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When Political and Investment Considerations Intersect to Affect the NIS Fund

In response to an an exchange between David of BU and Hal Austin on the NIS Dumps 21 Million Dollars in Apes Hill Development blog, respected Barbadian actuary Walter Blackman responded with a comment deserving of deep thought and rich discussion by Barbadians everywhere – Barbados Underground Hal Austin March 31, 2017 at 11:53 AM…

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Chris Sinckler, former Minister of Finance
Esther Byer, Minister of Labour
Dr. Justin Robinson: 2011 to 2018

In response to an an exchange between David of BU and Hal Austin on the NIS Dumps 21 Million Dollars in Apes Hill Development blog, respected Barbadian actuary Walter Blackman responded with a comment deserving of deep thought and rich discussion by Barbadians everywhere – Barbados Underground

Hal Austin March 31, 2017 at 11:53 AM #

David,
I know it is fashionable to blame individuals, but should we not be blaming the minister, who is ultimately accountable; the chairman of the NIS, Justin Robinson, and members of the investment committee; and the person(s) who carried out the due diligence? In any case, this is not an investment, but a loan. Is the NIS authorised to make commercial loans to private businesses without the approval of parliament?

David March 31, 2017 at 3:29 PM #
@Walter
Know this is a busy time for you but an opinion on this matter given your expertise would be valued.

David,

I don’t believe that the governance structure of the NIS has undergone any radical change in its 50-year existence, so I will state these pointers from memory, as a means of steering the discussion in the right direction:

The NIS Board is a corporate entity with a corporate seal. It can transact business in its own right. The National Insurance FUND was established under the control and management of the NIS Board. However, when it comes to the fund, there are two instances where the practical power of the Board either intermingles with, or is superseded by ministerial power.

One, the Board with the approval of the Minister responsible for Social Security, may write off sums of money from the fund as losses.

Two, any monies belonging to the fund may be invested by the Board in whatever manner, and in whatever securities, that the Minister responsible for Finance may direct.

The Minister responsible for Social Security, and the Minister responsible for Finance are two political positions which, by nature, tend to put political considerations first. For example, in the realm of extreme probability, whilst a directed NIS investment decision can end up in hundreds of millions of dollars forever being lost, it may provide invaluable political benefits. Additionally, hundreds of millions of dollars can be written off as losses to the fund, in instances where borrowers have the capacity to repay. Such decisions might prove to be injurious to the fund, but may be calculated to provide excellent political payoffs.

The governance structure does not subject these extreme positions to any “prudent man” rule at the transactional level, so any “blaming” would have to manifest itself in political terms at election time. Of course, this depends on how vigilant or sensitive the electorate is to the management of NIS funds.

In the 2013 general election, our current Minister responsible for Finance, the Hon. Chris Sinckler, would have been subjected to a great amount of “blame” for the millions of NIS funds which were considered to be wasted on ill-fated projects. The electorate held him to be “blameless” and returned him to parliament. It is highly likely that the electorate will return him to parliament when the next general election comes around.

Our current Minister responsible for Social Security, the Hon. Dr. Esther Byer-Suckoo, is seeking to avenge the political defeat she suffered in 2013. With respect to the NIS fund and any associated problems, her political opponents will be expected to highlight instances, if any, where she injudiciously approved the writing off of monies, owed to the NIS fund, as losses. If they cannot do this, then she must be viewed by the electorate as totally and completely blameless when it comes to any mismanagement of NIS funds.

I tried to keep this comment short and simple whilst simultaneously tackling Hal’s questions. I have also deliberately left some dots to be connected by the more thoughtful and discerning BU readers and bloggers.

190 responses to “When Political and Investment Considerations Intersect to Affect the NIS Fund”

  1. Artaxerxes Avatar
    Artaxerxes

    @ de pedantic Dribbler

    If we go by your argument re: it is not necessary to appoint an individual with the perquisite qualifications, experience or skills as board members, then former LIAT pilot James Lynch’s call for that airline to appoint an aeronautical engineer, for example, as the CEO is meaningless. And his assessment is based on the fact that former and the current LIAT CEOs were/are incapable of managing LIAT efficiently, as evidenced by the airline incurring losses on an annual basis and other reoccurring problems.

    The “fact of the matter is” Ministers appoint their friends, constituents, party supporters, campaign financiers and canvassers as board members of these statutory corporations. And many of these “regular competent people,” as you described them, do not possess “excellent skills dissecting, defining and driving an agenda,” and are incapable of “using solid judgment to strategize.” Many of them are incompetent.

    Their main objective is to fulfill the will of the minister and ensure he/she is re-elected. They go into these organizations “throwing around their weight,” informing staff they are “large and in charge.” Their first task is usually to dismiss existing employees (especially those who were hired during the tenure of the previous administration), and replace them with individuals from the minister’s constituency. All vacancies and newly created posts are also filled by constituents. Their next priority is to approve projects and services that would benefit the minister’s constituency.

    Hence, under these circumstances, your comment re: “my simple point is that on any and all Boards we must have ‘regular’ competent people of different disciplines who can digest all the verbiage and highfalultin details and be able to use solid judgment to strategize….” or thinking that “managing a large budget and strategizing their team’s mandate (may) not be just as suitable!” looks “good on paper” or mere “book talk.”

    It is also indicative that your “understanding of the role of Boards – particularly government,” is FLAWED. In other words, you “speak” out of ignorance.

    Perhaps you could inform me what is the “regulatory point.”

    You need to face reality on these issues and do not rely on what you THINK you know as being correct.

  2. William Skinner Avatar
    William Skinner

    @ Hal , Walter

    Fine contributions re: NIS.
    However there is a lack of transparency and this
    results from a lack of information. I dont know if that
    loan to COW was fully discussed in parliament.
    We seem to operate our government in some form
    old fashioned secrecy.

  3. Prodigal Son Avatar
    Prodigal Son

    @ Well Well & Consequences Observing Blogger April 5, 2017 at 5:11 AM #

    “over a decade ago the Barbados government under Owen Arthur bought a diplomatic residence iin the swanky Forest Hills area of Queens NY….fpr a couple millions dollars of taxpayers money, that property, given the length of time of purchase, should have quadrupled making it a valuable asset, at the time I wondered if they would maintain it or whether they understood the real value of such an asset, after I read about it in one if tge tristate dailies.”

    I understand the property burned some years ago, was it repaired and upgraded, it was a taxpayer property. It is bad enough that they are employees in the Barbados mission who were not paid that can attest to scams in NY.
    ………………………………………………………

    Well well.

    I seem to remember some talk when Phony Marshall was posted to New York about this property.

    From what I remember, he refused to live in the property as it was not fit for him to live in.

    This is typical of government owned things……….no one takes care of them as they are not theirs………….how poor!

  4. David Avatar
    David

    Some funny quid pro quo business occurred when Tony Marshall demitted the Chair of the NIS and then earned a cushy diplomatic posting in New York. The truth is successive governments have operated the NIS fund like an ATM.

  5. Prodigal Son Avatar
    Prodigal Son

    @ Wily Coyote April 5, 2017 at 8:37 AM #

    To quote Mr. BLACKMAN…..

    “Our current Minister responsible for Social Security, the Hon. Dr. Esther Byer-Suckoo, is seeking to avenge the political defeat she suffered in 2013.”

    My question is WTF is an individual who LOST in the last general election doing as the MINISTER OF SOCIAL SECURITY. DOES NOT LOSS MEAN LOSS.
    ……………………………………………………………..

    This woman won the St George South seat in 2008 by 937 votes and lost it in 2013 by 677.

    What does this tell you of her level of competence?

  6. Prodigal Son Avatar
    Prodigal Son

    @ Well Well & Consequences Observing Blogger April 5, 2017 at 7:47 AM #

    “The population shoukd not give Lashley a dime Bushman…stupid negroes in parliament will never learn, Cow, Bizzy, Maloney et al get millions of taxpayer’s dollars, give back 5,000 at a time to various causes, tennis, a couple benches etc…and these jackasses dont realize that they are getting back peanuts of their own money that was stolen from them to begin with, by wicked, clueless, corrupt government ministers”.
    ……………………………………………………………

    Agree with you totally………..not a damn cent of mine.

    Let the corrupt ministers give back some of the money they allegedly got under the counter from giving away Barbados to the few white men.

    You dont think that with all the bribe money going around, not one of them could say………at least let we see what we got for giving away Barbados…….at least a little token for the suckers, the taxpayers……………like getting the kings of concrete slabs, steel frames and barbar green to build a little stadium for the poor plebs’ children to have their sports…………….

    You mean they are going to take all for themselves?

  7. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Prodigal…….It’s a real disgrace that these disrespectful to their ancestors black men and women in parliament gave away hundreds of millions of dollars of taxpayers and pensioners money to minority business people over the decades without any good cause or returns to treasury or NIS, while neglecting the social services and infrastructure of the country which scholoed them all, a monumental disgrace and pox on them all.

  8. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Artax, as I often say here on BY please let’s get real. This is not about ‘book talk’.

    There is no dispute that politicians appoint friends and supporters to Boards. I readily accepted that with the square peg remarks.

    However, the issue of Board Management goes beyond that valid point. The simple point was to highlight that at the Board level the entire group can never and must never simply be ‘experts’ in that area of that operation.

    Regardless of what the endeavor the product or service is being offered to people and their reactions and needs must considered. And obviously that can become more relevant and important based on the endeavor.

    So let’s be clear that obviously a Board MUST have members expert in the organization’s focus but let’s also be clear that it is proven that a varied mix (backgrounds, race,sex etc) of members who are brazen and bold enough to take their role very seriously and call that ‘LBW’ when necessary is the road to continued success.

    JamesLynch has prosecuted the LIAT issues well and relentlessly. But his point about an engineer as CEO salvation of LIAT is absurdly flawed. Based on all we know of the company that is irrelevant to LIAT’s success if the other political entanglements remained intact.

    Fact and reality check. Chairman Richard Branson of Virgin Airlines is not an engineer. Nor is Keller the founder and first CEO of one of the most successful US Airlines, Southwest.

    Branson first started a record company and Keller was a freaking English major at college who then became a lawyer. How could two such men develop and grown awesome airlines but here in BIM only an engineer can be a successful CEO at LIAT. I call that Bajan amazedness! LOL.

    So to reiterate the point.

    Running a successful company is about knowing what you want to do and getting the right people and skills in place to achieve your goal. It often has very little to do with what the leader studied and everything to do with his/her impassioned ability to deliver on a plan.

    That can be true of gov’t operations too but terribly more difficult due to the politicization noted.

    Oh, I thought David clarified the ‘regulatory point’…being that the gov’t member is there to represent the interest of the gov’t and as such he/she may be trained in that area or may not!

  9. Prodigal Son Avatar
    Prodigal Son

    The dems are not going to be happy………………Akanni Mc Dowell has been re-elected NUPW President…………..

  10. Prodigal Son Avatar
    Prodigal Son

    Well Well

    Ronald Toppin said in the House during the estimates debate that the contracts that the government has given Mark Maloney so far have totalled 500 million dollars.

    Before 2008 how many people knew Mark Maloney. Other than casting concrete slabs, what is this man’s claim to fame?

  11. Tron Avatar
    Tron

    Prodigal,

    Fame? The right connections! Simply hand over 100,000 BBD in cash to certain people before next election. Soon we will have a Prodigal Township consisting of 1,000 concrete boxes next to the highway, 500,000 BBD each and financed by the stupid taxpayer …

    Money matters.

  12. Walter Blackman Avatar
    Walter Blackman

    Prodigal Son April 4, 2017 at 8:09 PM #
    “It would seem as if this government is doing as it likes with our NIS funds.”

    Prodigal Son,
    As a practitioner in the arena of politics, you ought to know that the NIS has always been treated as “a political football”. To reflect fairness, balance, and truth, your statement ought to have been:

    Successive governments, including the Tom Adams and Owen Arthur administrations, have “done as they like” with NIS funds.

  13. Artaxerxes Avatar
    Artaxerxes

    If you acknowledge that: “There is no dispute that politicians appoint friends and supporters to Boards.” And you “readily accepted that with the square peg remarks,” then what are you trying to prove by continuing the “conversation” and preaching the “gospel according to de pedantic Dribbler?”

    Okay, I accept the point about Sir Richard Branston’s success with Virgin Atlantic Airways. But how does that compare with LIAT’s situation?

    “Fact and reality check:” Delta Airlines own 49% of Virgin Atlantic Airways.

    “Fact and reality check:” Virgin’s CEO, Craig S. Kreeger, spent 27 years of his career at American Airlines Group Inc. and its subsidiaries, where he served as Senior Vice President of Customer Experience, Senior Vice President of International, Vice President- Europe and Asia of American Airlines Inc. and was also responsible for all of American’s operations and sales in Europe, the Middle East, Africa and the Pacific. It is clear that, although Kreeger’s academic discipline is not in the field of aeronautics, his experience makes him suitably qualified to be Virgin’s CEO. It is interesting to note Kreeger was appointed as CEO at a time when the airline was struggling financially.

    Virgin’s Board of Directors comprise of individuals who possess qualifications applicable to their positions, as well as the requisite experience in the airline industry. For example, Executive Vice President Operations, Phil Maher, who began his aviation career in the Army Air Corps in Dublin, worked for British Airways and is a fellow of the Chartered Management Institute and the Royal AERONAUTICAL Society.

    Based on the above information, your reference to Virgin and Sir Richard obviously rubbishes your comment re: “that at the Board level the entire group can never and must never simply be ‘experts’ in that area of that operation.”

    Similarly to Sir Richard, LIAT’s Chairman Dr. Jean Holder and Chairman of the majority shareholder governments Dr. Ralph Gonsalves are not trained in airline management, etc, but they “call the shots” at the airline. Hence, why should LIAT not pursue a path similar to that of Virgin?

    Obviously, I would not expect LIAT’s Financial Controller or Human Resources Manager to be a flight engineer or pilot. However, at the board level where the directors are divided to form sub-committees, the chairman of the “FINANCE COMMITTEE,” for example, is expected to have a level of competency in financial management because he/she has to interact with the Financial Controller and should have the ability to interpret financial data.

    If I were to pursue your line of argument, comedians Mac Fingall or Trevor Eastmond could be appointed as LIAT’s CEO because Lynch’s “point about an engineer as CEO salvation of LIAT is absurdly flawed.”

  14. Walter Blackman Avatar
    Walter Blackman

    Well Well & Consequences Observing Blogger April 4, 2017 at 7:59 PM #
    “Walter though being forthcoming with information is delusional to believe that ….. the electorate would love suffering and punishment…. to vote for more of the same is clearly insulting and reaching.”

    Well Well & Consequences,
    I made specific reference to the electorate which has to determine the political fate of the Minister responsible for Finance, and the Minister responsible for Social Security. I thought that my reasoning was pragmatic, You think that I am being delusional.

    Time will tell.

  15. Walter Blackman Avatar
    Walter Blackman

    Prodigal Son April 4, 2017 at 8:54 PM #
    “The last I heard, the NIS was holding 75% of their funds in government bonds. The minister boasted that they have now ‘repaid” the NIS in government bonds.”

    Prodigal Son,
    I am not being political here, despite whatever your instincts might tell you. This is a very important topic of discussion, so it is extremely critical for all of us to be on the same page, if the “NIS problem” is going to solved.

    I recall that, towards the end of the Owen Arthur administration, the actuary raised the alarm, in two reports, over the threat that was being posed by government’s heavy borrowing from the NIS fund. The actuary also recommended that more funds be placed in overseas investments.
    The Owen Arthur administration disregarded the actuary’s warnings and recommendation, and by the time it became extinct by electoral decree, the amount of government paper in the NIS Fund was hovering around 60%.
    As a result of further borrowing, roughly 75% of the NIS fund is now invested in government paper. All of the funds borrowed by government from the NIS represent government debt. Government might have acquired the NIS debt by issuing bonds, but these debts now have to be repaid at various time points in the future, by future administrations.

  16. David Avatar
    David

    @Walter

    The negative correlation we must not ignore- the rise of government debt as a result of increasing holdings in government securities and decreasing holdings by financial institutions which is evidence of a lack of confidence in the market. This cannot be refuted.

  17. Walter Blackman Avatar
    Walter Blackman

    Gabriel April 4, 2017 at 9:25 PM #
    “Here is a minister overseeing a Fund of billions who is only ‘answerable’ to another incompetent and can write off at will according to Walter.”

    Gabriel,
    You remind me of a batsman trying to play shots with his bat far away from his body. Risky and dangerous business.
    According to Walter, the Board may write off monies from the fund as losses. It may do so with the approval of the Minister.
    Seeing that the “silly season” has started, I urge you to think clearly at all times.

  18. Walter Blackman Avatar
    Walter Blackman

    Gabriel April 4, 2017 at 9:25 PM #
    “We need Henry Forde to tighten up these rules and introduce laws(similar to what he did for women)to stop this rot.Peoples’ hard earned money must be accounted for in a more serious manner.”

    Gabriel,
    Henry Forde is known for having a genuine interest in women’s rights, and for having a hearty appetite for “legal” money. Having been a prominent member of the “three blind mice” club, he had the political right to select any position he fancied, under the Owen Arthur administration. He emerged as Chairman of the National Insurance Board. In that role, what rules did he tighten up, and what laws did he introduce to stop any rot? During his tenure, did the amount of NIS funds invested in government paper go up or down? What was the amount of NIS funds written off as losses whilst he was Chairman of the Board?
    I don’t know the answers to these questions. I hope you do.

  19. Hal Austin Avatar
    Hal Austin

    William,
    Barbados is a deceptively secretive society. I remember trying to do some research on a 1950s court case at the archives department; the young lady there sent me up to the old court building where a tall light-skinned man wanted to know why I was doing research. He was totally convinced that I was up to no good.
    In his recent central bank lecture, Prof Richard Drayton called for the placing of official documents with the archives department. The idea landed like a lead balloon.
    In the UK we know that after 30 years all official documents, with few exceptions, must be placed in the Public Records Office where they are available to be read by historians.
    We are still in the dark ages.

  20. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    “I recall that, towards the end of the Owen Arthur administration, the actuary raised the alarm, in two reports, over the threat that was being posed by government’s heavy borrowing from the NIS fund. The actuary also recommended that more funds be placed in overseas investments.”

    It is worthy to note that upon being elected, the government after Owen Arthur, instead of heeding the warnings of the previous actuaries, IMF, Moodys, Standard & Poors re NIS funds, not only embarked on an even heavier borrowing and spending spree using NIS funds, but also gave over a hundred million dollars of it to the Cow, Bizzy scams also, these same crooks who got 60 million US of it for 4 Seasons scam, who tried to get millions of it for the Redjet cockup, but failed, but still managed to get millions for the Apes Hill scam.

    Why did this government disseminate the NIS fund Walter, totally ignoring all the previous warnings given to them and the previous government.

    I am sick of useless ministers and politicians trying to assign blame when there is more than enough blame to be shared among themselves as well, trump got cussed very soundly on social media for that idiocy last night, mature people take ownership of their cockups, idiots try yo pass on blame.

  21. lawson Avatar
    lawson

    Barbadians were determined to throw off their bonds how easily it is to get them back into them again. Canada savings bonds over after 71 years

  22. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    “Before 2008 how many people knew Mark Maloney. Other than casting concrete slabs, what is this man’s claim to fame?”

    When I met Maloney around 2005 or 6 he could not even open his mouth to hold an intelligent conversation,… Prodigal……Cow, Bizzy, Berkjam were at that time running a scam on the country having many believe that Bjerkham was Cow and Bizzy’s enemy, many, including the idiots in parliament did npt know that they are all business partners working against Bajans to enrich themselves with Maloney as their freshfaced conman/frontman….everyone only found out through BU….that is why they tried so hard to rid the island of the blogs and both political parties tried really hard to help them too. …to keep fooling the fools and get wealthy off taxpayer’s and NIS pensioners money in the process…

    ……they know very well that government ministers would keep their filthy secrets from the victimized population while helping them get wealthy off the backs of the people….as usual.

  23. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Artaxerxes April 5, 2017 at 11:56 PM #

    We have gone off on a management tangent and you appear to be reading past my comments so let the discourse revert to the base moot: NIS fund management.

    @Walter , what Owen did when PM can be equated to the Syria “red line” of Obama’s tenure. The DLP is now in charge and it’s about what THEY have and will do.

    What is your commitment? To continue harping about the failed ‘red line’ policy while Bajans get slowly gassed to death with eyes wide open?

    … or are you going to commit to revamping the NIS investment strategy and also refrain from sinking more funds into local projects to reduce geographic over exposure…if you get a political say in the matter?

    You really need to find a way to rise above the terrible partisan politics that often overshadows your otherwise wise remarks on important matters such as this.

  24. charles skeete Avatar
    charles skeete

    “The NIS fund primarily is to ensure that retired Bajans receive their pensions until they die”

    That statement is a myth- it is secondary to what the Fund was primarily designed- it was designed to provide capital formation for countries with little resources-

  25. David Avatar
    David

    This article from 2012 published in the Nation has been posted many times. It continues to be relevant.

    http://www.nationnews.com/nationnews/news/34352/story-imf-caution-nis

  26. Carson C. Cadogan Avatar
    Carson C. Cadogan

    The tear down and mash up Barbados fb crew going on a rampage but these are not my facts,I didn’t write the report nor did I have a hand in it. (My Disclaimer) Best and Worst Countries for Emergency Healthcare
    Clinic Compare, the UK’s leading clinic comparison website, has carried out new research to find out which country offers the safest and most reliable emergency healthcare, should you fall ill, for a definitive ranking of the best, and worst places to need urgent medical care.
    To determine the ranking we investigated medical services in 144 countries by cross referencing data including competency of hospital staff, latest equipment, waiting times, cost to satisfaction ratio, convenience of medical centres and the number of doctors available to the population. Countries were then ranked from best to worst to gauge which nation provides the highest quality medical care for its population in the event of illness or injury.
    
    French-speaking tax haven Monaco ranked in first position as the country with the best overall medical service, with one of the highest scores for the number of doctors available to the population; 7 per 1,000 people. A thriving economy with a strong healthcare system means residents in Monaco have much better access to medical care, explaining why the nation has the longest projected life expectancy of any other nation at 90.
    One of the only non-European countries to make the top ten was Barbados – its national healthcare system covers all citizens and also came out with a high cost satisfaction score. The number of local multi-specialism clinics also landed the popular holiday destination first place for convenience of medical centres, making it one of the best places for healthcare in the world.
    Noticeably absent from the top ten were the UK and the US who ranked 24th and 26th respectively. The US was leagues behind the UK in terms of cost satisfaction, since even with Obama’s insurance reforms, 29 million people still have absolutely no health cover in the US. This dissatisfaction with the expense of American healthcare brought the country’s overall ranking down considerably. Despite high levels of cost satisfaction, the UK was let down by lengthy waiting times – it came a disappointing 38th in this category as the UK’s average waiting time to see a GP is nearly two weeks.
    Research showed Cameroon in central Africa to be the worst place to fall ill. Medical facilities were poor across the board and with fewer than one doctor per 1,000 people emergency services are extremely limited. Doctors and nurses who train in Cameroon often emigrate to higher paying countries with a lesser workload and as such life expectancy is low at around 56.
    Agnese Geka of Clinic Compare says: “National healthcare is obviously a complex thing and there are many variables to take into account when assessing which country does it best. Our ranking takes into account as many important factors as possible and what I think it does do is provide context to discussions about funding and government investment such as those taking place around the NHS at the moment. It is perhaps no coincidence that the place that tops the list for the best healthcare resources is also home to some of the richest people in the world.”

  27. Tron Avatar
    Tron

    Carson,

    It is common knowledge that US and UK are medical bongo-bongo lands. It is not surprising that even Barbados is better than this. It makes no sense to compare Barbados with Bongo-Bongo or The Inner Cities, since we should look up, not into the social closet.

  28. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Carson…who cares, yall cant QEH manage either, people go in to remove a bump on their asses and end up in wheelchairs or dead…same differences…what is glarig is being told at the end of one administration by an actuary, that NIS funds are at risk and the new administration ignored all past and future warnings and put it at further risk after 9 years of mismanagement….and still refuse to take responsibility.

    “I recall that, towards the end of the Owen Arthur administration, the actuary raised the alarm, in two reports, over the threat that was being posed by government’s heavy borrowing from the NIS fund. The actuary also recommended that more funds be placed in overseas investments.”

    It is worthy to note that upon being elected, the government after Owen Arthur, instead of heeding the warnings of the previous actuaries, IMF, Moodys, Standard & Poors re NIS funds, not only embarked on an even heavier borrowing and spending spree using NIS funds, but also gave over a hundred million dollars of it to the Cow, Bizzy scams also, these same crooks who got 60 million US of it for 4 Seasons scam, who tried to get millions of it for the Redjet cockup, but failed, but still managed to get millions for the Apes Hill scam.

    Why did this government disseminate the NIS fund Walter, totally ignoring all the previous warnings given to them and the previous government.

    I am sick of useless ministers and politicians trying to assign blame when there is more than enough blame to be shared among themselves as well, trump got cussed very soundly on social media for that idiocy last night, mature people take ownership of their cockups, idiots try yo pass on blame.

  29. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    And this too Carson….giving away taxpayer’s and NIS pension money to minority parasites….can you go up Apes Hill as a guest…can any of the other idiots in parliament who enabled this go any any if thise taxpayer funded properties…..maybe yall would be welcomed as maids and gardeners…for minimum wage…jackasses.

    “Before 2008 how many people knew Mark Maloney. Other than casting concrete slabs, what is this man’s claim to fame?”

    When I met Maloney around 2005 or 6 he could not even open his mouth to hold an intelligent conversation,… Prodigal……Cow, Bizzy, Berkjam were at that time running a scam on the country having many believe that Bjerkham was Cow and Bizzy’s enemy, many, including the idiots in parliament did npt know that they are all business partners working against Bajans to enrich themselves with Maloney as their freshfaced conman/frontman….everyone only found out through BU….that is why they tried so hard to rid the island of the blogs and both political parties tried really hard to help them too. …to keep fooling the fools and get wealthy off taxpayer’s and NIS pensioners money in the process…

    ……they know very well that government ministers would keep their filthy secrets from the victimized population while helping them get wealthy off the backs of the people….as usual.

  30. Gabriel Avatar
    Gabriel

    WW&C
    About 10 years ago a funeral took place at Coral Ridge and it was noticeable how the plantation mentality still permeates this society and the affected masses go through life without a thought for self respect.Driving past I noticed the funeral was attended by a preponderance of blax compared to albinos.This albino was a top exec in a well known local company and acted in the usual manner i.e. passing these blax and not speaking,never invited them to his home,always denying the staff increased pay or improved benefits to the extent that strike action took place more than what was considered acceptable and which strike action resulted in major disruptions and losses to an important contributor to Bim’s economy.Bajans!!

  31. lawson Avatar
    lawson

    how do you know the blax did not come out just to make sure he was dead

  32. Hal Austin Avatar
    Hal Austin

    Ton,

    Plse write in simple English since I fail to understand what you mean by the US and UK being a medical bongo-bongo land. What is the comparison?

  33. Tron Avatar
    Tron

    Hal,

    US and UK are developing countries in medical terms. US for lack of efficiency and coverage, UK for lack of service. If Barbados gets back on track, this country will clearly outperform US and UK health care.

    Sorry for the term! Thought it would be appropriate to reverse some UKIP slur …

  34. Hal Austin Avatar
    Hal Austin

    Tron,

    Are you living in this world. Despite Obamacare, the US still has the leading medical scientists in the world. Look at the Nobel Prizes. As for the UK, no country comes near to it when it comes to the national health service.

  35. Expose Barbados Criminals Destroying Island Avatar
    Expose Barbados Criminals Destroying Island

    Why does this not happen in Banana Republic Barbados

    https://www.yahoo.com/news/former-nigeria-oil-minister-diezani-083719036.html

  36. Carson C. Cadogan Avatar
    Carson C. Cadogan

    What do you call a person who ignores all the positives and instead concentrates on the negatives?

    A Barbados Labour Part supporter!!!

  37. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Gabriel…you mean foolish bajans, they were probably at the funeral saying what a good, kind man he was and how much they liked him and he them…. when in truth and in fact, the only thing stopped him from killing them all…is that he gpt wealthy off their backs and backward stupidity.

    Lawson…ya would only get that with a mentality like mine, a white nun, demon like in nature croaked one day, those who opted to attend the funeral, I kindly asked them to make sure they put her deep down in the hole, so deep that she could not climb back out…..I told them to expect me later to come spit on her grave. ..lol

  38. Carson C. Cadogan Avatar
    Carson C. Cadogan

    Well Well

    Answer the man.

    Gabriel April 6, 2017 at 11:11 AM #

  39. Carson C. Cadogan Avatar
    Carson C. Cadogan

    Well Well

    Don’t you know that if the WHITE BAJANS withdraw their money that this island catspraddled?

    Most Black people like you who have tons of money do, is to park that money under their beds or in the banks they don’t invest a cent in the economy of Barbados. Even the taxes that they have to pay they don’t want to pay.

    The new Political parties need money and not a yen they giving them. But on BU DAVID was encouraging Grenville to form a party. Ask him how much money he has contributed to the said party.

  40. Carson C. Cadogan Avatar
    Carson C. Cadogan

    What do you call a person who ignores all the positives and instead concentrates on the negatives?

    A Barbados Labour Party supporter!!!

  41. lawson Avatar
    lawson

    WW parking her money under her pillow is her only chance at getting a mans face in that bed, ease up on her. She obviously is catholic went to some kind of convent ..a lot of people hate nuns they have all those rules….no make up… learn to read…keep your legs together

  42. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Lol…she was a regular pain in the ass Lawson , but had good instincts, she saw a kick coming from me one day and ran for her life.

  43. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Dummy Carson, you stupid clown…there are 275,000 black people on the island, less than 8,000 white people or whatever you ignorant people call them….do you know it’s your money they will be withdrawing…and no you fool…that is a myth, nothing will happen to the island if the few whites withdraw their stolen loot….money they have been stealing from taxpayers ad pensioners, they will just emigrate somewhere, run out of money ad starve, then go to work…with their lazy selves, they cant play the games they play in Barbados anywhere else…you ignoramus.

    Ya need to check and see if it’s the black population holding over 9 billion dollars in the credit unions or if it i the less than 8,000 minorities….I am sure they have also been trying to get their greedy hands on that money as well……do the math.

  44. Prodigal Son Avatar
    Prodigal Son

    Ever so often we hear the dems talking about productivity in both the public and private sector.

    Who could imagine that mid week, a government minister is out campaigning when he should be working for the taxpayers’ monies.

    We have another do nothing minister whose main job seems to be on social media……. to call Brasstacks and CBC talking nonsense.

    Just look at the hypocrisy of the dems…….they criticise the BLP for having tee shirts for their recent march………the jacket skips work and he and his people are out in new tee shirts.

    Hypocrites to the highest point!

  45. Artaxerxes Avatar
    Artaxerxes

    Prodigal Son April 6, 2017 at 6:29 PM #

    “Just look at the hypocrisy of the dems…….they criticise the BLP for having tee shirts for their recent march………the jacket skips work and he and his people are out in new tee shirts. Hypocrites to the highest point!

    @ Prodigal

    You made a very interesting observation.

    Recall on Friday, March 10, 2017, while addressing the media, as the DLP LAUNCHED the ONLINE PHASE of its own CAMPAIGN, FACTS. According to the Friday, March 10, 2017 edition of LOOP News, DLP’s General Secretary George Pilgrim is reported as having said:

    “………the BLP has had nothing less than five ads daily online, coupled with radio ads and other media engagement. He says his own estimation is that the Opposition has spent over $100,000 in a campaign to sensitise people about the march.”

    Additionally, while a guest on the Sunday, March 12, 2017 edition of Brass Tacks, this same George Pilgrim told Barbadians that: “Based on my knowledge, people were offered money to come and march.” He also mentioned: it “was a reflection of how money can influence an election,” while claiming: “The Opposition however is overflowing with lots of money.”

    Prodigal, you know that in recent months, the DLP has been USING various electronic, print and social media to advertise its “FACTS” campaign. They had a “full page” ad in the newspapers advertising the next “FACTS” meeting.

    According to the Thursday, April 6, 2017 edition of Barbados Today:

    “A COACH LOAD of PARTY SUPPORTERS, DECKED IN WHITE TEE-SHIRTS displaying the words “DLP FACTS”, and LED by GENERAL SECRETARY GEORGE PILGRIM, arrived at the constituency office of Member of Parliament for St Michael Central Steve Blackett to herald what Pilgrim called a war of facts against the Opposition Barbados Labour Party (BLP).”

    The ads, coach, refreshments and the general organizing of these events would obviously REQUIRE a SIGNIFICANT amount of financing. The “T” shirts and design would also incur a cost to the DLP, especially if they were MADE in CHINA, similarly to their 2013 “Sports 2” brand campaign “T” shirts.

    However, according to information received, the Steve Blackett event was STREAMED LIVE on CBC. The DEMS may not have to pay for this service, because Barbadian taxpayers will “foot the bill.”

    Perhaps George may want to “clear the air” by telling us if:

    a) “people were offered money to” “full up the coach” and accompany him and Blackett on the campaign trail;
    b) the money being spent on these “campaign events” is “a reflection of how money can influence an election;”
    c) we could also assume “the (DLP) is overflowing with lots of money.”

    “Hypocrites to the highest point!”

    And wunnuh can’t seem to understand why I am not fond of politicians and yard-fowls.

  46. Gabriel Avatar
    Gabriel

    Prodigal
    I do not listen to Donald Trump.Nor to Stuart,Sinckler,the Lashleys,Kellman,Lowe,Blackett,
    Inniss,Quisling Boyce,Garner,Husbands or Paul.I have determined they are all a lot of hot air and full of shoiite.

  47. Tron Avatar
    Tron

    “DLP Facts”? The PM speaks about “socialist philosophies”.

    That explains it all. The sick mentality of the plantation. The lack of motivation amongst the workforce. The many downgrades. The many slums left and ride when you drive to the golf clubs. The lack of vision and future for this country.

    I have seen many socialist countries falling. Venezuela is collapsing just now (hello, Comrade Commissioner!). Barbados will be next.

  48. Prodigal Son Avatar
    Prodigal Son

    Excellent. Artax!

    I did not even know that it was live streamed…………what a waste of taxpayers money as you know the DLP would not pay CBC, poor souls! Do you think that George Pilgrim would ever tell us where they got the money from to finance this excursion?…….yea, we could wait for it.

    LOL, Gabriel!

  49. Carson C. Cadogan Avatar
    Carson C. Cadogan

    Well Well

    Are you sending some of your money to help out Grenville Phillips and his struggling political group? Or are you all hot air?

    Or maybe you prefer to give all of your money to Shady Pines?

  50. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Carson…like Art I am not found of politicians or yardfowls, they are repugnant, the one place I dont put money is in black holes, just like Barbados has become to honest investors….

    …..ah guess ya will have to continue to settle for the minorities robbing you Carson, while you continue to believe, in your slave like way that they are helping you survive……

    ……what a shame, all those billions of taxpayer’s dollars wasted on educating you for 50 years..

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