Falling Interest Rates in ‘Lockstep’ with the Economy

The Central Bank of Barbados announces a further tightening of its monetary policy stance. The policy change will be applied to the Barbados Dollar securities reserve requirement ratio for commercial banks licensed under Part II of the Financial Institutions Act and it will be implemented in two phases.

Effective December 1, 2017, commercial banks will be required to hold 18% of their domestic deposits in stipulated securities. From January 1, 2018, commercial banks will be required to hold 20% of their domestic deposits in stipulated securities.

This is the second increase for the year and complements the fiscal initiatives introduced by the Minister of Finance in his Financial Statement and Budgetary Proposals earlier in the year.

The cash reserve requirement for commercial banks remains unchanged at 5%. The reserve requirements for deposit-taking trust and finance companies, and merchant banks also remain unchanged.

Central Bank news release 2017-10-31

The news that commercial banks have significantly reduced interest rates on deposits has not come as a surprise to the BU household. Banks are reportedly paying any where from .01% to .25% on deposits. Clearly if banks are about creating shareholder value- like any good public commercial enterprise states as an objective- why do Barbadians expect the banks to pay interest on deposits if there is no avenue to lend excess funds?

When the central bank conspired with commercial banks to remove the minimum interest rate in April 2015 as a strategy to create demand for 5.5% yielding government savings bonds and reduce the cost of servicing domestic debt, the decision confirmed to BU, Wild Coot  and a few others that the economy was in free fall read deep dodo. It appears Barbadians are not as bullish in buying savings bonds and credit unions, insurance companies and other non banking institutions have benefited from deposit placements.

One of the downsides to a protracted low interest rate climate is the impact  on institutional investors. This is important in the Barbados context because of the limited options available to invest AND the role commercial banks play in the domestic market to satisfy the risk appetite of fund managers. It is no secret that the Barbados investment climate lacks sophistication and can be characterized as a closed market. Although credit unions are promoted as a viable option in the local market, the current legislative framework does not position the movement as a significant player, this is reflected in its asset penetration compared to the banking sector.

Earlier this year when the central bank increase the % of deposits commercial banks are statutorily required to hold to 20%, again Wild Coot, BU and a few others wondered about the response from the banks. Minister Chris Sinckler is on record confirming that the commercial banks have significantly reduced  takeup of government securities ostensibly because of sovereign risk exposure linked to 20+ credit rating downgrades. By ‘forcing’ banks to hold more funds on reserve there was bound to be a price to pay for the extra-risk being carried by the banks. A reminder of Newton’s third law – for every action, there is an equal and opposite reaction.

Where do we go from here?

The market is in a hold position until the next general election is called. No significant decision will be taken by the market to inject significant investment whether local or foreign. Investment from Maloney/Bjerkham is the one exception given the fact they have replaced Leroy Parris and CLICO has the key campaign financier of the incumbent DLP government.

The possibility exist for banks to further signal discomfort to the market by introducing a negative interest policy.

109 thoughts on “Falling Interest Rates in ‘Lockstep’ with the Economy

  1. Another CLICO


    Added by Marlon Madden on December 18, 2017

    A new report by the International Monetary Fund (IMF) paints a frightening picture of the impact that “the failure or near failure” of this island’s most dominant insurance company could have on Barbados and the Caribbean, hinting that it could be worse than the CLICO collapse.

    And while stating that “a brief review” of the Sagicor’s financial statements and actuarial reports “did not reveal any untoward or serious financial or risk-related issues”, the IMF warned that the Sagicor group (SG) “poses systemic risk” for Barbados and the Caribbean region.

    The IMF is concerned about ‘weak’ supervision of Sagicor by the Sir Frank Alleyne-led FSC.

    “The size and complexity of the SG operating in 21 countries throughout the Caribbean, and holding assets equivalent to about 50 per cent of the GDP [gross domestic product] of Barbados, is larger than CLICO before it collapsed,” it said in the 16-page report from an October 9 -13 mission here by its monetary and capital markets department.

    Worryingly, the Washington, DC-headquartered international organization, which was invited here by the Financial Services Commission (FSC) to review the current supervisory framework which it uses to supervise Sagicor Life Inc, found that the FSC was not in a position to conduct group-wide supervision, “and solo supervision is weak”.

    “The group structure, business philosophy and operations are in many ways similar to those of the CLICO Group, another Caribbean financial conglomerate which failed ten years ago, and resulted in substantial losses. Notwithstanding the acknowledgement of the systemic relevance of the group resulting from its size and interconnectedness, no formal college of supervisor exists, nor is the group subject to basic group-wide supervision,” it said in the executive summary of the report, a copy of which was obtained by Barbados TODAY.

    It said engagement in non-insurance activities, in particular real estate investments, imposed challenges for risk management oversight, while pointing out that “the complexity of the group could potentially masks significant risks, critical correlations, and assessment of contagion risk arising from interconnectedness”.

    “The Sagicor group poses systemic risk for the Caribbean region, which should be monitored on an ongoing basis,” the draft report stated of the company, whose holding assets total $13.1 billion.

    The report comes against the backdrop of Government’s decision to shell out $91 million to pay thousands of CLICO policyholders.

    The study found that the FSC, which was established in 2011 and is assumed to be the group supervisor of Sagicor, has neither developed, not implemented group-wide supervision processes and practices since its establishment.

    “Notwithstanding that the FSC is the home supervisor of the SG, the FSC conducts supervision of the group on a solo basis with focus, though not comprehensive, on the entities domiciled in Barbados. Group supervision is absent from the regulatory and supervisory frameworks, which is considered a major weakness, and also at variance with the expectations of the International Association of Insurance Supervisors (IAIS) Insurance Core Principles,” the report states.

    “International standards require, and other regional supervisors will reasonably expect, that Sagicor’s overall operations are being overseen by the FSC, and that Sagicor risks are being evaluated on a region-wide basis, which is not the case.”

    Sagicor last year re-domiciled its holding company, Sagicor Financial Corporation (SFC), to Bermuda. However, until a reinsurer under the holding company is established in Bermuda, home supervision would likely remain here.

    In this regards, the IMF found that home supervision for Sagicor was unclear, and made even murkier by the fact that the company has not disclosed the type of operation it envisions to establish in Bermuda.

    It said because of the size of the group, “it is quite possible that emerging risks or potential vulnerabilities exist or have not been detected.

    “Having successfully navigated and survived past crises and major catastrophic events appears to have created a false sense of security, and could potentially desensitized managerial assessments with regard to potential threats to the strength and resilience of the group,” it said.

    The three-member mission team of Ralph Lewars, Lawrie Savage and Rodolfo Wehrhahn identified several key concerns, including that the group has had the same external actuary over 26 years, depriving it “of a fresh look at the reserve requirements”; the absence of a consolidated actuarial report for the whole group, which “makes it difficult to ascertain a comprehensive assessment of the actuarial valuation of the group” and that the last on-site examination was conducted between July and September 2013 with an exclusive focus on Barbados operations.

    The report also said there had not been much in the way of ongoing monitoring and assessment since that time, and it pointed out that the FSC “does not receive any material supervisory information from the regulatory authorities in other jurisdictions where Sagicor operates”.

    The team found that the FSC “lacks the resources to undertake the effective supervision of the group”, with the regulator operating with a staff of 56 to fulfill a range of responsibilities, including an off-site insurance supervisory team of seven officers who are responsible for over 200 companies, and six specialists to conduct on-site supervision of over 100 registered entities.

    “The FSC’s current human and IT resources for insurance supervision are inadequate to effectively undertake the task of consolidated supervision of a large, and complex financial conglomerate such as Sagicor. Further, the Insurance Act does not include a provision for consolidated supervision,” the report said.

    It recommended that the state regulator be given adequate resources to address the current resource deficiency, and immediate enhancements in several key areas to improve supervisory oversight of the insurance sector, including liability valuations, risk-based capital adequacy standards, cross-border group supervision, and risk identification and assessment, as well as assessment of the effectiveness of corporate governance and risk management oversight practices.

    “The findings of this mission confirm the need for urgent progress in these areas, and most relevant for this mission, the implementation of group-wide or consolidated supervision of the Sagicor group,” it stressed, while adding that given the size and complexity of the conglomerate “there is urgency to develop a consolidated supervisory framework for Sagicor as a regional systemically important financial institution.

    “Given the size and complexity of Sagicor Life and its affiliated operations, and the enormously negative impact for the region and the economy of individual territories should Sagicor be unable to meet its obligations, FSC should designate Sagicor Life as a Regional Systemically Important Financial Institution (R-SIFI). The designation should entail additional, but necessary prudential requirements, and an intrusive supervisory regime to monitor its safety and soundness, and allow for its resolution in the event of failure,” the report said.


  2. Oh RH. You mean that Dodridge don’t give a shiite about much more than Florida, and Sagicor’s penetration of the US market, has suddenly become apparent?

  3. At least you cannot blame the old white dogs, cause they haven’t been around for years. Or possibly the lasting effect of demutualization has scarred the entire population?

  4. The FSC realize that they are in over their heads, they called in consultants who confirmed their worst suspicions.

  5. @Northern

    The gathering storm

    Seems there is a problem with Caribbean based Corporations that operate in multiple territories, the Canadian Banks seem to handle it well, why can’t these other Financial Corps?


    This is the incompetence that I have been talking about for years. Our regulators and supervisors are poorly trained. Blame them for problems with insurance companies. The administrative class has failed the nation.

  7. “Oh RH. You mean that Dodridge don’t give a shiite about much more than Florida, and Sagicor’s penetration of the US market, has suddenly become apparent?”

    They will go to prison for sure screwing around in US markets, they cant play those shitty dishonest games they play in the Caribbean, without getting caught or serving prison time.

  8. The recently appointed CEO at the FSC came over from the Central Bank, managing risk is in his DNA.

    The central bank cannot even manage the foreign-owned banks. We need fresh blood, highly trained and independently professional.

  9. I am imagining the utter disaster and chaos at the dysfunctional supreme court should there be a partial or whole collapse of Sagicor or any other insurance company on the island, the mess that will ensue would be the stuff of legends…because of the current incompetence and decades old weakened state of that court.

    Alleyne thought he was being cute, but only ended up highlighting his own weaknesses, weak state and inefficencies…we , ong knew he was ineffective, too much political interference.

  10. Thankfully, it is all coming to a head, it was bound to implode at some time, they ALL had a very long run, practicing decades of incompetence, yardfowlism, political interference and ineffectiveness. …that they can now no longer hide behind, cover up….or call those who have been exposing it for a decade, LIARS.

  11. David

    There is a time lag here

    While the CBoB is seeking to tighten, the FED made an approach but feared limiting the free money supply to the banks, of all types, may hasten a worsening of the economy.

    An economy where money is not invested in blocks and mortar but more and more into financial assets.

    In both cases CBs are trying to come to terms with a financialized economy. The FED has not been able to remove the punch bowl from the cash drunk banks and shadow banks but somehow the CBoB presumes it can successfully so do.

    It will fail to make any impression.

    We estimate a 2008 scenarios by the end of 2018, the beginning of 2019, but only much worse.

    Since the 1970’s end of the Gold Standard, central banks, throughout the world, have lost more and more control over money supply. Today they have little if any at all!

    We invite readers to check what some economists, including Rasmus, have to say on these matters.

  12. Oh Jesus Christ now!


    The above article comes as no surprise to us.

    But while your resident actuary had a lot of cussing to deliver to the NIS public servants

    Not a rasssssoul word was directed to the Sagicor boys.

    We will have more to say later.

  13. Government’s high debt and 21 credit rating downgrades have made it difficult to access loans at cheap interest rates on the international and domestic markets and they could not continue with the ill advised “policy” of the Central Bank “printing money” to finance government expenditure. Bonds and securities have become unpopular with the public and other investors. As a result, government must explore other methods for financing expenditure.

    Excess liquidity in the market means commercial banks are essentially holding more cash reserves above the stipulated requirement ratio. Hence, higher cash reserves “translate” to higher money supply. ……. and an increase in money supply is one of the contributing factors leading to domestic price inflation.

    To remove or “drain” this excess liquidity from the system, government has the options of increasing the cash reserve ratio or sell government securities. As I mentioned previously, households and businesses seem unwilling to invest in government bonds and Treasury Bills.

    Therefore, the Central Bank had to use coercive measures forcing commercial banks to buy government securities. Hence, the Central Bank’s monetary policy of requiring commercial banks to hold 18%, and a subsequent increase to 20%, of domestic deposits in stipulated securities, was perhaps designed to “mop up” this excess liquidity through the purchase of Treasury bills or bonds and as “creative method” of borrowing from households.

    However, there is a cost attached to selling these securities, because the government must pay interest on bonds/bills that are used for monetary policy purposes.

    And since the Central Bank relinquished control of determining interest rates, the commercial banks are free to pay whatever rate suits them, as demonstrated by Bank of Nova Scotia informing customers that, effective January 7, 2018, interest rate on savings deposits will be reduced to 0.01%.

  14. No surprise with Sagicor. We manage by” ASSUMPTION”. We assume that certain people are born to manage. Sooner or later their incompetence had to be revealed.

  15. Bushie
    You’re different
    Unlike the mere mortals you are not only a technician but you are grounded in master narrative.

  16. Politicians like to create statutory boards to assume functions of the Public Service. This then give the politicians a direct say in the recruitment of staff. As a result, these statutory entities become staffed at the senior level by party hacks, who in many cases cannot handle the job. This is what happened in the formation of the Financial Services Commission. For the most part, it was staffed at the senior level by people who had to learn their jobs on the job.

    Look what happened to Vernese Brathwaite, she stood up to CLICO and that was enough to reduce her to the status of the paid unemployed. A case of politicians looking out for the interests of their friends, rather than for the interests of Barbados. Vernese knows more about supervising insurance companies than all the staff at the FSC put together but that does not matter for politicians. They need mindless minions who would ignore the rules if the minister wants it done.

  17. The Barbados Today headline is enormously irresponsible! The report was about the deficiencies of the FSC, it neither looked for nor found anything wrong with Sagicor. Read the article. I wonder how much this will cost Parris?

    • @Peter

      Agree, the Barbados Today article is about institutional strengthening at the FSC arising from the IMF report.

  18. PLT…let not thine heart be troubled, all is well with the world and things are going exactly as they should.

    Let’s just call it…when crooks fall out and be glad and contented.

    Alleyne called for a report and he got it, if he was competently, effectively, honestly and efficiently surervising ALL the insurance companies on the island as is his job, where he collects a taxpaye’s a funded salary and has for years….he would not have needed to request a report nor would he had gotten the one he so richly deserves.

  19. How can we discuss Sagicor without discussing the incompetence that led to the demutualising of the Mutual, in which the policyholders apparently paid to get rid of their investments?
    Again I call for an inquiry in to the sale of the Mutual. We must also look at the relationship between Sagicor, Sir Hilary Beckles and the UWI.

  20. @ Caswell
    Based on your 9.23 a.m., it is difficult to understand what point you were trying to make against Frustrated Businessman…
    You are saying here EXACTLY what he determines to be the problem, yet your ‘solution’ seems to be grounded in the same shiite system that cause the problem in the first place.

    Yuh shoulda BUP…..!!

    Hal is dead right about the largest scam EVER to be perpetrated agains black people in Barbados – the demutualisation of the Mutual.

    That marked the beginning of the ECONOMIC end for Barbados….. at least the black portion of Barbados.
    Added to that, it was enabled by the man with the then greatest potential to EDUCATE Bajans about their TRUE mirror image.

    That man became a modern Judas……
    When taken to the Hill and promised to be given dominion over all that he could see….. he did not have the balls to say ‘Kiss my donk….. oops …Get thee behind me”.

  21. re all is well with the world and things are going exactly as they should.

    ALL IS CERTAINLY NOT WELL WITH THE WORLD………but things are going exactly as they should.

    as they say these days….AWESOME

  22. @PLT
    The Barbados Today headline is enormously irresponsible!
    Agree the headline is problematic and the FSC to its credit realized its limitations either it doesn’t have the manpower or the skillsets or both to act as an oversight body of this Corporation for the entire region.

    However, because of the FSCs deficiencies I believe that Bajans should be concerned because we don’t know what we don’t know. There is enough meat in the brief analysis for us to step back and take a sober look. There are several things that one can query and one that raised a querulous eyebrow was the fact that its auditors have been unchanged stretching over two decades. Having the same organization examining your books for such a long period can lead to a serious issue of confirmation bias i.e. we never find anything so everything must be alright.

  23. However, because of the FSCs deficiencies I believe that Bajans should be concerned because we don’t know what we don’t know.

    This has never stopped Bajans from trying to punch above their weight, or expressing an opinion. The FSC is only responsible for Barbados, not the region.
    Regulators/supervisors must be familiar with the business model, must be capable of interrogating the actuarial assumptions, must challenge senior executives’ appointments and must test all proposed new products for customer suitability. It is a big test for any regulator/supervisor, and enormous for little Barbados.

  24. @Hal
    The FSC is only responsible for Barbados, not the region
    “The study found that the FSC, which was established in 2011 and is assumed to be the group supervisor of Sagicor, has neither developed, not implemented group-wide supervision processes and practices since its establishment.”

    As per the above there is/was an assumption that because HQ for Sagicor is in Barbados that the FSC should have some group Supervisory role.

  25. As per the above there is/was an assumption that because HQ for Sagicor is in Barbados that the FSC should have some group Supervisory role.

    Barbadian law is sovereign only in Barbados. The remit does not extend beyond our borders. Barbados law does not extend to other nations.
    I read that in the IMF report, it is either ignorance or a badly phrased sentence. I assumed the intent was that because the HQ was in Barbados supervision should have been more thorough. I agree.
    More particularly, even now, Caricom has failed to develop a cross-border regional regulatory regime. It is the failure of Caricom/Csme.

  26. We see why the Federal “experiment” came to nought.Who will bell this cat!Policyholders, beware these third world financial institutions which employ buccaneers in their boardrooms and have their friends in political positions to shield them from prying eyes.

  27. @ David
    The Clico scam went regional.
    The CLICO scheme only stole money. Sagicor stole a birthright.

    The Mutual was the eldest son that had been groomed to take care of the brass bowl children of Barbados…and to protect the family legacy.
    Sagicor stole EVERY HOPE that (black) Barbados had to be successful when the demutualisation scam was executed.
    It is Mutual that should now own BARTEL, BL&P, BS&T, BANKS …..as well as a host of overseas investments.

    ….instead, the albino centric JAs that sat around there like parasites after the scam cannot even run a basic sugar cane plantation – something that uneducated white people had been doing for centuries successfully.
    All they can do is sell insurance…… after centuries of existence.

    Then at the VERY first sign of difficulties in the family, they packed up and moved house to Bermuda or some shiite place – this is of course LONG after the Dowdridge joker had packed up and moved to the high life in Miami.

    Hopefully uncle Trump will deal with his donkey down there….

  28. The financial expert @ 11:14 knows not what he speaks of.

    Claims the report found nothing wrong at the SG.

    We suggest that the inability of the FSC to conduct a proper supervision is more than enough to be worried, given the economic environment and other dubious operations.

    • @Bush Tea

      On a more positive note we should congratulate Charles Herbert and Anthony Alleyne for having successfully charter Goddards through a rough year.

  29. Bushie
    The history of the sugar industry is not the ))simplistic success story you paint.

    Indeed, for much of the time it was on a lifeline of subsidies, free labour, etc

    SG was infinitely easier to run up to the turn of the century.

    The nature of the financial services industry has now become far too complicated for the boys playing cricket at Windward, or Carlton, or Wanderers to approach.

    So compare apples with apples.

    Not that the people there now are any less incompetent.

  30. Bajan in NY December 19, 2017 at 12:47 PM #
    “@Well Well & Cut N’ Paste At Your Service December 19, 2017 at 6:25 AM

    How many Wall Street folks who were responsible for the 2007-2008 market meltdown went to prison?”

    Bajans…in my opinion…not nearly enough went to prison or committed suicide…the information is just a key stroke away.

    “35 bankers were sent to prison for financial crisis crimes
    by Chris Isidore @CNNMoney

    April 28, 2016: 6:53 AM ET

    The idea that no bankers went to prison for crimes related to the financial crisis is a myth, according to the watchdog overseeing the federal government’s bailout fund.
    There have been 35 bankers sentenced to prison, said Christy Goldsmith Romero, the special inspector general for the Troubled Assets Relief Program (SIGTARP), in a report to Congress released Thursday.

    More than $400 billion in TARP funds were distributed to banks that were in danger of failing during the financial crisis. The TARP inspector general has been prosecuting cases of fraud in the use of those funds.

    Many of the crimes involved relatively small amounts of money at smaller banks, rather than massive fraud at Wall Street banks.

    But there are top executives who are sitting in jail for substantial sentences today. Edward Woodard, former CEO of the Bank of the Commonwealth in Norfolk, Virginia, was sentenced to 23 years after he was convicted of hiding $800 million in past due loans and making loans to straw borrowers to hide financial problems at his bank.

    There have been 59 bankers convicted of crimes, including two executives at NOVA Bank in Philadelphia who were convicted on Wednesday of fraud conspiracy related to TARP funds. An additional 19 bankers have been charged with crimes, with many awaiting trials.

    Goldsmith Romero said it’s wrong to say that bankers now in prison only came from small banks. She said that that some banks had assets of as much as $10 billion and were very big players in the states where they were based. Top executives at the so-called “too big to fail” banks have avoided any criminal charges, even as their banks paid tens of billions of dollars in fines to settle charges of wrong doing leading up to the financial crisis.

    Related: Feds wrestle with ‘too big to jail’

    “I certainly understand the frustration of the people who want to see accountability for those who brought on the financial crisis,” she told CNNMoney. “Some of these institutions where we are finding criminal conduct, the level of accountability stops at a lower level and doesn’t rise up.”

    “I would just add the word yet,” she said when asked about the lack of criminal charges at the big banks. She said her office is continuing to investigate hundreds of cases at institution of all sizes.

    “I don’t think anyone who committed a crime should think they’re in the free and clear,” she said.

    CNNMoney (New York)
    First published April 28, 2016: 12:07 AM ETc

  31. David
    How difficult is it to import goods, mainly, and add a margin.

    The time for praising the merchant class should be long gone!

  32. @David
    Yours @3.01pm

    Thanks for the info but as you noted there is no public sharing of information. Perhaps there was follow up and more information to be had but based on past events we in the Caribbean are good at setting up committees and a set of guiding principles after disaster strikes but we are lax at following through.

  33. @Hal
    Barbadian law is sovereign only in Barbados. The remit does not extend beyond our borders. Barbados law does not extend to other nations.
    Why this reference to the laws of Barbados? This is a corporation domiciled in Barbados with operations in other places, the Canadian Banks send “Inspectors” down to the Caribbean annually to ensure that their branches are in compliance with the Bank’s operational/internal rules. Canadian laws don’t extend to Barbados but that doesn’t stop the Inspectors from performing their duties.

  34. Sargeant December 19, 2017 at 5:27 PM #

    Canadian laws don’t extend to Barbados but that doesn’t stop the Inspectors from performing their duties.

    You have answered the question yourself.

    Regulation is law, and Barbadian law only applies in Barbados. We cannot regulate outside Barbados.
    The Canadians may send down inspectors, but they cannot enforce Canadian law in Barbados. You and I know they have moral influence, which is different.
    What Barbadian regulators can do is if there is a problem with an overseas branch/subsidiary, they can move in on the Barbados offices and carry out an investigation.

  35. @Hal. You are right on point. The Caricom /CSME arrangement should have by now, a regional supervisory/regulatory arm to deal with those pan-caribbean financial conglomerates that pose a systematic risk to the region. Sagicor, is not alone in this. Guardian group and RBTT come to mind.

    It’s unreasonable to expect the FSC to carry out such enourmous and complex task given the limited resource at it’s disposal.

  36. NCB financial group (Jamaica), recently annouced the take-over of Guardian group (Trinidad). If the deal is successful, NCB will be one of the largest indigenous financial conglomerate in the region. With total asset of US$11billion. I have been told that Lee-Chin , the majority owner in NCB, has nursed a global ambition for NCB. He is hoping to list NCBFG on the NYSE or Toronto exchange by the end of next year.

    Therefore, as these regional financial behemoths become more extra-regional in their footprint, the issue of regulatory supervision on a comprehensive level, is even more difficult than before.

  37. Hal at 6:10 PM

    I think the protocol is for the regulatory body in Canada to ask the regulatory body in Barbados to carry out the investigations on its behalf.

    As regards to internal investigations, head offices of overseas corporations have a responsibility to carry out internal audits of local subsidiaries .

  38. @ Pachamama

    “The nature of the financial services industry has now become far too complicated for the boys playing cricket at Windward, or Carlton, or Wanderers to approach.”

    You are absolutely correct !! This extends to almost all areas of economic activity but we are stuck believing in management by “Assumption”. A perfect example was their failure to bring BSand T into the modern era. Before that it was the agriculture industry; then we add the tourist industry and now SAGICOR. This is the debate we don’t want to have. If SAGICOR was a government agency, the knives would be drawn and we will be cussing the political class
    Even now we want to cuss Sir Frank. We pontificate on the credit unions and dismiss them as dealing with monopoly money; we claim they ain’t big enough or bright enough to run a basic commercial bank but we go totally blind when it comes to others.

  39. There is a high level of cooperation between regulatory bodies internationally; and between Head offices in the metropoles and their regulators. The common denominator is financial stability, the infrastructure of which is trust.

  40. @Blogmaster
    “Charles Herbert and Anthony Alleyne”…it is ALI, Ian Alleyne is a VP.
    “RBTT was sold to RBC not so?”…yes. Cash plus shares in RY. If memory is correct Massey was the big shareholder in RBTT.

    CH was once a BMLAS employee. He has been with Eckler for many years.

    @ Pachamama
    “The nature of the financial services industry has now become far too complicated for the boys playing cricket at Windward, or Carlton, or Wanderers to approach.”
    You forgot Pickwick, that was the main club.
    But you see once I got a look at the wicket, and the forecasted weather, I knew the spinners in the BU pavilion, hence
    ‘NorthernObserver December 19, 2017 at 12:57 AM #
    At least you cannot blame the old white dogs, cause they haven’t been around for years. Or possibly the lasting effect of demutualization has scarred the entire population?

    But you bowled a googly, “tings more complex now” Bravo.

  41. Pacha should also acknowledge that Goddards with market pressures the management has been able to protect jobs. This game is commendable, don’t know for how long!

  42. Goddards is an example of a patriotic, CAPITALIST organisation. It is not Bushie’s ideal type of company, but it operates INTELLIGENTLY, efficiently, patriotically, and creatively in the albino -centric world in which it does business. They are lucky to have Herbert.
    Sagicor’s loss…

    @ David
    You done know that Bushie likes Herbert as a manager in general.
    Same reason that Bushie likes Pacha – he is intelligent, logical and reasonable. He is not a bushman – nor is he likely, a perfect human specimen, but it was ALWAYS clear to Bushie that for example, he would not fit comfortably into the shiite management structure at Sagicor…. because of high standards of productivity, fairness and justice.

    That he was part of the Mutual scam is not something that Bushie holds against him. Shiite man – he is white….. whose side was he expected to take…?
    It is the blacks who changed sides that piss bushie off…

  43. “a perfect human specimen”, I suppose half mast is but a minor imperfection LOL

    “Shiite man – he is white….. whose side was he expected to take…?” the unfortunate crux of the matter. Do you know demutualization was presented by Management to the Board? And there were many pro and con opinions on both sides, UNTIL…it became an issue beyond demutualization.

  44. “This game is commendable, don’t know for how long!”. Thank improved longevity. Note, there have been no “family” employees for years. As long as the old guard are the shareholders, the patriotism will continue. When they pass? All shit will hit the fan.
    Reading between the lines of the annual report, it would seem the main business, catering, is run out of somewhere in Florida?

  45. @ Northern O
    Would you be so kind as to write the book….?
    There are so many questions in Bushie’s head…. to which you obviously have answers…


  46. @David. You are correct. RBTT was Royal Bank of Trinindad & Tobago before being acquired by RBC. I was referring to Republic Bank Limited that has a wide footprint print across the region. And recently they have bought a majority stake in a bank in Ghana.

  47. A book? You must know by now I can barely string together a few sentences and you want a book? To besides, Dr GP is far more qualified than I

    as you might conclude
    ha ha Ha

  48. If either government had revoked CGIs insurance license yeas ago for the criminal acts they all know is being perpetrated against the country, the supreme court and injured people, instead of crawling into bed with Harris, which they all did..

    …… if they had revoked the license when it was clear Harris was also intent on destroying the integrity of the supreme court with misuse, abuse and whatever it took for his own self enrichment, including destroying all equity in the taxpayer owned and funded Transport Board….they wont have to now all watch their backs with Harris, who will destroy each and everyone of them, just as they help him to destroy their own people…sleep with maggots and turn into one…

    If he had the nerve to do that, if not stopped in his tracks, just imagine what he will do with his enablers and colluders next.


    “I am not surprised, but I grieve for Barbados. I never thought any institution in Barbados would publish [something] as grievous as the one published about the FSC and Sagicor.

    “It is replete with [inaccuracies] and sets out to injure people’s reputation and damage institutions,” Sir Frank said in a hastily called media conference at Accra Beach Hotel in Hastings, Christ Church, yesterday.

  49. I hope Alleyne knows he cant have it both ways, cause barbadostoday is not backing down.

    And Alleyne got the nerve to claim that he was on a CLICO oversight committee, they all so deserve each other……

    …..I bet you he knows that Leroy Leper and Harris are thisclose and business partners to the tune of millions in investments, how could he not know.


    “Never again!
    no more CLICO-type collapses, FSC vows

    Added by Emmanuel Joseph on December 19, 2017.
    Saved under Business, Local News
    The state entity charged with supervising and regulating non-bank financial institutions has vowed that there will never be another CLICO-type collapse here under its watch.

    Chairman of the Financial Services Commission (FSC) Sir Frank Alleyne made this bold assertion during a hurriedly-arranged press conference this afternoon at which he sought to discredit the lead story published in Barbados TODAY yesterday that quoted a new report by the International Monetary Fund (IMF) which painted a frightening picture of the impact “the failure or near failure” of Sagicor could have on Barbados and the Caribbean.

    The draft IMF report said that as the most dominant insurance company here a Sagicor failure could be worse than the CLICO collapse, noting that the FSC was not in a position to conduct group-wide supervision of the company and “solo supervision is weak”.

    But a highly emotional Sir Frank told reporters at Accra Beach Hotel in Rockley, Christ Church that the days of the CLICO-type collapses were over because the regulatory body functions on a strong, proactive basis.

    “We don’t wait for it to happen,” he said.

    “As long as the Financial Services Commission has staff and leadership at the senior level, which it has now, and a board of commissioners which is as qualified . . . Barbados will be secure. There will be no more collapses of entities in Barbados,” the FSC head said.

    Sir Frank made a point of stressing that he had lived through an extended report of the collapse in 1987 of the financial company, Trade Confirmers, and that he was on the oversight committee for CLICO.

    “I make bold to say, given my knowledge of this Financial Services Commission, the days of the CLICO, the days of the Trade Confirmers, those days are over. And they are over because the staff of the Financial Services Commission have developed a risk-based method of ranking institutions, whether it is in insurance, whether it is in pensions, whether it is credit unions
    . . . the staff do the research,” he emphasized, adding that the risk-based system categorizes institutions into high-risk, medium-risk and
    low risk.

    “And trust me, if you as an entity are categorized as high-risk, we are on you every day and night.”

    The FSC boss said the relocation of Sagicor’s holding company to Bermuda had not changed its responsibility as the lead regulator of the company, whose assets of $13.1 billion, according to the IMF report, was equivalent to half of Barbados’ gross domestic product (GDP).

    Sir Frank added that a college of Caribbean regulators meet and share information on what is happening in their countries, “so this notion that Sagicor goes unregulated is a lie”.

    “I am saying it is untruth the things you all are saying,” he said of the story, adding in response to whether he was questioning the source: “I am not dealing with the source. I read the paper. I downloaded it. I am saying it is lies and damn lies. That’s what it is.”

    In a statement issued late this evening, Sagicor sought to reassure policyholders and the public “of our financial strength”.

  50. David

    For people like ourselves what you referred to as diverse (The Goddard’s Group) suggests there in no clear strategic intent.

    Meaning that most such organizations do not know what business they are in, what are there core competencies, etc


    You are already ready to be corrected by your superior cricking and other knowledge.

    Bushie and David

    We cannot never be swayed by a man who was a known supported of institutional racism at BMLAS.

    You guys remind us of the people in the church whose relatives were killed by Roof and were willing to forgive before crimes were even charged.

  51. @ Pacha
    The difference between yourself and Bushie is that the bushman EXPECTS lions to act as lions, rabbits as rabbits, and albino-centrics to act as albino-centrics.

    Judgment is then based on actual behaviours versus baseline EXPECTATIONS.

    You seem to expect to use a universal baseline measure of ‘goodness’ against which all persons can be measured and judged. This is not practical.

    If ac or Hal were to say a single thing that actually makes sense in any given week, then Bushie is highly impressed….
    Conversely when you or PLT slip up – even once in a blue moon, the Bushman is crushed… 🙂

    Boss, if Bushie was white …..he would likely be a “Bajan Bill Gates”….. and got all wunna bright boys on a monthly salary…
    ha ha ha

  52. It will be interesting to watch the fallout from the Alleyne/Harris/Sagicor brouhaha.

    As was posted to Naked Departure, both Alleyne and the Chief Justice got complaints of what Harris through CGI Insurance does to injured, helpless people to avoid paying them compensation….

    …….the Commissioner of Police also got the information…..yet they all sat and did nothing, Harris had the corrupt criminal DPP Leacock to protect him and they were ALL comfortable with that….because he was one of dem.

    Well time is longer than F-ing twine.

  53. @Pacha
    ” suggests there in [is] no clear strategic intent.” Very insightful.
    The M&C acquisition in the islands and that of National Rums in J’ca both proved to be disasters. These, at a time when the merchant class model you refer to, distribution, was failing because they no longer had the retail strength they once did. These came at the end of a generational rule.
    One question I have never seen you nor Bushie attempt, is WHY they went public in the first place? You see KS businesses, or BW group, trading publicly…. or any of the other closely held businesses.
    Their messiah maybe Massiah, the one who ‘flys under the radar’ running catering.
    So as far as strategy, they have retrenched some distribution, unloaded rum, so where now? Financial services?
    They have a newish startup outfit in Canada, but that was born largely because of a historical relationship between the two CEO’s.

  54. If history is anything to go by, the phrase ”never again ” means crap. Sir Alleyne may have the best of intentions, but we have witnessed financial meltdowns in developed countries over the years …that were once and still is the benchmark of international best practices .

    Now, if all those regulatory institions (eg SEC), with all their financial resources and human capital can fail the people, what say the FSC.

    • We need our leaders/regulators to address the issues dispassionately and leave the PR and fluff statements at the door.

  55. They cant address any issues dispassionately, because they dont address the real issues negatively impacting their own people at all, they just ignore everything in the hopes that it will go away…and they can continue in their fraudulent, pretentious, fantasy wirld created for them.

    Ah waiting for any of them to come out with any lies about they did not receive information any about Harris, CGI and the destruction of injured claimants/ people lives, destruction of the supreme court which by extension would have warned them all clearly about the destruction of the transport board through unnecessary liabilities….ah waiting on them…

    How the hell did Black people in positions to do the right thing by their own people get so callous and uncaring once they are given useless shit titles and small amounts of power over their own people…it’s disgraceful and they should all pay the ultimate price.

    Frank Alleyne, Chief Justice Gibson and the Commissioner of Police have been sitting on that Kutappa-Harris information for at least 3 years and doing absolutely nothing with or about it….and they got the nerve to believe no one was watching them…because their Black asses all sat in the same Satanic Demonic Masonic Lodge as DPP Leacock and David Simmons.

    But now it’s all coming apart at the seams, let’s see how they handle it, it’s fight or flight.

  56. @ David December 21, 2017 at 10:24 AM

    Pacha is sitting on justifiably solid ground in questioning the black knight’s “bona fides” when seen in the light of his past role as the current administration’s chief economic advisor.

    An administration which has ‘overseen’ 20 plus credit rating downgrades in less than 8 years with increasing haemorrhaging of the forex reserves, the lifeblood of all economic activities in import-dependent Barbados.

    Where was this czar of financial propriety when the fired guv of the CB allowed a forensically-established fraud to park his ill-gotten gains in the vault and turned it into a laundry contrary to the Act under which it operates?

    Any business selling financial services which has to meet, overtime, a large slice of its overheads from the insurance premium receipts and pension contributions rather than from investment income is heading in the same direction as CLICO.

    A word to the wise is enough!

    BTW, speaking of chief economic advisor, has a ‘suitable’ replacement been found since OSA’s ‘solicited’ application was unceremoniously disregarded by the primate of deceit, lies and propaganda?

    One is left to wonder what would have been OSA’s recommendations vis-à-vis the sale of the BNTCL and the Hilton hotel.

    Maybe Stinkliar has decided to rely on the ‘Physical Deficit’ jester Jepter and the garrulous clown Kellman to fill such a role.

  57. “Where was this czar of financial propriety when the fired guv of the CB allowed a forensically-established fraud to park his ill-gotten gains in the vault and turned it into a laundry contrary to the Act under which it operates?”

    And that is just another reason why nothing Alleyne says can be trusted, they never stand up and protest or let their voices be heard when they should, when crimes are being committed against their people, these useless, titled idiots, but want to be filled with indignation when they are exposed.

    This is one time all of them will be held accountsble fir sucking taxpayer’s money every month and refusing to do their jobs.

    They had 2 days to lie and claim they dont know or dont have information about Harris and CGI….at least they have the decency not to lie….I give them props for that.

    Alleyne’s job is to explain to Bajans why CGI Insurance is still collectimg money from people in Barbados and not paying out any….why has that company’s license not being pullled for fraud and running a ponzi scheme on the island,..

    ….that is what Frank Alleyne and FSC should be doing, investigate that company as is their job that insurance regulators neglected to do for nearly 2 decades…explain to the island…why they are still allowing a fraud insurance company to operate in Barbados…check the company’s finances, something is not right.

  58. And just in case Alleyne needs a starting point for investigating the Bailey’s and Peter Harris., this information is on CGI Insurance website…

    “CGI Insures over $4 Billion in property assets and occupies the #3 slot amongst local companies and is the second largest auto insurer with premium income of over $55 million annually. Annual claim payments are approximately $25 million.”

    That lie about annual claim payments at approximately 25 million is an outright lie…..money is paid to attorneys to keep cases ongoing in the supreme court indefinitely instead, what is the Chief Justice, the Judges and Frank Alleyne at FSC doing about this clear case of fraud by this company,

  59. Yes David
    We are questioning frank alleyne
    , dodrigde Miller and all the other 11plus school boys.

    There is nothing wrong with not knowing but to pretend one does and mislead a country is worthy of death.

    The truth is that anything frank alleyne or dodridge miller think they know could only make SG and the FSC more feckless.

    Karma is a bitch. SG stole the company from the people of Barbados and the laws of nature will guarantee failure.

    It so happens that Alleyne and his cousin were part and parcel of that crime.

  60. After reading Sagicor’s explanation, more the reason for Alleyne to do his job and also monitor and investigate very thoroughly, CGI Insurance who never publish their quarterly financials on their website as required by law…

    …who refuse to lodge their financials at Corporate Affairs for years at a time, despite it being a legal requirement…

    …who has never had to worry about oversight or monitoring by the same FSC led by Alleyne…

    Let’s see if FSC will finally do its due diligence…as people have been asking.

  61. CGI is well known for not lodging their annual or bi-annual reports with Corporate Affairs, they sure as hell will not cooperate with FSC or list quarterly financial reports with them either….not going to happen…

    FSC needs teeth and muscle, they are weak as IMF saw for themselves.

    • Well Well

      The FSC has more teeth than it needs, but they are very short on brains.

      Sent from my iPad

  62. @David
    Here is a link to the management team and Board that includes our own Jeff Cumberbatch.
    Is Jeff on board with that characterization “our own”

  63. Lol…Casweĺl, very cold..lol..

    That makes it worse that they have the means and laws to rein in the crimes and corruption of these companies committed on vulnerable people AND the supreme court…and refuse to do so, tiny brains or not.

    I had cause to call FSC to get information on the same CGI Insurance some years ago, not only do they seem to know nothing about this company that has an extremely bad reputation, but the dude with some title or the other that they patched me through, sounded as though I had woken him ip.

    That is why I am glad Harris is taking a whip to their asses, they like being slaves, pimps and sell outs to minorities, well let them drop their pants and assume the position.

  64. https://www.barbadostoday.bb/2017/12/22/imf-wish/

    The more one reads….the more frightening it gets, this is a serious indictment and accusation of FSC and Frank Alleyne…

    The below 2 paragraphs are particularly disturbing….and one wonders why experienced actuaries like Walter Blackman are not utilized, Barbados HAS local actuaries, why are there no actuaries at FSC and particularly horrifying is, the FSC is being accused of not even checking, let alone investigating, half the insurance companies on the island, no wonder they commit crimes at all levels, abuse and victimize injured people at will, destroy the Supreme Court and just do as they like.

    How ironic, poetic, fitting and absolutely Karmic that it’s the head abusive demon Harris from CGI Insurance exposing all of this, obviously to get Alleyne fired from FSC, knowing the piece of shit, am sure he has someone in mind who is totally corrupt and easily manipulated to take Alleyne’ place at FSC to continue the inertia for his and CGI’s own benefit.

    “However, it expressed concern that since the establishment of the FSC back in 2011, only half of the insurance companies and insurance brokers on the island had been inspected.

    The report also revealed that the FSC has no actuary because the chief actuary position had never been filled, and that “no reinsurance expertise” was currently available within the regulatory institution.”

    “As a short-term measure to bolster capacity with regard to assessing Sagicor risks on a consolidated basis, FSC should utilize its powers under the FSC Act to retain one or more expert advisors on contract, such as a qualified actuary and a reinsurance specialist,” it added.

    The explosive document which has been met with stern rejection from the Sir Frank Alleyne-led FSC also took issue with the length of time the financial regulator currently takes to complete investigations. Examination reports “take an inordinate amount of time to be completed, and it is not unusual that a year can pass between the commencement of the inspection process for a particular supervised institution, and the finalization of the report for submission to FSC’s senior management and the operational division involved,” the IMF said.

    It further warned that the FSC was suffering from “implementation paralysis”, while pointing out that little progress had been made in implementing the recommendations made back in December 2016 from a CARTAC workshop on consolidated supervision.”

    “Washington-based financial institution suggests internal overhaul of the Sir Frank-led FSC

    Added by Marlon Madden on December 22, 2017.
    Saved under Business, Local News
    If the International Monetary Fund (IMF) gets its way, significant changes would be made to how the domestic insurance sector is regulated.

    In a recent report, the IMF called for the “deficiency in expertise” and funding at the Financial Services Commission (FSC) to be addressed with a view to strengthening its oversight of the multi-billion dollar insurance sector.

    The draft report, which followed an October 9-13 mission here by members of the IMF’s monetary and capital market department, said that as a result of limited resources, the FSC was currently struggling to discharge of its mandate with respect to the insurance sector supervision, pointing out that there were only 56 staff members to fulfill a range of responsibilities, including “licensing, supervising and regulating the operation of financial institutions and promoting stability, public awareness and public confidence in the operations of financial institutions.

    “The FSC’s off-site insurance supervisory team consists of seven officers who are responsible for licensing and supervising 20 domestic insurance companies, approximately 50 insurance company branch operations, more than 200 companies registered in the offshore sector, as well as all of the country’s insurance intermediaries and loss adjusters,” the IMF added, while pointing out that “on-site supervision is carried out through a separate division consisting of six specialists for over 100 registered entities”.

    However, it expressed concern that since the establishment of the FSC back in 2011, only half of the insurance companies and insurance brokers on the island had been inspected.

    The report also revealed that the FSC has no actuary because the chief actuary position had never been filled, and that “no reinsurance expertise” was currently available within the regulatory institution.

    In terms of the FSC’s funding, the IMF report made no mention of the $1.3 million provided in the 2017/2018 Estimates, but said the bulk of financial resources used to support its operations were derived from corporate registration fees “which are very minimal”.

    With this in mind, the Washington-based financial institution took issue with Government’s current fee structure for multi-billion dollar institutions, such as Sagicor.”

  65. Take note that CGI Insurance never uses actuaries either nor do they have reinsurance, as they should, but there is no one to investigate them for that, since the insurance regulator at FSC, dont have an actuary or reinsurance expert on staff either, as is mandatory in any real regulatory body.

    As Caswell opined, if Jeff is part of FSC…he should step away, unless he plans to head the agency himself..this will turn very ugly and I mean very ugly…not many people understand how very ugly this can turn.

  66. “Caswell Franklyn December 22, 2017 at 8:36 AM #
    Well Well

    The FSC has more teeth than it needs, but they are very short on brains.”

    Ah can’t wait for the real fall out and blowback…this has been very long in coming, but it’s here.

  67. It takes a SPECIAL breed of brass bowl to, in the face of CLICO, CAHILL and other major financial scandals, continue with such lacklustre, mediocre, third-rate supervision of major financial institutions as we are seeing here.

    When a body such as the IMF comes out and make such bold accusations, one can REST ASSURED that there are serious matters of concern to be addressed.
    The IMF tends to be ultra conservative when presenting such reports.

    The FSC is another one of Owen’s scams, designed to make it APPEAR that we were’ first world’ – when in fact, he was just doing shiite with his usual bull-shitting, ‘politics of inclusion’ optical illusion.

    Other examples beside FSC are:
    – Public Sector Reform
    – CSME
    – The Productivity Council
    – NISE
    – The Sewerage system
    – Selling out the BNB

    This ‘bullshit baffles brains’ approach works when the sea is calm….
    When the storm comes, however, it will be shiite flying (and flowing) everywhere…

    • “Bush tea

      Agree with you, when CL Financial / CLICO failed in 2007/8 all agree it was as a result of a catastrophic regulatory failure yet we have not seen any aggressive compliance framework implemented. This is something that cannot be done in stealth

  68. when CL Financial / CLICO failed in 2007/8 all agree it was as a result of a catastrophic regulatory failure….(quote)

    We are all agreed, apart from the resident fraudster and mental case, that it was not theft or fraud, but regulatory incompetence that led to the downfall of Clico.
    It is also appalling ignorance that has the issue hanging around nearly ten years after the event..
    A competent supervisor would be on the case for every appointment, the balance sheet, every new product, that they did not shows they were not on top of the job.
    Competent regulators would have resolved the mess within weeks.

  69. Bushman….not only is the shit now spinning out of control , leaking and splattering EVERYWHERE…but EVERYONE gotta be careful they dont get SHIT SPLATTERED ALL OVER THEM…..and ah mean EVERYONE….lol

    Ya have no idea how deep this shit is boiling from or how high the projectory will go…it is so amazing, everyone who knows personally about the situation is in awe…..but keeping their heads very low so no shit flies on them.

  70. @WW&C
    the one you love, like he and a bunch have a racehorse. maybe you could bet on Boxing Day and recoup a few of the blenzers he short-changed you or one of your friends. In typical fashion, it is called ‘suck me off’, translated to, Lollipop.

  71. @ Hal Austin December 23, 2017 at 8:38 AM #
    “We are all agreed, apart from the resident fraudster and mental case, that it was not theft or fraud, but regulatory incompetence that led to the downfall of Clico.”

    What kind of non sequitur is that?

    So how come other insurance companies like Sagicor did not go under like CLICO?

    Are you suggesting that similar regulatory incompetence did not extend to other insurance companies?

    Why did CLICO enjoy such a ‘deliberate’ oversight by the regulators?

    If it was not “theft or fraud” where did the millions of policyholders’ premiums end up if not in a jet-set lifestyle of the Duprey ass lickers?

    But we forget you are the chief apologist for the leper Greenverbs who still has a few millions of laundered loot ‘stored’ at the Central Bank for safe-keeping and earning an interest rate he will never earn at FCIB.

    The man is in breach of three pieces of legislation that ought to be the enforcement tools of the local regulatory agencies of financial services.

    And we are left to wonder why they are no being used.
    Seeing that you are about 4,500 miles away from the Bajan Banana Republic maybe you can tell us, right the know-it-all Hal the Great?

  72. Miller
    You are so right.I too want to know if it was failure of regulatory oversight that caused this entire Regional failure from Guyana to the Bahamas.It was wholesale thiefing in Trinidad,Guyana and in Barbados for sure.The JA 4200 miles away must again be reminded the Barbados supervisor moved to the courts to have the lepered thief arrested and both she and the Chief of Police were sent on leave with the knowledge and OK of the PM of Barbados.It will be poetic justice that next year the new minister of justice will have some important people arrested and hauled before the justices.Some of the most brilliant minds in Barbados reside in one outstanding political party.This party will return Barbados to its rightful place in the Region and the Commonwealth of Nations come 2018.Blimmuh!

  73. Northern…dont blink I told you, 5 years ago, the same CGI criminal would never had exposed the FSC, not even 1 year ago….but look how in the blink of an eye, times have changed..

    Ha, Ha…was just being his idiot self Miller..he woke up with me on his mind yesterday not realizing I would be ready for him, he thinks this is some game, just like thiefing Leroy Leper and David Thompson fraudulently misrepresenting themselves to clico policyholders, it never occurred to him that there was wholesale theft at clico with government ministers from the PM on down protecting such thefts, dont mind how many times he read it and despite Owen Arthur confessing there was political interference…Ha, Ha is dumb like that

    ….Hal misrepresented his position st the Financial Times and dont realize that companies these days keep their email information on their back up servers for many years after, just for those times when there is any fraud, copy right or other complaints against their current or former employees….and his letter only served to bolster my case of fraud against him, when the company investigates my claims and check their email servers…..that is how dumb Hal Austin is…

  74. @ Gabriel December 23, 2017 at 7:55 PM
    “The JA 4200 miles away must again be reminded the Barbados supervisor moved to the courts to have the lepered thief arrested and both she and the Chief of Police were sent on leave with the knowledge and OK of the PM of Barbados.”

    What that well-harnessed jackass of a Bajan Limey ‘hold up in a cold north London flat ought to be expressing is his investigative concerns over why was a competent regulator in the form of Mrs. Braithwaite removed from her substantive posts.

    We wish the UK-based ‘know-it-all’ jackass would just stop trying to put himself in the local insurance regulatory seat and just keep to what he is good at; just hauling a load of Greenverbs apologetic bullshit, day in day out, from BU pillar to BU post.

    The UK-based jackass knows only too well that those perpetrators of the CLICO Ponzi scheme along with their ‘politician’ friends and defenders, had they been in the UK, would be spending Xmas behind bars all like now exchanging greetings across the pond with Madoff and Stanford.

    • Miller

      I know that your reference to the removal of Vernese Brathwaite from her post but I will answer anyway. She was removed because doing her job to the best of her ability might result in one of the people, who finance the DLP, going to jail, plus she was not a DEM. Mind you, the Opposition did not speak out on her behalf because she was not a Bee. The NUPW did not speak out because she was not a DEM.

      Sent from my iPad

  75. And all that nasty political gamemanship with the thiefing insurance executives is what have ALL of that scum in both governments now exposed by the same thieves they were protecting,…

    I did not make that up…everyone knows I did not, given the events of the IMF/barbadostoday exposure…it can only go downhill from here.

    Miller…about two weeks ago I told dummy Hal to let the crap he talks on BU about the emails go, I knew what was coming down and actually told him that the emails he sent me and I posted to BU served their purpose, which he should have understood to mean that what we were doing, actually had some benefits…

    …instead of the idiot stay cool and watch it all unravel…since he already screwed up his chance at the best investigative story of his career, being the typical dummy and his own worst ememy, he is trying to upstage and make himself a nuisance.

    I did not make that up either, everyone on BU read his stupid letter from Lloyds which works to my benefit…steupppssss.

  76. And all that nasty political gamemanship with the thiefing insurance executives is what have ALL of that scum in both governments now exposed by the same thieves they were protecting,…

    I repeat….because both Harris and Leroy Leper have been extremely close business partners with shared investments for the past 5 years or more…and they both will now be looking to protect their investments and fck the ministers and politicians who took their bribes..because they have become more or less useless to them…, except for Jerome Walcott who should not be making up part of any government because of his conflict of interest shares in Bayview Hospital and Diagnostic Services owned by Harris et al.

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  78. You really make it seem so easy along with your presentation however I in finding this matter to be really something which I think I’d by no means understand. It kind of feels too complex and very wide for me. I’m looking ahead in your next post, I will attempt to get the grasp of it!

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