respect of the said invoice being described as “fraudulent”, none of you would have suspected the invoice was created for a specific purpose.
    This information, which is now in the public domain, would have certainly assisted in altering any conclusion you may have previously formed about the issue.

    Therefore, I’m putting it to you that, without this information, you would not be in a position to state, and emphatically so, “Any way you view this transaction it had to be red flagged.”

    I must also remind you, the investigation of this invoice was partly initiated by the fact that THE INVOICE AMOUNT AND THE AMOUNT PARRIS CLAIMED WAS DUE TO HIM AS GRATUITY, WERE SIMILAR, i.e. $3.333M. This was the real red flag.

    Read page 13 of the forensic audit report, re:

    “We found no reference to this payment in the Minutes of CIL or CHBL at or around the time it was made. However, in July 2009, shortly after the appointment of Dr. Frank Alleyne as the Government’s representative on the Board of CHBL, there was reference to a request from the Oversight Committee for information relating to payments made to Mr. Parris, specifically a copy of Mr. Parris‟ employment contract;”

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  • @David

    No I am not assuming that Mara was there. It is quite possible that the invoice was prepared without the knowledge of Thompson & Associates. That would be a pretty simple thing to do. Just copy some letterhead and type away. Then carry a prepared cheque, endorse it on the back “pay to” and deposit it. There would be no record of the invoice in Thompson’s books and no recording of it for tax reporting of any type. Until we see a cheque written by Clico and the associated cheque written by Thompson & Associates we don’t know what transpired. Asking the office manager if she knows of the transaction and any related payments will at least open the thought process to going after that sealed file to find out what really happened.

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  • To legal fee on Construction and Financing Agreements between Clico Holdings (Barbados) Limited and University of West Indies in connection with the construction of a Teaching Block at Cave Hill Campus – $237,000.00.

    Why would CBHL be a party to a Construction Agreement?
    Was CBHL a Construction Contractor?

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  • amm i sitting quietly at the right side of the courtroom listening to the lawyers for the claimant trying to find common ground /agreement as to what certain pieces of information alludes”to” , since i am no legal beagle. i am somewhat perturbed as to why a high profile case with three or more of BU esteemed lawyers who would have all but exercised diligence in preparation now at the at the eleventh hour squabbling among themselves on terms and agreements in the invoice,

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  • Re. Sith’s intervention at 12:37 pm and 1:06 pm on the 26th February

    Sith said:

    ….There is always the chance that the invoice itself was not prepared by Thompson & Assoc. A cheque could have been drawn by Clico payable to Thompson & Associates and deposited into a 3rd account. The cheque could have been endorsed on the back “pay to”. If this were the case, the cheque would be in the possession of Clico and perhaps included in that sealed file.

    and

    ….It is quite possible that the invoice was prepared without the knowledge of Thompson & Associates. That would be a pretty simple thing to do. Just copy some letterhead and type away. Then carry a prepared cheque, endorse it on the back “pay to” and deposit it. There would be no record of the invoice in Thompson’s books and no recording of it for tax reporting of any type.

    …. Until we see a cheque written by Clico and the associated cheque written by Thompson & Associates we don’t know what transpired. Asking the office manager if she knows of the transaction and any related payments will at least open the thought process to going after that sealed file to find out what really happened.

    I seem to recall that somewhere in the JM’s first forensic audit report it was stated that the CLICO cheque to DT and associates was endorsed “pay to” and that a copy was provided to the JM by CLICO management. So that part of the submission seems feasible to me FWLIW.

    Otherwise the submission seems to be primarily a fanciful playbook of a legal defence strategy for Mara. Looks like this could be a strategy designed to throw LP under the bus if it has to be used since it seems to be casting him in an additional staring role of FORGER for it has apparently been clearly shown and admitted that Parris received the money minus $500,000 which purportedly went to DT associates.

    LP has already fingered Mara as a person who should be questioned. Was this a reaction to knowing that such a strategy was in the works? In any case, it will make for a most interesting soap opera as LP has thereby signalled that he will not be going down alone. How will other powerful figures react to such a possibility?

    If the file remains sealed would that signal the end of any efforts the JM can make to recover significant funds for the policyholders based on information in the file?

    Oh what a tangled web!

    Sith, Verrrrrrrrrry Interesting take!

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  • @Thompson invoice “To disbursement, expenses and fees related to searches in US Corporate Registries, Canadian registries”

    So exactly who did these searches in U.S. and Canadian registries?

    Exactly which registries?

    Were the searches done by Thompson or by parties unnamed in the U.S. and Canada on behalf of Thompson?

    If the searches were done by U.S. or Canadian parties on behalf of Thompson and if these parties received US$523,000 as payment for their work, who are these parties? And have these parties declared this income to the Canadian Revenue Agency and the Internal Revenue Service? And if not why not?

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  • @are-we-there-yet

    it would be interesting to know who the “pay to” you refer to is. The normal procedure is for cheques to be endorsed “deposit to” followed by the name of the payee of the cheque. That is normally done with a rubber stamp. For those who are fighting for return of their funds I would suggest that it is very very important to find out who Clico banks with and request cheque copies from that bank. The second thing that should be asked for is a written copy of the banks policy for accepting 3rd party cheques. The bank should have known this was a abnormal transaction. They will likely refuse, which then would give the plaintiffs an excellent opportunity to name the bank as a participant if money laundering might of transpired. If the normal procedure of both Clico and Thompson & Associates is to only deposit cheques by way of a restrictive endorsement and then a cheque with a “pay to” is processed for a significant amount of funds, obviously some type of breach has taken place. It is very difficult to process third party cheques. However keep in mind that HSBC, a world bank,, is currently having money laundering issues.

    http://www.bloomberg.com/news/articles/2013-07-02/hsbc-judge-approves-1-9b-drug-money-laundering-accord

    For those interested in knowing the cost of searching corporations in Ontario it can be done on line for under $20.
    https://www.services.gov.on.ca/locations/serviceDetails.do?locale=EN&id=11590

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  • ?….Is people like David Eliis who talk about balance but now skilled in the art of re-balancing to suit an end.

    Time up people!….time to find an EQUALIZER.

    When the hardwood fire was burning i well remember Mr Ellis on Brasstacks stating that we have to get to the bottom of this issue and now he speaks of balance

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  • millertheanunnaki

    @ Simple Simon February 27, 2015 at 12:28 AM
    “ If the searches were done by U.S. or Canadian parties on behalf of Thompson and if these parties received US$523,000 as payment for their work, who are these parties? And have these parties declared this income to the Canadian Revenue Agency and the Internal Revenue Service? And if not why not?”

    Oh Simple Simon, you really have betrayed your moniker this time.
    You have gone far higher than was expected of you, Smart Simon.

    Now here is where things can get real dicey for Barbados by the role played by authorities in covering up this massive fraud with its possible international spinoffs to attract the interest of the FBI, the RCMP and Interpol. Isn’t this a case of mail and wire fraud with possible implications of international money laundering?

    How were these U.S. and Canadian legal firms paid? Was the Central Bank permission obtained to remit these funds.

    The OECD needs to follow through on these revelations and deal with Barbados accordingly. Given the refusal of the Local Authorities to do anything this about this blatant massive fraud and money laundering transaction Barbados ought to be deemed to not only being a tax haven but also a place where money laundering and criminal activity are rife and the place ought to be blacklisted.

    It just a matter of time before this CLICO dirty house of fraud comes tumbling down like a pack of cards permanently tarnishing the image of Barbados as a ‘clean” international financial centre.

    Liked by 1 person

  • and you know what when CLICO dirty house fraud come tumbling down the BLP would be exposed as begin the biggest of Clico beneficiaries by way of campaign financing. stop trying to count yuh chickens if and when they hatch the nest would belong to BLP.

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  • millertheanunnaki

    @ ac February 27, 2015 at 7:16 PM

    LOL!! You surprise me ac & co?
    Are you agreeing that the fraud indeed took place. Well that’s the first time in a long, long time we can agree on something. At least the PDC will find a way.

    Let the chips fall were they should fall. For sure your man Arthur would have to answer that $75,000 question. But what about Thompson? Dead men tell no tales but widowers in receipt of blood money and taxpayers’ funded pensions might find themselves wearing the black dress of sorrow.
    Your much maligned and hated St. Lucia (that is how you see that country) could be a perfect place for the bereaved to rest her sin-filled soul.

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  • If the Central Bank is holding such money for Leroy Parris, then this is tantamount to Money Laundering. But that does not surprise me, knowing that the Government is guilty of Pradial Larcency by taking the farmers canes and not paying them for it.

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  • @ millertheanunnaki February 27, 2015 at 4:59 PM… Isn’t this a case of mail and wire fraud with possible implications of international money laundering?”

    Ideally Ross or one of his legal colleagues will respond in expert mode to clarify but I can’t understand where you are going with the comment.

    Assuming that legal firms were indeed utilized in Canada or US, any work (company searches) done would have been based on a ‘legitimate’ request and thus the fees were legally charged and paid for.

    What exactly would the FBI or Mounties be investigating on that particular issue re laundering?

    I interpreted the search ‘in US Corporate Registries … Canadian Registries’ as a computer search of a database, rather than the use of actual law firms in the US.

    But even if that was the case, and this use of overseas law firms actually did take place it would still be a rather innocuous activity and in itself not an instance of laundering per se.

    And it would not cost $523K.

    There were SEVEN items on that line. That would have been the least of them.

    Just my interpretation.

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  • millertheanunnaki

    @ DeeWord February 28, 2015 at 5:14 PM
    “Assuming that legal firms were indeed utilized in Canada or US, any work (company searches) done would have been based on a ‘legitimate’ request and thus the fees were legally charged and paid for.”

    “I interpreted the search ‘in US Corporate Registries … Canadian Registries’ as a computer search of a database, rather than the use of actual law firms in the US.”

    Dear D W, I have highlighted two of your statements that are worthy of response and further discussion.
    But before we engage in an exercise of futility there are two questions I would like to pose to you.

    First, do you believe the recorded payment made to Maurice King is genuine?

    Second, do you genuinely believe the overall invoice was prepared not as a genuine list of legal expenses incurred and associated added value fees but as a way of bilking the corporation CHL for Leroy Parris to extract his “contracted” gratuity payment from a fallen cash cow? In other words, do you believe a fraud has been perpetrated against the policyholders of CLICO, the corporation left holding the bag?

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  • are-we-there-yet

    Read the front page of today’s Barbados Nation Newspaper.

    It has started to fall apart.

    In any other Government there would be an election called within weeks.

    Would he have been so stupid as not to have received written instructions from his bosses to lodge the dirty millions in the Central Bank?

    Will Delisle protect Sinckler and the super honest PM?

    Will the BLP treat this matter with the urgency it requires?

    Has this matter allowed the BLP to save face in the Carrington affair and go back to the house to come down hard on not just carrington but on the ethics of the the MoF and PM and the likely influence of those effects on Barbados and the likely negotiations now in train with the IMF?

    Note my earlier piece on another blog about the perfect storm. It is now at 30 degrees longitude and 12 degrees latitude and blowing at 130 mph.

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  • @ are-we, it seems that we Bajans should batten down the hatches because my understanding of the weather concept of a perfect storm indicates a sustained period of extremely adverse climatic conditions of unprecedented proportions.

    You have been the ideal forecaster here on BU.

    You noted, “would he have been so stupid as not to have received written instructions from his bosses to lodge the dirty millions in the Central Bank?”

    Quick rhetorical for you though. Why would the bosses affix their name to something that appears very questionable even if not illegal?

    The concept of ‘no name. no lock’ applies easily to ‘I ain’t putting anything in writing’.

    But it’s still excellent to finally get a remark from a local official (former bank Governors) which suggests that this action of a private citizen lodging money on a/c at the Central Bank is puzzling.

    The obvious segue to YOUR rhetorical is why would the Governor compromise his reputation like that.

    And obviously it can’t be just about personal money because he is very well compensated and is surely already well set financially for retirement.

    Your perfect storm is indeed ominously forming.

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  • are-we-there-yet

    The Nation article about the disposition of $9.5 million dollars of Leroy Parris’ monies on June 13th 2013, after he urgently needed some place to rest it, is perhaps the most important article ever printed in that paper. IMHO It has the potential, inter alia, to cause the economy of Barbados to be lashed with an economic storm of such proportions that it could take a decade under good government and governance to recover.

    Yet none of the BU family sees it fit to comment, while concentrating primarily on the non-issue of Danny Gill’s candidature for the NUPW presidency post.

    What actions can the Government take to blow away the stink created by the facts reported in the article?

    Will Freundel realise that urgent action is necessary to save Barbados’ face in the international community?

    Will he realise that such action would normally require that both Leroy and DeLisle be thrown to the wolves “with dispatch” for the higher state of Barbados’ reputation and survival in the current economic circumstances?

    Or would he operate on the basis that he wasn’t taught treachery at Foundation?

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  • @Are-we-there-yet

    If BIPA can only muster 230 out of 20,000 CLico policyholders what does it say?

    Barbadians are finding it difficult to mobilize just causes for many reasons.

    The lack of comments on BU and elsewhere is indicative of how lost we are.

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  • @millertheanunnaki February 28, 2015 …You are right. The invoice was a falsehood so an attempt to define what is written there is a nonsense.

    The comment about search and all that would be relevant about a real invoice.

    And yes again it was reported that Mr King refuted any involvement in those charges.

    Thus, I still remain confused that no action has been taken on the substance of fraud related to this invoice. Or maybe action have been taken and I have missed the news.

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  • We await the MIA BLP response in and out of parliament.

    Surely this issue is more important that Carrington.

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  • are-we-there-yet

    DeeWord re your 10:26 am post.

    Even though I had worked out what had probably happened in this matter from information in the public domain and had tried to hint as such on BU, I was thoroughly shocked and sickened by the revelations in today’s paper.

    As a former senior Public Servant the words “I am directed ….” is etched in my mind. I am not certain if the GoCB would use such terms in ordering his minions to effect the alleged transaction. However, it is almost gospel now and known by anyone who would care to know, that the Governor is a creature of the MInister of Finance. Would that creature do something as egregious as this without having written proof that he was so directed or would he think that he could do it on his own volition? I think not.

    On the other hand would he have done everything himself and would there be a paper trail?

    Would he have thought of the possible repercussions to Barbados’ international standing if the information came out?

    Would he recognize that even the IMF was questioning how his relationship to the MOF might be affecting his conduct of the job?

    Or might it be that the whole dirty mess was not supposed to come out? In that case, could the LP disclosure and the subsequent investigation and unveiling of facts have been something that was not envisaged as ever happening by both the CB governor and the MoF? In that case the CB Governor might have requested that the order be put in writing.

    But then there might not have been a need for such to be put in writing. The whole matter could have been recorded in living colour on an iphone or samsung or other smart phone. Who knows?

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  • are-we-there-yet

    David;

    Re. your 10:35 post.

    That is so true.

    And that is why I think the perfect storm is upon us.

    Absolute self centeredness and inertia defines us and our Government.

    The BLP could only regain some status, in my regard, if they immediately call a mass meeting in Bridgetown in the new Park next to the CB to give chapter and verse to the revelations in today’s paper as well as what went before. In addition, I think that they should go back to parliament and push the issue with the utmost energy.

    But we know that CLICO compromised the top echelons of the political class with its filthy lucre.

    We know that Arthur avoided frontal statements on CLICO. We also know that Mia, despite a reported friendship with Mara, brought a number of inconvenient facts about CLICO into the public domain.

    I am still a little hopeful that she and a few other relatively untarnished BLP MPs might do the right thing. Indeed, I think that this revelation might be the trigger for the formation of a new party made up of membership from both the DLP and BLP and some others.

    If they don’t recognize the shakespearian tide that is clearly upon us we will all continue to sink, despite the buzz about tourism and this winter season.

    Liked by 1 person

  • David:

    I was talking to CLICO insurance policy holder; I think it is life insurance to cover preliminary coverage for mortgage purposes. From what I gather, BIPA has a sense of what is going on. Insurance policy holders are not sure or do no know what is going on in relation to their policies or if they can recoup their money when the entire thing is over. This person was only told at the beginning of the collapse to continue to pay their premiums. May be you to carry something on this or if it was done already to repeat. I think it not that people would not comment; it is that all the focus seems to be on BIPA only.

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  • We have to be fair to MIA, she raised a stick, she called for a no confidence motion, she questioned the functioning of the Oversight body especially when its term ended and there was hanging in abeyance.

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  • Are we there yet:

    You are indulging in wishful thinking about the clean hands of Mia. Like Bushtea would tell you if people of the ilk of Caswell are not involved no next party shall be viable. But then again most of here on BU frolic and enjoy this frolic in this bull shitting anyway!!

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  • are-we-there-yet

    DeeWord, re your 10:37 post.

    Simple!

    No action was taken because of the stranglehold the political directorate holds over all branches of the Executive Public Services. The heads know what they can do with impunity as contrasted with what their functions should compel them to do. I give you by way of example, Vernese Brathwaite and the late Carlos Belgrave, and what happened to them.

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  • @Lemuel

    We are aware of several policyholders who have allowed policies to lapse or fall behind for one reason or the others without knowing the ramifications of the deicison.

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  • are-we-there-yet

    …….. and the former Commissioner of Police!

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  • Nobody/entity could conduct retail banking operations in Barbados unless they are licensed with the CB.

    It therefore should say that no retail bank can have any rights which the CBB itself does not have, or could extend to itself.

    Certainly, if a retail bank seeks to end an account with a member of the public and it is unlikely others will follow suit, or no other bank is willing to extend services to that person, a CB can be the last resort to a depositor. It acts as banker of last resort in other circumstances.

    Based on the report in the Nation today (Sunday), it would appear that that is indeed the case. Of course, this action is extraordinary but need not raise eyebrows, given ongoing circumstances. In fact it maybe a good thing!

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  • David:
    This person is paying their premiums but has no idea if they will ever collect on the policy when it is matured. Is there any information for them to look at?

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  • @are-we, this issue that ‘the Governor is a creature of the MInister of Finance’ is really overblown.

    It is true that the Governor is selected by the PM (in consultation and all that) but its also true that a Gov in the post can’t just be fired by the PM without valid non-political cause.

    To all intents and purposes the Governor is his/her own maguffy during their contract . Yes there have been periods of disquiet but in the main it has been a business relationship of respect.

    In general terms, the PM and the Bank’s Board of Govs can only order around the Guv for some action due to malfeasance or such.

    Otherwise they are limited to not renewing the contract at the end of the tenure.

    In that sense a governor can be as independent as he wants to be, so when things like this happen it’s clear there is a helluva lot going on.

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  • are-we-there-yet

    DeeWord; re. your 11:57 am post.

    You are correct.

    I think I recall that former GoCB, Courtney Blackman, in an interview, made essentially the same point about a number of disagreements he had with Barrow.

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  • Are we there yet:

    In relation to your 10:29 am post, why are calling my name on this post? If you want noticing then I am noticing you, ok or as DeeWord would put it “dude”. The use of that word dude is as silly or clownish as the bearer DeeWord.

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  • @Pacha

    We have always heard a central bank is lender of last resort, your reference to banker of last resource bears further explanation.

    http://www.centralbanksguide.com/lender+of+last+resort/

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  • DeeWord:

    This was not made up and I like many other Barbadians heard with my own two ears what that particular Governor of the Central say he was a creature of the Prime Minister. You seem to be suggesting here is that that statement come out of some urban legend and it not possible. I really hope that you are not one of the DLP spin doctors planted here to recreate the DLP own view or story of history? And that would explain your full behavior on this blog!

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  • @ David
    Perhaps the Central Bank will claim to have seized the funds after the Canadian banks’ action – pending clarification of any charges / concerns of course.
    Then they need only explain why the apparent secrecy….

    Perhaps also …the JM and Policy Holders now need to move URGENTLY to have the high court ALSO freeze these funds now that the location is established….

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  • As banker of last resort a CB lends to commercial banks. May hold bullion in safe keeping for interests. May lend directly to commercial or industrial projects deemed necessary for the economic health of a society, project which are unable to attract normal credit from banks or other lenders. And there could be many more circumstances depending of the country involved.

    Indeed, when we talk about economic transformation our central idea is for the CB of Barbados to, through the fractional reserve system, to disintermediate retail banks and lend direct to individuals and companies, at zero interest, thereby creating wealth. Of course, a reverse action will be required when these loans are repaid. Meaning the withdrawal/destruction of the net amount of money so created. So this is what we are talking about, a binary economics!

    We hope we have been able to properly explain ourselves.

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  • This is the opportune time for the fellow or fellows who , a few years ago, made an un- scheduled withdrawal of $1 Million from the Central Bank’s vault, to strike again,this time to the tune of $5Millions,compliments Leroy Parris.

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  • Sorry Pacha but BU sees no evidence that a Central Bank is to act a a bank of last resort. In today’s back page Nation newspaper this is confirmed by two former governors of the central bank.

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  • @Bush Tea March 1, 2015 at 12:55 …Perhaps also …the JM and Policy Holders now need to move URGENTLY to have the high court ALSO freeze these funds now that the location is established….”

    You are a wise man indeed. I remain confounded that freeze was made on only a portion of the funds know to belong to Parris.

    Surely his attorneys are not idiots so to lay a list in court of your significant assets (illiquid mainly) while asking to remove a freeze on cash may in fact suggest that Mr. Parris does not have current access to the CB funds.

    But if so, then it should be so stated.

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  • @Bush Tea

    What an embarrassment to the nation if the Central Bank were to be issued such an order.

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  • are-we-there-yet

    Danny Gill, re. your 12:35 PM post.

    In my earlier post I had said;

    “Yet none of the BU family sees it fit to comment, while concentrating primarily on the non-issue of Danny Gill’s candidature for the NUPW presidency post.”

    I apologize for not recognizing the earth shaking importance of the NUPW presidency elections as compared with today’s revelation that the Central Bank appears to have, at least temporarily, found a home for 5 Million dollars of Leroy Parris’ money that was apparently refused by a Commercial Bank.

    Yuh don’ see yuh digging a deeper and deeper hole fuh yuh candidature with these illogical attacks against some persons who might have actually wanted you to succeed?

    BTW, I see that you sensibly steered clear of my earlier post on your candidature. I wonder why?

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  • @ David

    We did not see the full article. No doubt that the former central bankers may know of no circumstances where this might have happened before but because it has never happened in Barbados before does not limited the interpretation of what ‘banker of last resort’ could mean.

    Please remember that finance/banking does not have to mean what it use to.

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  • @Lemuel March 1, 2015 at 12:53 PM…This was not made up and I like many other Barbadians heard with my own two ears what that particular Governor of the Central say he was a creature of the Prime Minister”

    Senor, I believe I clarified why the statement has little meaning. I also never said it was made-up.

    I believe any PM can say that he/she is a creature of the electorate and then his party colleagues. Yet, that creaturehood is valid only every 5 years or through censure during that term when it can be ended .

    In every fundamental sense the Governor’s role resonates the same way as an appointee of the PM.

    If you find that a political spin when it remains the same through all parties is obviously a function of your biases not mine.

    I could be wrong but I believe it was Dr, Blackman who made the creature statement.

    I don’t have the quote handy but whomever said it, it was certainly a tongue in cheek brush off to some policy query or such.

    You are entitled to embolden it with as much mystic as you desire. Hearing is one thing…understanding is another.

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  • St George's Dragon

    “…….our central idea is for the CB of Barbados to ……….. lend direct to individuals and companies, at zero interest, thereby creating wealth.”
    Put me down for some of that. I will lend it straight on to others and charge them interest. Splendid idea!

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  • are-we-there-yet

    DeeWord;

    What you surmised about Parris’ current access to the CB held funds seems to make the best sense of what is currently in the public domain.

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  • @ St. George Dragon

    We don’t normally respond to you because we have previously found that you know too little about too much.

    You assumed it would have been known that interest and not debt, in and of itself, was the real problem Barbados faces. We were therefore supporting a zero interest rate regime. Yuh f@@ing idiot!

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  • Zero interest rate?
    Zero house rent?
    Zero food charge?
    Zero water charge?
    Zero electricity charge?

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  • Dear Mr. Gill, Yesterday I had the pleasure of reviewing your candidature for Presidency of the NUPW, an opportunity of which I otherwise would not have availed myself if not for the posting of your campaign poster by the BU blog master.

    I made some comments, offered some unsolicited, friendly, well-meaning advice and critique based principally on my background in marketing, wished you good luck and left that blog.

    However, it appears that you remain upset by my remarks there and as we Bajans would say, ‘can’t unpick me from your teeth’. I am unclear why I remain a subject of your social media campaign.

    I would suggest that you give more serious attention to a seminal post that carries the type of profound comments which can enhance your campaign blogging here.

    As others have said, your voters can see the type of candidate you are.

    To wit, by Bush Tea March 1, 2015 at 9:11 : You and your Civil Service constituents can refer to the full post under your BU blog but excerpted are the remarks on which they and you should focus.

    “Obviously when interviewing a candidate in their comfort zone, any idiot knows that the answers provided are the well rehearsed ..

    “A highly skilled interviewer therefore goes to great …lengths to remove such comfort and to create an UNCOMFORTABLE zone, …

    “So, for example…[you] would ask him why, given his record of failures and non-achievement, he was so intent on getting his hands on the chequebook of the NUPW.

    “[my emphasis] A RESPONSE THAT ATTACKS THE QUESTIONER, resorts to gutter language, and avoids the question speaks VOLUMES…

    [my emphasis] now a candidate of SOUND character will have no fear of such questions or tactics … AND WILL EASILY AND SYSTEMATICALLY RUBBISH THE ACCUSATIONS AND FOCUS ON THE REAL ISSUES AT HAND…”

    Frankly, I suspect your opponents will also pay attention to your blog comments as they are wonderful data points for a campaign email blast.

    I wish you well in your election.

    Regards
    DW

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  • Walter Blackman

    Lemuel March 1, 2015 at 11:45 AM #
    “David:
    This person is paying their premiums but has no idea if they will ever collect on the policy when it is matured. Is there any information for them to look at?”

    Lemuel,
    Anything I write here should not be interpreted as providing advice to any policyholder. All insurance policyholders should seek any needed advice from their agent or insurance company.
    Having said that, I feel that no policyholder should ever find themselves in the position that CLICO policyholders are in today.
    Generally speaking, if the policy is older than 3 years, the policyholder should be able to cash in the policy and receive the cash value of the policy. Apparently CLICO has no money to pay out cash values, so this option isn’t feasible.
    A fully paid up option is also generally available to policyholders who no longer want to continue paying their premiums. For example, if the face amount of the policy was $100,000, an actuary might be able to look at the total amount of premiums paid so far by the policyholder, and determine that if the face amount is reduced to $60,000, no more premiums will be ever required. Whenever the policyholder dies, their beneficiary will receive $60,000. The policyholder can then use the current premiums to purchase an insurance policy from a different company. Of course, the problem here is that some policyholders might be no longer insurable, and are therefore unable to purchase insurance from another company.
    These are the two popular options (out of a package of non-forfeiture options) which are chosen by policyholders when they no longer want to continue paying premiums.
    CLICO and Government have advised policyholders to continue to pay their premiums. At this stage, however, no one can tell policyholders that they are not throwing their premiums into a deep well. It’s a very, very tough position to be in.
    Hope this helps.

    Like

  • What about the Statutory Fund?

    Like

  • Walter Blackman

    David March 1, 2015 at 5:32 PM #
    “What about the Statutory Fund?”

    David,
    From recalling what I read some time ago, the statutory fund was very deficient. Taking the statutory fund into account and auctioning off CLICO would result in policyholders getting about 20 cents on the dollar, tops.

    1/2 billion dollars needed to keep CLICO life portfolio sustainable for the time being. No more talk. No more promises. Just show the policyholders the money.

    Like

  • If the Statutory Fund as reported is deficient policyholders may feel there is a good case to hold government (oversight authority) liable to make good.

    Like

  • Caswell Franklyn

    David

    You wrote:

    “If the Statutory Fund as reported is deficient policyholders may feel there is a good case to hold government (oversight authority) liable to make good.”

    The following may offer some guidance: section 38 of the Financial Services Commission Act states:

    No action or other proceedings for damages shall be instituted against a member of the Commission or an employee or agent of the Commission in the discharge or purported discharge of his respective functions under this Act, unless it is shown that the act or omission was in bad faith.

    Prior to the passage of the Financial Services Commission Act, the Supervisor of Insurance would have been liable for his failure to carry out or negligently carrying out his duty which would have caused a loss to the policy holders. I am thinking that Government would still have been liable because the failure by the regulatory body to perform or adequately perform its duties occurred prior to the passage of this Financial Services Commission Act.

    I have been saying all along that the policy holders and investors should have taken CLICO and the Government to court to recover their losses. Unfortunately, many of them were thinking with their DLP heads.

    >

    Like

  • BU is pleased to advise the misunderstanding between Walter and PUDRYR has been resolved.

    Like

  • @Caswell

    This is a matter BIPA should test in Court,

    Like

  • Caswell Franklyn

    David

    I am looking for an industrial relations officer, and I thought that I would have to train someone but it seems that my search would be over if you are interested. Congrats David.

    Like

  • Caswell Franklyn

    From where I sit, it would appear as though BIPA has allowed itself to be misled or seriously misled itself in the pursuit of this matter. It does not appear that they wanted their money back, it seems as though they were happy just to be featured in the news.

    >

    Like

  • David, you are a boss!

    Proper.

    Like

  • @Caswell

    Why would you attempt to trigger a volley of rebukes from Bushie?

    Like

  • Caswell Franklyn

    David

    Bushie really does not understand so I really do not allow him to set the agenda.

    >

    Like

  • @are-we-there-yet March 1, 2015 at 10:29 AM “Or would he operate on the basis that he wasn’t taught treachery at Foundation?”

    Some people may feel that by embracing Leroy Parris as “not a leper and my friend” that the Prime Minister has betrayed the CLICO policy holders.

    Like

  • @DeeWord March 1, 2015 at 10:26 AM “why would the Governor compromise his reputation like that…And obviously it can’t be just about personal money because he is very well compensated and is surely already well set financially for retirement.”

    Has worked as a professional since his early to mid-20’s, to the best of my knowledge has not had to raise chick, child nor dog flea, the employer no doubt has an excellent pension plan. Has likely already surpassed the life expectancy of Bajan men…so what retirement you talking ’bout.

    Like

  • There comes a time when money is not important, because we will NOT need money in the place where Bajan men go at age 74.6 and where Bajan women go at age 80.4

    Vanity, vanity all is vanity.

    Like

  • Walter Blackman

    David March 1, 2015 at 5:54 PM #
    “If the Statutory Fund as reported is deficient policyholders may feel there is a good case to hold government (oversight authority) liable to make good”

    David,
    Government certainly is not blameless. However, from a practical standpoint, there is a qualitative difference in the outcome between taking the action, say, in 2010 vs 2015. I am aware that Caswell has already emphasised this important point.
    Barbadians have silently observed the following:
    Money owed to Barrack – little or no payment made
    VAT & Income tax refunds owed to businesses & individuals – little or no payment made
    Money owed to farmers – little or no payment made
    Money to be contributed to CLICO as per agreement with the JM – no payment made
    Money mentioned to capitalize the new insurance company to replace CLICO – none mentioned
    You get the point: government has no money.
    Suppose the government is sued and is ordered to pay 1/2 billion dollars to CLICO policyholders? Where will the money come from?
    How long will our forex cover keep the IMF at bay?
    What happens when a government files for bankruptcy? Has the Barbadian econonmy reached the point of no return?
    Even in the absence of the CLICO liability, do we have enough Barbadian workers to service our massive national debt?
    Is neo-slavery part of Barbados’ workers’ future?

    Like

  • are-we-there-yet March 1, 2015 at 10:55 AM “However, it is almost gospel now and known by anyone who would care to know, that the Governor is a creature of the MInister of Finance. Would that creature do something as egregious as this without having written proof that he was so directed or would he think that he could do it on his own volition?”

    We all know very well that the Minister of Finance has no authority to direct the Governor of the Central Bank to hold money for a private citizen.

    Like

  • @are-we-there-yet March 1, 2015 at 10:55 AM “Or might it be that the whole dirty mess was not supposed to come out?”

    Why is it that we like to pretend that we have forgotten what we all learned in Infants B

    THERE IS NO HONOR AMONG THIEVES.

    Of course the nastiness was bound to come out. Any 7 year old could have told us tis.

    Like

  • @Walter

    Tempted to suggest the government has recourse to issue bonds BUT with public debt at a high level the Exchequer wouldn’t be amused.

    On Sunday, 1 March 2015, Barbados Underground wrote:

    >

    Like

  • @Bush Tea March 1, 2015 at 12:55 PM “Perhaps the Central Bank will claim to have seized the funds.”

    Dear Bush Tea: You know very well that ihe Central Bank has no authority to seize the funds of private citizens.

    Like

  • pieceuhderockyeahright

    @ All

    Mr. Walter Blackman of late has borne the brunt of this old fool’s tongue/pen per a matter which I now being fully aware of the innards of the issue categorically retract.

    I engaged with Mr. Blackman, as a son who loves the dirt of my country Barbados.

    I was wrong to do so armed as I was with facts “illy complexioned”

    I pride myself to make 3 claims (1) that I say that which I know to be true, (2) that I comment on/regurgitate that which I believe by empirical evidence I have examined to be true and (3) I comment on that which, based on infallibility of source, appears to be true.

    Barring the Holy Trinity, that mantra is itself as fallible as the pronouncement that a bumble bee should not be able to fly.

    I retract my remarks pertaining to your integrity Mr. Blackman in your past dealings in a particular matter 30 years ago and express my thank for the cogent facts provided by our Blogmaster

    This is not a game where people can come to try hoodwink 270,000 Bajans and 40,000 illegal Guyanese this is a site where the majority of us seek to safeguard the lives and rights of mostly honest hardworking people who want to participate in that promise of having “a piece of the Bajan rock”.

    If any of us put up themselves for national services, as scions of integrity, as the spiritual guides of our nation, as educators, upholders of the law, representatives of the people, union presidents in this time of serious crisis, rest assured that while you cannot be automatically “washed clean in the Blood…”

    There has to be some point below which, as Bush Tea said elsewhere, we the people are entitled to know your credentials e.g. if you were part of the committee that bought the BMW and gave the $50,000 credit card to the last lot of thieves, why should we vote for you and we are entitled to know what differentiates you when you are now running for that similar post.

    Maybe if every potential politician had to come here on BU, instead of the 2 hour make up mock sport CBC electoral run offs and speak intelligently to the issues and respond to this type of scrutiny and malicious cockrat commentary (believe me Walter, no insult was taken) maybe we would get an idea of who the real real men and women are BEFORE, dem get to tiefing de tax payers money.

    To the Blogmaster maybe in the same way Danny was invited to post his manifesto, and in the same way Bush Tea has been asking Caswell to start the BUP, maybe it is time for BU to issue cyberspace invitations to both the DLP and BLP clowns to face the nation here, if they have the balls to do so sine nom de plumes, oops that’s me ent it?

    Sincerest apologies

    Like

  • @Pachamama March 1, 2015 at 11:44 AM “Certainly, if a retail bank seeks to end an account with a member of the public and it is unlikely others will follow suit, or no other bank is willing to extend services to that person, a CB can be the last resort to a depositor. It acts as banker of last resort in other circumstances.
    Based on the report in the Nation today (Sunday), it would appear that that is indeed the case. Of course, this action is extraordinary but need not raise eyebrows, given ongoing circumstances. In fact it maybe a good thing!”

    Dear Pachamama: What are you smoking? (or drinking)

    Like

  • Thanks Piece and Walter, let the discussions continue 😃

    On Sunday, 1 March 2015, Barbados Underground wrote:

    >

    Like

  • @St George’s Dragon March 1, 2015 at 1:52 PM
    “…….our central idea is for the CB of Barbados to ……….. lend direct to individuals and companies, at zero interest, thereby creating wealth.”
    Put me down for some of that. I will lend it straight on to others and charge them interest. Splendid idea!:

    But why would anybody borrow from you at interest when we could all borrow from the Central Bank at zero interest.

    LOL!!!

    Are you and Pachamama smoking (or drinking) the same thing this good evening?

    LOL!!!

    Like

  • @Colonel Buggy March 1, 2015 at 1:09 PM “This is the opportune time for the fellow or fellows who , a few years ago, made an un- scheduled withdrawal of $1 Million from the Central Bank’s vault”

    What ever became of the young “gentlemen” who were alleged to have made that unscheduled withdrawal of millions of dollars cash from the Central Bank’s secure vaults?

    Like

  • Simple Simon March 1, 2015 at 8:29 PM #

    There comes a time when money is not important, because we will NOT need money in the place where Bajan men go at age 74.6 and where Bajan women go at age 80.4
    ……………………………………………………………………………
    Boy some of those 74.6 men, may well be spending some of their pension money at Rehab. ……..Not the one in St John or Friendship.

    Like

  • @ Simple Simon
    Dear Bush Tea: You know very well that ihe Central Bank has no authority to seize the funds of private citizens.
    ++++++++++++++++++++++++++++++++++++++++
    Dear Dear Simple, No one said that the Central Bank “had any authority to seize the funds of private citizens.”
    Bushie said that perhaps they will claim to have seized LP”s funds….not a word about authority.
    Besides LP is not a private citizen….he is Froon’s friend.
    ha ha ha

    …are you not an English language expert? 🙂

    Like

  • Walter:

    Thank you for the information. I shall pass it on

    Like

  • Walter Blackman

    David March 1, 2015 at 8:40 PM #
    @Walter

    “Tempted to suggest the government has recourse to issue bonds BUT with public debt at a high level the Exchequer wouldn’t be amused. ”

    David,
    You were right to suffocate that temptation immediately. The rating agencies have been warning the whole world that the government of Barbados does not have the taxing ability to adequately service its existing debt. Any bond additions will now be high risk, and will force govt to pay a high risk premium to lenders. Finally, the bonds will face a high probability of being defaulted. we need to generate jobs and create higher tax revenues.
    Easier said than done, for an economy that is now in uncharted waters.

    Like

  • Walter Blackman

    Walter Blackman February 25, 2015 at 10:49 PM #
    “Enquirer,
    By the time the EFPA came on the scene, CLICO’s reputation had already taken a battering.”

    Enquirer.. February 25, 2015 at 10:54 PM #
    “Check and u will be able to find out the facts..Wasn’t head on the Board and EFPA was since 1998 when Clico was as its peak..”

    Enquirer,
    CLICO suffered a mass exodus of agents in 1987-1988. In the insurance industry, those who knew and understood how an insurance company should be operated and managed were already eyeing the company with suspicion.

    So when you say “since 1998.when Clico was as its peak”, what do you mean? Peak, measured by what? If you mean “peak sales”, then that suggests that after 1987-1988, CLICO simply assembled a new set of “sales”faces and unleashed them on the insurance industry. However, the business model never changed, and the level of suspicion on the part of knowledgeable insurance practitioners about CLICO always grew.

    The reasons that the agents walked away from CLICO in 1987-1988 were still applicable in 1999. But people are not motivated by philosophy, they are motivated by money. With Barbados always experiencing high levels of unemployment, CLICO was always assured of a large enough pool from which they could recruit new agents.

    Like

  • pieceuhderockyeahright

    @ Walter Blackman

    You said and I quote “we need to generate jobs and create higher tax revenues.”

    And not just any type of jobs.

    we have a phenomenon here in Barbados called “ole Man’ s Grouse”

    As an ole man myself I find it easy to speak of the disease.

    Walter let me explain it using elements of the fatwa recently rescinded by yourself lol.

    Ole menses, well past our shelf life, esconsed in critical decision roles, lacking vision, lacking the energy to implement any vision and naturally opposed to any young buck with vision.

    Ole menses like us, whose body parts no longer work, even when Viagra is used, need to validate self by other means.

    Talk Giants.

    We indulge in and crave symposiums and conferences because it is the next best thing which stimulates us but what you have presented with your simple solution and statement boggles the mind of us so called statesmen who would love to believe ourselves to be movers and shakers in our twilight years.

    The only solution to this predicament is jobs, of a calibre and persistency that will employ people and generate forex exchange.

    We do have such job opportunities here but with the preponderance of persons in high places with the Ole Man’s Grouse disease you and I can be assured that as night followers day, we will soon be in the hands of the IMF with its attendant devaluation.

    “Enemies of the state” that we ole menses with no vision, lately grown cold of flesh, have become

    Like

  • Walter Blackman

    Pieceuhderockyeahright March 2, 2015 at 8:18 AM #
    @ Walter Blackman
    You said and I quote “we need to generate jobs and create higher tax revenues.”
    “And not just any type of jobs.
    The only solution to this predicament is jobs, of a calibre and persistency that will employ people and generate forex exchange.”

    Pieceuhderockyeahright,
    In the lead up to the 1994 elections, one of the BLP’s major slogans was : Job #1 is jobs.
    In the lead up to the 1999 elections, I noticed that Liz Thompson, and Trevor Prescod on different occasions, made references to “sustainable” jobs. This told me that they had seen what type of jobs had been created between 1994 – 1999, and they had reached the point where they were no longer interested in “just any type of jobs”. They were demanding “sustainable” jobs.

    You have gone straight to the heart of our national problem and salvation, depending on how you look at it.
    Given the quality of the Barbadian intellect, we can create and maintain the kind of jobs that you envision, which will generate revenues for government and forex for the country. That is the salvation part, and that is what we as a country must work towards.

    Of course, a national vision and objective like that would require a “new” approach to national decision making. At the same time, a moribund system bent on maintaining the status quo would quickly and deliberately seek to destroy the seed of such creative ideas before it has a chance to germinate.

    The national confrontation now brewing is one in which an “old” system based on privilege, favouritism, nepotism, and social injustice is seeking to stave off the demands for fairness, equal opportunity, transparency, and social justice coming from “new” ideas. The ultimate clash of the “old” versus the “new” is inevitable, and you have highlighted it pretty well:
    “ Ole menses, well past our shelf life, esconsed in critical decision roles, lacking vision, lacking the energy to implement any vision and naturally opposed to any young buck with vision.”

    For us to advance as a country, we have to make sure that “new”, creative ideas win when the inevitable clash occurs.

    Like

  • Replace the word warload with a type of shoe one would wear in a hot climate. What was the name of the famous male dancer in the eighties classic “Fame”? Substitute the word Africa with Barbados and what do you have?

    What is happening in Barbados is a mirror image of what is happening in the continent of Africa – minus her raw materials.

    http://www.theguardian.com/books/2015/mar/02/looting-machine-warlords-tycoons-smugglers-systematic-theft-africa-wealth-review

    Like

  • millertheanunnaki

    @ Walter Blackman March 2, 2015 at 9:56 AM
    “Ole menses, well past our shelf life, esconsed in critical decision roles, lacking vision, lacking the energy to implement any vision and naturally opposed to any young buck with vision.”
    For us to advance as a country, we have to make sure that “new”, creative ideas win when the inevitable clash occurs.”

    Creativity resides neither in the pounding hearts of the young nor in the resigned fate of burnt-out fogeys. It ‘lies’ at the eternal spring of intelligence; and to drink there from is a rare opportunity afforded to few.

    What Barbados needs to do is to follow the adventurous spirit of its less-educated citizens of previous generations and EMIGRATE. Why not this time around do a ‘prodigal son’ trip and return home mainly to Ghana? I am sure 15 to 20,000 ‘educated’ Bajans would not even make a dent on the potential resources of the motherland. The exit of the Guyanese certainly did on the agricultural and retail spending sectors of the Bajan economy.

    Like

  • are-we-there-yet

    Millertheannunaki;

    Good point!

    But would the “better than” attitudes of many of our people be welcomed there?

    The project would have to be done in stages and meticulously planned so that strategically skilled, sensible and adaptable people are sent as forerunners initially to do the groundwork for those that will follow.

    That home going would fail in a flash if some of our current crop of entrepreneurs go and muddy the waters for others.

    Like

  • In the Harbour Road and islandwide since DLP almost 5000 jobs were lost and major foreign exchange through call centres which is almost a dead industry.

    This has nothing to do with the same 5000 or increased numbers from government layoffs/retrenchments within same period.

    Like

  • @millertheanunnaki March 2, 2015 at 5:08 PM,

    “What Barbados needs to do is to follow the adventurous spirit of its less-educated citizens of previous generations and EMIGRATE.”

    “less educated” are you sure? I would say pioneers. Indeed, as you have hinted, those adventurous pioneers achieved more in the UK then they ever would have been able to in Barbados.

    That early generation was united and strong, and fought like terriers.

    I will forever salute those brave young black men and women.

    http://www.bbc.co.uk/news/magazine-23795655

    Like

  • are-we-there-yet

    Anthony re. your 7:05 pm post

    I suspect that your statistics are in the right ballpark and your point seems to add to Miller’s above, if I understand you correctly.

    But I also suspect that the current apparent upswing in tourists will only do a minimal amount in turning the economy around. After all we have to turn around about 7 years of negative or no growth and severe attacks on the safety umbrellas that had been set up to assuage lesser situations.

    I think we are far from being out of the woods and that there is some merit in Miller’s post and that Government and the Private sector should be looking to put some meat on the idea.

    Ghana is an attractive possibility as they at least had an incentivised scheme about a decade or so ago to attract blacks from the diaspora to return. I don’t know if the scheme is still on or not but it might be worthwhile for the Pan African Commission people to check that aspect out. If it is found feasible then a system of incentives could be developed to attract suitable entrepreneurs and workers to go there and contribute to developing that country as well as to prepare a place for other bajans to come and live eventually.

    The project could be mutually beneficial in many ways. Our tourism could benefit significantly. Markets could be found for our products. We could aid in developing modern service centres there, etc. etc.

    There are a number of Ghanians here and local Bajans with experience in Ghana who could assist in developing such a project.

    Like

  • The Wild Coot column is good reading today!

    Like

  • millertheanunnaki

    @ are-we-there-yet March 2, 2015 at 7:43 PM
    “The project could be mutually beneficial in many ways. Our tourism could benefit significantly. Markets could be found for our products. We could aid in developing modern service centres there, etc. etc.”

    The same way the GoB is prepared to subsidize airlines to fly into Barbados to fill foreign-owned hotels why not help subsidize Ghana Airways to fly to the Caribbean at least once every two weeks?

    Like

  • are-we-there-yet

    Since the breaking news yesterday that LP does indeed maintain a 5 million dollar deposit in the Barbados Central Bank, it has gone extremely quiet around here. I heard just one discussion on the matter on Brasstacks and even on BU this topic has been pushed aside for other matters.

    Is it the calm before the storm?

    No one expected the Government or the PM or even Donville Inniss to comment. But has anyone heard the Opposition say anything about this matter? Has the media been in their faces to get comments?

    It is possible that the matter is so sensitive that even the Opposition is wary of saying anything that could ultimately damage Barbados significantly where it will hurt most. But surely one would expect that MAM would say something.

    I wonder if the people will allow this matter to join the other 9-day wonders and die a swift death until the next revelation comes.

    Like

  • @ are-we-there-yet March 2, 2015 at 9:34 PM

    “It is possible that the matter is so sensitive that even the Opposition is wary of saying anything that could ultimately damage Barbados significantly where it will hurt most. But surely one would expect that MAM would say something”……..
    ……………………………………

    MAM and Kerry Symmonds dealt with this extensively at the meeting at St George Secondary last week but as you know the media would not be able to report on what was revealed. You know how these morons like to call the police for the Nation. MAM said that she has been threatened since she made mention at the St Philip meeting of the money trail in three accounts.

    Kudos to the Nation for trying to keep the story on the front burner by getting interviews with two former Governors.

    I guess the next revelation would come from the court when the hearing to unseal the JM’s report. Until then we we have to just wait patiently.

    Like

  • are-we-there-yet

    Prodigal Son

    Thanks!

    Seems to me that they have a good case to go back to the house at the next sitting and bring a no confidence motion against the speaker and the MOF.

    The speaker re. the sources of the bailout monies.
    The MOF re the revelation of the Parris Central Bank deposit.

    Like

  • @are-we-there-yet; short-arm jab to you re one of your few comments that I thought was bad strategy

    You said above: “Seems to me that they have a good case to go back to the house at the next sitting”

    Remember you were adamant that their walk-out was a solid political maneuver when others suggested that ploy though full of theater would be ineffectual as they would eventually have to creep back to the chamber without the resolution achieved which they demanded.

    Well, I do hope they return because at the moment there are not doing the people’s business properly.

    You may still not agree, but they should never have left.

    They should have been in the chamber to repeatedly voice the concerns on the record.

    Bringing it to the public via the town-halls as they do now would have still been possible and desirable.

    Bad strategy.

    Like

  • are-we-there-yet

    DeeWord

    I felt at the time that it was the thing to do to highlight outrage at the revealed actions and character of a far from honourableSpeaker thumbing his nose at parliament.

    I now think that it is time that they go back to parliament and confront the speaker frontally by tabling a vote of no confidence in him, since, if the rumours are true, his debt to the old gentleman was paid by others, not himself, and he should have had the monies to repay the man (whatever the report of the privileges committee eventually says).

    But, I think it even more important for them to go back to parliament when it reconvenes to table a vote of no confidence against the MOF and through him against the person or people at the Central Bank and even perhaps the Government itself for arranging to have possibly laundered funds placed there. In this case I think the action will transcend the likely result.

    In addition it was always necessary for them to be there to debate the Estimates.

    So, in the spirit exhibited by PUDRYR and Mr Blackman recently, I can admit that I was partially wrong, but not totally.

    Like

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