Another Heather Cole Column – JERK HAM AND BALONEY

Minister of Finance Chris Sinckler

Just before Christmas 2017, the Print Media published an IMF Report that had been commissioned by the Financial Services Commission (FSC) of Barbados on the Supervisory Framework for Sagicor Life Inc. The report revealed the dismal state not only of the Insurance Industry but for the FSC itself. It alluded to the lack controls, of compliance, oversight; of an agency not equipped or staff trained; and without technical expertise and knowledge. In other words the report stated that the FSC has a mandate that is above its capacity to implement.

The FSC did not disclose the contents of the report which was subsequently published by the Print Media. The Chairman of the FSC, Dr. Frank was quick to berate the Press for making the report public; for disclosing the damaging and secretive report.

The events that led to the publication of the IMF report are somewhat disturbing. The IMF came to Barbados and their consultancy lasted from October 9th to 13th 2017 and the Report was issued on October 13th 2017.

On Friday December 11, 2017 the Minister of Finance informed the House of Assembly that all the operations of CLICO would be transferred to a company Resolution Life Insurance Limited (ResLife) by December 31, 2017.  He also stated that the process by which the assets and liabilities would be transferred would commence in January 2018. He also stated that government would “issue bonds to facilitate the restructuring of CLICO, preserve the investments of policyholders and transfer the real estate assets to New Life Investment Company (NLICO).”

Firstly, it is regrettable that the Minister of Finance chose to ignore the recommendations of the IMF. If there is no credible oversight for the Insurance industry why choose to go ahead and create a new company that will operate under conditions where the industry is a law unto itself? Why choose to continue operations within the same environment that caused CLICO to fail.  Why choose to continue when the IMF has warned that Sagicor has the propensity to fail. 

Putting the proverbial new wine in old skins will only cause the old skins to burst.  One cannot expect to reap success with any new insurance company in Barbados that exists under the same old rules.

Secondly, based on the timeline it suggests that even though he was warned by the IMF on October 13th 2017, the Minister hurried to Parliament with the Resolution.  In his haste, he also did not state who the owners or principals of NLCIO or who the owners or principals of ResLife. There was no mention of the relationship between these two companies.  It is therefore unclear if the present policy holders of CLICO will have a stake in the real estate assets once the new company NLCIO is formed.  I have not read the CLICO International Life Insurance Resolution so I am therefore not in a position to discuss any further based on the contents of the Resolution.

What stands out in my mind about this debate is Maxine McClean ranting and raving about the Resolution preventing vultures from getting their hands on CLICO’s lands. To me that was a big red flag and I wondered if it was the lands of CLICO that made the Minister of Finance disregard the recommendations of the IMF that were intended for the well- being of the industry to give the lands to his friends.

Thirdly, could it be that the Media’s publication of the IMF Report actually thwarted the secret Christmas gift of Jerk Ham and Baloney? If so, the swift actions of the Minister of Finance had nothing to do with the policy holders of CLICO but to ensure that the title deeds would be delivered well before the next general election.

96 comments

  • You are a very dishonest individual…… you did not quote my comment in its entirety

    “Artax January 16, 2018 at 3:00 PM #: If Mr. Fake Journalist actually read the “judicial review on a number of occasions,” he would have known it was VERNESE BRATHWAITE who SENT a LETTER to then COP Dotting ASKING the POLICE to INVESTIGATE “the infringement of a supervisory instruction,” and after “several months of police investigation Dottin referred the matter to the Director of Public Prosecutions Charles Leacock……..

    ……………and NOT the under the direction of the judicial managers through the forensic audit.”

    Like

  • Artax January 16, 2018 at 8:42 PM #

    Hal Austin has finally admitted that he does not have any knowledge of the accounting profession.(Quote)

    Hal Austin January 15, 2018 at 6:06 AM #

    I am not an accountant,……

    Again, I do not know anything about the accountancy professions in the US or Canada…….

    You are just an arrogant jackass who comes to this forum giving the impression that because you live in the mighty UK, you have a superior knowledge of every and anything.(Quote)

    I think you are now arguing for the sake of it. You lose the argument and resort to abuse. Typical.

    Like

  • Lose argument shiite. How could I lose the argument when you failed to address various issues I raised that proved you were incorrect.

    Instead, you DISHONESTLY did not quote my comments in its ENTIRETY in order to “create a straw man to knock him down” and to present your perspective that CLICO’s judicial management process was inadequate or flawed.

    My focus was primarily on the forensic audit and the reasons the JM gave for conducting the audit, irrespective of the dictionary’s broad definitions of a forensic audit, which you presented to say I don’t know anything about forensic auditing.

    Mentioning you do not know anything about the accountancy professions in the US or Canada is another shiite argument. Whether accounting is practiced is practiced in Canada, USA, UK, Barbados, Africa or the Middle East………. the PRINCIPLES REMAIN the SAME [e.g. international financial reporting standards (IFRS)]. The only difference between the financial statements of a company in Oman and one in Antigua is that former will be written in Arabic and the latter in English

    And there isn’t anyone in this forum that is as INSULTING and SARCASTIC as you are, especially when you’re challenged or proven wrong. You CANNOT engage in a SIMPLE “discussions” on BU unless you use DIATRIBE to BELITTLE and INSULT other contributors, while denigrating their professions.…… and in addition to your childish sarcastic remarks and your tendency to be always on the attack…… are a few of several other reasons why you’re not well liked in this forum. This is TYPICAL of you… it’s the TYPE of individual you are

    For example, “My only other concern is that if a professed qualified accountant could not differentiate between an independent audit and a forensic audit then his or her clients ought to seek advice elsewhere,” was a snide insult directed at me……when you CANNOT INDICATE where in any of my contributions I WROTE anything to SUGGEST I DO NOT KNOW the DIFFERENCE between the two professions. You introduced that “straw man to knock him down.”

    This is TYPICAL behaviour of Hal Austin.

    You should TAKE EXAMPLE from contributors such as Bush Tea, de pedantic Dribbler, WW&C, Georgie Porgie, Caswell Franklyn, Hants and NorthernObserver, etc………(even the ac consortium of yard-fowls) if they and any other contributor do not see “eye to eye” on an issue, despite they will “tell you off”……they do not “hold you in mind.” And they share ideas. Ask Caswell anything relating to trade unions……. he would always give an appropriate answer. Wuh shiite, I duz got it “ding dong” with Bushie, WW&C and dpD, yet we still “pass jokes” with each other and acknowledge excellent contributions.

    You on the other hand, must always exhibit an adversarial, arrogant, condescending and narcissistic attitude. You don’t share ideas…..you try to force your ideas down the throats of contributors…..if they resist, you call them names. You do everything, even resort to dishonestly manipulating topics just to prove you’re right and others are idiots.

    You are the only contributor to this forum that is QUALIFIED and has KNOWLEDGE of EVERY SUBJECT under the sun.

    Hal Austin you are a DESPICABLE INDIVIDUAL and I don’t think I’m alone in saying you won’t be missed if you ever decide to stop contributing to this forum. When ac goes into hiding for a few days….. some contributors ask of her whereabouts……..

    Like

  • Remember, Hal Austin…………..age alone does not make a man…… a man.

    Like

  • de pedantic Dribbler

    @Northern re your 8:15 PM response to @Hal re : “I am saying that the failure to resolve the Clico disaster is a failure of regulation”, when you retorted “I respectfully disagree, the failure to resolve was due to political interference”…there really is no disagreement!

    I too share your perspective but after fussing with Hal on this I finally realize it’s saying the same thing…simply nuanced differently.

    Hal is hell bent on the poor regulatory angle whereas like you I believe it’s clear that there has been political control of the insurance supervisors for years….furthermore Hal offers a very facile perspective of resignation and/or refusal to say no…VERY facile.

    @Artax, was it YOU who called BushTea “acid”….whooa, you can throw some sulphur!

    Whatever happened to that old cliche: we can disagree without being disagreeable.

    Not to be preachy but how do you discuss PM Stuart’s ‘fabulations’ with your kids or young relatives, or for that matter the hundreds of fibs from the US Pres.

    There really is not a lot of daylight between their behaviour and the strong dismissive attitude read above…just saying, bro…just saying!

    Like him or not @Hal was a financial reporter for years in London. He could not have achieved that under false pretense so it’s amusing to say the least to berate the man as above….attack the idea and not the idea giver!

    Like

  • de pedantic Dribbler

    And oh BTW😁…. I have previously accosted @Hal for his also rather disagreeable manner….

    His ‘that guyanese’ as a prefix of suffix when talking about the former DPP was one such example of acerbic style….

    So I presume the other cliche would be something like two wrongs never make one right…😎

    Like

  • Artax January 16, 2018 at 10:09 PM #

    You are the only contributor to this forum that is QUALIFIED and has KNOWLEDGE of EVERY SUBJECT under the sun.

    You are the only contributor to this forum that is QUALIFIED and has KNOWLEDGE of EVERY SUBJECT under the sun.(Quote)

    Plse remind me: what have I claimed to be qualified in? Plse give me the topics that I comment on in BU, apart from finance/economics, socio-legal issues, social policy and, as a citizen, politics?
    As I have said before, I am not in a beauty contest and could not care less about being popular. All the topics I comment on, whether right or wrong, are based on my experienced and training. I try my best to be honest and polite.
    In case you do most realise it, debating is the sharing of ideas.

    Mentioning you do not know anything about the accountancy professions in the US or Canada is another shiite argument. Whether accounting is practiced is practiced in Canada, USA, UK, Barbados, Africa or the Middle East………. the PRINCIPLES REMAIN the SAME [e.g. international financial reporting standards (IFRS)]. The only difference between the financial statements of a company in Oman and one in Antigua is that former will be written in Arabic and the latter in English (Quote)

    This is why I have concerns about your arguments. Most jurisdictions have now transitioned to IFRS (I have mentioned this in the above contributions) with the exception of the US, which still uses GAAP.
    Plse explain the arguments surrounding the US refusal. Did you follow the discussions around the IFRS standards?

    Like

  • Mr. Austin

    Whether you care or not, I do not have a good opinion of you…….you are both a DISHONEST and despicable individual.

    I am NOT going to engage you EVER AGAIN in any “discussion” on any matter in this forum.
    +++++++++++++++++++++++++

    January 16, 2018 at 10:19 PM #

    Not to be preachy but how do you discuss PM Stuart’s ‘fabulations’ with your kids or young relatives, or for that matter the hundreds of fibs from the US Pres.

    There really is not a lot of daylight between their behaviour and the strong dismissive attitude read above…just saying, bro…just saying!

    @ de pedantic Dribbler

    Why the hell would I discuss “PM Stuart’s ‘fabulations’ and the hundreds of fibs from the US Pres” with my “kids or young relatives?” and how is being “preachy” applicable?

    As usual, I have serious problems with comprehension when it comes to some of your contributions. And I’m not even going to waste my time trying to understand.

    Like

  • @all
    This schoolyard banter of I won, is really of no matter?

    Most of the issues discussed within these halls, relate to life in Barbados, about the lives of Barbadians. In the end, the betterment of those lives is all that matters, it is the only win.

    Like

  • Barbados Underground is not a serious forum, because there is no serious discussions about issues, it’s all about personalities.
    If you are a BU favourite, many of the contributors rally around you. Woe if you’re not.
    De pedantic Dribbler is a yes man. He seems not to like Georgie Porgie and Artax. He agrees with anyone who attacks them. Just look at the ass kisser trying to push his lips as far as possible up Hal Austin’s ass.

    I read the posts of both posters and Half Austin kept shifting points and introducing new points to make it look like Artax was wrong.

    And de pedantic Dribbler, can’t you write plain simple English, I also have some trouble understanding what you write and usually scroll pass them.

    Like

  • de pedantic Dribbler

    Alas, @Artax as was our accord just a few days ago you definitely have comprehension problems.

    How you are unable to not discuss the actions of our PM or world leaders to your children and other young relatives is surely beyond MY comprehension.

    I presume then you also don’t use examples of top sportspeople a la a Messi or Serena Williams or even your alma mater stars the Brathwaites or a Frank Worrell to highlight good practices for success or avoidance of poor practices…clearly you are the only role model they need so discussing life through the lens of very topical issues/people is not needed…..SMH!

    Then again if the reference to MY being ‘preachy’ was lost and misinterpreted there should be little surprise re comprehension….😂😂…you are a classic senor!

    @Northern, one more tortured cliche…you can take the boy out of secondary school as he grows to be a man but you can never take the boy’s puerile behaviour out of the man!

    Life (for most people) is all about competition …just ask Stormy Daniels about that lil boy, winner-takes-alt, big head Don!

    Done wid the broken teeth old saws and poor comedy🤣, I gone.

    Liked by 1 person

  • de pedantic Dribbler

    Whooa, @Thomas please read this ONE then continue to scroll past my unintelligible drivel thereafter.

    For every doubting Lynley there is a wiser blogger.

    I presume persons lacking comprehension would not grasp that it’s hypocritcally absurd to blog about personalities in a post that does nothing more than bash personalities….And folks should take you with less than a pound of salt….hilarious.

    Incidentally, the discussion between Artax n Hal sans the personal vitriol was as solid on details as most chatter here… but that too would have been lost on you as obviously my past repeated tussles with @Hal.

    If bring polite is to be a YES man then I aim to be so guilty every post.

    Oh (per comprehension) that pound of salt comment is poor comedy suggesting you can be dismissed as no dietary intake should EVER include that overdose of ‘brine’.

    Liked by 1 person

  • This is the silly season, expect broadsides from everyone. We have done this already.

    Like

  • de pedantic Dribbler

    Greetings and salutations to you….. the exalted one……

    You KNOW that I’m ignorant and have comprehension problems.

    Why waste your valuable time focusing on me and what decisions I make with MY life (NOT YOURS)….. when you could focus that time and your supreme intelligence on the topics posted here for discussion…… and let me (and my kids and young relatives) wallow in my ignorance.

    Have I approached you for assistance that you’re making my problems a burden to you?

    Let it end here…..it’s simple….all you have to do is use the mouse or “arrow keys.”

    As the saying goes………when I dead…. duh en gine bury you.

    Like

  • millertheanunnaki

    @ Hal Austin January 16, 2018 at 10:38 PM
    “Plse remind me: what have I claimed to be qualified in? Plse give me the topics that I comment on in BU, apart from finance/economics, socio-legal issues, social policy and, as a citizen, politics?”

    You sound as if you ‘genuinely’ possess all ‘basic’ qualifications to be the BU polymath.

    It appears that the intellectually polygamous Hal, unlike some of us mere ‘shallow’ mortals, is able to comment on any topic under the Sun.
    And that “Sun” does not refer to the ‘gutter’ tabloid of British journalism with which you are most acquainted.

    It really boggles the mind why a ‘self-acclaimed’ reincarnation of Amenhotep in the ‘intellectual’ body of Hal Austin- the pharaoh of British journalism ‘specializing’ in all matters dealing with high-flying finance and new-age economics- can be so blatantly unpatriotic by not giving back to the land which ‘bred and nourished’ such supreme talents.

    So Hal, why are you all wrapped up in a blanket of uselessness in cold London when your country of birth needs you more than ever in its ‘finest’ hour of decision-making?
    Why are you allowing your ‘polymathic’ talents to end up in that sewer of futility while waiting for God?

    Please go back home and put those’ brand-new-original’ ideas of creating a Bajan version Canary wharf on River Road and Roebuck Street.

    Just remember, Mr. Austin, while you are cogitating on your next career move, the following admonition to people like you with Icarus-type perspectives:

    “To whom much is given, much will be required”.
    In “Basic” English it simply means ‘Noblesse Oblige’.

    And Hal you are always boasting about your ‘achieved’ talents and career successes.
    Now it’s pay-back time. Stop with the long talk and go home and walk the walk.

    Like

  • millertheanunnaki January 17, 2018 at 9:19 AM #

    It really boggles the mind why a ‘self-acclaimed’ reincarnation of Amenhotep in the ‘intellectual’ body of Hal Austin…..

    Just remember, Mr. Austin, while you are cogitating on your next career move…..

    And Hal you are always boasting about your ‘achieved’ talents and career successes……

    Like

  • millertheanunnaki

    @ Hal Austin January 17, 2018 at 9:33 AM

    Isn’t that a perfect summation of your daily rantings, the ‘ born-again’ polymath?

    We are sure Artax would do us a fine favour by ‘digging up’ forensically-sound evidence to support your prosecution as an intellectual fraud and liar.

    We only have to reproduce some of your long-winded ‘Notes from a Bogus Native Son’ and your superfluously arrogant daily drivel you expend your useless time submitting to the many blogs.

    Now who can be accused as being the A1 keyboard warrior and blog-patrolling terrorist?

    Now where is that ‘stolen’ idea of a Post Office bank you promised to implement before the foreign reserves run out?

    Like

  • O’ for the good old days when people on the blog challenged each other to duels…….

    Like

  • Sorry to -open old wounds, but here is a report from today’s London Evening Standard just for the record.

    “Construction firm Carillion went into liquidation on Monday 15 January EPA
    The head of the UK’s ACCOUNTING WATCHDOG took a pounding from MPs on Tuesday as the regulator admitted it had been secretly monitoring building firm Carillion for six months before its eventual collapse.
    FINANCIAL REPORTING COUNCIL chief executive Stephen Haddrill told a joint session of the Business, Energy and Industrial Strategy Committee and the Work and Pensions Committee that Carillion’s AUDIT signalled the beginning of the end for the business.
    Haddrill — whose organisation launched a formal probe into KPMG’s AUDIT work yesterday — told MPs that “confidentiality requirements” meant its monitoring of the company had to remain secret.
    A shocked Rachel Reeves, chairing the session, said: “If Ofsted had concerns about a school in any of our constituencies, parents would know about that. For investors in the company they have the right to know that you were actively monitoring a situation because you were concerned about it.”
    Reeves added that the FRC had “closed the stable door after the horse had bolted”.
    Haddrill conceded he thought the requirement for confidentiality in companies legislation “needs to be reviewed”. He also said the FRC had asked Carillion for more disclosures on contracts in 2015, saying they were “not as full as they should be”…….

    The FRC is probing the work of the AUDITOR on its assessment of Carillion as a going concern, its pensions accounting and the directors’ assessment of the outcome of the loss-making contracts which eventually torpedoed the firm. The FRC chief said there “must be enormous cause for concern about how the company was governed”……

    Like

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