Central Bank of Barbados Review of the Economy: January to September 2019

Governor Cleviston Haynes delivered the Central Bank of Barbados’ review of Barbados economic performance in the first nine months of 2019 and took questions from members of the media.

September Press Release.pdf (3.98 MB)

138 thoughts on “Central Bank of Barbados Review of the Economy: January to September 2019

  1. There is a mixed feeling post central bank review of the economy. Traditional economic indicators have improved over prior years. There has been a stabilization to borrow the government’s word. The downside is that the growth is yet to come largely because projects have been slow to mobilize.

    All in all the government must be given a C+ given what it has achieved in a relatively short period.

    We have to work at planting opportunities for a new economy to offer economic avenues for advancement for the youth.

    No comment post external debt debate? We will save 5 billion in coming years?

  2. So what have learned
    We learned thst govt saved 5million in money that govt cant pay
    We learned that real growth has to be achieved
    We learned that govt has a shortfall in tax revenue
    We learned that the 68 million collected came from the suffering and pain of barbadains
    We also.learned that govt collective increase in reserves was due to borrowing
    What we need to know is how in the coming months govt plan of paying the monies borrowed.

  3. My favourite sentence….”Moderate growth is expected in the context of the improved confidence that the macroeconomic environment is providing”.

    What does the BL&P do with Jet Fuel? I thought they used heavy oil.

    “With the conclusion of external debt restructuring”….has settlement been reached with 100% now?

    Wegatherin is a “special event”. It seems they are still printing money?

    Going in the right direction.

    • It is amazing the lack of financial analysis during this period of austerity. It seems we can only analyze these matters in a partisan political context Northern.

  4. More pie in the sky, feel good announcements by Central Bank. Governor still not able or willing to give the nitty gritty of the countries finances on any long term basis. He did mention that in 2020 debt repayments will commence, does not go into ANY DETAIL. Also no mention of the REMAINING FOREIGN DEBT as the recent announcement only covered just over half the existing debt, WHAT is happening with respect to the remainder, mysteriously vanished and will not NO FUTURE FINANCIAL IMPACTS.

    Wily would be embarrassed to present a report such as this, to any kind of financial forensic auditor and not get his ASS KICKED.

    A quote David likes to use, comes to mind and and seems appropriate, SAME OLD SAME OLD.

  5. Unsure the level of analysis differs much from prior reports? The partisan merely speak more often and louder than many others, for their primary intent is to be partisan. And the context they use at times, is quite inventive. If only those efforts could be redirected to productive outputs. Then again when ‘singing for your supper’ can result in feasts, it is erstwhile. Did you note the major uncontrolled expense category was “Grants” and the reason provided was the public pension drain on the current account (non-contributory). Combine these, with the continually avoided mention of anything to do with the NIS, and you get?

  6. Yawn!

    Well summarised we still in recession and collect nuff in fuel tax.

    Important details on debt restructuring remain a state secret and all is well in Bim.

    As for the debate the Bs did as we thought and pelt bout numbers and broad statements all Short on critical data. all the reverent could come up with was to ask if a $3 million agricultural loan get restructure.

    Lord send we an opposition from somewhere quick I beg yuh!

    Hal boy as you say we are truly a failed state.

  7. @ John A

    I really do admire your stamina. This is rubbish economics, rubbish regulation, rubbish monetary policy, and a government that is totally out of its depth on fiscal policy.
    Imagine a prime minister, less than 18 months in to a five year term, and attacking Solutions Barbados from the platform, a one-member party whose only voice is its weekly newsletter on BU and Facebook.
    That speech should have been full of fire about the government’s programme, details about the debt restructuring, and a vision for a future Barbados. Instead it was about more campaigning. As I have said, the president does not do details and policymaking is about the fine print.
    We are living in a make believe world. But keep up the good works, you and @William.

  8. Austin the only rubbish i see is from daily from your perch in the UK where the government now forced to call an election for failing to reach a brexit agreement.Imagine this joker speaking about a fail state. This same person spoke about the innocence of a Mr Thompson concerning Clico descibing him as bright lord have mercy.The non point about attacking The opposition is par for the course.Mr Straughn spoke at length about the debt restructuring compared to Mr Atherley who seemed lost at sea poor fella and the less said about the political nightwatchman the better.

  9. Minister in the Ministry of Finance, Ryan Straughn, will move the passing of a Resolution tomorrow in the House of Assembly to restructure Barbados’ foreign debt.

    The passing of the Resolution will allow for Government to launch the external debt exchange to replace the existing foreign commercial debt with two new bonds.
    Straughn said the indicative terms would see a new ten-year bond issued, resulting in a 25 per cent reduction in principal, a 35 per cent reduction in accrued interest at an interest rate of 6.5 per cent payable semi-annually, and include an adverse weather clause.
    “At the conclusion of this debt exchange, the way would be paved for the rating agencies to reassess the credit worthiness of the Government of Barbados, which should lead to the upgrade of our external credit rating, the first for a decade,” he added.

    The Minister said that with the settlement of the external debt, Barbados would be on track to meet the six per cent primary surplus, placing the public debt on a more sustainable path towards achieving the 60 per cent debt to GDP target by 2033 as part of the Barbados Economic Recovery and Transformation programme. (Quote)

  10. The Central Bank Governor always gives a quarterly report and neither Minister Straughn or anyone else from the Ministry of Finance is never at the media briefing. Then the prime minister or minister Straughn talks about the economy and never refers to anything in the Governor’s Central Bank report. Are they all on the same page or am i missing something here?

  11. @ Hal.

    The thing is I don’t blame Straughn for omitting critical data which would of shown the true cost of the exercise, after all he sits on the government side, so the less he can say the better.

    Who I blame fully for not enlightening the public on the true cost is the opposition. They failed miserable at their function in this instance. What it did show us all is how unprepared Atterley and his group are at running a Rum Shop, far less a government

    As Wily said above ” a total lack of the nitty gritty ” in relation to the debt position. Anyhow we will sweep that under the rug now and move on. Who ever is in power in 2029 can then utter those famous words ” how we get back here again?”

  12. @ John A

    Do political parties have economic researchers or do they just rumble on talking and talking? With an army of young graduates coming out of Cave Hill, surely they can do better, especially the DLP? Do we have think-tanks or academics who participate in public debates? What about the media? Are we that badly off?
    But @John A you are doing a good job.

  13. @ Hal

    I would say I am disappointed in all of them including the media! Thing is that worries me the most is how totally out of their depth the opposition was. Based on their performance i can not see them as anything but a bunch of political seat warmers now.

    I can only hope that between what is left of the others we can scrape together something more formidable by elections. In my view a country always does better with a strong opposition.

    I would also say Straughn handled himself well. Nothing he said was not factual, while at the same time he was able to omit certain critical data without being challenged by the opposition.

  14. @ Vincent

    You are on to something. I suggest you read Thomas Piketty, he is very good. But for starters, in 2009, following the global crisis, the total equity investments worldwide were about US$27trn, today they are about $70trn an increase of about 160 per cent.
    This should give you an idea of the under-performance of the NIS in particular ad the Barbados economy in general. What was the strength of the Barbados economy in 2009 and what is it today?
    We also need to look at the quality of education and its impact on employment chances; health at birth; and of the impact of inequality on economic growth.
    In Barbados inequality, social justice and inheritance taxes are not part of the conversation. One occasional blogger even calls this Marxist, but then again she escaped from the iron claw of the Soviets which may explain her narrow social vision.
    We must also look at the political influence of the rich and powerful, from the so-called Social Partnership, to the BHTA, to just social and cultural associations.

  15. @ Mr. Hal Austin


    You will note that as soon as you made your comment, no other person separates you and Hee Haw.

    You said and I quote

    “…Imagine a prime minister, less than 18 months in to a five year term, and attacking Solutions Barbados from the platform, a one-member party whose only voice is its weekly newsletter on BU and Facebook…”

    There is a profundity and an immeasurable value to be derived both from your words AND ITS IMPACT TO CONJURE UP THE 2ND OF THE RENTED JACKASSES, Hal.


    Why in the middle of the discourse about the deep economic doodoo concerning Barbados’ economic woes for the next 14 years WOULD THE MUGABE DICTATOR divert to discuss her Opposition and 2 non existent groups?

    Let us pause to discuss your short yet astute observation.

    The mere fact that during an Annual Convention she has purposely made time for what she then proceeds to discuss as NON EXISTENT is clearly indicative of her preoccupation with the People’s Party for Democracy and Development.

    Let’s face it, the others dont really count and then she goes even further to confirm WHAT THE OLE MAN KNOWS TO BE HER CONCERN!

    She focuses on the subvention for the PDP and quotes an unknown rule for which there is no literature in existence JUST TO CONFIRM WHAT SHE REALLY FEARS.

    THE PDP!

    And you, de man who de same Rented Jackass has been sent to bait about Brexit SAW THAT CHINK IN HER ARMOUR FROM 3,000 MILES AWAY!

    You are observant Hal.

  16. @ Hal

    Barbados has been in election mode since 1980s.. Ever since, there has been constant campaigning and the Duopoly became more shameless in political posturing.
    We used to have an election and then governance. Now we have elections and elections. In between it is only holding on to votes. Governance has been placed on the back burner. Public discourse has been hijacked and now with the new media it’s just plain campaigning.
    @ John A
    You should not have expected anything else. Amazingly you actually believe there is an opposition.

  17. The following comment was posted by retired UWI Professor Michael Howard elsewhere on the matter of 5 billion savings on the external debt deal:

    Michael Howard
    …The real point I am making is that though it was “saved”, and I understand that meaning in terms of future expenditure foregone, the saving is not “realized” in an economic sense in terms of cash in hand or ex post foreign exchange.

  18. Well said Professor Howard and it’s the reality in liquid terms that has not or will not be discussed by anyone. It is also the real cash term cost that we the taxpayers will have to find.

    Anyhow that discussion will never be had as the opposition was more interested in discussing a 3 million dollar agricultural loan!

    • @John A

      When this comment popped up thought you would love it!

      It fits your line of debate on the issue doesn’t it.

  19. Government’s decision to bring Ross University may have been a masterful stroke, respected economist Jeremy Stephen has said, as the medical school is shaping up to be as big an economic engine as it once was for its former home, Dominica.
    Stephen highlighted the university as one of the more substantial takeaways from the Central Bank’s latest report on the economy.
    Noting the overall report gives Barbadians much to smile about, Stephen told Barbados TODAY that he was most intrigued by the prospects of growth in 2020.
    He said: “The report is pretty encouraging in that the Barbados economy is forecasted to have a slight uptick in 2020 and a lot of it seems to be dependent on the performance of Ross University.
    “It was referred to in the document as ‘medical educational tourism’, a very smartly put bit of language, as it appears that they didn’t want to speak to too much specifics.
    “Based on what I would have read in the report, ‘medical education tourism’ was one of the major players when it came to increased tourism arrivals over the first nine months of the year.
    “This sector also largely accounted for increased tourism spend.
    “The largest and newest of these players is Ross University.”
    The economist noted that while he is on the fence as to whether Ross University students classify as tourists, the development was certainly a good sign for the economy.
    He also pointed to the re-exportation of goods as helping with the country’s overall export earnings.
    Stephen told Barbados TODAY: “I have said for the last ten years that trans-shipment is the big opportunity that Barbados has in the near future and it is interesting to see this now.
    “I am hoping that it is not an anomaly but rather an emerging trend.”
    The central bank report said the economy declined by an estimated 0.2 per cent so far this year, owing mainly to delays in private sector investment projects and budget cuts in public spending, which eroded the gains made in the tourism industry.
    Stephen contends that even this could be viewed as the glass being half full, adding that based on the country’s ongoing debt exercise, one would not be faulted for anticipating a larger fall.
    He said: “The economy did not fall by as much as one would expect considering that we are under a debt exercise.
    This includes not just the debt restructuring but the IMF programme as well, so this means that the entire economy is being restructured and one would expect a bit of a falloff.
    “This was compounded by the fact construction and unemployment numbers are going in directions that we do not want.
    “We are going through an IMF programme and you do not necessarily grow while that is going on.”
    But the outspoken economist noted that while there was certainly much to write home about, there were troubling and areas which should be urgently addressed. Topping his list of negatives was low capital expenditure.
    Stephen said: “Capital expenditure is part of the way the economy would grow but unless I am reading the report wrong, capital expenditure increased by just $10 million from the same period last year, despite the flagging standard of infrastructure that we do have.”
    He further pointed out that the economic report shows that less money has been spent on fuel imports and since Government was the majority importer of fuel into Barbados, one could surmise that the difference at the pumps was much more than just the fuel tax.
    “This would certainly justify a lot of the anger people are having with respect to cost at the pumps despite continued suppression of prices internationally.
    “It is my hope that those monies would be accounted for in the public coffers and go toward capital expenditure,” he stressed.(Quote)

    Pray tell, how is Ross University going to contribute to economic growth in Barbados? No bold statements, no political mumbo, jumbo, but the details, the figures, plse.

    • COMMENTARY: Ross University and Its Economic Impact on Dominica
      Neal Nixon – Friday, July 13th, 2018 at 12:17 PM
      Ross University’s campus in Portsmouth (photo taken before Hurricane Maria)
      EDITOR’S NOTE: Ross University School of Medicine was forced to move its operations out of Dominica after the passage of Hurricane Maria in September 2017 as the institution was not spared from the devastating impact of the monster storm on the island. Nearly one year later, with no definite indication as to if, and when, Ross will return, anxiety is understandably mounting about the significant economic loss caused by the absence of the 40 year-old institution.

      In the following article, Neal Nixon, a member of the Green Haven Group (www.thegreenhavengroup.com), an organization that seeks to connect investors overseas with projects on the ground, addresses the economic impact of Ross on the island.

      On the heels of Ross University School of Medicine 40th anniversary, it may be fitting and instructive to take a look at its history and its economic impact on Dominica. Moreover, when a company’s annual contribution surpasses 15 percent of a nation’s GDP, in which it functions, that company’s operation, culture, and people must be observed most carefully; its prospects, its growth, and continuous progress should merit uncommon attention. In the following text, the author will give a brief history of Ross in Dominica and will attempt to show its financial contribution (quoted in US dollars) to Dominica’s economy. Included are recommendations to the Government and People of Dominica.

      In 1978, just a few months before the ravages of Hurricane David on Dominica, Dr. Robert Ross established the University of Dominica School of Medicine with the enrollment of 11 students. In 1983, encouraged by a vision of success and moved by expectations of a more favorable future, he officially named it the Ross University School of Medicine (Ross University). Concurrently, he established the Ross University School of Veterinary Medicine in St. Kitts (RUSVM) and placed both institutions under the control of Dominica Management, Inc., a company exclusively owned by Dr. Ross.

      As a consequence of financial challenges and the pressing need to recapitalize the business, Dr. Ross sold 90% of Dominica Management, Inc. to Leeds Equity Partners and JW Childs Equity Partners for an attractive $100 million in February 2000.

      Three years later, Dominica Management, Inc. was sold to DeVry for $329.3 million, out of which Dr. Ross got $48 million for his remaining ten percent ownership, a sum evidently greater than ten percent of the sale price, presumably because of the appraised value of intangible assets related to the “Ross University” name. The table below shows the details of the sale:

      On May 16, 2003

      Current Assets $45,751,000
      Property and Equipment $21,986,000
      Intangible Assets $70,170,000
      Goodwill $238,588,000
      Other Assets $199,000
      Liabilities $47,435,000
      Net Assets Acquired $329,259,000

      DeVry was the holding company for DeVry University, Ross University, RUSVM located in S. Kitts, American University of the Caribbean (AUC) located in St. Marten, Adtalem Brazil, EduPristine in India, Chamberlain and Carrington in the United States, Becker CPA program, ACAMS, and miscellaneous equity positions in other education-based institutions. In 2017, the company changed its name to Adtalem (ATGE) and divested its entire stake in DeVry University. Therefore, the holding company of Ross University is Adtalem, a publicly traded U.S. company, listed on the Nasdaq Stock Exchange, with $2.9 billion in market capitalization and sixty million shares outstanding.

      The Effects of Ross University on Dominica’s Economy

      Ross University campus comprises of approximately 273,000 square feet of property located on 33 acres of land, of which roughly 22 acres are under lease, and 11 acres are owned by the institution. Before Hurricane Maria, Ross University had approximately 1,215 students and about 450 (315 Dominicans) faculty and staff in Dominica.

      Ross medical students go through a ten semester (approximately 40 months) course before qualifying for residency. Students spend the first 16 to 20 months (four semesters) in Dominica, where they pursue basic science and preclinical curriculum. The remaining 24 months are spent doing clinical rotations, conducted at roughly 40 affiliated U.S. hospitals. The University has graduated over 14,000 students since its inception in 1978.

      Like any other medical school, the cost of attending Ross University is hefty. A quick glance at the Adtalem 2017 annual report shows that students pay something in the region of $23,000 per semester for tuition and fees, a 240% increase from 2003 figures of $9,600, an appreciable 6.00% compound annual growth rate.

      Gauging from the rental prices of houses and apartments in the vicinity of Portsmouth, particularly those advertised to students, one can estimate within a reasonable limit of certainty that Ross University students pay an average of $600 per month in rental expenses. Taking mid-range prices of living expenses reported by Island Med Student, on a blog article published 11 years ago by a former med student, and adjusted for a 2% annual inflation, one can conclude that the average monthly living expenses of a Ross University student can be broken down as follows:

      Utilities – $136
      Food – $610
      Phone – $50
      Laundry – $30
      Entertainment – $180
      Incidentals – $10

      From these figures, we calculate the university’s annual economic impact on Dominica. The table below summarizes annual revenue generation:

      Ross University’s Annual Contribution to Dominica’s Economy

      Tuition and Fees $83,835,000
      Rental Expenses $8,748,000
      Living Expenses $14,813,280
      Other $2,000,000
      Total Contribution $109,396,280
      One may argue that tuition and fees have no impact on Dominica’s economy since it is money collected directly from the students by the company, and, therefore, have no circulatory effects in the country. Permit me to explain why it merits a place on this table. Approximately 30 percent of tuition income is expended on the salaries of 450 employees who live in Dominica, and who incur living expenses within. In addition, another 40 percent is earmarked for administrative expenses, and upkeep of general operations. The remaining 30 percent are either deposited in Dominica’s banks or banks within the region, as alluded to in the company’s annual report.

      Admittedly, there are a few notables that were not integrated into the calculation: the cost of maintenance of facilities and equipment, the consumption of electricity and water, independent contractors, land lease, airport fees, banking fees, and various incidental expenses incurred in Dominica. I did not take into consideration the circulation of new currency in the economy or the effects of new construction in the Portsmouth area.

      The correlation between Ross University’s contribution and Dominica’s GDP was indicated at the onset of this article. Now, considering the above calculation and holding as a denominator $580 million (Dominica’s GDP last reported by the World Bank a year or so ago) we can safely conclude that Ross University accounts for 19% of Dominica’s GDP, 19 cents of every dollar generated.

      There are a few equally significant, but less observable, benefits of Ross University. In a Dominica News Online article, dated March 13th, 2013, William Hughson, then president of DeVry Healthcare Group, stated, “Each year the school makes charitable contributions to support national and local programs in education, health, culture, and sports, with particular attention to programs that improve opportunities for local youth. Ross University also provides two full scholarships annually to Dominican students who meet the university’s admissions criteria and wish to pursue a medical degree. Since 1996, Ross University has granted scholarships to 57 Dominicans, totaling EC$13.5 million.” He continued, “Since 2005, 202 Dominicans have participated, with benefits totaling EC$19.4 million.”

      The Effects of Hurricane Maria on Ross University

      On September 18, 2017, Hurricane Maria, a category five whirlwind, blasted Dominica and caused unprecedented destruction. The hurricane severely incapacitated Dominica’s infrastructure creating a difficult, if not impossible environment for students. The campus facilities incurred significant physical damage. As a result, all the students and staff were evacuated out of the island. As a consequence, all non-US and Canadian students (4% of student population) were sent to a makeshift school in St. Kitts, and its US and Canadian students were assigned to facilities at Lincoln Memorial University in Knoxville, Tennessee pending the completion of repairs and remediation to the Dominica campus.

      Logically, one can conclude that the temporary closing of Ross University has led to a loss of $9M in monthly revenue for Dominica and a loss of even more significant numbers in indirect business activity. $9M represents a monthly slice of $150 for every man, woman, and child in a country grappling with debt and destruction. These numbers are based on the conceivable mass migration that transpired following Marie and the author estimates the present population at 60,000.

      Adtalem’s quarterly report, dated March 31, 2018, disclosed: “As of March 31, 2018, Ross University recorded expenses of $39.3 million associated with the evacuation process, temporary housing, and transportation of students, faculty, and staff, and additional costs of teaching on the ship in St. Kitts. Based upon preliminary damage assessments of the Ross University facilities, impairment write-downs of building, building improvements, furniture, and equipment of $14.5 million were recorded as of March 31, 2018. Management estimates that total costs to repair and replace damaged facilities and equipment will be in the range of $30 to $40 million.” As of the date of the report, the company had received insurance proceeds of $36.6 million, sufficient to cover the cost of assessed damages.

      Recommendations to the Government and People of Dominica

      Adtalem has received a sweetheart deal from Dominica’s Government, an agreement stipulating complete tax exemption indefinitely. RUSVM in St. Kitts and AUC in St. Marten signed similar contracts. Because the company is a persistent beneficiary of zero tax liability, it pays only a 15 percent tax rate when filing its US corporate taxes, compared with its counterparts who pay out 35% of revenue to taxes. This low tax rate has been a boost to the company’s button line, affording it a comparative advantage over its competitors who operate only in the United States. But something interesting occurred recently – something that threatens the attractiveness of this tax incentive: the Tax Cuts and Jobs Act signed by President Donald Trump in November 2017.

      The statute lowers the US corporate income tax rate from 35 to 21 percent, a few percentages shy from 15 percent. If Dominica finds itself in the path of a series of destructive hurricanes that would cause additional harm to the company’s business, and, if state and local tax incentives from Tennessee and other competing locations are offered likewise, the continuation of Ross University will hang in the balance. Dominica cannot continue to rest on its laurels. The government of Dominica has no bargaining chip to keep Ross University. Taxes? Corporate taxes are falling around the globe. Sun, sea, and sand? You can get that in many countries. In business, there are no permanent friends, just strategic partners.

      So, allow me to paint a picture which the reader may appreciate. When a profitable company has such an extensive footprint in a country, when its effects within are so material, and when its existence and expansion so evidently beneficial, it becomes highly incumbent on government and entities of financial means to seek a partial ownership interest in that company.

      In 2003, the stock price of Adtalem, then Devry University, was $12.10 per share with 70 million shares outstanding. It is a common practice on Wall-street that when an investor purchases 5 percent or more of outstanding shares, it qualifies the investor to appoint someone to the board of directors, a privileged position with compensation, access to information and the authority of making company decisions. What if, at that junction in 2003, the government of Dominica, St. Marten and St. Kitts had created an equity holding company to invest primarily in Devry. For the sake of argument, we will refer to it as DSS Equity Partners (DSS). Let’s suppose, in 2003, DSS had purchased 3.5 million shares for a cumulative price of $42.35 million ($14.12 million from each country). That is a colossal sum, but a prudent investment predicated on securing a nation’s interest. Through stock price appreciation (307% as of this writing) DSS investment value would have ballooned to $175 million; it would have received an additional $8.2 million in dividend disbursements. So, one may ask, “where would the government get this sum of money to invest?” May I remind you that Dominica lost $28 million in the Clico insurance fiasco and the country did not hiccup. Or should I ask to canvass the several white elephants that grace Dominica’s landscape? 140 black books, adorned with our country’s flag, at $100,000 a pop, and there you have it.

      Although the return on invested capital would be quite impressive, a more significant benefit would be DSS armed with authority to nominate an individual for a position on the Board of Directors of Adtalem; a person charged with the duties of looking out for the best interest of DSS, and by extension Dominica, St. Marten, and St. Kitts. The incredible inside information accessed would be used to explore additional synergies and to formulate plans and proposals to invite other educational institutions to set up shop in the region.

      The reader has been made acquainted with the 14,000 students that graduated from Ross University. I beg the reader to now look at these graduates from a different vantage point: medical doctors who are alumni of Dominica. May I humbly suggest that the government of Dominica creates a program to gift to them two weeks of a free hotel room stay every year indefinitely. It would be a gesture of saying thank you for choosing Ross University; it would be a thoughtful incentive to have them and their respective families to return to Dominica. Obviously, it would be a cost to the government of Dominica, but happily, it would not be a cost to Dominica. It would be transference of currency from the government to the private sector. Since hotel occupancy rate in Dominica is about 30 percent, then the government should bargain for a discount price on a wholesale basis for a portion of unused capacity. These good doctors on their arrival in Dominica must eat; they will party; they will explore; they will spend. Interestingly, some may desire to carve out a portion of their vacation time towards medical work – thus a foray into medical tourism.

      Adtalem 2003 Annual Report
      Adtalem 2017 Annual Report
      Adtalem 2018 3rd Quarter Report


  20. David
    Maybe the goodly Professor should set out if there are indeed savings or not, and if there are, how much. #sophistrymuch

  21. @ David.

    It was an opportunity for the opposition to shine and show their worth. Instead they crashed and burned miserably.

    I mean how much would it of cost for Atherley to have gotten a detailed analysis done for the sake of true enlightenment?

    Anyhow we will debate this in 2029 when the true cost raises its head. To continue now is pointless. We tried our best anyhow!

    • @John A

      You have given up?


      Final comment on this matter on the back of Tuesday’s ‘debate’?

  22. “He also pointed to the re-exportation of goods as helping with the country’s overall export earnings.
    Stephen told Barbados TODAY: “I have said for the last ten years that trans-shipment is the big opportunity that Barbados has in the near future and it is interesting to see this now.”

    If an entity imports, let’s say 500 cases of XXX, and then sends (exports) 100 cases to each of 2 related companies in say St.Lucia and St.Vincent, is the subsequent export of an imported good termed re-export? In other words, the export of anything which was not manufactured in B’dos.

  23. @ David.

    I personally have not given up, I have however given up on the opposition ever serving any useful purpose when it comes to educating the public on matters of our financial reality.

  24. CIBC bank, based in Barbados, has just been bought out by a COLOMBIAN who resides in London !

    You simply cannot make this stuff up.

  25. Can it really be possible that we are going to allow a Colombian to purchase a Barbados based bank. Am I missing something? This must be a sick joke. Perhaps we are looking to diversify our economy.

  26. @TLSN
    Substitute Englishman, American or Canadian for Columbian would you have the same problem? Do you have a Bajan in the wings willing to purchase the Bank?

    • @Sargeant

      Based on the comments do you think some realize the Caribbean operations is being sold by CIBC? It will be up to Barbados when the local authorities do their processing of the application to determine if they will sign off? Is this your read?

  27. @TLSN

    You just cannot make up this stuff. I suggest whatever problems you face in the UK, plse stay there. Visit Barbados to holiday only.

  28. Why are the two of you trying so hard?

    “… David November 1, 2019 3:18 PM

    @John A

    You have given up?


    Final comment on this matter on the back of Tuesday’s ‘debate’?..”

    People are already seeing the “ANTI-ATHERLEY” SPEECH IN your remarks

    For example

    “… John A November 1, 2019 2:31 PM

    @ David.

    It was an opportunity for the opposition to shine and show their worth. Instead they crashed and burned miserably.

    I mean how much would it of cost for Atherley to have gotten a detailed analysis done for the sake of true enlightenment?…”

    You would do well to leave the PDP alone AND STICK TO WHAT YOU ARE GOOD AT IN THIS PERSONA!

  29. @David

    It is not breaking news that CIBC was looking to sell its stake in FCIB, it just had to find a buyer. The Canadian Banks are heading for the exits from the Caribbean, Scotia in addition to its most recent sale of assets in the Eastern Caribbean sold its holdings in Puerto Rico and the US Virgin Islands in June at a reported $300 million net loss. The whole area has not recovered from the Global recession of 2008 and the Banks’ executives prefer to look for new horizons or build up in areas where they see potential growth and profit.

    And so it goes…..

    • @Sargeant

      Agree with your assessment, the Canadians do not have the appetite for this part of the world these days.

  30. @ pieces

    They performed poorly and that is a fact. They had an opportunity to educate the people as to the reality of the debt restructuring and failed miserably at it.

    What purpose does Weatherhead serve anyhow isn’t he supposed to be the shadow minister of finance?

    Had they of performed well I would of been the first to congratulate them regrettably that was not the case. They had a right to pay someone to prepare a spread sheet for them on the true cost, they chose not to and instead ventured into waters way beyond their depth.

  31. @ John A

    I am not too sure about the portfolios of the persons in the People’s Party for Democracy and Development

    You would have more insight than I an ole man do in this regard.

    What I would say however is that EVEN THOUGH THEY ARE NEW AND MOTTLEY IS CERTAINLY MEKKING SURE THEY HAVE NO $$ TO RUN THEIR PARTY, they are doing quite well

    Take a look at this link below


    De ole man left school at 11 and therefore my literacy is limited

    So when I got the decipher numbers and ting I GOT TO USE JU-C STOPPERS!

    I poor ingrunt ole man dat I am, was able to look at dis video above and understand it.

    So, for me, i saying dat dem got people who BREKKING IT DOWN fuh we!

    Now as to their speed and ability to get out there with their message, that HAS TO BE IMPROVED, but I think that FOR A NEW PARTY THAT HAS EVOLVED ON THE AWAKENING OF REVEREND ATHERLEY, they are to be congratulated.

    Why have you not cast any aspersions against Solutions Barbados or your former party the DLP?

    Oh, dont tell me, they are not “The Opposition” are they?

    But, jes a moment thar partner!

    I am always hearing Senator Caswell Franklyn saying that all the position papers and Bills are being sent to them the night before.

    So how come you saying them operating poorly?

    And your own Honourable Blogmaster does tell people who submit articles here pun BU that he has to “clean up” their submissions

    How come it is allowed that he can take your pdf in a destructible spinup of a web browser, reconstitute it as a jgp, then generate an OCR version and pdf, which he can then use?

    How come you give the Honourable Blogmaster a Pass to take time and do that BUT SAYING THE PDP is failing?

    You think Mugabe hired Me Love You Jong Time for he flat face?

    You ought to be ashamed of your normal brilliance though, trying to downplay the serious nature of this DRACONIAN situation

    You feel Mugabe Mottley playing games?

    She going try everything to lik up the PDP INCLUDING CHILDISH NURSERY RHYMES

    Looka how she calling Atherley Eeenie Meenie Mynie and Lucille sorry Moe.

    Suppose he was to call her “THE BIG FAT COW THAT JUMPED OVER THE MOON?”



  32. Do we know how this Colombia made his fortune?
    With our lax ways of doing business, I am certain that his associates and he himself will be very comfortable operating in Barbados.

  33. Jaime Gilinski Bacal (born 14 December 1957) is a Colombian banker and real estate developer. Gilinski resides in London. According to Forbes, he is the second richest person in Colombia, with a net worth of US$3.9 billion as of May 2018.

  34. John A November 1, 2019 2:31 PM
    “It was an opportunity for the opposition to shine and show their worth. Instead they crashed and burned miserably.”

    November 1, 2019 3:18 PM
    Final comment on this matter on the back of Tuesday’s ‘debate’?”

    I did not listen to Tuesday’s debate. I have read that the Minister of Finance asserted that Barbados will save $1 billion per year for the next 4 or 5 years and those savings alone justify the US$27 M to be paid to White Oak.

    If the opposition did not go on the attack to challenge the amount of savings, or force the Hon. Ryan Straughn to clearly show how these annual savings were arrived at, then I agree wholeheartedly with John A that the PdP “crashed and burned miserably.” I would also have to agree with PM Mottley that Joe Atherley is a poor alternative to her, and that he should be called “Eenie”.

    On a serious note, given his claim that Barbados will be saving $1 billion annually for the next 4 or 5 years, Minister Ryan Straughn laid out a brilliant, irrefutable, and fantastic argument for the dreaded $1.50 daily tax to be removed from the water bills of Barbadians, and for the land tax to be abolished. Those two are just starters.
    There are many more taxes that could be reduced or abolished completely as a result of these alleged huge savings. Truth be told, if I were allowed to make a tongue-in-cheek comment, I would say that these savings are more apparent than real.

    As a humourous aside, Piece Uh De Cock Yeah Tight has been trying extremely hard to parade and project himself on BU as a virtual modern day Nostra-dumb-ass.
    How come he couldn’t foresee and predict “Joe Eenie” demonstrating his ignorance and impotence when it came to this debt restructuring exercise?
    How come PdP members with obvious wisdom, ability, and talent (Bruce Hennis easily comes to mind) did not brief and educate “Opposition Joe” so that he could rise up and become a thorn in the flesh of the BLP during this debt restructuring debate?
    A vibrant democracy demanded this type of confrontational response. Barbadians needed to see a “Smoking Joe”.

    The non-performance of the PdP on Tuesday forced me to remember a verse from “Vision of Belshazzar” written by George Gordon Byron:

    Chaldea’s seers are good,
    But here they have no skill;
    And the unknown letters stood
    Untold and awful still.
    And Babel’s men of age
    Are wise and deep in lore;
    But now they were not sage
    They saw – but knew not more.

    PS: I look into my crystal ball, and for 2023, I see Piece Uh De Cock coming out of Branckers Fontabelle with 18 toilet seats on his back, and a receipt in his hand.


  35. @ Sargent, I would be equally uncomfortable with Russians taking over or setting up a bank in Barbados.

    It would be disingenuous of you and others not to take into account the genuine threats presented by certain countries and nationalities.

    Take a look at central and south America. These are regions with high numbers of wealthy individuals who have more power than the states in which they reside.

    The thought of well-connected Colombian businessmen flying into Barbados and conducting business makes me uncomfortable.

  36. Walter i do not always agree with you but that joke above about the vision of Piece the jackass coming out of Branckers with 18 tiolet seats is a gem. Go to the top of the class my brother! that comment should be framed to throw in his face come 2023, love it!His feared leader eenie was a dismal failure during the debate .The message from Ms Mottley to the OPPURTUNIST EENIE was TO WIN SOME SEATS FIRST do not know from where as Dr Haynes could not do it.

  37. The real estate business is apparently a haven for crooks and money launderers. At least, that’s what I have been recently made to understand since November 2016. And so David, we are not yet in the clear.

    And when speaking of the banking industry – ever heard of Deutche Bank?

    How soon is the sale going through? Maybe I can now ignore the letter they sent harassing me for all sorts of documentation, including what they really want, which I know is the of source of income, just because I cleared off my credit card. It seems that I am not supposed to be in possession of five thousand dollars at any one time. Five thousand measly dollars!

    Meanwhile the real big time money launderers continue merrily along.

    I am not saying this billionaire is dirty but we now know that even golden boy “bringing the world together” Mark Zuckerberg is lacking in scruples and is both power and money hungry.

    How many make billions with clean hands, I wonder.

  38. TSLN,

    London is the preferred place for the Russians to launder their money apparently. But funny you should say that because I only recently heard about a plan for Russian oligarchs to set up a casino gambling strip on the Crane Main Road.

    It caused my blood to chill.

  39. @TLNS

    Watch how the moneylaundering works in regard to property: ordinary property on the so-called Gold Coast will cost ridiculous sums of money (always priced in US dollars), with lawyers and estate agents making lump sums, one way to get money out of the US or UK; or the reverse, properties in Barbados sold at knock down prices for tax purposes, while the balance is exchanged in New York or London.
    Then there is the internal market and how it is used to shift money (ie a bank manager comes in from Colombia and the Bajan branch has to pay the Colombians her/his costs, which will be many times the real thing); or internal auditors coming in from Colombia and putting the cost X times on the Bajan books. Or inter-branch loans at exorbitant rates.
    Of course, our regulators will either turn a blind eye to this behaviour or claim there is nothing wrong with it.

  40. Lorenzo
    November 2, 2019 4:18 PM

    “Walter i do not always agree with you but that joke above about the vision of Piece the jackass coming out of Branckers with 18 tiolet seats is a gem. Go to the top of the class my brother! that comment should be framed to throw in his face come 2023, love it!”

    I am just a little more independent-minded than you are, so I would expect us to see things differently at times. However, we are both Barbadians and that is a bond that should ultimately unite, rather than divide us. I am extremely delighted to know that the two of us can sit, laugh, and share a joke together, especially at Piece Uh De Cock’s expense.
    I love it also.
    We must do so more often, my brother.

  41. NorthernObserver
    November 1, 2019 3:19 PM

    “If an entity imports, let’s say 500 cases of XXX, and then sends (exports) 100 cases to each of 2 related companies in say St.Lucia and St.Vincent, is the subsequent export of an imported good termed re-export? In other words, the export of anything which was not manufactured in B’dos.”

    I would say no. This is a case of gross imports- amounts transshipped = Net Imports. The word “Export” should not be mentioned in transactions like these, especially when there is no “value added” component involved.
    According to US intelligence, a lot of drugs pass through Barbados. A portion stays here, and the rest moves on. If the amount transshipped were termed “exports”, Barbados would have an extremely favourable balance of trade position with the rest of the world!

  42. Thanks to Hal for having the patience to explain what I have learnt about money laundering since November 2016 when I started to pay attention.

    • @Donna

      Do a check and you will see the so called respected banks like Barclays, Standard Chartered, Deutsche Bank etc are routinely fined for money laundering. Some of the best businesses are located in South America, unfortunately we allow ourselves to be brainwashed that bona fide businesses exist only in Europe and the US.

  43. @ David, for a blog master you are incredibly naive. We are fully aware that western banks are not only corrupt but also major hypocrites. We have all heard of the Libor rates where banking interest rates were adjusted by fractions so that illegal profits could be made by merchant bankers.
    We are also aware that London has its fair share of undesirable foreign mafia types who are using the city as their financial headquarters. The British government had turned a blind to their criminality because huge sums of money washed there way into the local economy.
    As soon as events “got out of control” the government got involved. They have the power of the state to kick out these guys should the need arise.
    This is a far cry with our debt ridden Barbados government who do not have the capacity to regulate mafia figures should they decide to set up base in Barbados.

    • Believe what you will. A decision has been announced that CIBC sold its Caribbean operations to a Colombian billionaire. CIBC did not sell a Barbados bank, it sold it operations which included Barbados. We have to wait to see how the respective regulators in the CAribbean react to the requests for approval. Naive indeed!

  44. I hope that I am just wrong an I am not t being an alarmist, I am becoming fearful of what is in store for my fellow countrymen.

    We must remember that this is our island and where our family lives. We must be careful of those who we do our business with.

    Our Bounties and Lord Evil are nothing compared to the Russian mafia and Colombian drug cartels. We may believe that we have the strong arm of the law on our side, but these folks believe only in the law of the gun.

    Remember Barbados is where your family lives and where these games may be played out. The Russian and Colombian families families will be well away from our war zone.

    Now one must wonder if the recent upsurge in murders is related to new players on the island.

    Let’s hope that I am just wrong.and imagining things.

  45. News reports of a Columbian billionaire buying up the assets of CIBC-FCIB apparently has some people seeing images of Pablo Escobar, I suppose if it had been bought by Carlos Slim (who happens to be one of the richest men in the world) and is Mexican they would be wondering about Mexican drug cartels. How about Nigerian billionaires? We know what those Nigerians can get up to but I digress- some of these people live in places where their neighbours think they fit the stereotype of whatever the latest incarnation of evil that black people fit into yet they think nothing of pigeonholing some individual who happens to be Columbian and is wealthy enough to buy a foreign owned Bank with some offices in Barbados.

    If HSBC or Deutsche Bank had bought the assets no one would bat an eye and both of these financial giants have been fined or accused of money laundering. I believe that any Bank with substantial operations in Columbia will have to be like Caesar’s wife (above suspicion) in its functions because all eyes will be on them.

  46. We real worried about them and they ain t buy nothing yet, it’s a pity we wasn’t as concerned with the Trinis from Clico.

    My point is with proper regulators and oversight who owns the bank is irrelevant, that is if we were capable of doing our job in policing these operations of course.

  47. @Hants

    Our image of Banks has been shaped by the British and the Canadians with the concept of Branch banking with a principal Branch and several small branches reporting to it primarily owned by shareholders resident overseas. In Canada the Big five are mainly the result of mergers throughout the years. In the US the Bank in many towns were generally owned by the “richest” citizen generally titled as “The President” and who operated within that jurisdiction and didn’t join forces with Banks in other towns.

    As to individuals owning banks, I believe in our hemisphere Jamaican/Canadian Michael Lee- Chin owns (or has a substantial number of shares) National Commercial Bank which he bought from the Jamaican Gov’t. When the Gov’t of Jamaica acquired Barclays Bank it changed the name to National Commercial Bank which was subsequently sold to the afore mentioned Lee-Chin, now CIBC which bought Barclays is about to sell to a Columbian….. do you see a pattern?

    As the world turns……

  48. @Hants
    this isn’t a family bank like was common in the USA. This person has spearheaded several large bank acquisitions and sales over the years. To date his focus has been on Columbia and Panama, now as we say “he is stepping out”.
    The rumour mill was full last week with a “Canadian Bank having sold its Caribbean assets to a South American operation”. Since all 3 are “for sale”, nobody seemed to know which one was “in play”.

    • This may be good for Barbados because a South American bank maybe less risk averse compared to the Canadian banks that have dominated our markets.

  49. @ Donna

    Thanks. By the way, Cyprus was (is) the favourite destination for the Russian oligarchs moving money out of the old Soviet empire. Read up on the banking crisis in Cyprus. In the UK the Soviets buy property.
    In one instance, a house on the market for £7m, was bought by this woman from the former Soviet Union. She claimed she liked it so much she paid double the price.

  50. @ TheOGazerts,

    I share your skepticism. The entire Caribbean basin has become the epicentre for the transshipment of drugs.

    The fallout from this trade has seen a surge in gun crime with an explosion in our homicide rates.

    Equally pernicious is the normalisation of corruption.

    Our politicians have been encouraged by outside “agencies” not to interrupt the drug’s trade. In return they have been rewarded handsomely. I believe that, recently, two prominent Barbadian businesses men where found to have a large amount of contreband on a boat owned by one of them.

    We should be asking searching questions of this possible acquisition. Colombia is notorious for its association with the drug’s trade.

    @ Donna, if the Russians are serious about opening a casino they will get their way. We all know that our politicians can never say no to money.

    The consequences of this would be dire for our nation. Hal’s account is an accurate reflection of what we can expect as a nation given the trajectory that we have set ourselves.

  51. There is no suprise here a picture is worth a thousand words
    The entire carribbean nations is now at the mercy of every kind of evil that would support its economies
    Most of the small nations who were dependent on the largess of Capitalism offerings have been cut off because they cannot repay their debts
    The drug dealers know that these are vulnerable soft spots and easy to ply their trade
    Barbados is now caught up in the juggernaut of paying their masters and helping their people
    No man can serve two masters
    Barbadians are fully aware which master govt must first serve and barbadians will do all they must to survive by any means necessary
    Govt also knows what is happening and see the writting on the wall and helpless to do any thing

    • Here it is some of you are doing what you do best. We have Canadian banks that want to hightail out of the Caribbean, until they find buyers they are jacking up fees and lending for consumer items. The Trinis are trying, what are Barbadian business enterprises doing to fill the void? Instead we moan about a rich Colombian who from all reports is a legit businessman.

  52. @ the Honourable Blogmaster

    Your assistance please with an item here for Walter Blackman who, in the midst of all this Central Bank pretty jargon on a failing economy zoomed in on the Weak Rebuttal of the Leader of the Opposition Joseph Atherley

  53. DavidNovember 2, 2019 7:16 PM


    Do a check and you will see the so called respected banks like Barclays, Standard Chartered, Deutsche Bank etc are routinely fined for money laundering. Some of the best businesses are located in South America, unfortunately we allow ourselves to be brainwashed that bona fide businesses exist only in Europe and the US.


    I don’t understand your comment. When I mentioned Deuche Bank it was precisely because of the money laundering.

    I don’t know how after reading ANY OF MY COMMENTS ON BU you would think I am susceptible to brainwashing of ANY kind.

    What ‘bone fide’ businesses what! Unscrupulousness is the order of the day in Europe and elsewhere!

    So you need to do a check OF MY POSTS EVEN ON THIS PARTICULAR BLOG.

  54. This is getting boring. Walter, you did make a questionable comment about the gyrating school girls having talents that maybe should be developed. Why not explain what you meant if you can?

    I tire of this daily vitriol. A lot more that is tiresome here but that is the most important thing.

  55. Barbadians have every right to moan and be suspicious of those one armed bandits bearing gifts
    These countries are bring scruntized and are being held under the watchful eyes of American national Security agencies
    The truth of what happens here was explicitly defined by Trump when he called them sh.it holes
    Words with loud and bold effect saying he does not Trust their govts or their people and these countries are held to a different standard of rules and guidlines
    If we continue to lie with people or do business with people of questionable character we will catch their fleas
    This deal might sound go on the surface but in as much as we live in a global community putting our feet in cloudy water is a challenged first worth thinking about hard and long

  56. Money always have the last word
    Don’t mind me that is why i poor as shi te
    Things that billionaires can do i cant do
    Ask Trump when he explain himself clearly by saying that only poor people pay taxes
    People like me might not be billionaires but we can decipher truth from fanciful and grand illusions built around smoked mirrors

  57. @ David,

    I spent an hour googling Gillinski Group. They own a few Banks and buy and sell banks and other businesses.

    Those of you who bank with CIBCFCIB should want to know a little bit about the new owners who will be taking care of your savings.

    Whether they are ” good for Barbados ” is left to be seen.

  58. @ David.

    Money and clothes got one thing in common. If you know how to wash them the dirtiest come out clean in the end..

    Miami for instance was built in the 70s and 80s on laundered money.

  59. The big global banks are not routinely fined for money laundering, that is incorrect. They are usually fined for not having systems in place to prevent money laundering, a regulatory issue ie know your customer.
    Further, they are usually fined in the US by the multitude of regulators they have, including our favourite US/Bajan, the former US attorney general under Obama.
    It is all political; the Americans imposed stringent fines on European banks. It has been written about on numerous occasions.

  60. Hal,

    It is good to be specific. They are fined for not having systems in place. I wonder why they don’t have systems in place.

  61. @ Donna at10 :34 AM

    There is always a race between regulatory bodies and those who want to outwit the regulators. As soon as one hole is plugged, lawyers and other professionals look for and find a new loop hole.
    Regulators and other law enforcement institutions, for the most part trail behind the evaders.
    Systems have to be constantly replaced.

  62. My last note:

    My cautionary note was not intended to be xenophobic, stereotypical or anti-anyone. I was just issuing words of caution.

    One smart may believe that having the local police at his beck and call and having alliances with known local drug dealers, then he/she can handle any evil that surfaces. I believe our local evil and our police are not a match for the evil that exist in other places.

    I am urging one-smart that before he engages two smart to realize that if there is a situation, the battle ground will be at one smart’s home where his family are living.

    I am only asking that we exercise caution in our business affairs. There may be no putting the genie back in the bottle.

    I note for some, the attitude is “any port in a storm” as they seek to replace banks from Canada. I hope our regulatory authorities ignore the fast and easy checks and try to scrutinize who they are dealing business with and who will be coming to the island.

  63. @ Donna

    It is expensive and once you close one loop hole, another opens.

    @ Vincent
    The real issue is what is called regulatory capture : regulators are relatively poorly paid public servants; they are offered massive salaries to join the private sector, and often the person replacing them as regulators were junior to them and they know more about the job than the replacement.
    We used to run a list of former regulators and who they now work for and how much they are earning. Working for the regulator is a good career move for lawyers.

  64. Thank you, Vincent and Hal, I have heard that before and it does make some sense. But you know what systems they do have in place put hurdles in place for the average person. Here it is that I have to waste time, energy and money to make a trip to account for five thousand dollars while the big boys launder billions.

    Policing for the average person as usual.

  65. @ David who wrote ” A Canadian like you are if the view CIBC would sell piece of their operations to. Drug dealer?

    No way they would do that David and there is nothing to suggest that the Gillinski Group is in any way associated with Drug dealing.

    Don’t try any ” entrapment shiite ” with me. I don’t usually write what I really believe and will sanitise what I write. lol

  66. Stanford’s story is interesting indicates how Caribbean governments can be easily duped by unscrupulous individuals such as him.

    In 1985, Stanford opened the Guardian International Bank in Montserrat at which unsuspecting customer were lured to deposit money as part of his ponzi scheme.

    With Montserrat being approximately 53.96 km or 33.53 miles from Antigua, I believe it was impossible for Antiguans not to hear about the investigation into Standford’s Montserrat’s bank and his subsequent expulsion from the island.

    Yet the Antiguan government allowed him “to set up shop” there.

    Greed of politicians?

  67. Let us for purpose of discussion say they were laundering money. If they were allowed to come here and set up shop who should we blame, them or our regulators?

    My point is that it is the responsibility of the state and relevant authorities to filter the good from the bad, when it comes to deciding who enters here to do business. They also need to ensure that even after they come, annual returns and oversight exist going forward.

    Now back to our real world where we have state owned entities who have not files financials for 6 years, what chance do we honeslty have in offering oversight to an international banking sector?

    • @John A

      Did we have a similar conversation when Republic Bank announced the buyout of Scotiabank? Trinidad has been mentioned as a nest for ISIS fighters? You see the point?

  68. @ Donna

    My sincerest apologies to you.

    I recognise first that your scroll button on your computer DOES NOT WORK and you cannot scroll past the comments by Walter and myself.

    Heheheheh or given your reference to the 12 year olds, you cant scroll past mine!

    Interestingly YOU ARE NOT A MAN and cannot ever understand that Walter and I, while we don’t like each other RESPECT EACH OTHER!

    That is the thing about us men, we can cuss each other, black is blue, but the language between political opponents IS UNDERSTOOD TO BE JUST THAT.

    Walter uses the play on Piece of the Rock Yeah Tight as a “metre” of familiarity BECAUSE IT RHYMES WITH MY NAME before de ole man transmogrified…

    …Piece THE LEGEND!!!

    Now Walter, would be at home reading that “transmogrified” thing and laughing bad as ass.

    But you, a woman, and lesser sheeple, like the 2 Rented Jackasses Hee Hee and Hee Haw, would see it as egotistical and arrogant.

    Walter understands politics and political messages and strategies well.

    You do not.

    I see Walter as a worthy opponent WHO IS KEEPING HIS OPTIONS OPEN by continuing to post here on BU!

    I am unsure of where he proposes to place his candidacy at this moment.

    Walter sees de ole man as a Bane MERELY BECAUSE I CAN READ HIS MOVES ergo the familial rhyme, one which you, being slow of thought, have accepted, AND DID NOT CASTIGATE HIM FOR, nor call vitriol, but my paedophile references caught your notice!

    YOU ARE NOT A POLITICAL STRATEGIST but more importantly, you are not a man!

    You and the other female who makes up the Rented Jackasses duo, need to leave Walter and de ole man alone, as we use our jovial barbs respectfully with each other.

  69. @ the Honourable Blogmaster your assistance please with an item here for Donna

    By the way, I like the new Barbados Underground header.

    Where did you get that font from?

    The fact is that you people feel that wunna smart and you feel people are eternally stoopid

    You can hide and buy land but you cant hide and wuk it!!!

  70. But why would a billionaire want to buy a bank ?
    A foolish question some might asked
    But a necessary one from a depositor perceptive

  71. @ David.

    That is why I say if we had proper oversight it really wouldn t matter who wanted to buy the bank. They would know they are coming to a territory with strong enforcement and would thus have to fall in line.

    I draw reference to clico just to show how poor our oversight and enforcement was there. What has changed since then?

    • @John A

      Back then we had a chicken farmer in the role of supervisor of insurance. Today we have the FSC and Persaud.

  72. Steupse! You are free to continue to be quick of thought and control the world with the manliness of your political excesses. You political animals have done a great job so far, I must say. Things are looking rosy for the world right now. And we all swear by our beloved political leaders’ every word!

    But I beg to differ on one thing – that as a woman I cannot spar fiercely and still have respect for an opponent. How else does one enjoy an argument?

    I just try to stick to plain truth and not dangerous hyperbole. I don’t find it constructive or necessary for effective or interesting communication.

    PS. I think I did at the time question Walter on what he meant and I was not entirely satisfied with his answer. However he did not come across as a pedophile but as a person who thought the girls could make money off their gyrating talents in the future probably as back up dancers etc and not just in Barbados.

    Just relying on my fuzzy memory. Walter can correct me if I am wrong. So can you if you have it saved.

    By the way, you know I am slow of thought so…. what Grenville said about you and the Atherley party is true or not? Have you really been exposed?

    Feel free to insult me and cuss me as you like. You who are quick of thought should know by now it will have no effect. And there shall be no further response because I shall not descend with you.

  73. @ David.

    That is suppose to make me feel better? Persauds success with four seasons in legiondary and dont let us forget his famous words of ” no rush to pay” and the fact we were nailed hard for that first! Lol

  74. @ Mariposa

    The question is why would a London-based, Colombian billionaire, of Lithuanian heritage, want to buy a bank in Barbados? That is the question.
    By the way, rumour has it that the Metro Bank in the UK is on the market. Also, why not launch a challenger bank in the UK? The reality is no matter who wants to buy the bank, Bajan regulators must apply precautionary principles. Theikr fundamental duty is to make sure Bajan savers are not exploited.

  75. David BU

    I read in the Jamaican Gleaner that the Gilinski Group acquired 70 per cent of CIBC FirstCaribbean for US$2.2 billion.

    According to the paper, “Jaime Gilinski, is a billionaire banker and real-estate developer who, along with his father and family, owns one of the largest banks in Latin America. He is described as the second richest person in Colombia, despite LIVING mostly in the United Kingdom.”

    I also read Gilinski is the son of Isaac Gilinski Sragowicz, a banker and himself the son of Lithuanian Jewish immigrants. Gilinski earned his BS in Industrial Engineering from Georgia Tech in 1978, and an MBA from Harvard Business School in 1980.

    Why are some contributions implying that CIBC FirstCaribbean in Barbados is being bought by a Colombian drug lord? Where is the evidence to support this accusation?

    CIBC FirstCaribbean describes itself as the largest chain of banks in the English- and Dutch-speaking Caribbean with more than US$1.2 billion in equity and US$11.5 billion in total assets up to July 2019. The bank has more than 2,700 staff, 57 branches, 22 banking centres, and seven offices in 16 regional markets.

    Taking the above information into consideration, how can any political administration in Barbados, whether it is BLP, DLP, SB or PPfDD, prevent the Gilinski Group from purchasing CIBC FirstCaribbean……. unless they “pull” a Gaston Browne move re Scotia Bank.

  76. Only one person implied he was a drug lord. Me, I just don’t trust any billionaire to be of any use to anyone but himself. I don’t trust the current ownership of the bank in question either.

  77. Back then we had a chicken farmer in the role of supervisor of insurance. Today we have the FSC and Persaud.

    Ohhh Shiiiirt!

    De Blogmastuh got jokes…

  78. Donna
    November 3, 2019 8:56 AM
    “This is getting boring. Walter, you did make a questionable comment about the gyrating school girls having talents that maybe should be developed. Why not explain what you meant if you can?”

    The onus is on any person who has a problem with the so-called questionable comment I made to reproduce that comment and show what they found questionable about it.

    I doubled down on that comment, so it should be easy to find. I take responsibility and accountability for anything I write anywhere, and at any time.

    I often watch how some persons with poor comprehension skills, or small minds, or both, attempt to twist or maliciously misrepresent what you and others write. I always smile and move on. I suspect other BU readers do the same. Sometimes you see the need to defend your position or clarify. Sometimes you don’t. It is left to you.

    From the moment I came on BU, Piece Uh De Cock called me a thief. That didn’t fly, and he didn’t succeed in scaring me off, so he proceeded to call me a paedophile, and more recently a He Beeatch, whatever that means. He has also accused me of writing under the moniker of John A.
    He cannot justify or substantiate any of these accusations, but I know, from my childhood days, that people throw rocks only at the mangoes they consider to be ripe. They leave the green ones alone.

    Miller, Bush Tea, Caswell and many more on BU know me well, so I would be tempted to pay attention to any attempts they make at assassinating my character. Not so with Piece Uh De Cock. I simply do not care what he says about me.

    If you are paying close attention, you will notice that Piece Uh De Cock’s ad hominem attacks are not limited to me alone. His scandalous and outrageous remarks have been directed at Grenville Phillips II, Adrian Loveridge, and the Blogmaster, to name a few. He has also hurled scurrilous and defamatory barbs at the current Prime Minister, and has brazenly and recklessly called her a thief on BU. You should be asking him to prove or explain these unfounded, idiotic, and questionable accusations.

    I am no psychologist, psychiatrist, or psychoanalyst but I picture Piece Uh De Cock as an envious, malicious, petty-minded individual living a miserable daily existence, sitting anonymously at his computer, and trying to pull down others into his little, slimy, miserable, forlorn world.

    His attitudes showcase the worst of anything Barbadian, and I try to highlight them as a means of making all of us aware, and as a means of encouraging all of us to do better.

    That’s all I have to say on this matter.

  79. Donna
    November 3, 2019 1:54 PM
    “I think I did at the time question Walter on what he meant and I was not entirely satisfied with his answer. However he did not come across as a pedophile but as a person who thought the girls could make money off their gyrating talents in the future probably as back up dancers etc and not just in Barbados.
    Just relying on my fuzzy memory. Walter can correct me if I am wrong….”

    My memory tells me that you are partially correct.

    The debate at the time centred around “wukking up”. Some people felt that it was a vulgar way of dancing and should be banned or discouraged.

    I held a different view. I felt it was part of our culture, and rather than trying to discourage it, we should encourage it. Furthermore, I felt that marketing our dances abroad could bring our FOREX-starved economy much needed foreign exchange.

    The blogmaster put up a video of dancing girls, and the video highlighted the girls moving their buttocks rhythmically to a musical beat. The point I wanted to get over was that we should not take these “trembling botsies” for granted. It required talent which I and many others did not possess. I felt strongly that this is a talent that had the potential to overawe and wow international audiences, and earn us foreign exchange.

    The blogmaster wondered aloud if everything should boil down to economics.

    I do not recall you asking me for an explanation, neither do I recall myself providing one.

    We have seen what the malicious, petty mind of Piece Uh De Cock managed to twist my comments into.

  80. Walter,

    I guess that means that you do NOT respect him? lol. He behaves as though we cannot remember all of what went down and how incensed you were at first.

    Glad to hear you have gotten over it.

    I too have come in for abuse since I disabused him of the idea that he could slide into the role of my self-appointed leader.


    Thanks for RESPECTING this poor slow witted female enough to respond.

    In the future we shall ignore or lol together.

  81. Walter,

    Then we agree on the substance but I think I did make some sort of comment. I do see your point about the wukking up but I do still think there is a line that crosses into the vulgar. It is the difference between a suggestive Sparrow song and the self-proclaimed RAWNESS of the bashment soca pieces of the artistes that abound today. The difference between naughty and nasty, provocative and pornographic, sexy and slutty is what I’m talking about.

    It’s the difference between a ‘Dollar Wine” and …. I forget the names of the songs. I wish i could forget the videos.

  82. Donna
    November 3, 2019 5:55 PM

    “I do see your point about the wukking up but I do still think there is a line that crosses into the vulgar. It is the difference between a suggestive Sparrow song and the self-proclaimed RAWNESS of the bashment soca pieces of the artistes that abound today. The difference between naughty and nasty, provocative and pornographic, sexy and slutty is what I’m talking about”

    Your point is well made and taken. The position I adopted did not extend to “extreme” dancing.

    I would not support “skinning out”, and there are some dances done by a man and a woman together that no daughter of mine should ever dream of doing in public. If it is not good enough for my child, I should not see it as being good enough for another person’s child. Foreign exchange or no foreign exchange. Some of the “wukking up” is too extreme, and borders on the bawdy and the distasteful.

    You are a very intelligent woman. Continue to express your views unflinchingly in the face of misogyny, insults, and verbal bullying.

  83. @ Donna

    I rest my RH case.

    I am glad that we have had this denouement here on Barbados Underground FOR ALL TO SEE

    Walter Blackman is a 60 ? Year old man who confessed to ogling the botsies of 12 year old girls for Forex

    I dont give one RH what reason this paedophile from Brown University gives.


    Je me souviens like Madame Defarge.

    Do not, DO NOT, ever mess with de ole man’s memory, your a.rse will lose.


    He is a nasty man who thinks he is a ladies man and felt he was a Casanova AND WHEN HE, this man who pretends to be a saint November 2019, first came to Barbados Underground THE FIRST TIME HE CAME HERE, carried his freshness to Dearest SSS!

    And she put the nasty man in his place!

    Do you remember that?

    Let me ask her to speak to that slimy behaviour about this man who admits above that he did comment on the jiggling BOTSIES of 12 year olds!

    Look at this fvucker though!

    Instead of Walter Blackman saying ‘I rassho*e was fvucking wrong to make that slimey comment” here is what the effer says

    “…The blogmaster put up a video of dancing girls, and the video highlighted the girls moving their buttocks rhythmically to a musical beat.

    The point I wanted to get over was that we should not take these “trembling botsies” OF 12 YEAR OLD GIRLS for granted…”

    Are you feeling me Donna?

    We have had several articles here condemning adult women having 8 year old boys wukking up on them.

    We even had a case here where a woman was arrested for taking a mentally challenged male perform cunnilingus on her in our bus stand yet Donna, HERE WE HAVE A WANNABEE POLITICIAN SEEKING TO JUSTIFY INAPPROPRIATE COMMENTS ABOUT THE BOTSIES OF UNDERAGE CHILDREN.

    I have a copy of the case of Randolph A vs Walter Blackman but that is NOT THE ISSUE HERE DONNA.

    We are giving “passes” to slime like Walter Blackman because her RH does talk good about financial matters pun Barbados Underground

    If a RH man of 60 effing years can comment on the jiggling BOTSIES of your and my 12 year daughter, and come out on Barbados Underground and make inappropriate sexual comments to a woman blogger AND OFFER HIS RH SELF AS A CANDIDATE FOR THE House of Assembly DAT IS WHAT I GOT A PROBLEM WITH DONNA!

    You have forgotten Donna AND ALL OF YOU HAVE FORGOTTEN BUT I, PIECE THE FVCKING LEGEND, piece uh de Cock yeah yeh tight! I HAVE NOT FORGOTTEN!!!

  84. Piece Uh De Cock Yeah Tight,
    I know you do not heed good advice.

    However, I suggest that you take a deep breath, drink a glass of water or warm milk, say your prayers, and go and rest yourself.
    Your behavior has me feeling really concerned. It is quite possible that I pushed you too far this time.

    In all honesty, I could not consider myself to be guiltless if the blogmaster were to inform us tomorrow morning that you suffered a stroke overnight.

    I will breathe a sigh of relief on the morrow once I know you are still “alive and kicking”.

  85. This tood would be said about barbados in the coming months
    Instead of Mia Moe Mottley looking for measures to create growth she creating one trick ponies to beat a dead horse call Cahill in the ground


    Chief of Staff Lionel “Max” Hurst
    By Shermain Bique-Charles


    In order for Antigua and Barbuda to realise any improvements in its economic recovery, it would need to rely heavily on domestic drivers of growth, like consumption and investments.

    That’s the advice offered by the International Monetary Fund (IMF) whose latest Regional Economic Outlook for the Western Hemisphere said Antigua and Barbuda will see a decline in economic growth –from 7 percent in 2018 to 4 percent in 2019.

    The significant drop, according to the analysis from the Washington-based financial institution comes as a result of high levels of inequality and lack of economic opportunity.

    The low growth, according to the IMF, also comes amid continued trade tensions, slower global growth, subdued commodity prices and, in some large regional economies, high policy uncertainty.

    The IMF said, however, the key is for governments to continue to strive for stronger growth that is more inclusive and strengthen well-targeted spending and social programmes to protect the most vulnerable groups.

    At the same time, it said, many governments in the region have to deal with high levels of public debt.

    But the Chief of Staff in the Office of the Prime Minister, Lionel “Max Hurst” told OBSERVER media that the IMF’s latest report is misleading and fictitious.

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