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.

140 comments

  • SirSimpleSimonPresidentForLife

    I was at a bus stop this morning for nearly an hour. A young man was there with his son, a boy of about 7. After a while I decided to walk to my destination. The father and son were going farther on, a bit too far to walk for a young child. When I left they were still there. I don’t mind having my time wasted as I have nothing to do, and all day in which to do it. But a young man and his child should not have to wait so long.

    And to think that the Transport Board has for years been wasting the TAX PAYERS MONEY.

    While young children are made to wait, and wait and wait…

    When will we Bajans realize that we do not waste the government’s money, but that we are wasting the TAXPAYERS money? Taxpayers like that young father.

    Liked by 1 person

  • Real VOODOO ACCOUNTING

    Liked by 1 person

  • Politicians are directly responsible for the current crippling financial and operational state of the Transport Board (TB).

    The TB has been run to the ground with the politicians and their dummies at the wheel.
    Next stop on the road to financial and operational ruination is the Barbados Water Authority leading to the forced privatization of that vital utility to foreign owners in order to obtain continuing IMF bailout funds to pay for the country’s lust for foreign trinkets and toys.

    Why are there still Mercedes and high-end SUVs in the showrooms unless their potential owners have bank accounts denominated in foreign currencies?

    Hard ears Bajan wouldn’t take heed about their conspicuous consumption habits, hard ears they will feel when the shit hits the fan made by the blue-vex overseas creditors.

    Like

  • NortherObserver

    The Auditor General must be in line for a Sainthood.
    He has failed to provide relevant financials, like how many suppliers had the TB on C.O.D and how much they were owed. It’s the IMF who is forcing account payable settlements.
    Recall the numerous press conferences where the Union representing TB drivers, were telling how many drivers were getting paid but had no bus to drive. Over 50% of the total drivers.
    How the MoTransport told us to alleviate the TB bus shortfall he would issue new PSV licenses to ensue the island had enough buses.

    Like

  • Organizations like the Transport Board are packed with sycophants of both parties when they are in power. I once worked in one of them. One couldn’t tell the sycophants anything. They did as they felt like doing. That was over thirty years ago. I was fired as a result of my refusal to do things that reflected badly on myself as a professional in my field. Things seem to have gotten worse with time.. As long as largess continues to be the order of the day, corruption will continue. This country is basically a failed state.

    Liked by 1 person

  • @Dr. Lucas

    We always come full circle whether discussing the BWA or the Transport Board. The common issue is the inability of a so-called well educated people to identify and remediate issues for the collective good.

    Like

  • @David

    Noted. The educated are interested in social advancement only. They sit and passively accept wrong doings As a result the country is in doldrums,

    Liked by 1 person

  • TheOGazerts & Associates (Restructuring & Financial Experts) - ISO 30025 certified

    (We repair buses. We do it better and cheaper)
    (We do restructuring. We do it cheaper and better)
    (We fix water mains. We do it cheaper and better)
    Sewage problems? We fix the lines cheaper and better,,,
    Financial problems? We have loans….

    I am beginning to notice that TheOGazerts & Associates work on many of the problems that afflicts Barbados.
    A word to Mia should be sufficient.

    And to you the words “Finders fee” should be sufficient

    Our motto: If it is under the sun, we do it. We do it cheaper and better. If it can be fixed, we can fix it.
    We have the highest level of ISO certification.

    Whilst some are stuck in the past with 9001, we are ISO 30025… That more than 3 times the 9,000 level.
    ==============================XXXXX==========================
    Life can be beautiful.
    Wishing all of Barbados a beautiful Friday.
    Hoping your day starts with on a beautiful and pleasant note.
    No mater how serious things get, find the humor in the situation.
    Have a Great day, Barbados

    Liked by 1 person

  • David

    What else would you expect.

    This is what governments do.

    The only thing governments can do

    More studies, more marking of time, more embracing of failure.

    An inability to consider that the entire neo-liberal capitalism principles have reached their end point, can go no further.

    You should expect more of the same.

    Like

  • @Pacha

    Governments elected by the people? Governments selected from the people?

    Like

  • “I forced as a condition to serve in Cabinet that they all submit their declaration of assets which the Cabinet secretary has held in sealed envelopes pending the completion of the establishment of an Integrity Commission. That Commission I’m told will soon come,” she said.

    https://barbadostoday.bb/2019/06/28/steps-to-stamp-out-corruption/

    Like

  • I said weeks ago you can’t throw more money behind inefficiency and expect it to fix the problem. While this RH foolishness continues how did we address it? We increased bus fares by over 50 percent. There is one person here that needs firing and it’s the person that approved the payment. Not the Minister, not the bus driver or the mechanic. Will he or she ever be fired, of course not it’s after all the civil service.

    Liked by 1 person

  • @John A

    How does the government hold political appointees accountable?

    Like

  • Before the comment is misconstrued, political appointees versus being qualified read competent.

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  • Vincent Codrington

    @ John A at 7 :50 AM

    No. it is not the Civil Service. It is a State Owned Corporation.
    The Minister appoints the Chairman and BOD . BOD appoints the CEO and other senior officers. Who appoint should disappoint. Further more ,prima facie , how would you describe this activity? We making RH sport in this place and for a very long time. Systems? It is people.

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  • As a pensioner barely eking out a living with our high taxes, this type of behavior really hurt …… the Auditor General should be commended for bringing such bad behavior to light but he should name Company A, Company B, & those who signed off in the QA Dept.!!!! Time for TRANSPARENCY, as promised!!!

    Like

  • @Vincent

    Yes it’s people but it’s more about the calibre of people appointed. You and I know boards are appointed here as rewards for political patronage. In other words a B would be given a chairmanship now over a better qualified D. So you have started with a broken formula. Now the workers and management are still all civil servants protected by the civil service and unions. To fire one of them is dam near impossible as a result. Now my radical suggestion would be for all entities like the Tranport Board to be governed by rules similar to those used in the private business sector. So you thief or don’t produced you go.

    My point is you can’t have an organisation run by a board aiming for greater efficiency and then saddle that same board by employee protection based on the civil service act and Union flag. Before I get cuss for being anti union what I mean is yes they have every right to be unionised, but when you give them the power for example to shut down the bus service because a driver get “unfair”
    Then the tail wagging the dog.

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  • Vincent Codrington

    The higher the monkey climbs the more he exposes his Rs. Stop the leaks and the system will function.

    We do not need any transparency.
    We do not need any accountability .
    We need to put some free range
    criminals behind bars.

    My calypso progressing well.

    Like

  • @Vincent

    I think the day you see any jailed for thiefing is the same day you will win the calypso crown 😂

    Like

  • David 07:02

    That those are the popular memes, yes!

    But they are meaningless. Those structures can make no critical contact with the problems we now face.

    They have been made irrelevant by the passage of time, the shifting power relationships, the gaming of the system etc

    The radical transformation this country needs has not been traditionally brought through a ballot box.

    And to expect this administration to do anything but operate near the central tendencies of all others before it was always representative of a surplus in expectations on your side.

    Like

  • Vincent Codrington

    @ John A at 8 : 22 AM

    Because we wanted the Transport Board to function like the Private sector we designated it an SOE. We did not make it a department of the Civil Service.
    The BOD of SOEs has the same statutory obligations as that of a Public Liability Company. Workers joining a trade Union does not change the status. We are a Democracy. It is the persons so appointed that are negligent and unprofessional.

    Like

  • Vincent Codrington

    @ John A

    I am still in the drafting stage. My Calypso going to be ready for this Crop Over. I hope your correlation tracking too.

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  • @ Vincent.

    I get your point but we still have the problem in the SOE ‘S OF what I would refer to as the civil service approach. For me you either go all the way or not at all. If you want it to run as a business then privatise it. IF you want it to be the political nesting point for yardfowlism and political gratuity then find left it so. Where you and I differ is I don’t see any middle ground as decades and various boards have shown with the said SOES

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  • Vincent Codrington

    @ ks at 8 :12 AM

    The Auditor General has discharged his responsibilities. Each of his reports were specific to irregularities of each department and state corporation. Any further actions must be enforced by other entities of Government.

    Yes . There are 280,000 Barbadians suffering the same disgust as you.

    Like

  • @ Vincent

    @ David

    The solution as I see it is to scrap the SOE approach all together and replace it with joint public/private sector companies where government holds a maximum of 49 percent of the ownership. That way they can’t send party locals for jobs and take up buses for excursions. They will however be entitled to 49% of the profit which they can then deposit to the consolidated fund. Only then will you have a genuine company based on a business plan and not politics. Again I ain t hiding my breath for that to happen.

    SOEs here are like a unicorn. Half horse half myth

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  • Vincent Codrington

    @ John at 8:48 AM

    Changing the corporate status does not solve the problem.
    There are gross inefficiencies in the Private Sector. They end in business closures or passing the costs to consumers if they are monopolies.
    We are back to personal and professional competence and integrity. You cannot escape these very human short comings in Barbados 2019.

    Like

  • SirSimpleSimonPresidentForLife

    @TheOGazerts & Associates (Restructuring & Financial Experts) – ISO 30025 certified June 28, 2019 6:38 AM

    Oh my goodness!!! So you have moved on up?

    Like

  • SirSimpleSimonPresidentForLife

    @Pachamama June 28, 2019 7:01 AM “An inability to consider that the entire neo-liberal capitalism principles have reached their end point, can go no further.”

    Are you Putin or one of his clones?

    i notice that he is saying the same thing this morning, or afternoon, since he is in Japan.

    We do not share your views nor Putin’s.

    Somebody needs to tell Putin that the killing; and the raping of millions of black women in the Western world were all done by white men like him.

    Putin just needs to look in the mirror if he wants to see what a trouble maker looks like.

    Like

  • SirSimpleSimonPresidentForLife

    @John A June 28, 2019 7:50 AM “There is one person here that needs firing and it’s the person that approved the payment.”

    Actually the person or company which submitted two invoices for the same work should be fired too.

    Maybe I should be teaching ethics at BCC.

    Liked by 1 person

  • David

    What’s up with those missing Americans?

    What is the talk around town?

    Like

  • Vincent Codrington

    Sir Simple Simon at 9:20 AM

    Not only should you be teaching Ethics, you should be teaching Demography and Bayesian Probability at Cave Hill. I love your intervention on another blog on life expectancy of males and the relative costs of adding 5 years there to.

    You are a Boss.

    Like

  • @John A

    You should recall why SOEs were preferred by the Arthur administration.

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  • SSS

    We are indeed honored that you have found it fit to associate us with the great Vladimir Vladimirovich Putin.

    For as world leader go he is without peer. Should you have had the courage to add the greatest current leader of them all, Ayatollah Sayyid Ali Hosseini Khamenei, your point would then to complete.

    You would generally notice that we seem to like all the people your ilk love to hate.

    Specifically, on the points about the nadir of neo-liberal capitalism. We were not aware that Vlad had made the statement attributed. However, we ourselves have been making such a general narrative for 30 years, ask Sir William Skinner.

    Maybe, just maybe, Putin has been a student of ours, and not the next way around. LOL

    Like

  • @Pacha

    The speculation spans the gamut, from poorly working machines and defective kill switch to drugs related.

    Like

  • Piece the Legend

    @ TheOGazerts & Associates (Restructuring & Financial Experts) – ISO 30025 certified

    When the news arrived de ole man immediately wondered

    Where you left the Gatling M134D

    And

    Where they going wire the Money for your services Commander Theophillus

    If it going to be wired to new Jersey then dont take the money cause it going be a sting and you going be held and an ankle bracelet put on you OR WORSE!!

    I wonder if they know that you going use the money to buy a new indestructible whip to beat the Rented jackasses Hee Hee and Hee Haw

    Like

  • @ Vincent.

    Yes private business have failed too but the mere fact that the majority still operate, many after 50 years shows we have skills out here. There is also a wealth of knowledge in alot of young accountants and business minds available to us too compliments of UWI.

    I know you say I am a optimist but if at the very least a private public sector company could get annual financials done on time wouldn’t that at least be a start? Also even of the new company is not profitable would that not be better than losing $60 million dollars a year and replacing the same bus transmission once but paying for it twice?

    Now as for the calypso you bringing, I going left the singing to you and stand by you and hum. If I sing place going empty quick! Lol

    Like

  • @ sir simple

    Yes the company that sent in 2 bills for one job was dishonest but let me ask you this. If he didn’t think that he would be paid twice would he of done it? Maybe he was instructed by someone to ” if you want to get pay bill me twice, one for me and one for you”

    So some of weak fortitude might do it to keep their business afloat while others might say carry your tail I ain t doing that.

    The point is if it wasn’t allowed and maybe even encouraged, no one would risk it

    Liked by 1 person

  • Vincent Codrington

    @ John A at 10 :03 AM

    Private businesses have departed this landscape over the past four decades at an amazing rate.Tell me how many Private businesses listed in a telephone directory of 1970 exist today. The Transport Board outlived them.. We know what is necessary for it to function . We need to stop the filibustering.

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  • @Vincent

    Transportation is a public good. This might explain why the TB is still going.

    Like

  • @ Pachamama June 28, 2019 9:51 AM

    Putin has out foxed all of them. What he has said about liberalism and multiculturalism I have endorsed on this blog many times. I hope Hal is paying attention to what Putin has said. To cite an example of how silly the proponents of multiculturalism are: take the case of the black actor Idris who wanted the lead role in James Bond. He wasn’t given the role and he has cited racism as the reason. The best words that I can use to describe him, is that he is being naïve.. Bond ‘s role was earmarked for a white person not a black. The whole ethos and hubris of James Bond wreaks of whiteness. He feels that multiculturalism ,means he should be given the role. Similarly , in this week’s “Daily Mail” another black actress was hollering about more roles for blacks. The UK is a white man’s country and white people are in the majority. Black and brown people are in the minority and stand out. you can’t go into a man’s home and make demands on the home owner: this precisely what political correctness and multiculturalism have being doing.

    Liked by 1 person

  • Vincent Codrington

    Public Transport is a public good. And to be effective and efficient ,it has to be managed in a business like fashion. No guess work. No political interference in its daily operations and no jobs for unqualified lazy yard fowls. Those who engage in unlawful activities should be separated from the corporation.

    Like

  • Vincent Codrington

    @ John A

    Making a financial profit is no indication that an institution is efficient or viable.

    Liked by 2 people

  • @ Vincent.

    Look at how you walk straight Into my argument. If private business had the privelage to lose 50 and 60 million dollars every year and still have a fairy God mother ( central government) top back up their cheque books every year so they could lose $50 million more next year, you don’t feel them businesses would still be around today too? You feel the transport board outlast many for their economic principal? No they are there becaUse their cheque book is refreshed every year off the backs of taxpayers. Whether you call them OSES or PES ( parasitic entities ) they all only exist today because the feed off you and me. Cut the subsidies and see how long they last based on their current formula for business.

    Can’t therefore agree we can fairly say they lasted since the 70s for any positive reason, other than being good at holding out there hand for a cheque from central government every year for the last 50 years.

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  • re Maybe I should be teaching ethics at BCC.
    in f——–p—–?

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  • SirSimpleSimonPresidentForLife

    @John A June 28, 2019 11:10 AM “have a fairy God mother.”

    I sick and tired of being fairy godmother. Just now I gine turn into the evil fairy godmother.

    Like

  • @ sir simple

    You and me both tired of being the tax suckers.

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  • Vincent Codrington

    @ Jjohn A at 11 :10 AM

    I am not here to defend public corporations nor the Transport Board. I am quite familiar with the economics and operations of publicly provided goods and the reasons for their existence. Historically, education ,health,communications including roads are public goods because they are foundational to building a modern civilized society at low cost to the consumer. Public Transport came into existence in Barbados after the private transport system became inefficient and unreliable. To have allowed the private concessionaires to have an economic bus fare would have undermined the economic development of Barbados given the low wages paid in the new industries. We were quite aware that public transport had to be subsidized. I am not aware that the figure you quote of $60 million per annum was ever reached.
    Obviously you do have inside information. If that is true please check for leaks.

    Like

  • @ Robert Lucas

    what nonsense are you talking with respect to multiculturalism and making demands on the landed population. the entire occupation of the so called new world was a demand by whites to occupy land making the natives a minority and in some cases wiping them out all together.

    then again that may not count. too long ago or different eh.

    Like

  • @ Vincent.

    Let me clarify what I am proposing. A PPS company with 2 shareholders. Government holds 49% and private investors 51%. This could be made up of one other private company or any combination of interest getting to gather to form said company. The board will have 7 directors with 3 from each shareholder and a chairman elected based on the acceptance of the 6 appointed directors. You will then place a contract in the company bylaws where the chairman will be reelected at the AGM by the body corporate.

    The directive will be for the company to be basically a non profit operation, with them passing on any savings to us the tax payers and users as oppose to posting a profit. Bus fares will then be set based on this company and the fair trading commission reaching an agreement on rate.

    If government decides ” fellows this thing been costing us $50 million a year so we will give you an annual subsidy of no more than 10 million” great we off to a start.

    So right away the state saves $50 million yearly, the transport board is run as a business and any profit made is passed on to the tax payers and users by a reduction in bus fares.

    You want a simpler and fairer approach than that to all involved?

    Lord I should really be charging for this! Lol

    Like

  • @ Robert Lucas

    wrt Elba-

    quote———-Elba told the magazine he doesn’t like to seriously entertain the idea due to racist backlash he’s experienced that stemmed from rumors he may be cast as the iconic spy.

    “You just get disheartened,” he told Vanity Fair. “When you get people from a generational point of view going, ‘It can’t be.’ And it really turns out to be the color of my skin. And then if I get it and it didn’t work, or it did work, would it be because of the color of my skin? That’s a difficult position to put myself into when I don’t need to.”

    Elba said he wouldn’t go out of his way to get the role, but admitted that he’s intrigued by the idea of a black James Bond and that if the role was seriously offered to him, he’d take it.——quote

    https://www.huffpost.com/entry/idris-elba-james-bond-racism_n_5d152daae4b07f6ca57aa2a9

    where did he claim racism for not getting the role when it has not been finalised yet

    Liked by 1 person

  • William Skinner

    @ Pacha
    You are correct . We must now move toward an economic model that will benefit the New Caribbean Nation. The question is whether we can redirect our intellectual capacity toward our own model. We must swiftly abandon the idolatry we now practice and look inward. The work has started . Let us finish it.
    The same energy we have put into analyzing other systems needs to make a quantum leap into the building of a truly Caribbean Nation model.

    Like

  • What’s nauseating is that many of the “saints” on and off BU are the same double invoicing employees and business owners facilitating the tiefin.🤐

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  • One of the factors the Special Audit Report attributed to TB’s inability to provide a consistent, scheduled service, was the unavailability of parts.

    In previous contributions to BU articles on the Transport Board, I mentioned a 2000 Mercedes Benz Marcopolo Torino bus, BM42……… which was refurbished and parked awaiting to be licensed and insured.

    The unavailability of parts caused a two-fold situation. (1) Parts were taken from BM42 to repair other buses to keep them on the road……… and (2) this bus has been completely stripped and its body placed on four barrels.

    Imagine, for example, 10 buses going into TB’s workshop awaiting repairs. In the meantime, parts are taken from them to keep other buses that go into the workshop for minor repairs on the road.

    This practice results in 10 buses being “cannibalized”………. and the process goes on and on. Obviously, if parts aren’t immediately available for minor repairs, there won’t be any for major repairs.

    Hence, these stripped buses will prove to be more expensive to repair and will eventually be parked in the “bus cemetery” at Mangrove.

    And TB’s fleet will be depleted by 10 buses as a result.

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  • @ Vincent.

    I only used the figure of $60 million as I heard the last minister of finance say the board was costing the state $5 million a month so I rounded it up at $60 million a year.
    Whether it’s 60, 50 or 51.2356 million, it is nuff more than the $10 million I am proposing as the annual subsidy to the new PPS company.

    You feel we could get a fancy gold embossed letterhead and tender for the project? Then again that would get in the way of the album release for cropover😂

    Like

  • Never thought that i would envision a Barbados where corruption escapes no one
    This country seems to be made up of liars scalliwags and scumbags
    Btw have the authorities found the missing tourist

    Like

  • Vincent Codrington

    @ John A at 12 :35 PM

    As my mother would say you will have to show me the “working”. I cannot work with any hypothetical figure of $10 Million. I do not believe in PP partnerships, especially those that do not have a profit target. Water and oil do not mix.

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  • “Never thought that i would envision a Barbados where corruption escapes no one….This country seems to be made up of liars scalliwags and scumbags..”

    Mariposa

    Spot on. You are correct.

    Over the years I have heard rumors of corrupt practices undertaken by politicians and other public officials.

    Unfortunately, rather than Barbados police, the USA justice system brought rumor to reality by arresting and charging your own “liar, scalliwag and scumbag”…… Donville Inniss…….. for corruption.

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  • @ Vincent.

    Have faith we must find new approaches as the old ones have failed us miserably. Don’t take my figure of $10m as a carved in stone amount. The MOF at the time would have to decide what level of subsidy, if any she is comfortable with. Or she may go the other way and say take the assets at $1 and break for yourself from there. Either way there is a solution here trust me.

    As usual nice chatting but I got to go catch the ZR as work awaits. Catch you later..

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  • JOHN A. 12:01pm

    Can I have about 50% of that profit to be shared between the workers?

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  • Artax and you can add Charles Herbert to that list
    Reason being a suspect and and formally charged with transporting drugs to barbados his presence in the USA from now and onwards would be place under USA jurisprudence for scrutiny
    One can bet Herbert would never put foot on American soil

    Like

  • @ Greene June 28, 2019 11:54 AM

    On the face of it ,you would seem to have point. I am going to emend my comment by stating ” you can’t go into a man’s home and make demands unless you have superior technology (arms) and the home owner is given the ultimatum ,yield or suffer the consequences. That is what happened to the native Americans and the Amerindians. I get the distinct impression that your comment was made tongue in cheek.

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  • @ John 2

    Of course that is the idea of such a company it is to encourage efficiency in a manner where productivity is rewarded. So you would have incentive schemes for drivers with the best on time record and incentives for the say the best one time fix rate in the workshop. In others words when he fix it once it done fiix. No going back 3 times for the same noise! That is what free enterprise and business should all be about. Not reward the party faithfuls but who willing to work get treat like a dog.

    You know sometimes you pass and see fellows putting on certain roofes around the island. If you knew what some of those guys make a square foot you would faint! Incentives bring productivity.

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  • @ Greene June 28, 2019 12:06 PM

    It was either yesterday or day before “Daily Mail : online.. I really didn’t pay much attention:since as far as I am concerned James Bond has passed its sell by date.

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  • @ Greene

    “The Wire actor also expressed his disappointment over some Bond fans ruling him out as 007 due to the ‘colour of my skin.’ He had other things to say in the article in the “daily Mail” down-playing his disappointment. You can interpret the above statement any which way you please.

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  • The state-owned public transport company dates back to the time when the masses could not afford a car and there were no private buses.

    The state has repeatedly shown that it cannot manage transport at a reasonable cost. So let us liquidate this state enterprise and leave public transport to the free market.

    Moreover, we need a limit for individual transport: no SUV, no cars longer than 4.50 m and wider than 1.70 m, only 1 car per family. Tax exemption for imports of electric vehicles powered by solar energy only.

    This saves us a lot of foreign currency

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  • @ David.

    I think what we as a people need to ask ourselves is do we want true change which may require a more radical approach, or do we want superficial change that would not rock the boat too much?

    The TB is a classic example. Governments have come and gone, boards come and gone and in the end what? The question is will any government be willing to step up to the plate and say enough is enough?

    I am not convinced we are at that point yet especially with Pacha’s duopoly in play.

    Like

  • @John A

    True change must be led.

    Will the true leaders please stand up!

    Liked by 1 person

  • @ John A.

    Part of my share of the profits would be directly to the employees as profit sharing( say 25%) and the other part (25%) would go to incentives (as you mentioned).
    I would also include attendance awards as this seem to be one of the main problems in Barbados = increase productivity and less drain on NIS.

    Then ISO XXXX can easily be implemented.

    ISO as per SB will get a lot of push back.

    Like

  • More Proof of Crooks, Liars, and Scumbags, Will never change those 3 words but can surely add more names to the list of the kind of People crooking the Nation!,

    Liked by 1 person

  • Vincent Codrington

    The more things change; the more they remain the same. Same old crooks,same old liars ,same old scumbags.

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  • Vincent Codrington

    Wow!! This calypso coming along fine.

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  • @ Vincent

    You better be careful your tail don’t get pelt with bottles and you got to run off that stage for cover! Don’t worry I got a helmet you could borrow. 😁

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  • Vincent Codrington

    @ John A

    So you want to take away my poetic license too? Wuh! Loss!!

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  • Bus brek down. Get de mechanic to find out why.

    If parts needed, buy them and install them.

    Tek de bus fuh a test drive to mek sure nutting else wrong wid it. If all okay put it back in service.

    buh doan mine me. I ent nuh mechanic nor nuh manager. I just does write shiite on BU.

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  • @ Vincent.

    Wait you read the man in charge on the NIS investments in Barbados Today?

    He says the haircut on the $3.2billion dollars should not hurt them too badly in the long run. I want some of what he smoking real bad! You going lose roughly 6 percentage points on $ 3.2B interest wise and you going make it up, tell me how I beg you?

    Then he says they have another $4B in assets that good and will help them weather it. So roughly half your asset base get decimate in the debt restructuring and you going make it up by you other investments like the ” Grotto ” and other fine performing cost overrun assets? Then government owe you just over $400M too. Don’t worry dem will give you a piece of paper for that called a bond.

    He really think he talking to a bunch of 10 year old math students now learning to dam well add!

    I said a few weeks ago don’t be surprised if NIS contributions don’t hit 30 % of insured earnings in the medium term. I would now like to revise that to read “the short term.”

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  • You could imagine they had journalist there and they allowed such hairy fairy statements to go unchallenged.

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  • Vincent Codrington

    @ John A

    No. I did not hear the report. Why did the technocrat feel the need to talk to the press?

    Like

  • Go to barbados today and take a read its on their page now. Check how he plans to make up the loss. I asked myself the same question but I think some been pressuring to hear how the haircut would affect the NIS finances So they felt compelled to make a statement. Dem could really of keep quiet and not embarrass themselves with what was said!

    Then again I blame the so call journalist for not picking up on this and holding his feet to the fire.

    Then again cropover here so them must be busy reviewing feted.

    Liked by 1 person

  • @ Vincent

    Sorry last word was fetes .

    Liked by 1 person

  • @John A

    Read the report and asked what about impairment value. Maybe Artax the Accountant can comment.

    Like

  • So much has been said of the “poor management”, the “inefficiency”, the lack of Financial controls and lack of Financial reporting of Government run Departments and Corporations, that it is a joke. It boils down to tiefing and corruption, nothing more, nothing less. We are the same as all the African and Latin American Nations that have been robbed by their Governments.

    Like

  • @ David

    What we are looking at is on $3.2b in bonds say in total, receiving on average let’s be kind and say a 5% cut in interest return a year is $150M in shortfall there alone. Now remember this worthless paper is roughly just under half of the total portfolio of the NIS.

    We now turn to the other $4b in assets. My question is $4b based on what you paid or based on today s market value? So another book adjustment there in your tail.

    So when you hear statements like ” we will make it up” you know he mean wunna will make it up in higher monthly deductions and a deferred retirement age.

    Plus remember this $3.2b in worthless paper is only a booked value based on purchase price, not a cash redeemable value. So down the road when the NIS run into a cash flow problem it’s not like they can call in say $400m in bonds from central government and get cash value in 30 days from goverment. So any short fall from a cash flow WE the tax payers and contributors will have to make up.

    Don’t mind how they gloss it over trust me that day is quickly coming. What I have a problem with is the press not backing them into a corner and forcing them to put the numbers on the table.

    Like

  • Vincent Codrington

    @ John A

    What numbers you want them to put on the table? The most relevant question should be how will they recoup the loss in the long term. Describing the process is important. Right now it is just baseless propaganda.
    .

    Like

  • @ david

    You see the prediction Owen Arthur made a year or so ago where he said the NIS could take a hit of roughly $1b he ain t wrong.

    Think about it if a billion is 1000 million look at the below numbers.

    Overstated asset on books let’s say 10%. That is the difference between what the assets are booked at now which is 4b and what they are really worth. Don’t mind Grotto alone went over by more than 60%, the cost on the $4b = $ 400M

    Loss of interest on bonds at $150M a year let’s say for next 3 years. = $450M

    We ain t touch yet and how we going deal with the $400 million owed by Central Goverment, so let we shove that one side for now.

    Just in the 2 issues outlined above that is a loss on asset base of $850M, so you see all those that told Arthur he was an alarmist and mad to say such a thing, now want a good hard slap around their head today!

    Plus remember $850m on an asset base of $7.2b is just over 13%. Let me ask you a question if you lose over 13% of your worth you would consider It ” no big thing”?

    Like

  • @ Vincent.

    I to be honest didn’t expect no different that’s the truth. I just can’t believe the press and opposition let them get away with what was said.

    I honestly got to ask what purpose the opposition really serving? They certainly not enlightening the public on the reality of the situation so what are they doing for the $250k they getting ?

    Who speaking for the people and trying to share with them our true reality ?

    Lord I sounding like Hal now with his famous ” Barbados is a failed state” comment.

    Like

  • Responding to a question during a forum hosted by the NIS at the Lloyd Erskine Sandiford Centre on Wednesday night, Jones explained that while the programme would result in losses initially, the backend of the arrangement will put things back on an even keel.
    “The reduction in the bonds will result in a reduction in the principal and interest. However, the interest rate in the latter half has increased by 100 per cent and it is anticipated that the amount of money to be received at the end of the 25-year period will compensate,” he said, as several members of the audience asked for more specifics.

    Like

  • @ John 2

    If an interest rate was 7 percent and in a debt reschedule it get cut to say 1% and after a number of years you even triple it to 3%, how that helps you get back to the 7 % you was getting from uncle Chris when the printer was at full flight? Understand he didn’t talking bout double the original offer rate he was talking bout double the post debt reschedule rate.

    As the young people would say “don’t get tie up.”

    The man did not lie he just chose his words carefully So do not call him a liar!

    Liked by 1 person

  • Also do not blame Mr Jones he was only the messenger tasked with walking through a minefield of financial madness.

    Liked by 1 person

  • The issue of impairment must factor the present value of money. Vincent refers to it as propaganda and it is.

    Like

  • @ David.

    Yes both of you are correct. The thing is the ability to throw propaganda out there and have it accepted as fact is more the fault of those receiving it and accepting it, than the person sending it.

    David how do you see the performance of the opposition parties is trying to help dissect and break this data down for the public?

    I am being unreasonable and expecting too much from them, or do you see them as all failing us too?

    Like

  • I like this story
    https://barbadostoday.bb/2019/06/28/still-no-pay-2/
    Here are some exerpts

    “We are also happy that the issue would have been dealt with by Cabinet and in Parliament. But our latest information is that the matter now lies in the Treasury. ”

    “While we are grateful that we getting some information, it is impossible for us to come up with an estimated timeframe for this matter to be resolved because of all of the red tape. We understand that still to come is a process of going to the Auditor General and then back to the treasury. Then if that wasn’t bad enough, I understand that it might have to go the route of the Governor General, similar to processing pensionable benefits.”

    Cabinet and in Parliament ==>Treasury====>Auditor General =====> Treasury ====> Governor General

    I like the part he says “we are grateful that we are getting information”. When they learn the difference between getting information and misinformation and a run-a-round and start to scream for their money, they will get paid.

    Mr Waldron it took about two days to pay a two-man crew BDS $54M

    Wayne Waldron, you need to do one of two things “shut up or up the voluime”.

    Liked by 1 person

  • https://barbadostoday.bb/2019/06/28/whither-a-caribbean-identity/
    Par of the story … Ste Vincent gets a seat on The UN security council..

    When the Vincentian representative gets up and began to “lambaste” Venezuela you will fully understand that story.

    It’s almost as funny as signing a deal with Morocco.

    Like

  • https://barbadostoday.bb/2019/06/28/conference-boost/
    I am beginning to believe that the education system has failed me miserable. Truth is I read the story but I don’t understand it. Did I misunderstand the story “We Barbados did not have the financial or physical infrastructure to host it, but the fete goes on”.

    Looks like 2020 will be a busy year.. the gathering, Emiratis and Moroccans.

    Will someone help?

    Like

  • https://barbadostoday.bb/2019/06/27/more-information-at-forces-fingertips/
    https://stluciatimes.com/undp-and-rslpf-launch-new-police-reporting-application/
    Might not be related
    https://www.prmis.com/

    My investigative reporters are following this story to find out
    (1) Does it have anything to do with policing or is it a good sales marketing job by an American company, or
    (2) Are we seeing the US collect information throughout the Caribbean….

    Personally, at this time, I wouldn’t trust the US government/ambassador

    Like

  • https://barbadostoday.bb/2019/06/27/outstanding-fine-lands-st-michael-man-in-jail/

    Silly man broke a table and end up in jail…… Now if he had $0.5M in cannabis he would be walking around free

    Like

  • @John A

    David how do you see the performance of the opposition parties is trying to help dissect and break this data down for the public?

    The fact Verla is following finance and the other parties are incoherent on such an important ministry at this time given BERT and state of the economy speaks volumes.

    Like

  • The story has double speech
    Mia states that barbados was recommended
    My question is a reccomendation a confirmation
    Mia continues to babble as to plans
    Not understanding the story

    Like

  • @ TheOGazerts June 28, 2019 11:07 PM

    It is time for the UN to finally allocate our leader, the noble Prime Minister, the long-deserved seat on the Security Council.If Mia Mottley didn’t deserve it, then who did?

    Like

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