Walter Blackman is an Actuary and responded to the following comment by the blogmaster as under.
It may seem a trivial observation to make but make it the blogmaster must. How did Jepter Ince qualify to be appointed Chairman of the NIS?
David October 5, 2018 12:53 PM
“Thanks for lending your expertise to this matter Walter. Have you heard your professional colleague from Eckler on the matter? She highlighted all the issues we have exhausted in this forum including the lack of audited financials………”
I have been following the two recent NIS blogs on BU, and yes, I also read the comments attributed to Ms.Lisa Wade, Principal and consulting actuary at Eckler.
All of the issues at NIS boil down to a chronic state of poor governance, poor management, inefficient use of inefficient technology, and ignorance and incompetence flowing down from on high.
Speaking of ignorance flowing down from on high, I was a guest on VOB’s “Tell it like it is” programme one evening around April 2009. A caller mentioned that NIS funds were being targeted to build offices in Warrens for government workers. Government, in turn, was promising to pay a handsome rent. The caller asked for my view on the matter.
My view was that the NIS needed to keep its funds as far from government, or any government-related project, as possible. I informed the listening public that the actuary had recommended less government-related investment of NIS funds, not more. I knew for sure that all of the talk about handsome rents will eventually lead to the issuing of useless government paper in the long run.
In the twinkling of an eye, Jepter Ince, Chairman of the NIS at the time, came on the line and blew over the airwaves of Barbados and the Eastern Caribbean like a destructive hurricane.
“You Walter Blackman are unprepared and have come on this program tonight trying to fool and mislead Barbadians. The NIS Fund is going to get a return of 6% or more on its investment in this project.You don’t know what you are talking about”, he bellowed.
Just to indicate how dangerous (sometimes fatal) it is for a country when people hold important positions, but these people know not that they know not, listen to the actuary’s words on page 4 of the 15th actuarial review:
After falling behind on its
contributions and rental payments, the Government of Barbados covered some of its arrears by issuing Treasury notes and debentures to the NIF.”
Do you think that Jepter Ince gives two hoots about the useless government paper that goes into the NIF whilst cash is continuously taken out?
Have all the nails needed for the NIS coffin been already hammered into place?