Walter Blackman’s Political Insights

It will be worth the time to study Walter’s brief odyssey into local politics to extract learnings;

David, Blogmaster
Walter Blackman,
Actuary and Social
Commentator Extraordinaire

If we are going to extract learnings, we need to look at the dots and connect them. I have reaped no success in politics to justify the writing of a book or my memoirs at this point in time, but there are a few revelations I can make exclusively on BU which would help Barbadians to understand the genesis of some incidents which extensively damaged Barbados, the lives of Barbadians, and the Barbados brand.

I do not know if this particular topic is the best place for me to start, but I am going to start. You, as blogmaster, have the right to package my writings and place them wherever you see fit.

I hope by taking this course of action that I will inspire other Barbadians who believe that they have a tale to tell to start doing so. William Skinner readily comes to mind.

The success of our oppressors stem primarily from the fact that they want to silence us and make us cower in fear. They want to make us feel that it is a sin for us to share our experiences. It is my deep-rooted belief that our shared experiences will help us to understand and appreciate each other more, and by so doing, will create a catalyst for change, however small.

These are my writings and I own them. I have attached my name to them so they are my intellectual property. I reserve the monopolistic right to use them as part of any book I decide to publish in the future.

Let me state, up front, that I have not been privy to any secrets created or held by any political party in Barbados, so it is impossible for me to divulge any. Almost all of the positions adopted by me arose out of deductive reasoning, or by analysis of events that stumbled into the public domain.

273 comments

  • GP,
    The studies and tests are making the claims.

    I understand the basic explanation from bio-chemistry which you have given and I believe you. I agree with you that the muscle type required for long distance races is different from that required for short distance sprints. Restricting Semenya to the sprints would effectively destroy her career.
    Maybe that is the objective.

    Liked by 1 person

  • RE How come you have avoided, and deliberately so, that morally burning vexed fact that she is a same-sex relationship in which she is committed sexually to another biologically-proven female?
    What is your biblical exegesis on that ‘odd’ state of affairs?

    I HAVE IN MY WRITINGS ON BU TRIED HARD NOT TO JUDGE ANY ONE FOR THEIR OVERT SINS , EXCEPT FOR THOSE, LIKE YOU, WHO ALLOW THEIR DADDY WHO IS A LIAR FROM THE BEGINNING (JOHN 8:44) TO USE THEM TO MISLEAD THE FORUM SPIRITUALLY.
    HOWEVER, A READING OF ROMANS 1:18 ET SECQ WILL GIVE YOU YOUR ANSWER

    Liked by 1 person

  • Miller
    November 22, 2020 3:58 PM

    “@ Walter Blackman
    Sorry to add a bit of diversion or a little levity to your blog.
    W.McM. B, you are certainly a true Xtian at heart and indeed in mind; even if not in thoughts. LOL!!”

    Miller,
    Try as hard as I may, I will never achieve Xtian perfection.
    I used to think that I was a pseudo-Xtian, whose “spirit is willing, but the flesh is weak”. Until I met you.
    I much prefer your assessment of me, my friend.
    LOL

    Like

  • I served as a Director on the NIS Board from 1986 -1994. I received $108 per month for my services. No individual or company ever sought me out to bribe me, or to try to influence the way I voted on any matter that came before the Board.
    Two of the biggest issues that confronted the Board during that period were:
    1. Severance payments
    2. An attempt by some employers to categorize their workers as self-employed.

    Let us take a look at severance payments.

    The issue related to severance payments a generation ago demonstrated, to my young mind, the extent to which some Barbadian employers would go to get around a system that was designed to protect the rights of workers.

    Here is how the severance payment system was supposed to work:
    If an employee was terminated, placed on short-time, or laid off, the employer was legally bound to pay that employee his severance based on a formula related to pay and length of service. The employer would make the severance payment to the employee and then seek a rebate of 25% from the NIS.

    The vast majority of employers followed this practice.

    In the event that the employer decided not to pay, or contested the payment, the worker was allowed to take his/her case to the NIS severance payment tribunal. If the tribunal found the claim to be legitimate and justified, the NIS would pay the worker his calculated severance payment and seek the 25% reimbursement from the employer after.

    This attempt to protect the worker’s rights opened up the door of abuse to a minority of rogue employers.

    Here is the scam the rogue employers perfected:
    A rogue employer would be operating a business for many years. He would terminate his workers and refuse to pay them severance. The worker would take his/her case to the severance payment tribunal and receive the severance payment from NIS.

    However, when the NIS approached the employer for 25% of the severance payment, the department would discover that the business had been closed down. It no longer existed. The NIS was thus left holding the proverbial bag. The worker received his/her severance payment, but the Severance Payment Fund was robbed.
    To add insult to injury, the same business owner would soon resurface, doing the same business, but using a completely new business name.

    Liked by 1 person

  • There is an easy answer. If some employers are scamming the system, then they should be barred from being involved in any business, as directors or shareholders.
    Further, I have called on a number of occasions for a new companies Act in which the shareholders and directors of firms will be held responsibility for any debt, post bankruptcy.
    These are the ones who get the dividends and bonuses – and massive salaries.

    Like

  • this is barbados six days ago yet govt have money to bailout the crooks and thieves in the hotel industry
    Black lives does not matter

    Like

  • Hal Austin
    November 22, 2020 5:41 PM

    “There is an easy answer. If some employers are scamming the system, then they should be barred from being involved in any business……”

    Hal,

    As a young Budget Analyst working in the Ministry of Finance 40 years ago, I submitted a calculation to the then Minister of Finance, Tom Adams. When the file came back from the PM’s office, this was Tom Adams’ only written response: “Are you sure?”

    I respected the man’s brilliance so I immediately tried to discover where I had made my mistake. I eventually realized that I had used a tax rate in my calculations that was one-thousandth of a percentage point off. I made the correction, re-submitted the file, and when it came back to me, I smiled broadly when I saw “Approved”.

    You said that “there is an easy answer’. In true Tom Adams fashion, I now ask you: “Are you sure?”

    As you reflect, please bear in mind that the economy of Barbados is small, underdeveloped, open, and vulnerable. We need to encourage as many entrepreneurs as we possibly can. More businesses remaining afloat mean more employment and an opportunity for Barbadians to earn an income, however small or big.

    Like

  • @ Walter

    I am aware that Barbados is a small island and needs all hands on deck.Yes, I am sure, in fact very sure, anyone trying to scam the system should be barred from being involved in any company, listed or private, as stated.
    Sorry about your calculation with Tom Adams. I cannot count to ten without making a mistake, so I admire you both. We need good financial regulation.

    Like

  • @ GP November 22, 2020 5:06 PM
    “I HAVE IN MY WRITINGS ON BU TRIED HARD NOT TO JUDGE ANY ONE FOR THEIR OVERT SINS , EXCEPT FOR THOSE, LIKE YOU, WHO ALLOW THEIR DADDY WHO IS A LIAR FROM THE BEGINNING (JOHN 8:44) TO USE THEM TO MISLEAD THE FORUM SPIRITUALLY.
    HOWEVER, A READING OF ROMANS 1:18 ET SECQ WILL GIVE YOU YOUR ANSWER…”
    ++++++++++++++++++++++++++++++++++++++++++++++

    It seems we are both from the loin(s) of the same “DADDY” of lies and deceit.

    How else can you explain your oft refrain of Mo(o)tley being a PM the Prime Wicker or ex-Pres. Obama the Shitbama President?

    It clearly does not reflect your boastful position of not judging people.

    Like

  • THAT OBSERVATION IS THE TRUTH AND CAN NOT BE REFUTED
    ALSO DESCRIBED IN ROMANS 1:18 ET SECQ

    Like

  • I hate with passion when people make excuses for these scam artist
    Businesses like that hotel that scam govt and workers should have their assets seize no ifs ands ir buts
    These kind of lowlifes would never see light of day if they ever tried to puil scams in international countries
    Understandably these small.islands economy depends on business for employment
    But where does govt draw the line

    Like

  • Hal Austin
    November 22, 2020 6:50 PM

    “@ Walter
    Yes, I am sure, in fact very sure, anyone trying to scam the system should be barred from being involved in any company, listed or private, as stated.”

    Hal Austin,
    That is your position and I respect it. Let us view scamming the system as the committing of business-related financial transgressions.
    My position is that the answer is not as easy as you make it sound.

    Take a look at CLICO for example. In that case, I agree with your suggestion that Leroy Parris and others should have been “barred from being involved in any company….” among other things.

    Additionally, I believe that David Thompson, for the role he played (please read the report of the Judicial Manager carefully) as PM and Minister of Finance in illicitly taking millions of dollars from CLICO and depositing it into Mr. Parris’ account, should have been expelled from the House of Assembly and prosecuted for betraying the public trust, had he been alive. We all know that Mr. Thompson was dead when all of the sordid details of the CLICO heist were revealed.

    On the other hand, it might be more appropriate, for example, to fine a “guilty” building contractor who has a small business with a few staff members for his transgressions.

    Facts and circumstances ought to be considered.

    Like

  • The only thing these black face sell outs in the parliament seems to have perfected in 54 years is how to STEAL the populations money by the TENS OF MILLIONS OF DOLLARS and give it away to the fraudulent social partner THIEVES in the minority community and NEGLECT everything associated with the people that can ENDANGER THEIR EXISTENCE….it seems like DECADES St. Andrew folk have been asking to save their LIVES WITH THEIR OWN TAX MONEY and every fraud enters the parliament, take the tax money and give it away to minorities instead….. and they in St. Andrew believe they are forgotten, no they did not forget,, the self hating SAVAGES JUST DON’T CARE ABOUT YOU or anyone who looks just like you….

    now they’ve found a new way to enforce more poverty and dependency on the majoirty population by concretizing dependency on tourism and they feel so proud, it wont’ take long for that fallout to manifest itself.

    “Article by
    Barbados TodayPublished on
    November 22, 2020
    Promises made, but never kept. That was the unified cry from residents of the White Hill community in St Andrew, as they met Sunday on the anniversary of the main road into the area collapsing into a nearby gully.

    After years of promises from Government about rectifying the dire situation, residents in the area say they are no longer looking for talk, but instead demand action.

    One resident, Carlitha Andrews, says the situation for her area has grown from frustrating, to ridiculous, in terms of the silence from Government officials.

    “We have been getting promises on promises of this road being fixed. All that we have learnt, is from what has been said in the media. No one is coming to us and telling us anything about what is going on, and we are here today to let the public know what is really going on up here,” she said.

    Andrews said in addition to no realistic road connection being available to residents, the lack of any form of consistent bus service has been a never ending issue, leaving the community feeling even more cut off

    Andrews shared copies of a letter a sent to several departments, including the Prime Minister’s Office.

    “This letter was a letter that was hand delivered; there were three copies, one was made to the Prime Minister’s office, one to the Ministry of Transport and Works, and one to the MP (George Payne). The one person that acknowledged that they got the letter was the MP. No one from the Prime Minister’s Office responded and they were hand delivered. They have been very disrespectful to the people of White Hill, we are the forgotten lot,” Andrews said.”.

    Like

  • There was never any intention by the Barbados Labour Party to keep their promises to the people of White Hill, it was all a Electric gimmick trick.

    Just to gather a few more votes. What will the use Barbados Labour Party in the next General election??????

    Like

  • A company can outrightly lie and say there was an agreement with the BWU. The PM publicly confirms that the company lied and then bailed out the company by taking up taxpayers money.
    And then , in the same breath, expresses the hope that the same lying company (people) is going to honor an agreement.
    According to Senator Franklyn, the legislation is designed to protect the employers. From what I gather, if the employers do not pay the severance, the government is obligated to do so.
    This is the kind of ruthless capacity in the current BLPDLP. Now pray tell , why any progressive union leader , would want to be seen in the same room with these vagabonds. Why would anybody believe they can support such organizations and be identified with them.
    Well, if this is not approaching banana republic status ,I don’t even know what a banana is.

    Peace

    Like

  • @William

    Did you listen to the press conference? The government via the NIS is bailing out the workers because of the action of the company and she said the NIS will be going after the company. One can only assume via some legal action. You cannot have your cake and eat it too.

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  • @ Walgter,

    Let us agree to ignore Clico. That process is now going through the courts. I know there is a section of Barbadian society that believes Mr Parris should be hung, drawn an quartered, mainly because he did not go to a so-called prestigious school (in reality just mediocre secondary schools) and mainly by people who themselves are not as bright as they think.
    I have read all the publicly available information on Clico and my conclusion is the same as what I have been saying for years on BU.
    Clico was the result of regulatory failure and bad supervision.. The DPP has an opportunity to take action against Clico, on behalf of the supervisor, and failed. Legislation needs to be amended to allow the insurance supervisor to prosecute insurance infringements. Why should s/he have to go to the DPP to take action?
    Further, David Thompson has been dead for ten years, so, presumably, his estate has gone through probate, which is a public record. That probate record should have been published in the press, given its importance. I prefer to let due process take its course.
    Thsese were not just shortcomings with Clico. The regulatory and supervisory incompetence continues, with the Donville Inniss case, in which not a single person named in that scandal has been held to account, and in the case of Sagicor, being allowed to enter the highly risky alternative investment field, at a time such as this, of residential housing and mortgages.
    This is so obviously risky it makes one wonder if the regulatory/supervisory was made aware of this investment before it was rolled out to the public.
    If they were, then my case of incompetence stands; if they were not, then that is a disciplinary matter and Sagicor should be punished.
    Let us get on to the substantive point. If a business person scams the system, either by committing a criminal act, or just by an unethical one. That person should be suitably punished.
    That can be done through the criminal justice system or, failing that, through the regulatory civil justice system. In either case, a person who has scammed the system has lost the moral right, moral and human, to be entrusted to be the leader of any registered company in Barbados, listed or limited. Punishment should range from suspension for a year, to a lifetime ban.
    The argument about job creation is untenable. If there is a market for the good or service produced by that person the vacuum will soon be filled. No one or business is too big to fail. That was the lesson of the 2008 banking crisis.
    As to the loss of revenue, that too is untenable. By definition, by trying to scam the system that person is trying to avoid or even evade paying taxes. S/he has proved him/herself to be unreliable by that very act.
    There is a more fundamental point to be made. By sending a message to the wider society that no-one is above the law, no matter how wealthy or well connect d, government will encourage trust in the criminal justice and regulatory systems, which at this point is badly needed in Barbados.
    One result of this incompetence and romanticism, is that when the EU and OECD blacklist us for money laundering we cry racism, rather than reforming our flawed and decrepit financial regulatory system.
    That is who we are. Unless we get real, it will end in tears.

    Like

  • “A company can outrightly lie and say there was an agreement with the BWU. The PM publicly confirms that the company lied and then bailed out the company by taking up taxpayers money.
    And then , in the same breath, expresses the hope that the same lying company (people) is going to honor an agreement.”

    That’s exactly what is happening and she’s LYING ABOUT IT..,,,that is not the only lie she is telling, but as i said, this forum is not the place for certain things…it’s best aired where it will make a difference, we always knew there were limitations involved, if ya want results…

    Like

  • The NIS going after what company that is BS and political fodder to place a lid on wagging and raging tongues who see the wrong
    If what the PM said is true why did it take months before any kind of resolution was sought to help the worker
    Govt have a legal right to seize assests from individuals who robs govt
    Only recently a black business man was sentenced to prison for not paying his taxes
    Only the white people when due legal process is necessary are treated with kid gloves
    David has become a boneheaded apologist for Mia he is far lost when it comes to understanding the difference between what she is says and what she meant to say and in the final analysis what govt should do
    Anyone with miniscule understanding of determination would have expected Mottley to say that legal action is or has been taken against by the govt of barbados against Hotel with urgency to collect all monies due and payable to govt
    No! But instead heard long winded political babble with intent to chastise those who were fighting for the workers rights
    I hope the workers find them a good lawyer that an file a class action law suit against the Hotel for breach of their individual rights to fair and equal process

    Like

  • Maybe you are correct and it mirrors the UDC/Beautification and others sent home during the DLP’s tenure without a sent. Some things never change it looks like.

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  • @Mariposa

    Keep up the good work. Your observations are very sharp. If the Mottley gang was being honest, all they have to do is to put a lien on the Club Barbados property. They won’t because they are talking bovine excrement. They are scared of these so-called business people.
    Where is the attorney general? Our president is herself a senior lawyer? Smoke and mirrors.

    Like

  • How do you know what the government is doing? She stated that the NIS will go after the entity. We saw that they went after CHAPS (CIN CIN) and they are paying up.

    Like

  • @ David
    Did I lie or misrepresent anything in my submission? If so , please explain in plain English and publish on BU. I would apologise if proven. A pleasant day to you and yours.
    Peace

    Like

  • Hal Parris is black and their will be a lynchmob made up.of his own kind to hand cuffed him featherhim and burned him to a stake
    The white corporate elite such would never happen even when evidence shows that they have taken the benevolency of govt to the heights of thief
    As a matter of fact govt rewards them with all kinds of financial goodies at taxpayers expense and not a sounding word is uttered by those who are ready with handman noose in hand to hang Parris
    This kind of rot and unfair and unequal practices continues with the help of some so called intellectual blacks who does not see any value within themselves but holds the white establishment to a different stsndatd
    Hence a govt can hold a PR conference and utter meaningless words and deliver empty promises on behalf of the white establishment and the elite and pedigree amongst the blacks applauds because they see no wrong

    Like

  • @William

    Listen to the press conference. it is widely available online and already posted to BU.

    Like

  • @Hal 6:11
    Very good post. You are at your best when you are not caught up in exchanging harsh words with others.

    “The argument about job creation is untenable. If there is a market for the good or service produced by that person the vacuum will soon be filled. No one or business is too big to fail.”

    Did you take our small size and limited resources into your calculations? It may take some time to fill the vacuum.

    Businesses may not be as big as you think they are and the fear may be for having a series of small failures and not the big failure you are thinking of .

    Like

  • This is not a binary matter. Some sectors measured by their contribution to GDP, employment etc if allowed to collapse in an uncontrolled manner as discussed here is presumed by some to be a negative event especially given the lag factor. This is true is a small and unsophisticated market place like Barbados.

    Like

  • Willaim, don’t know if you saw this video i posted to BU last week, but Afra Raymond has a site that’s monitoring corruption in individual islands….the site address is in the video…there are other sites also available but no one wants the corrupt or their agents, fowls, anywhere near them…..running to jump on this board and that board to put up a front while selling out black people will no longer work, imagine she jumped on some corruption board and people are openly saying on a platform that well, she’s had a lot of experience being corrupt…how embarrassing..

    Like

  • I seem to remember a photograph of Michael Lashley touring the White Hill area and making several promises to the same residents. If anything the Mottley government has more of an excuse.

    DLP yardfowls can add nothing to this discussion because they have changed their positions since the DLP was run out of office. Their only argument can be, “Yeah, we were horrible! So far you guys are no better.”

    Like

  • However small black business are allowed to collapse daily as if they never exited or does play any financial importance to the economy
    Ram might be a poor choice of govt heavy handiness and its quickness to seize assets
    However it is an indication that govt would do whatever necessary to give the white establishment whatever they want
    The same process of acquiring Ram property would have occured if it was predominately black
    My point being that govt only sees the white establishment as powerful entities to the economy
    Hence their leverage far outweighs the rights of fair and equal when it comes to black people

    Like

  • @ WURA
    I will check it out. Have been following Raymond off and on for years.
    Thanks
    Peace

    Like

  • @ TheOGazerts
    November 23, 2020 6:53 AM

    @Hal 6:11
    “Very good post. You are at your best when you are not caught up in exchanging harsh words with others.“ (Quote)
    I have been trying to tell Comrade Austin that for a few years. The man just hard ears.lol
    I have down years in his hometown ,the beloved Ivy and he very highly respected.
    They are some who come here to provoke and engage in petty fights. Even when you compliment them, they still look for drama.
    Peace

    Like

  • In the opinion of this ignorant and illiterate blogmaster no scare funds should be spent to rehabilitate that area. It has morphed into a political issue like most things bout here.

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  • @ Mariposa

    I have long worked out the attacks on Mr Parris had nothing to do with his business practices, but his background. It is the verminous underpinning of the Bajan Condition.
    Had he got an MSc in political sociology from the LSE or was a lawyer, in other words the right pedigree, then he would have been knighted by now.
    Some time ago a bright young Barbadian came to me and ask me what I thought about his returning to Barbados with the intention of entering politics.
    My suggestion to him was to make sure he first could support himself, if not they would not only punish him for having the audacity to enter politics, but they will get great joy from humiliating him. That is the Bajan way.
    And you are right; the chief culprits will be the very poor and hungry that he would be trying to help. It is a strange national psychology.

    @Theo

    There is a natural fear that if the merchant or manufacturer we have goes away no one else will come along. It is unnecessary. The barrier to entry in the hotel sector is very low.
    In fact, if the legal system was more competent and people were allowed to move their money around, a lot of Bajans in the Diaspora will gladly invest in the sector. They do not because they are not sure their money will be safe. Look at the number of cases of lawyers stealing people’s money.
    Do you have a bank account in Barbados or land with squatters on which the Barbados Water Authority has installed water without the landowner’s permission? Try getting a local lawyer to sort that out. Ours is a failed state. No amount of fake nationalism will hide our incompetence.

    Like

  • @ William

    You sound like my mother. “Boy, you hard ears,” a refrain throughout my youth. “You like your father.” In a funny way, the man I always try to model myself on, even in old age, is my father.
    So, instead of chastising me, she was inadvertently telling me what I wanted to hear. But it is appreciated. She was a natural social worker and what people felt mattered to her. With my dad, he said it as he saw it; if you got offended, then as they say on BU, move on.

    Like

  • However small black business are allowed to collapse daily as if they never exited or does play any financial importance to the economy
    Ram might be a poor choice which i might used to be of govt heavy handiness and its quickness to seize assets
    However it is an indication that govt would do whatever necessary to give the white establishment whatever they want
    The same process of acquiring Ram property would have occured if it was predominately black
    My point being that govt only sees the white establishment as powerful entities to the economy
    Hence their leverage far outweighs the rights of fair and equal when it comes to black people

    Like

  • @ David
    I did not expect you to seriously prove I lied or misrepresented anybody. I have dealt with obstructionists and apologists fir ages. All you do is give them enough rope.
    Peace

    Like

  • But there is absolutely no problem picking up SCARCE BLACK PEOPLE’S TAXES BY THE TENS OF MILLIONS OF DOLLARS AND GIVING IT AWAY TO MINORITY RACISTS, THIEVES AND LIARS both local and foreign while the population suffers…….and no one sees a problem with that…

    Like

  • @William

    Please be careful, do not hang yourself.

    Liked by 1 person

  • William…check other sites, they are more flexible and are results driven, BU has it’s own purpose. We always knew there would come a time when we have to use our skills to reach our goals, avenues have since opened up to do just that and more. There is a lot more going on than we’ve been talking about for years and to actually achieve anything, there are certain individuals that you must join..

    Like

  • @ David
    A good come back. Go to the top of the class ! I can take a good counter punch.
    Peace.

    Like

  • I am trying to understand the genesis and root of the problem faced by the workers of The Club Barbados.

    I wrote:
    “Here is how the severance payment system was supposed to work:
    If an employee was terminated, placed on short-time, or laid off, the employer was legally bound to pay that employee his severance based on a formula related to pay and length of service. The employer would make the severance payment to the employee and then seek a rebate of 25% from the NIS.
    The vast majority of employers followed this practice.
    In the event that the employer decided not to pay, or contested the payment, the worker was allowed to take his/her case to the NIS severance payment tribunal.”

    If the hotel had paid the workers their severance and sought the 25% rebate, there would have been no problem.
    The mere fact a problem now exists suggests that the employer did not do what was legally required up front.

    Is The Club Barbados unable to pay the workers their severance?

    Is The Club Barbados contesting the severance payment claims of the workers?

    The route which forces the worker to go to the severance payment tribunal of the NIS is a time-consuming route. It should be the route of last resort.

    Why should a simple concept like this erupt into such a large, embarrassing, anger-provoking national spectacle?

    Liked by 1 person

  • (Quote):
    There is a more fundamental point to be made. By sending a message to the wider society that no-one is above the law, no matter how wealthy or well connect d, government will encourage trust in the criminal justice and regulatory systems, which at this point is badly needed in Barbados.
    One result of this incompetence and romanticism, is that when the EU and OECD blacklist us for money laundering we cry racism, rather than reforming our flawed and decrepit financial regulatory system.
    That is who we are. Unless we get real, it will end in tears. (Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++++

    That’s the kind of sound patriotic advice- whether coming from the recommendations of a local consultant or another concerned Bajan living overseas- the powers-that-be in Bim don’t want to hear.

    Instead of dealing with the obvious deficiencies in the country’s financial regulatory system and glaring lack competence in dealing with the white-collar miscreants (as in the case of the internationally shameful ICBL affair) the only reaction is to scream ‘Racism’ against those who have a vested interest in protecting their own tax havens and fiscal incomes much needed to underwrite their own social welfare systems.

    Why should the EU or OECD not be concerned about or give a free pass to a country which cannot even deal with its petty financial criminals and fraudsters both in the incestuously nepotistic private and public sectors far less monitor international financial gangsters?

    The appalling deficiencies plaguing the existing justice system- whether criminal, civil or administrative, with over 1,000 lawyers on call in a 2×3 place- will be the undoing of the country and which, unfortunately, would only turn you into a fortune teller of some repute; only if ‘ill’ among those afflicted with the proverbial Bajan Condition of burying their heads in the sand.

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  • (Quote):
    If the hotel had paid the workers their severance and sought the 25% rebate, there would have been no problem.
    The mere fact a problem now exists suggests that the employer did not do what was legally required up front.

    Is The Club Barbados unable to pay the workers their severance?

    Is The Club Barbados contesting the severance payment claims of the workers?

    The route which forces the worker to go to the severance payment tribunal of the NIS is a time-consuming route. It should be the route of last resort.

    Why should a simple concept like this erupt into such a large, embarrassing, anger-provoking national spectacle? (Unquote).

    +++++++++++++++++++++++++++++++++++++++++++++++

    How come the head honcho of the government’s political fire fighting brigade can promise the disgruntled workers their severance pay before Independence Day?

    Where is the money coming from? A line of credit ( printing money) from the Central Bank to the (‘liquidity-challenged’) NIS?

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  • Appeasing the workers is not the same as properly regulating the employers. One is PR, the other is conspiracy to commit crime.

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  • @Walter

    Senator Caswell contends the recent amendment to the Severance Payment Act because of Covid removed the NIS tribunal from the process. It therefore affected a narrow group of people laid off. There is nobody to appeal issues as a result now that the sun as set on the legislation. Hopefully Caswell will write something.

    Like

  • “Why should the EU or OECD not be concerned about or give a free pass to a country which cannot even deal with its petty financial criminals and fraudsters both in the incestuously nepotistic private and public sectors far less monitor international financial gangsters?”

    instead of crying racism when they get caught in their criminal activities against other people, Mia needs to tell the UN, EU and OECD just HOW MUCH RACISM IS IN BARBADOS…..it’s more than enought to take to any world court.

    one lady from US had to expose Royal Westmoreland for racism against herself…..the whole island is infected and infested with racist practices against Black people, as it’s always been…

    she should be ashamed to call UK or EU racist.

    Like

  • David,
    I went through a first reading of the amendment but have not gotten fully on top of it as yet. It was convoluted and I remember that it gave the worker an open window to file for severance if certain conditions were satisfied. I also remembered that the process was time sensitive and the possibility existed that the window could be closed and the worker could be left stranded with no recourse if he/she did not know, or did not move in a timely fashion. I am not sure if that is the issue at play here though.

    I hope that the unions took the time to educate the workers thoroughly and effectively about the amendment.

    However my basic questions remain.
    Do you know if The CLUB Barbados is claiming that they are unable to pay the severance bill and seek the 25% rebate from NIS?
    Do you know if the employer is contesting the validity or amount of the severance payment bill?

    Like

  • Miller
    November 23, 2020 11:22 AM

    “Where is the money coming from? A line of credit ( printing money) from the Central Bank to the (‘liquidity-challenged’) NIS?”

    Miller,
    You do know that the NIS is ultimately responsible for 75% of this severance payment bill, right?

    Like


  • Severance deal for The Club 


    By Barry Alleyne barryalleyne@nationnews.com


    Former employees of The Club Resort and Spa who protested about not getting their severance pay earlier this week, could soon be in for a financial windfall.


    That’s because the St James hotel has worked out a special agreement with the country’s National Insurance Scheme (NIS) to have that financial entity pay the severed workers what is due to them.


    In a letter from the company’s senior vice-president of operations, Mark Grebby, dated November 18 (Wednesday), one day after the workers staged a protest outside the hotel, The Club confirmed to the Barbados Workers’ Union’s deputy general secretary Dwain Paul, that the agreement had been reached.


    The Weekend Nation obtained a copy of the letter written to the BWU.


    “Luckily, Barbados is a strong and substantial nation. As with many other businesses, we have now secured funding from the NIS, which will allow them to pay all employees the balance of their severance, soon, on our behalf,” Grebby stated.


    “We are pleased to confirm that in accordance with the Barbados National Insurance Act and related laws and regulation, the NIS has agreed to fund these severance payments to the ex-employees,” he added.


    Repay NIS


    The Club noted that as tourism business returned to the country in the midst of the COVID-19 pandemic, the hotel would eventually be able to fully repay the National Insurance Scheme in accordance with a special payment schedule they have arranged with the institution.


    “The NIS has been very gracious in coming to the resort yesterday,” he said about the quick response to the workers’ plight. “Again, our goal, like yours, is to ensure our employees receive their severance payments as quickly as possible. Those that did not attend now need to make an application to the NIS directly to expedite their payments,” the vice-president advised the former workers.


    But it is not a done deal yet, the BWU’s industrial relations officer Davida Forde told the Weekend Nation last night.


    “The union has not agreed to sign any contracts with the National Insurance Scheme. There will be a meeting [today] between the workers and the union,” she added.


    That meeting is scheduled for 9 a.m. at Solidarity House.


    On Tuesday, more than 50 of the formeremployees gathered outside the Vauxhall, St James property to let their voices be heard in protest of the nonpayment of the money. They said management of the hotel had made an earlier commitment to pay them the severance due in two payments, 50 per cent on October 21, and another half on November 21.


    ‘Good start’


    But the workers’ main complaint was that only 25 per cent was offered to them and a promise for the other three quarters to be paid this month nevermaterialised. In the letter to the BWU, the hotel explained its actions.


    “Unfortunately, as you know, The Club Barbados was forced to close in March due to the travel restrictions, border closures and lockdowns resulting from the COVID-19 pandemic. To date, we have paid all employees their vacation pay, their notice period pay, and 25 per cent of their severance pay. This is a good start, considering the fact that The Club, like many other Barbados hotels, has not had any revenue for over eight months,” the hotel reminded the Union.


    The hotel said it had hoped to pay all employees the balance of their severance by this month, but sadly the pandemic had dragged on, debilitating their ability to bring in revenue.

    Like


  • NIS move ‘means delays’ 


    By Colville Mounseycolvillemounsey@nationnews.com


    Former employees of The Club Resort & Spa expressed anger and frustration during a near three-hour meeting with the Barbados Workers’ Union (BWU) yesterday to discuss plans for their severance payment.


    Several said that apart from learning that the Vauxhall, St James hotel struck a deal with the National Insurance Scheme (NIS) to pay them the outstanding 75 per cent of their severance, there was a deafening silence on how much longer they would have to wait for financial relief.


    They said it was unfair to put the burden on the NIS, given they had a written commitment from the hotel to pay them the outstanding monies.


    Holding up her water bill which had a “Due for disconnection” stamp on it, one very vocal former employee, who declined to give her, name said: “Right now, my bills are all marked ‘due for disconnection’. I want my money. It is as simple as that. After that meeting, I am disturbed as so and so. Right now, the way how it is looking, the NIS is going to have to pay us and I can’t wait on the NIS because as I tell you, my bills are marked ‘due for disconnection’. I sign a contract; it is a breach of contract. I want my money!”


    Similar sentiments were expressed by another worker, “Michael”. He told the Saturday Sun the meeting provided little enlightenment, adding he felt as if the workers were back at square one.


    “Everybody want their money and that is everybody’s position. You can’t make a contract with people and not uphold your end. It truly does not matter where we get it from, but the issue is that in getting it from NIS, only God knows how long we have to wait. They said they have a system in place to fast-track us out of this predicament, but everybody knows that NIS got delays. So the concern is the time frame. There was no relief in that meeting for us because we are still at a crossroad. So, as far as I see it, even with the protest we had [on Tuesday] and the meeting today, we are still at stage one,” he said.


    There were workers like Christina Griffith, who called for more militant action.


    “We worked hard and we want our money. We arethe ones who made that hotel what it is and theynow turn around and do this to us. Nobody istaking this, even if we have to go and march withthe Opposition, whatever it takes we are doing.We knew that when we came


    down here, this was the ***** we were going to hear. It feels as if we are going to have to turn to somebody else who can really do something about it,” she said.


    We have to suffer


    “The employers are now going to feel as if they won because the Government is going to hold the rap for it and they now have the licence to do what they want to do. If we go in the bank and sign for a loan and we go against the agreement, we have to suffer the consequence, so why can the hoteliers do what they like and get away with it?”


    In a letter from the company’s senior vicepresident of operations, Mark Grebby, dated November 18, The Club confirmed to the BWU’s deputy general secretary Dwaine Paul that the agreement had been reached.


    “Luckily, Barbados is a strong and substantial nation. As with many other businesses, we have now secured funding from the NIS, which will allow them to pay all employees the balance of their severance, soon, on our behalf,” Grebby stated.


    “We are pleased to confirm that in accordance with the Barbados National Insurance Act and related laws and regulation, the NIS has agreed to fund these severance payments to the ex-employees.”


    The Club noted that as tourism business returned in the midst of the COVID-19 pandemic, the hotel would eventually be able to fully repay the NIS in accordance with a special payment schedule it had arranged.


    Thus far, the BWU has remained tight-lipped on the matter, with Paul saying he was not in a position to comment as the negotiations were being spearheaded by general secretary Toni Moore.


    When contacted, Moore said: “We are currently engaged in several follow-up meetings with the relevant parties, which is moving towards a resolution that would not see workers further disadvantaged.”


    Attempts to reach Minister in the Ministry of Finance, Ryan Straughn, who has responsibility for the NIS, were futile.

    Like

  • @Walter

    Caswell’s point is that rules in the substantive legislation ware not ported to the sunset legislation to given teeth to the tribunal if any in the process. Therefore the employees affected during the COVID period have no recourse.

    Now CLIFF restaurant workers keeping noise for their money.

    It will get worse. The cruise ship industry has push back resumption until well into next year.

    Like

  • David,

    It seems that ability to pay is the issue.

    Connecting the dots, one is left to conclude that The Club Barbados was rationalizing that it ultimately had to pay 25% of the severance payment bill, and the NIS had to pay 75%. It attempted to pay its 25% share, and was telling the NIS that it was on the hook for the other 75%.

    That is not how the process is supposed to work.

    Like

  • David,
    Understood.

    Like

  • @Walter

    This is the point Artax made. Hower what about Cliff workers for example. CLIFF was a top tier restaurant owned by monied people. They have promptly opened a bistro on the same site.

    Like

  • @ Walter Blackman November 23, 2020 12:27 PM

    Having a legal responsibility for a debt is not the same as having the financial capacity to settle that debt.

    The question still remains:
    Is the severance fund (managed by the NIS) liquid enough to settle the flood of requests with which is it now faced like the unemployment fund was facing only recently?

    If the fund is not sufficiently liquid to pay the workers or refund the 25% to employers who have already settled their commitments to their severed workers, where would the money (cash) come from if not from the Treasury via some Central Bank facilitation or accommodation?

    Like

  • Miller,
    I understand the point you are making.

    I am sure that I read sometime earlier that the authorities were arguing that the Severance Fund had a lot of unused money in it, and the Unemployment Fund did not have enough. They were suggesting that it made sense for them to use some of the Severance Fund’s money to pay unemployment benefits. Now COVID has struck, and heavy demands are being placed on both funds.

    However, we have not been told that the Severance Fund has run dry. Until then, we have to assume that there is money available.

    Like

  • @Walter

    We cannot be sure you of anything. It is not good enough we have to rely on a statement from a politician. We need in the interest of transparency to see the audited reports. The public needs for such reports to pass the scrutiny test of SMEs in the private sector.

    Like

  • It will end in tears
    The sh.it has already hit the fan
    Govt made several commitments to the hotel sector and also workers
    Cant serve two masters at the same time
    Reason why i concluded the PR.was long political diatribe placed on Smoke and mirrors
    The window of opportunity has been long past due when govt could have helped the workers
    Dont forget that with the increase in COVID patients the health bill increase
    People only seems not to understand that reality
    Only having heads buried in the sand and on occasion peeps out to shout no community spread
    Meanwhile additional cost to the health care system increase with all the above mentioned
    The question should be asked how will govt fulfilled so many commitments

    Like

  • @ Walter Blackman November 23, 2020 1:03 PM
    “However, we have not been told that the Severance Fund has run dry. Until then, we have to assume that there is money available.”
    ++++++++++++++++++++++++++++++++++++++++++++

    Having a liability recorded in the books does not mean that there is enough cash/liquidity around to settle the unusually large commitments which will soon be placed on that same fund.

    Maybe the offsetting assets (investments) to the same severance fund future/deferred liabilities are tied up in government paper.

    Who knows what in the situation where the NIS has been less than stellar (to put it in the most euphemistic way) in reporting, in a true and fair manner as required by law, its financial health status over the years and might now be facing a diagnosis of a stage 4 funding cancer.

    Like

  • “The time has come”, the Walter said,
    ‘to talk of many things’
    Of NIS, and severance and quivering rears
    Of politics and of stings
    And why the ?LP’s always rule
    And whether touts can sing.

    “But hold your horse” the rum shop cried
    Before we shoot the breeze
    For some of us party hacks,
    And most are retirees
    “No hurry” said the Blogmaster,
    And they thanked him for the ease.

    “Analysis by colour” the rum shop cried
    Is chiefly what we require
    Pepper and Salt otherwise
    Fulfill much of our desire
    Whatever the intended topic
    Let skin tone fuel our fire.

    The winds today are rather cold
    And snow covers the town.
    To add to all this Covid mess.
    the city’s once again in lock down.
    So with little else to do
    I sit and watch the discussion on hue.

    Like

  • BRIDGETOWN – Barbados Prime Minister Mia Mottley will address the two-day virtual Caribbean Conference on Corruption, Compliance and Cybercrime that begins on December 7.

    https://www.nationnews.com/2020/11/23/cdb-hosting-conference-corruption/

    Like

  • David
    November 23, 2020 1:14 PM

    “@Walter
    We cannot be sure of anything. It is not good enough we have to rely on a statement from a politician. ”

    Miller
    November 23, 2020 1:36 PM

    “Who knows what in the situation where the NIS has been less than stellar in reporting…… its financial health status over the years and might now be facing a diagnosis of a stage 4 funding cancer.”

    David & Miller,
    Points well made and taken, gentlemen.

    Like

  • NorthernObserver,
    Absolutely brilliant!

    We have some very intelligent readers and commenters on BU. The good news is that the intelligent group swamps the minority that is trying to retard our progress..

    Like

  • Definitely impressed by the prose by NO. The blog can take the dig lol

    Like

  • @NO
    I think there may be an opening for Poet Laureate and just in time for the Republic

    Like

  • “The window of opportunity has been long past due when govt could have helped the workers”

    that’s the whole crux of the matter right there, those FRAUDS…knew this has been unfolding since the first quarter of 2020, they knew, they KNEW they amended labor laws AGAINST the workers and IN FAVOR of tiefing ass hoteliers, bunch of goddamn racisrs……but see the haunted house rats running out to gi BIG press conference as though they had only just heard about the PROBLEMS THEY CREATED THEMSELVES, they had ample time to fix this, but couldn’t because they ALREADY SOLD OUT AND KNEW IT…

    Like

  • @NO
    Be it the autobiography or the collected work of poems, you can sign me up for a copy.

    Like

  • Mariposa…yall supposed to be warning the people about the marijuana slave plantations they sold out to their foreign and local racist friends to shove the Black population on….how easy it is after legislating to disenfranchise the workers, sealing them into poverty so they have no choice but to go work on these slave plantations that they already set up in multiple parishes…

    but i want that whole gang of rats to get sanctioned for modern day slavery.

    Like

  • Correction – since the employer must pay the total severance bill up front and seek a 25% rebate from NIS, the employer is ultimately liable for 75% of the bill, and the NIS 25%.

    Like

  • However, the link to this news excerpt appeared on BU in “The Election Day in St. George North blog”:

    “Several said that apart from learning that the Vauxhall, St James hotel struck a deal with the National Insurance Scheme (NIS) to pay them the outstanding 75 per cent of their severance, there was a deafening silence on how much longer they would have to wait for financial relief.
    They said it was unfair to put the burden on the NIS, given they had a written commitment from the hotel to pay them the outstanding monies.”

    It is possible that the NIS may never get back this money.

    Against this background, and given the fact that millions of our NIS dollars have been wasted on ill-conceived investments and “solutions”, my question to Miller now makes sense:

    “Miller,
    You do know that the NIS is ultimately responsible for 75% of this severance payment bill, right?”

    Like

  • fortyacresandamule

    Miller is right, the NIS severance fund will eventually have to be topped up by finance ministry through ” borrowings” from the central bank. The onslaught of claims on the fund is not sustainable.

    Like

  • fortyacresandamule

    Often times when I survey the human condition , I said to myself, ”why did I born in this mess”. We are constantly on the prowl looking for a saviour and blaming others for our shortcomings.The mass live in constant hope believing that some man in the sky or the government of the day will save them. It is this optimism bias, that allows us to believe after every election cycle things will be better than before, only to suffer the same dissonace not long after.

    I am old school, I don’t need a crutch from anyone, especially government. When you are independent and live a debt-free life that is real freedom.

    Like

  • @40
    to keep the jargon straight…the new Chair of the NIS Leslie Haynes (Ian Gooding Edghill resigned when he got a Ministerial portfolio)…was quoted in BT

    ““I don’t think we have to worry about the current financial standing of the National Insurance,” Haynes said.

    “Yes you have heard the Prime Minister [saying] say that we have the Government’s assurance that the unemployment fund would be recapitalized, but when one looks at the assets of the National Insurance, with the NIS I am always proud to say that we are the richest institution in Barbados.

    “We control at this moment, assets in excess of $4 billion. In the restructuring we took a hit of approximately $1.2 billion, but there are sufficient funds there that we can see this through at least for the next two years. So there is no cause for concern,” Haynes stressed.

    So topping up is called recaptialization. They got nuff money so now every business can follow the Club Barbados lead. No worries. They have assets for days. #takehaynesword

    Like

  • And I hope the “moment” of which the Chair spoke is a recent one. For most local valuations have dropped 33% this year. We know based on a declined offer by ICBL, that ‘investment’ has fallen further. And we know nothing of their loan portfolio. While I ‘believe’ the 2 year window referred specifically to severance, other NIS beneficiaries should have their ‘eyes wide open’. They already ‘transferred’ the Castastrophe Fund. It is not beyond desperation, to transfer from other funds within the NIS, with the full intent of repaying one day. When Big Sink proudly announced we didn’t need to worry about ratings and would focus on home grown financing, largely because the outside world would not lend any longer, I am sure he felt, foolishly or otherwise, the money was safe. Even after default #1 (and you can read into that what you like), the NIS remains fully exposed. Let’s hope we don’t discover @MTA’s fav, the Emperor has no clothes!!!

    Like

  • fortyacresandamule
    November 23, 2020 7:02 PM

    “Miller is right, the NIS severance fund will eventually have to be topped up by finance ministry through ” borrowings” from the central bank. The onslaught of claims on the fund is not sustainable.”

    fortyacresandamule,
    Today, we do not have transparency and we do not have current information on the Severance Fund. We do not know the amount of cash or liquid assets on hand, and we have no idea of what the magnitude of severance payment claims is.

    As at December 31, 2014 the Severance Fund stood at $164.6 million. Only about $8.5 million of that can be viewed as real money.

    Out of the total Severance Fund, $156.1 million had been unwisely used up by politicians for political reasons. Cash has been replaced by government paper. Interest on this government paper is also useless as no real money goes into the Fund.

    According to the 15th actuarial report of the Barbados NIS, “effective January 2015, the income derived from the 0.5% Severance contribution rate paid by employers is being reallocated to the Unemployment Fund to shore up its finances. This rate allocation of contributions was approved by employers after legal advice indicated that a direct transfer of reserves from the Severance Fund to the Unemployment Fund was not possible. Even without contributions for three years (until December 2017), the Severance Fund is expected to experience annual surpluses as investment income on Fund investments should exceed total expenditure.”

    Note that the investment income referred to is government crediting interest on government paper. No real cash is being injected into the Fund. On the other hand, the expenditure mentioned is real cash leaving the Fund. Not good.

    What is the situation at November 2020?

    It should be pointed out that, government doesn’t necessarily have to borrow from the Central Bank to solve a cash shortage in the Severance Fund. It can increase the Severance rate being paid by employers. The question is, how will the employers react?

    Like

  • “The question is, how will the employers react?”
    You know exactly how they will react…lol. You may even be able to predict with a high degree of certainty how each will react. For support doesn’t mean they will pay it?? And those who are/planning to, use it extensively, an increase is a small price to pay? Unless its retroactive, which it won’t be. I suggest issuing a new bond, you can name whatever you wish, but please, make sure the acronym is good. The Severance and Health Insurance Tax fails. The Severance and Unemployment Paid Employment Rate is excellent, or Super!!

    Like

  • NorthernObserver
    November 23, 2020 9:43 PM

    ‘..the new Chair of the NIS Leslie Haynes (Ian Gooding Edghill resigned when he got a Ministerial portfolio)…was quoted in BT
    “We control at this moment, assets in excess of $4 billion. In the restructuring we took a hit of approximately $1.2 billion, but there are sufficient funds there that we can see this through at least for the next two years. So there is no cause for concern,” Haynes stressed.’

    NorthernObserver
    According to the 15th actuarial report of the Barbados NIS, at December 31, 2014, the NIS Fund stood at $4.2 billion.

    However, page 11 of that report makes a very interesting observation:
    “ With 75% of assets held in public sector (Government and quasi-Government) securities and only 5% invested outside of Barbados, NIF assets are poorly diversified.”

    Out of a fund of $4.2 billion, $3.15 billion has been used by politicians for political reasons. The investment income credited to the fund is not real money. It is government paper on top of government paper. Only $1.05 billion can be viewed as cash or investments that can be converted easily into cash. Hearing that we took a hit of $1.2 billion in the restructuring should exponentially heighten our fears, uncertainty and uneasiness.

    Yes, I know. I am beginning to sound like a broken record. All of us sat back and allowed politicians to misuse and abuse our hard-earned contributions which we were faithfully contributing to the Scheme for the past 53 years. Man to man is so unjust.

    “But not on us!” the Oysters cried,
    Turning a little blue.
    “After such kindness, that would be
    A dismal thing to do!”
    “The night is fine,” the Walrus said,
    “Do you admire the view?
    ……………
    “It seems a shame,” the Walrus said,
    “To play them such a trick.
    After we’ve brought them out so far,
    And made them trot so quick!”
    The Carpenter said nothing but
    “The butter’s spread too thick!”

    Like

  • Pingback: Ode to Lack of Transparency @NIS | Barbados Underground

  • How fitting, and from your favourite poem.
    Your point on convertibility is salient.
    Not all sat back, but some of those who should know better opted for silence. There is a great fear in small communities about ‘speaking out’ and ‘retaliation’. And it is not without precedent.
    Any smart young person interested in politics, should be grabbing the NIS in its entirety. Run with it, march with it and it will bear fruit.
    And this is the ONE thing which runs contrary to the logic of budding politicians joining an existing party, B or D.
    Imagine, here you have a issue, potentially huge in future, and one leader’s response is to call for ‘more transparency’? This pathetic response, reinforces the secret code between the two combatants. Both are guilty of NIS abuse and mismanagement, so it’s near impossible to tear down your opposition without tearing down yourself.

    Like

  • fortyacresandamule

    @Northern Observer. Good points. But how credible is that $ 4billion in asset valuation?

    @Walter Blackman. Point well taken. I am well aware that the government pay the interest on the NIS government notes with more notes. It does the same to the central bank stock of government notes. You are right about the government using fiscal measure to recapitalise/tap-up the severance fund if the worst should come to pass. But why would the government choose that political unpopular route when it can easily and painlessly go turn on the central bank printing press.

    Like

  • @Blogmaster
    that poem was a lil joke. If you wish an ODE, I can pen one.

    Like

  • Ha ha! Missed that GP comment that seems to have been deleted.

    Why shouldn’t I try to teach you biochemistry? Taught you about ganglion cysts, didn’t I?

    The reason why Caster is the way she is matters not. What matters is that nobody knows what effect her biochemistry has on her sexuality.

    You can come with all the crap you like but what I KNOW from simple observation is that homosexual women often resemble men and homosexual men often resemble women. Something is mixed up.

    I am so happy I don’t have to twist myself into a pretzel to fit myself into a Bible.

    Like

  • Racism has to be permanently RIPPED OUT of Black majority countries.

    Like

  • @NO

    Sometimes it requires unorthodox communication to penetrate. As you know we have tried every which way up to now.

    Like

  • So did Donville’s sentencing date get pushed back to January 26, 2021…?

    Like

  • “ With 75% of assets held in public sector (Government and quasi-Government) securities and only 5% invested outside of Barbados, NIF assets are poorly diversified.”….(Quote)

    Here in lies the source of the crisis at the NIS. I have written of this before in my Notes…, so will not repeat it. Our problem is one of incompetence, not corruption.
    The NIS needs serious and urgent reform with a new mandate from parliament, including a benchmark return on investments with the allocation set by parliament, and the stock picking done by experts.
    An asset allocation ratio of about 50 per cent global equities, 15 per cent Barbados and CARICOM equities, 25 per cent gilts (local and international), five per cent property and five per cent cash.
    I will also de-risk the obligations for those aged over 65, ring fence those aged between 45 and 65, until they feed through the system, and embark on a totally new compulsory defined contribution scheme, from age 18 and under 45 to the state retirement age, allowing for mobility and giving access to the fund on there key stages: education, marriage and to buy a family home.
    Any outstanding funds at death will be rolled over as instructed in a will, or in cases of intestacy, the money will go the the heir or/and next of kin.
    Such a development will do a number of things. It will reduce welfare dependency; provide non-bank capital for business; and, most of all, kick start the building of family inheritance, the greatest contribution to family wealth over the last 400 years.
    That all can be done easily. De-risking can be done within three months; ring-fencing can be done at the same time; and the new defined contribution scheme can be set up within a year without any panic.
    The difference between policy-making and getting on a platform talking waffle with arms flying all over the place is that one calls for attention to details, while the other calls for a big mouth.

    Like

  • The more Mottley opens her mouth the more her words of deception are exposed
    Words which she tries to plant in her PR conferences to fool and confused the masses
    The taxpayers now having to foot the bill is an unconscionable act of deception
    Reason being that such an act places another burden on the shoulders of the people which at some time has to be recouped and replaced in the NIS fund
    Why is this hotel licensed not being revoked
    Why has govt taken a soft approach to dealing with an issue of theft from the workers as well as from govt
    I remember when in opposition govt loud noises resonate around calls for accountabilty
    Now in govt the leader has forgotten all that she has said and decides to launch unreasonable attacks on those who speak truth and of asking govt to pursue a correct path of law against employers who emboldens themselves with illegal actions against employees and refuses to be accountable

    Like

  • Why is the NIS invested in ICBL, even now? Follow the interconnecting directorships, consultancies, friendships, relative

    Like

  • Way too mach crooks and thieves in Barbados involved in the Black population’s affairs re taxes and NIS….what is ICBL doing messing with pensioners money..

    “Businessman and real estate developer Sir Paul Altman is the latest member of the board of directors of ICBL to tender his resignation.

    In the most recent file and public notice, the Insurance Corporation of Barbados (ICBL) which was sold to Canadian investors Paynes Bay Finance Inc., announced that Sir Paul had resigned from ICBL’s board effective November 20.

    The notice, which was signed by Chief Executive Officer Geoffrey Scott did not indicate if there was a replacement for Sir Paul.

    The development comes as the former state-owned entity disclosed that it would not be paying an interim dividend to shareholders for the financial year ending December 31, 2020.

    Sir Paul’s resignation is the fourth since the deal between ICBL’s former owner BF&M out of Bermuda, and Paynes Bay Finance was announced earlier this year.

    In September, longstanding directors Juanita Thorington-Powlett and Toni Jones had offered their resignations from the board.

    Thorington-Powlett, a retired permanent secretary, has been a longstanding ICBL director, serving on the board since 2001. Highly regarded for her expertise, she has also been a director of the Caribbean Development Bank and in January, she along with businessman Mark Maloney were appointed to the board of LIAT.

    Jones, an attorney at law who submitted her resignation on September 15, has been replaced by James S. Edghill a Barbadian property development consultant and one of key figures behind the $260 million Hyatt Centric Hotel project planned for Bridgetown.

    Thorington-Powlett was replaced by Vicky Bathija, a businessman who has kept a low profile and has a very limited digital footprint.”

    Like

  • “Luckily, Barbados is a strong and substantial nation.

    As with many other businesses, we have now secured funding from the NIS, which will allow them to pay all employees the balance of their severance, soon, on our behalf,” Grebby stated.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    I KNEW FROM THE TIME I READ THIS ABOUT THE 2 x 3 ISLAND IT WAS WAFFLE AND BULLSHIT.

    Like

  • Yes, I know. I am beginning to sound like a broken record. All of us sat back and allowed politicians to misuse and abuse our hard-earned contributions which we were faithfully contributing to the Scheme for the past 53 years. Man to man is so unjust.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    CORRECT ME IF I AM WRONG I BELIEVE EARLIER THAT YOU ADMITTED BEING ON AN NIS BOARD FOR A NUMBER OF YEARS OR WORKING FOR NIS IN A DIFFERENT CAPACITY.

    YOU WERE PART OF THE NIS SYSTEM AND COULD HAVE LED TO CHANGE FROM WITHIN.

    I WONDER HOW THE BAJAN BLACK MASSES COULD BE BLAME FOR YOU AND YOUR FORMER COLLEAGUES INEPTITUDE/MISMANAGEMENT WHEN THEY WERE NEVER IN CONTROL OF NIS FUNDS OR DECISION MAKING JUST COMPULSORY CONTRIBUTIONS FROM EMPLOYMENT WAGES?

    I SEE WHY YOU WANTED TO RUN AS A DLP POLITICIAN IT IS EASIER TO BLAME “ALL” THAN TAKE RESPONSIBILITY.

    NO WONDER THE 2 x 3 ISLAND HAS GONE OVER A CLIFF IN ITS MOST URGENT NEED OF NIS FUNDS IN ITS HISTORY.

    Like

  • Small minds always, always attack people. Promoting ideas require a different skill set.

    Like

  • NOT ATTACKING ANYONE.

    BLAMING “ALL” WHEN ONE WAS IN A INSIDE POSITION TO DO SOMETHING IS THE REALITY ON THE GROUND.

    ALSO NOT IN THE FRIENDS BUSINESS.

    WHAT BARBADOS NEEDS IS A DOSE OF REALITY AND TRUTH.

    I WILL CONTINUE TO CALL A SPADE A SPADE AND NOT BE ENGAGED IN PASSING THE BUCK.

    Like

  • Small minds always, always attack people. Promoting ideas required a different skill set….(Quote)

    ??????????

    Like

  • So what is this people are angry about, some white canadian that was sold a marijuana slave plantation, walking around with security and dogs talking about by the time he leaves the island, on a trip, marijuana will be legal…..well we know it’s legal for tiefing racist minorities aspiring and invited to be slavemasters in Barbados…..but illegal for the Black majority ..

    stink niga syndrome.

    Like

  • Small minds always, always attack people. Promoting ideas required a different skill set….(Quote)

    ??????????
    DOES HE MEAN LIKE HOW HE AND OTHERS ON BU MOCK AND PILE ON UPON JOHN KNOX?

    Like

  • @ Hal

    SOME WOULD STILL LIKE US “ALL” TO BE LIVING IN MENTAL SLAVERY AND SEEING THINGS AS THEY ARE NOT.

    PALS OVER HONESTY.

    Like

  • The chairman would not know an idea if it fell on his head. But he is not alone. Some come on with a lot of historical dosh as if they were ideas.

    Like

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