2019 Special Audit of the Transport Board

It hurts like hell to know the general public- read mainly people in the lower socio-economic bracket- is being asked to pay $3.50 bus fare. Then we have to read how successive governments have contributed to the current state of affairs.

All sensible Barbadians must seriously question if the governance model has not outlived its usefulness or is it a case of too much learning. Surely the time has long passed for Duterte measures to be adopted in Barbados. It cannot be business as usual Mia!

Read the Special Audit of the Transport Board to confirm the sorry tale.

132 comments

  • a former Minister of Finance (not in Bim) told me Govt Financing is a black hole and never talk about it in any detail. he said very few understand it and those who say they do are liars

    Like

  • @Greene

    There is truth in this comment. The blogmaster recalls listening to a news clip out of Jamaica which highlighted a training session about government finances targeting MPs.

    Like

  • Vincent Codrington

    @ Greene

    @ David BU

    You are both right.
    Ministers of Finance need to do a crash course; and so do the Public Servants in their ministries.
    It is a” black hole” because finance and financial institutions continuously reinvent themselves. As Hal would say some technocrats employ models and tools of analysis that are relevant to a !970 understanding of finance and economics. Their shelf lives have expired.

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  • Vincent Codrington

    That should be “1970 “.

    We hear commenters talk of:
    “dollarisation “of currencies.
    Pegging to “a basket of currencies”
    The ” printing of money”

    Sovereign Debt default.

    What are the theoretical bases for these? How do these “prescriptions ” work ? What are the side effects of these “remedies”? What sections of the society become collateral damage?

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  • @ Vincent,

    Pegging to a basket of currencies (and commodities) – ie with your main trading partners
    Printing money – to meet infrastructural demand (ie a real urban regeneration programme) paid for across generations, the only downside side is creating asset bubbles, this can be prevented by removing that liquidity from the system. Quantitative easing. Create jobs and consumer spending and stimulate the economy. One way of removing liquidity is through a sales (VAT) tax.
    Do more reading on Modern Monetary Theory.

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  • Vincent Codrington

    @ HAL at 10 :01 AM

    We have been on all fours on these issues for several blogs now.
    In my working life I have always kept abreast of Monetary and Financial developments. I am now retired and I do keep up my reading and research in this area. It is my specialty. So I have trod the meandering paths of money and finance for over 50 years. And I am still learning.

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  • Well done Vincent.

    Liked by 1 person

  • @ Vincent

    Your question: We hear commenters talk of:
    “dollarisation “of currencies.
    Pegging to “a basket of currencies”
    The ” printing of money”…..

    What are the theoretical bases for these? How do these “prescriptions ” work ? What are the side effects of these “remedies”? What sections of the society become collateral damage?(Quote)

    My reply: Pegging to a basket of currencies (and commodities) – ie with your main trading partners
    Printing money – to meet infrastructural demand (ie a real urban regeneration programme) paid for across generations, the only downside side is creating asset bubbles, this can be prevented by removing that liquidity from the system. Quantitative easing. Create jobs and consumer spending and stimulate the economy. One way of removing liquidity is through a sales (VAT) tax.
    Do more reading on Modern Monetary Theory.(Quote)

    Your reply: HAL at 10 :01 AM
    We have been on all fours on these issues for several blogs now.
    In my working life I have always kept abreast of Monetary and Financial developments. I am now retired and I do keep up my reading and research in this area. It is my specialty. So I have trod the meandering paths of money and finance for over 50 years. And I am still learning.(Quote)

    Modern Monetary Theory is one theory which underpins printing money for infrastructural development.

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  • Vincent Codrington

    @ Hal

    The thrust of my Socratic questions was not to record my agreement or disagreement with the prescriptions,but a plea for them to support their recommendations given Barbados’ current predicaments.
    In short answers to why and how. David Bu may describe that as transparency. The days of “I am an expert . I know. Like it or lump it” do not fit a modern educated society. The latter is who/what we are. Respect due.

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  • Vincent Codrington

    @ Hal at 10 :40 AM

    We have been printing money for decades for infrastructural and mature sectors. I remember when I pointed this out to a colleague of mine, in a position paper ,he claimed he did not understand the paper. I took a virtual ZR van out of the place. The tax payer two decades down the road had to pay the costs.

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  • “Artax and you can add Charles Herbert to that list….”

    My dearest Mariposa

    How are you this afternoon? I hope you had an excellent week.

    Of course, Charles Herbert could be added to that list, so too could ANYONE who was formerly charged with any crime.

    So, what is your point? Unless, because I mentioned Inniss, you in turn mentioned Herbert to imply he is a member of the BLP? So, is it a crime if he is BEE? If you’re privy to information that suggests Herbert is a “bona fide” member of the BLP….. why not share it with BU?

    But, then again, I doubt you’ll share it…………… after all, NorthernObserver is still AWAITING a copy of the letter you “said” Herbert allegedly sent to Freundel Stuart…….. and he remains “waiting in vain.”

    I believe, as yard-fowls usually do, you’re assuming Herbert is a BEE because he had reason to protest against your former DLP administration. It’s an assumption you conjured up in your mind.

    However, I must remind you Donville Inniss is IDENTIFIED as a MEMBER of the DLP. He was a former member of parliament and Cabinet minister in your former DLP administration. He was formerly charged in the USA with alleging (1) conspiracy to launder money and (2-3) money laundering.

    And yuh know Donville implied that others also took bribes as well, which, “more or less,” cast dark clouds over the heads of former DLP Cabinet ministers.

    Their “presence in the USA from now and onwards would be placed under USA jurisprudence for scrutiny. One can bet (many of them) would (be scared to) put foot on American soil.”

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  • @ Artax

    i didnt hear that Donville say others in the DLP took bribes? i missed that.

    even if that is the case and i have no reason to doubt Donville, if he so said, do you believe that DLP politicians are the only politicians in Bim who took bribes whilst in Govt?

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  • @ Vincent.

    I would say we have a lack of information on implementation because once it’s been said not enough people push for details.

    Look at the position Bs recycling is in with their metal shredder. The thing is sitting in Bush for years waiting for relocation to Shop Hill. Remember it was there in the time of the D’s and also 13 months under the Bs. In the meantime old cars, fridges, stoves, washing machines etc are piled up all over the island. Mind you this is the same governments plural, that claim they need foreign exchange.

    Based on this though you will still hear a politician stand up and say 13 months ago ” we intend to expand the green economy and promote recycling.”

    Talk vs action one more time.

    Liked by 1 person

  • NIS in good shape after debt restructuring

    Well, well, well. Just when the Dullard thinks it can’t get any more ridiculous we get these idiotic statements. This NIS Manager of Investments should be summarily dismissed.

    In which alternate universe can a portfolio of almost 75% junk debt have a haircut and be in good shape?

    The nonsense that people get away with in Bim amazes me? Why has no one called out this folly?

    Surely, eveyone on the island can’t be this incompetent?

    Liked by 1 person

  • @ Dullard

    I am even more amazed that the so called press let it go unchallenged. Having said that not a man or woman from any opposition party challenged it either.

    But it goes further when he says ” we are confident as the bond interest will increase in the latter part to twice the amount”. What he didn’t make clear is that yes it will increase by twice the amount but the amount BEING PAID POST DEBT RESTRUCTURING. He also forgot to mention that even the increase to twice the amount is still less than the pre debt restructuring return, oops missed that.

    He then goes on to speak about having another $4b in strong assets. Suppose I told you those STRONG ASSETS are probably not even earning a return large enough to out paste inflation you would doubt me?

    I will state now and I challenge anyone to say I wrong, that there is no way on God’s green earth that the NIS can earn a rate of return over the next 15 years anywhere close to the last 15 years. So that means higher payments for employees and employers and the fact that you might get your first pension cheque and death benefit cheque in the same envelope!

    Liked by 1 person

  • Dullard skip back a page to older comments and will see what the situation looks like in reality. Vincent and I had our say there.

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  • @ Vincent,

    Something is seriously wrong with our nation, but no one holds their hands up to account. Go back to BERT for inexplicable economic policy nonsense by our roaming president. Defaulting is always an option, but not the first within days of coming to power – and it appears as if it was discussed even before the general election.
    That is political dishonesty, not economic policy. But if we compare them against the gross incompetence of the Stuart regime, they look like geniuses.
    Our media are an ideas free zone; our academics are playing three monkeys: can’t hear, can’t see, can’t speak, even the church is part of the conspiracy. Barbadians deserve better than this. Some of us must step up and save Barbadians from themselves.

    Liked by 1 person

  • @ Hal

    When You say something you Anti-government or have an agenda. Even when you share figures that support your statements you still anti-government or a party loyalist.

    Liked by 1 person

  • “i didnt hear that Donville say others in the DLP took bribes? i missed that.”

    Greene

    I wrote: “And yuh know Donville implied that others also took bribes as well, which, “more or less,” cast dark clouds over the heads of former DLP Cabinet ministers.”

    Could you please INDICATE to me WHERE in the above comment I made a DEFINITIVE statement that suggests “Donville say others in the DLP took bribes?”

    According to you in a previous contribution, “i would be glad to amend that statement if you can show me” where I “said so.”

    On several occasions I posted contributions to this forum in which I mentioned there aren’t any fundamental political, ideological or philosophical differences between the BLP and DLP……. and some members of BOTH political parties are CORRUPT.

    As a self-proclaimed DLP supporter, when any criticism is made of that party, you would obvious see the “blues.” But, if a member of a political party…….. let’s call it “Barbados Liberation Organisation”…….. was indicted in any Court for accepting bribes, mere months after losing a general election………… and subsequently goes on to imply others took bribes, obviously, any rational thinking individual would query whether other members of the “BLO” took bribes as well.

    Why???? Because that allegation casts a “dark cloud” over the heads of his/her colleagues……. it creates doubts in the minds of people…….it brings those colleagues into FOCUS and under public scrutiny……

    …………….and NOT members of ANOTHER political party, even though when at the helm of government, its members may have been involved in taking bribes as well.

    You need to relax a bit, my friend…… take a deep breath and read thoroughly before responding.

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  • http://www.nationnews.com/nationnews/news/240494/bus

    The Transport Board shall be repaid for any duplicate invoicing that may have occurred through the years – but they must prove their case.(Quote)

    I like that. Big bad and bold.

    A wimp like me would have said “I apologize. It was a mistake. We will investigate and return any amount where there is duplicate invoicing. It will not happen again. I am truly sorry”.

    Not this hero “I know that you paid twice for some items, but you are going to have to show me where you paid twice. If you cannot show me, I am keeping your damn money”.

    I like that. Decisive, big, strong, bad and bold. Straight into the Hall of Shame

    Liked by 1 person

  • For a long time now, we have been hearing about the “shady deals” between TB and Trans Tech Inc., where the latter was charging up to twice the amount UCAL normally charge to fix bus transmissions…… and received the bulk of the work.

    Therefore, it should not be a surprise to anyone when Trans Tech Inc. was identified as the company involved in the “double invoicing” TB for services rendered.

    However, rather than discuss these types of issues……….. we prefer to babble on about “why HC is about to change hours of operation.”

    Liked by 1 person

  • @Atax

    We hope you are not trivializing the importance of efficient traffic management? One cannot be one dimensional when assessing the needs of Barbados.

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  • Vincent Codrington

    @ David Bu

    Artax is emphasizing the fact that an efficient Transport Board will contribute to the free flow of traffic into Bridgetown and its environs. More buses; fewer motor cars and mini vans. Most persons buy motor cars because of the unreliable public transport service. In cities larger than Barbados buses move 70 % of commuters at peak hours.

    Like

  • Piece the Legend

    @ Artaxerxes
    @ Mr Vincent Codrington

    Both of you are too kind to the Honourable Blogmaster

    He titled the blog HC something or the next

    Now he would seek to say his article was really about “Efficient Traffic Management and the sub issue about Harsun College was a passing soundbite”

    Be careful how you say those words about “babble” on cause de ole man finding dat when dese people call a ball of jobby, the queen jewel, if you so ingrunt to call it shy$e, you gine get crucify

    Liked by 1 person

  • Artax
    June 29, 2019 1:38 PM

    It is not only about putting feet on foreign soil. If there are illegally gotten gains and if those pass through the banking system, that is all it takes.

    At least one bank here is listed on the NYSE and the others all have correspondent banking I,.e they are under international jurisdiction.

    Have patience, the tree is about to be shook and all like Mariposa are going to get a surprise.

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  • The focus of the finances of SOEs is triggered by BERT?

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  • NorthernObserver

    Yes. Bert VanSelm.

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  • Vincent Codrington

    @ David BU at 7:37 AM

    The focus of the poor financial management of SOEs preceded BERT by about 8 years or longer. We are still not addressing the fundamental problems. 1.

    Efficient collection of the user fees from the beneficiaries.
    Deciding on a break even price for the user services.

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  • @Vincent

    There is a lot of the work to be done.

    One feels almost helpless given the burden of the tasks to be done.

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  • Vincent Codrington

    @ David BU at 1:37 PM

    Do your share and demand that others do theirs. One is not expected to carry the burden alone. Equal pay; equal work/output.

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  • @Vincent

    Thanks for your feedback and participation on the blog. You do it with class.

    Like

  • Vincent Codrington

    @ David BU at 3:40 PM

    You are so generous. . I do try. It is heartening to know i do succeed some of the time.

    Like

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