Executive Chairman of CL Financial, parent company of CLICO/Trinidad Express
Barbadians in the understandable emotion of the moment should resist the irresistible urge to discuss the current bailout of CLICO by the Trinidad government in a parisian and or political manner. This approach should extend to those who resent the lavish lifestyles of the CLICO Barbados executives who are known to ride around Barbados in high-priced luxury vehicles, and we understand there is an executive jet which is for the exclusive use of Chairman Leroy Parris and others of his bidding. Perhaps in the current climate the local CLICO management maybe persuaded to behave like a company which has modestly performed in comparison to a SAGICOR.
Back in July 2007 we hinted our concerns that Trinidad and Tobago had become the hegemonist of the Caribbean. At the time former Prime Minister Owen Arthur with lead for CSME matters seemed prepared to expose Barbadian companies to the highest bidder. The Arthur approach fitted well with the Port of Spain expansionist strategy given their cash rich position derived from a petro-based economy operating in a bullish global petro-market. The end result is that our largest conglomerate BS&T, our Barbados National Bank and other home-spun entities were gobbled-up by Trinidad investors. While the advantages of the Arthur strategy made a good economic argument BU has always been concerned about our ability to cope with the downside of such a strategy i.e. the mitigation of risk associated with the heavy concentration of Trinidadian ownership in a small Barbados market.
The inability of CARICOM to date to implement CSME has seen with it the inability to harmonize a regional financial regulatory body of any significance. The implication of not doing so is stark given the current unravelling of T&T government’s financial bailout of CLICO. Interestingly Neal & Massy, Ansa McAL and One Caribbean Media are other Trinidadian controlled pan-Caribbean company operating in Barbados. It seems ironic that CSME was so widely touted under the previous administration but as far as we are aware there is no legislated unitary governance structure in place to manage pan-Caribbean companies.
We have with purpose highlighted the company One Caribbean Media (OCM) to illustrate the importance of implementing a regional regulatory governance structure. BU has been a harsh critic of the concentration of media ownership in Barbados given the importance of the Fourth Estate in a working democracy. The recent bailout by the T&T government now sees OCM being 23% owned by the government of Trinidad which will immediately entitle them to seat bodies on the OCM Board. We leave it to the BU family to study the implications in the absence of clear codes of governance in the prevailing climate.
After listening to VOB’s call-in show this morning we have to agree with Dr. Justin Robinson, on the horizon may loom an opportunity for Barbadians to buyout the assets of the local CLICO subsidiary. To be honest we don’t see in the current environment how CLICO local can bounce back given the dent in its home market compounded by the global financial crisis. The government of Barbados should move hastily to preempt a marathon run on the company if it appears evident by 9AM tomorrow. We hope that the Barbados government during its informal talks with Junior Minister of Finance Mariano Browne would have signalled such a plan.
A word of caution to Prime Minister David Thompson. Your self-confessed relationship with Chairman Leroy Parris places you in a very delicate position. Our suggestion may seem ridiculous but Chairman Parris should be encouraged to cede his authority to one of the other executive officers in the company for the obvious reasons as this matter unfolds.
The BU household wishes for a good result to the CL Financial (Parent) – CLICO fumble (we are writing this on Super Bowl Sunday). After all this is a company founded by a Black man and financially modest Trinidadian Cyril Duprey at the time in 1936. In 1936 it would have taken a black man with balls to do what he did. The company through the years has been become a large player in and out of the region.
This is a company which cannot be allowed to fail.
David
What the hell is Super Bowl Sunday?
David wrote “Barbadians in the understandable emotion of the moment should resist the irresistible urge to discuss the current bailout of CLICO by the Trinidad government in a parisian and or political manner. This approach should extend to those who resent the lavish lifestyles of the CLICO Barbados executives who are known to ride around Barbados in high-priced luxury vehicles”
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Look David I don’t know if you meaning me since it was I who mentioned the high-priced luxury vehicles in Saturday’s blogging.
Let it be known that J does not resent anybody’s vehicle, high-priced or not. Monday please God I will get up and bus it to work, on the way there and back I will also walk some – a total of 3 miles a day – why would I resent anybody’s vehicle when my blood pressure without medication is 120/80 the same as it was 30 years ago?
Don’t feel that I envy or resent anybody’s high-priced luxury vehicle because I don’t.
Maybe they resent my good health.
Maybe they should get our of their high-priced luxury vehicles and walk 3 miles everyday.
I lost on you David man. You are generally very sensible.
@J
This blog is not about you but seeks to capture a general perception by some Barbadians.
David writes
The BU household wishes for a good result to the CL Financial (Parent) – CLICO fumble (we are writing this on Super Bowl Sunday). After all this is a company founded by a Black man and financially modest Trinidadian Cyril Duprey at the time in 1936. In 1936 it would have taken a black man with balls to do what he did. The company through the years has been become a large player in and out of the region.
This is a company which cannot be allowed to fail.
My questions are as follows:
1- What is Super Bowl Sunday? Is this some new holiday in Barbados? I have never heard of such in all my 60 years of living in Barbados. Should you not have written February 1 2009?
2- Are we to understand that because a company was founded by a black man in Trinidad with balls that the company should not be allowed to fail?
3- Are we to understand that because this company has been become a large player in and out of the region that the company should not be allowed to fail?
4- Are we to understand that this company should not be allowed to fail at the expense of Bajan tax players?
5- Why is it that the company is failing if it is such a major player?
6- Are we to understand that major players must not be allowed to fail whereas it is okay for minor players to fail?
8- Is it possible that the author above has indulged in superfluous bull shit talking?
9- What will they think of next? If CLICO has done shit, shouldn’t it go through the eddoes like everyone else that has done likewise?
Anonymouse,
Yes, some companies are too big too be allowed to fail. This is especially true of financial institutions, and even moreso in the Caribbean.
No one is too big to fail, let those who have engaged in risky reckless business practices fail/collapse. Their worthwhile assets will be absorbed by those companies which have been prudent and careful. Propping up failures, rewards incompetence at the expense of tax payers. You don’t cure alcoholism by giving more booze.
It is not fair to tax payers, not fair to smaller companies. Bailouts are moral hazard, they distort the economy, and help ensure that when the collapse finally comes it is even worse and more systemic.
Makaveli wrote “You don’t cure alcoholism by giving more booze.”
But sometimes you have to stabilize a heroin addict by giving him methadone.
Dear David:
I don’t want to see Clico fail either…but sometimes the Emperor is naked and sometimes the Emperor’s clothes are so expensive and elaborate that they are unsustainable.
@Brutus: “Yes, some companies are too big too be allowed to fail. This is especially true of financial institutions, and even moreso in the Caribbean.
IMHO, this is an unproven assertion often presented as a truism.
Through the lenses of both evolution and raw capitalism, those that fail should die.
So the question is, why are “financial institutions” somehow exempt from this most basic of heuristical context?
Some answers which might be presented to the above question are along the lines of “think of the investors et al!”.
I would argue that at the true end of the day, raw capitalism (and evolution) is heartless.
This cuts both (and all) ways….
Like Madoff’s Ponzi scheme, attracting new funds by offering above average returns usually ends in tears.
If something seems too good to be true, it usually is.
If it comes down to some sort of bailout, protect only the policyholders who would have expected to be under the umbrella of our own regulators.
Take equity or assets in return.
Let the company, and its shareholders carry on the business of which they are so confident.
Shareholding is not a one-way bet and, if a company is over-leveraged, the potential downside of an devalued asset valuation can be catastrophic, even for a small nation.
I would like to contrast all that is being excitedly commented on by White Barbados about Clico Trinidad, and that of BS&T. Can we do that? Somebody will have to work real hard to convince that
1: there is no glee, precelebration, and a urgent wishing on the part of some white bajans (BFP) to see CLICO Barbados impacted by what is occuring in Trinidad.
2: Can it be said that their patriotism is to themselves first and only?
How does this news out of Trinidad compare to what occured with BS&T a couple years ago? Another way to look at this is is Which of the two Barbados companies are likely to be effected first by the bad global economy?
Was the GOB concerned about BS&T’s pending sale to a Trinidad company? why?
In the case of a financial institution, the concern is not for investors but rather for depositors. The concern is also for the stability of the overall financial system as I am sure you all well know. Even the best run and most efficient financial institution is vulnerable to a run on its cash reserves and may fail if there is a general loss of confidence in the financial system.
I have no problem however qualifying my original assertion. “Too big to fail” in this context refers only to sudden or catatrophic failure. Clico Investment Bank will be allowed to fail but there is an attempt to manage the failure in a way that minimizes the impact on the rest of the system.
@Brutus… Thank you for your learned response.
So, then the question becomes:
Will this experience of “crisis” by the Company be managed such that the best interests of the consumer (read: depositor, then borrower, then supplier, et al) will be optimized?
Particularly if the Public’s money ever comes into use during this exercise.
Brutus is this corrent news? I was of the opinion, base on my reading of news out of trinidat that the government is injecting money into the trouble company, this is similar to action being taken around the globe by governments with companies that are not covered under some government back gaurantee such as most commericial banks in the US are, under FDIC. It would be a mistake to let it fail. The US made that mistake with Lehman Brothers and that resulted in fear amongst banks and other lending institutions to the point that even as the economy may be begining to turn around, the fear of Toxic assets on the balance sheets of financial institutions and the possibility of the government deciding not to underwrite or bailout any particular company, they are leary of lending to each other and to consumers, and this is causing all the current problems.
They are bailing out CIB, and also transfering bank deposit to First Citizens Bank . Kind of confusing, but nevertheless from CIB depositers perspective they seem to have little to worry about. I had raise my concerns and objections to the GoB courting of Bajans in the North American diaspora, to invest in Barbadian institutions back home. My fear was centered on insurance and protections via regulations and law, which was bought on by Trade confirmers, and Eddie D’andrade. I made reference to the insurance protection a bank account of 100k or less (now 250k) enjoys in the US. I was made to understand that a similar process was being undertaken in Barbados. Has this seen light of day? If it did then a similar occurance in Barbados would see Depositers having little to fear, and would head off a run on the bank, giving it more of an opportunity to reorganize itself. Think of Indymac Bank in California.
Adrian Hinds is something else. He can deduce our colour on the internet. Guess what? who cares unless you are ashamed of what you are.
The facts are that Clico did bad business. Any company can fail. However, some need support to manage them to a less difficult position because of the fall out on their employees if there was sudden, total collapse. In that case there needs to be some sympathy and support but carefully and with security. The employees need the protection not the company management.
Let’s mopt keep getting race into everything – Mr Obama has taken this road, we shou.d try to follow a good example not live using the past as a crutuch.
Bajanbat
You have to understand that Adrian Hinds, like Rok, is omniscient! Ot or they think they do!
Hindssight,
As I understand it, all of the deposits and investments (except related party ones) of Clico Investment Bank will be transferred to First Citizens Bank (which is owned by the Trinidad Government). So depositors are being bailed out. However once that process has been completed Clico Investment Bank will be closed down. I assume that in all this there is a risk or a likelihood that the shareholder(s) of Clico Investment Bank will suffer a loss.
There is deposit insurance in Barbados, but I will have to check what the limits are and which financial institutions are covered.
The following post was like a sprat swimming amongst a gam of white sharks:
Laughing
January 31, 2009 at 7:30 pm
Helllo!!!!
Anybody here ever did a business class?
Anybody bother to check the financial records of CLICO?
Of course not!!!! You can’t it is a closely held company….A lot of this here is mere speculation!!!!
Case in point Woolworths in Britain has gone under, but I dont remember seeing Woolworths here even laying staff off!!!!!I agree with the person above who chided us about panicking others…If you don’t know conclusively what you are saying say nothing.
Many people dont’ know that when CLICO was a ‘Caribbean’ Group their deposits in CCB (remember them) were under even more threat, ask anyone at the Central Bank.
During the 90’s the whole company was restructured, something you may not know if you were not close to the business world at that time.
And I want to make a further point, the companies bailed out in Trinidad are CLICO Investment Bank, CLICO and British American. CLICO Investment Bank manages 1/4 of T’dad GDP (in investments) so trust me T’dad can and will bail them out. Actually bailing them out is in T’dad’s interest they will now fully control that 1/4 of their GDP!!!
But didn’t anyone notice British American? What about British American Insuarance here? Since CLICO has a broader asset base than British American in the Caribbean I would think that they can weather this storm better than a smaller British American with a less diversified portfolio and less assets.
Oh and one more thing…notice that only ‘politico’s were quick to respond and turn this into a political issue. That is sad; the world’s financial dilema affects us all not just the current ruling party. Unless we put our heads together and mirror the US (all their lawmakers are now seeing the need to think like an American and not a Democrat or Republican) this storm will blow us all over. But then again if you are a multi-millionare by your own admission, the storm will make you just slightly less richer.
http://barbadosfreepress.wordpress.com/2009/01/30/clico-on-life-support-will-barbados-prime-minister-thompson-favour-his-patron-leroy-parris-or-the-people-of-barbados/
@Brutus
Thanks for your clarity and hopefully you can shed light on Barbados bank deposit insurance.
@BU/DAVID:
We have with purpose highlighted the company One Caribbean Media (OCM) to illustrate the importance of implementing a regional regulatory governance structure. BU has been a harsh critic of the concentration of media ownership in Barbados given the importance of the Fourth Estate in a working democracy. The recent bailout by the T&T government now sees OCM being 23% owned by the government of Trinidad which will immediately entitle them to seat bodies on the OCM Board. We leave it to the BU family to study the implications in the absence of clear codes of governance in the prevailing climate.
NO LIE NO LIE
Govt takes major stake in Express House
Published: January 31st, 2009
The Government of T&T is set to become the largest shareholder of One Caribbean Media (OCM)—parent company of the Trinidad Express, CCN TV-6 and the Nation newspaper in Barbados—as a result of its bailout of Clico, the country’s largest insurance company. According to OCM’s 2007 annual report, Clico owns 15.3 million shares in the media group, making it the largest single shareholder in the company, which is listed on the stock exchanges in T&T and Barbados. Clico’s stake in OCM was equal to 23.1 per cent of the company, as at the end of 2007. It could not be determined whether the insurance company had changed its ownership stake since then.
Explaining the intervention by the State on Friday, Central Bank Governor Ewart Williams said Clico had a sizeable statutory fund deficit, and that CL Financial had agreed to divest “additional assets” to help fund this deficit. The Government has committed to providing additional funding that is needed by Clico, said Williams . “Government funding will be provided in exchange for collateral and an equity interest in Clico,” he said. This means that when the Government takes control of Clico, it will automatically inherit the insurance company’s 23 per cent stake in OCM. The Government is also likely to inherit the directorship held by the CL Financial group on the OCM board.
For nine years, former treasurer of the ruling PNM, Andre Monteil, was the representative of CL Financial chairman Lawrence Duprey on the board of Caribbean Communications Network, the predecessor company to OCM. At the end of 2007, Monteil was replaced by CL Financial’s group financial director Michael Carballo on the OCM board. Carballo and Monteil accompanied Duprey to Friday’s news conference. One Caribbean Media Ltd was established three years ago in January, 2006, as a result of the merger the CCN group and the Barbados Nation. OCM owns ten radio stations in T&T, Barbados, Grenada, St Lucia, St Kitts, Antigua and Monsterrat.
Contacted last night for comment, Information Minister Neil Parsanlal said:
“I am not aware of the extent of Clico’s interest in the OCM group. Therefore, it would not be appropriate for me to comment on that. “It is too early in the game for that, as we are concentrating on assuring the public that their deposits and policies are safe.” Prime Minister Patrick Manning accused the media, last year, of being hostile to the Government, and stormed into an urban radio station on October 25, because he was upset that the announcers were adding negative comments to a news story. During a post-Cabinet news conference on November 6, the Prime Minister lamented the fact that none of the country’s 34 radio stations, seven television stations or three daily newspapers pursued a pro-government agenda. The Prime Minister said:
“What is worse, is that too many of the commentators, either in the newspapers or on the radio, do not respect our institutions. “It is a question of being disrespectful to institutions and authority and pursuing a course of action that can cause the image of these institutions and individuals to be tarnished in the minds of those in whose interest they are set up to serve.” Last week, the Sunday Express reported that the Government was planning to merge NCC-TV with Government Information and CNMG, which has four radio stations.
From a press release from the Central Bank Governor in Sep 2008:
(http://www.centralbank.org.bb/WEBCBB.nsf/vwNews/899CCA8722E94B92042574CE007CB9E8?OpenDocument)
“In Barbados, deposit insurance is also in place up to an amount of BDS$25,000 per depositor per bank. This was put in place in 2007. It applies to Part III companies, as well (that is, Merchant Banks, Trust and Finance Companies).
very appropriate
After all this is a company founded by a Black man and financially modest Trinidadian Cyril Duprey at the time in 1936. In 1936 it would have taken a black man with balls to do what he did. The company through the years has been become a large player in and out of the region.
This is a company which cannot be allowed to fail.
———————————————-
Julie N, BudgBuy CL trinidad, obviously no link to the celebratory remarks elsewhere. Was it Father Hatch who dared to make a correlation between failed business and black management? I didn’t like the inference but the facts are there. The reasons no matter how plausible they may be does not, unfortunately matter, the outcome does and therefore i agree with you, amongst other reasons this being one of them, it should not be allowed fail.
I am a supporter of Father Hatch and his work to maintain open windows to the sea.
Brutus // February 2, 2009 at 3:27 pm
From a press release from the Central Bank Governor in Sep 2008:
(http://www.centralbank.org.bb/WEBCBB.nsf/vwNews/899CCA8722E94B92042574CE007CB9E8?OpenDocument)
“In Barbados, deposit insurance is also in place up to an amount of BDS$25,000 per depositor per bank. This was put in place in 2007. It applies to Part III companies, as well (that is, Merchant Banks, Trust and Finance Companies).
==========================
Thanks Brutus
That may not be enough to stop a run on a bank, but it should be publish and aired to head off undue panick and concern in Barbados. Obviously this bit of news would hardly have an impact on the 1 or 2 % of those invested and gleefully so, in the fall of Clico Barbados.
In the US the insurance gaurantee was pegged a 100k for a very long time. When Indymac ran into trouble depositers had lined up to get their money. The Feds then initiated an increase of the FDIC to 250k and the lines and run went away. It is said that FDIC is one thing that has made the dIfference between 1929/30 and todays uncertainty.
@Adrian Hinds
Why are you so obssessed with race my man? You make good points sometimes but it’s hard to take you serious when you go off on these racial tangents, many of which seem underscored by a conspiracy theory only you seem to believe in.
GBL Blog // February 2, 2009 at 4:05 pm
@Adrian Hinds
Why are you so obssessed with race my man? You make good points sometimes but it’s hard to take you serious when you go off on these racial tangents, many of which seem underscored by a conspiracy theory only you seem to believe in.
===========================
I have no real interest in responding to you, so unless you can pull out one of the “racial tangents” and demonstrate how you came to define it as such, please leave me be, and dismiss me as yet another conspiratorial kook.
We agree with Chris that to allow businesses to fail in the belief that stronger companies will emerge may not be relevant to our small markets. In fact we are not sure how well it has worked in the centre of capitalism of the world.
The lack of regional harmonise regulatory framework to manage merger and acquisition makes a raw capitalist model unrealistic.
David:
So if we let private company’s deliver their profits to their foreign parents in the good years, but the public must underwrite their losses in a bad climate to protect our financial system….is the system really worth saving as it currently operates or should we be designing a more transparent model.
David that concept works best in other sectors. It does not work well in the finanacial banking sector. In fact i would also argue the deregulation may work well in other sectors, and that it did not work at all in the financial/banking sector.
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“You get the rumour-mongering and fear that will take hold of some members of the community and as a result of that we have individuals who may want to visit the company’s premises.” Douglas Skeete
I know where i can find lots of fear and rumour mongering on this issue, and i have ideas on why.
@David: “We agree with Chris that to allow businesses to fail in the belief that stronger companies will emerge may not be relevant to our small markets.
David… With respect, you have mis-read me.
I believe that companies which have failed to perform should die.
However, with a nod to Brutus, this should be done in a rational manner. Managed. Without panic.
Fundamentally, a great many failures have occured. “Reset buttons” are being pressed. (Or, at the very lease, being asked for…)
A personal request: Can we please all get a *whole* lot more serious? At least for a little while?
We have a lot to do.
Please let us get it all over with once and for all.
Now.
Allowing Lehman brothers to fail is at cause for Banks not lending to each other, or consumers. In an economy that is 70% driven by credit, added to this a consumer base that has a negative saving rate. It is no wonder that we are see the effects todate in the US. What we probably need more of is managing fear and panic, and how we treat to ailing companies in the finanacial sector will go along way in that regard. Advertising Barbados bank depositers insurance, demanding clarity from Clico as Douglas Skeete as called for and Politicians making themselves available in every medium possible to answer, and promise to get answers to all questions is what we need.
Lehman brothers in an deregulated financial sector cannot be treat the same as Nortel in the telcom sector. Let them fail is the mantra of free marketers of which i am, but i have come to realize the importance of regulation, and government as the means of last resort when things go wrong as they can and do.
@ Adrian Hinds
Just one example. (there are others)
Adrian Hinds // February 2, 2009 at 12:38 pm
I would like to contrast all that is being excitedly commented on by White Barbados about Clico Trinidad, and that of BS&T. Can we do that? Somebody will have to work real hard to convince that
1: there is no glee, precelebration, and a urgent wishing on the part of some white bajans (BFP) to see CLICO Barbados impacted by what is occuring in Trinidad.
========================
Seriously. Glee? Pre-celebration? urgent wishing? wtf is your beef with white people? you get horn or sumthin?
NOONE in Barbados will be happy because there is NO GOOD that can come of a financial collapse of the magnitude of what was put out into the public domain about CL Financial.
Further to that.. where is this glee and pre-celebration being exhibited by “White Barbados”? Do you base this on a blog entry by BFP? If so, which one?
Do you base this on articles printed in the media? Please link me to them, or give me the dates they were published.
You don’t just single out ‘BFP’ who you now seem to be at odds with for some reason, but you brand all Whites in Barbados. Hardly seems fair, or reasonable.
Anyhow, if you could help us out with some data regarding “White Barbados” hoping for Clico’s downfall, it would be appreciated.
Thanks.
Straight Talk
There is no perfect model we would imagine. Our point though is that a regional governance body would be in a position to cherry pick the companies which is felt to have a significant impact on the regional market i.e. large pan-Caribbean companies if they are allowed to fail.
@Adrian Hinds – here is a racial tangent from your words – “I would like to contrast all that is being excitedly commented on by White Barbados about Clico Trinidad, and that of BS&T. Can we do that?…” but if you do not recognise one then so be it. There was nothing about “race” prior to your interjection about “white Barbados”. Your input can be of assistance but not with this line.
CH:
I, for one, couldn’t be more serious.
We are being asked in the usual manner to”move along, there is nothing to see here”
A billion dollar financial group, with little transparency but a lot of Bajan ‘s futures, has had to go cap in hand for a government bail-out.
Where is the communication necessary to allay natural concerns.
Why was not that sage of the airwaves wheeled out on to Brass Tacks to explain thoroughly all implications, after all Tony Marshall is on the board of Clico Financial, he should be the man with the answers and the necessary gravitas to set thoughts of panic aside.
The Central Bank of TT’s spokesman did not seem very enthusiastic about the position the CL bail-out placed him in.
He hinted at mismanagement, which I understood to mean irresponsible exposure, and from what we have all experienced lately in the financial press the first announcements are the rosiest, then the true picture emerges in dribs and drabs.
All to protect the system.
While we all are acquiescing to protect the system the big boys are baling out at the top, while we are left to bail-out the remains.
As Wall Street has shown us so vividly the irresponsible financial houses were leveraged 25-30 times, meaning that a drop in asset value of only 4% would and did wipe out the firm’s total capitalisation.
Yes let’s get serious, Clico, GoB and BU.
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I made a general comment (white barbados) and then qualified it with specifics to writ Glee, precelebration, and urgent wishing on the part of some (BFP)
Now I am very free to think that you may believe that you are superior to me so therefore you can change my adjectives and verbs from their current associated noun and pronoun and put then where you can gain the most effect in your response. You don’t get to decide what I can’t do by way of my words and how present them. Yours is to enquire and be satisfied by my response as the author of said words.
To me there is a world of difference between White Barbados which I stated and all of white Barbados which i did not say and that i further demonstrated that i could not have meant by specifically stating SOME (BFP).
Ask BFP to let me back in and I will come amongst wunnuh and present my case, or better yet lets find a blog or forum where we can talk unhinged, how about yours? We can even meet in person so that we can trash out our differences in whatever form you like. I prefer a civil approah but can get it on in anyway you prefer. I shall warn you. I don’t beatup easily. lol!
I will not be responding to you any further on this blog, but let me know if we can talk elsewhere.
@ ST:
What are you advocating? If the approach of the GoB is to quiet the fears of the country about Clico, what to your mind are they doing wrong, and what should they be doing? I don’t think i heard your approach out of this mess.
I love Adrian Hinds…
Not like me lol! You aint easy wha you dont behave yourself! LOL!
ADRIAN HINDS
Hold your own, I agree with you 100%.
Over at BFP they are gloating over the troubles of Clico. They are hoping that it fails and “teach those black people to know their place”.
@ David, ST and CH
Elsewhere there has been speculation about what could occur on Monday morning in Barbados as result flamed fear and panic in absence of openess and transperency about CL trinidad and CL barbabos. Close of business for the day has past in Barbados, has there been any lines, (longer than usual) at Banks and other financial institution on the rock?
@Anon
I am attracting the good (you) and bad to BU, and David may tire of me over this. Todate this is one of two blogs/forum that i frequent and that i have had it “ding dong’ with the owner on some topic or the other, and i am still allowed in (thanks David) Uh mean i have given it to him just as good as i have done at BFP, but we know who thin skin and who’s is thick. But aint uh thing nuh! ha ha ha ha haa
bare pupp !
Carson C. Cadogan
I don’t know which is the bigger liar, you or Adrian Hinds. I have read the BFP article on the CLICO crisis including all the posts, twice. No where do I see any indication of gloating, implied, inferred or otherwise. What I see is a number of people who are very concerned about their money which is as it should be.
Quote:
“They are hoping that it fails and “teach those black people to know their place”.
Your above statement is indicative of a petty mind that is still enslaved. Free yourself Sir, free yourself, do!
@Adrian
We have not had any reports that there were unusually long lines. What has been reported is the deposit of 10 million dollars with CLICO Mortgage & Finance Co by the Central Bank of Barbados and a commitment to offering a guarantee to banks in Barbados to support lending to CLICO Mortgage & Finance Co. This is an obvious strategy to send signals of support to the market/people.
We have to make the point that corporate depositors would not line up outside like the ordinary depositor. We wish the company well!
AH:
Tha’ some good stuff yu’ got ther’.
Doan unastan nuttin ya say cept
TILIS……and I agree
Pied Piper wrote
I have read the BFP article on the CLICO crisis including all the posts, twice. No where do I see any indication of gloating, implied, inferred or otherwise. What I see is a number of people who are very concerned about their money which is as it should be.
Quote:
“They are hoping that it fails and “teach those black people to know their place”.
I agree with you Sir. Like you, I did not find indication of gloating, implied, inferred or otherwise.
Carson et al it would behove you to ignore this person. We bajans got name fuh people who does walk bout carring yuh name. She real DECEITFULL yuh hear! I would hear them say, and there after they would learn to ignore and not be seen her company.
This woman is an eyesore. ha haha
PiedPiper
January 27, 2009 at 12:01 am
Marcus, I can’t say with any certainty that BU knew all along that BWWR was Iain Deane but I do know for a fact that they knew that BWWR was not a woman but a man. They foolishly let that slip in one of their posts and hoped no one would notice.
PiedPiper
January 27, 2009 at 3:25 am
Jason, I’ve been struggling a little with myself here because I didn’t want this post of mine to be perceived as “BU bashing” but lately BU seems to have taken a strange “turn”. I refer not only to it’s supportive position of BWWR but also it appears to have been taken over by some die-hard Bible thumpers, some people with no medical training or background making the most wild and ridiculous statements about how vaccines were invented by whitey to kill off the black race, and that the crash of the U.S. Airways jet into the Hudson River is all a big conspiracey of some kind. I used to read and post to both blogs equally but the more I read over there, the less I am inclined to contribute because I do not like to debate with people who can not provide any proof of their beliefs but merely say “they know” it is so.
Adrian you are too childish by half. You don’t think that anyone who posts here can, and probably does, go over to BFP? You think you have “dropped a bomb” by copying and pasting my posts from BFP? BFP is an open forum where anyone is free to read what they choose.
I let no one intimidate me, not even you or perhaps expecially not you.
PP:
At one time I berated David for allowing his blog to be subverted.
But I was wrong to do so.
David allows everyone to have his shout, like a good rum shop, agree or disagree but your opinion gets posted.
Certain other blogs, although espousing free speech, exercise moderation, banning and abuse
to keep their posters in line.
Thank you David for allowing those of us who fervently disagree with your POV the courtesy of alternate voices.
So the Central Bank of Barbados has stepped in to backstop and guarantee loans to Clico as well as $10 million Dollars.
This is not necessarily a bad thing but isn’t this really the HEADLINES and what the people of Barbados should be getting in return.
Isn’t this the accountability and transparency that needs to be reported on day by day?
The accountability is from the past recipient to their donor.
The transparency is what the electorate perceives from such actions.
@reality check
What Barbadians are getting in return is the assurance that their government like its predecessors is doing all that it can to protect the stability of the financial sector. That is priceless!
David:
You are waffling to the Bush/Brown meaningless platitudes.
I agree their words are priceless and even worthless in the grand scheme of things.
I don’t speak to deceitful people.
Folks de deceitful women said she is less than incline to contribute, don’t you hope that she follows through? ha ha
Straight talk // February 2, 2009 at 8:59 pm
AH:
Tha’ some good stuff yu’ got ther’.
Doan unastan nuttin ya say cept
TILIS……and I agree
==========================
That’s quite alright ST. You could simply not replied and i would have still gotten the message. ha ha ha such a pompous old fool. ha haha
Straight talk // February 2, 2009 at 10:09 pm
David:
You are waffling to the Bush/Brown meaningless platitudes.
I agree their words are priceless and even worthless in the grand scheme of things.
==========================
Well written, but what is it saying? anything of substance? anything that can be expanded on? ha ha haha
Can someone please explain how a government who intends to beg a new library off a neighbouring hurricane ravaged island can “backstop” a rogue financial conglomerate?
Give your head a shake boys , and get the message together.
Are we super-rich or poor as church mice?
Straight talk // February 2, 2009 at 10:23 pm
Can someone please explain how a government who intends to beg a new library off a neighbouring hurricane ravaged island can “backstop” a rogue financial conglomerate?
Give your head a shake boys , and get the message together.
Are we super-rich or poor as church mice?
===========================
You seem to spend and enormous amount of time puting your words together for sound effect only, so much so that when and idiot like me attempts to extract meaning, context, and relationships to real events from them I have to marvel at the lack of insight. While I agree that to seek a loan from Cuba is silly at best, it is only so if Cuba refuses to give or can’t give, as we should know that both Cuba and Venezuela have a demonstrated tendency to ignore the plight and suffering of their own people simply to look big on the world or regional stage. The attempt to tie the GoB assurances and gaurantees to Clico holdings Barbados with the Gob express intent to seek a loan from Cuba to rebuild the library as indicative of falsities and worthlessness in the grand scheme of things, really begs for a few simple things to be explained to you. If i sought a loan to purchase a car while having a money market account in excess of 100k in it would you use this to ask me if I am super rish or poor as a church mice? neither of course, then why would seek to do so with a country that has reserves, and access to funds in various accounts? Why use your cash when you may have access to someone elses? chuspe.
Anon // February 2, 2009 at 6:22 pm
I love Adrian Hinds…
……………………………………………………………..
AH is proving to be a clever nationalist and I like that. It was him who first exposed the BFP frauds when he posted they were not”colourful” enough. BFP and its white supporters are gloating at CLICO’s troubles. You only have to read their postings. No mystery there.
COW Williams and Bizzy still have Parris and CLICO in mind for blocking their plan to buy up all of Barbados agricultural land. CLICO take over of Rayside blocked Cow , Bizzy and their ilk from completely monopolising the road building and construction industries. At least Parris is good for something.
I hope CLICO survives and Barbados is not too adversely affected.
Straight Talk, with all due respect, I have been posting to BFP pretty much from it’s inception. I have no idea how many posts I have contributed but it’s enough to say, a lot. In all that time and in all those posts, only one was removed and I certainly have not been abused nor banned. I have always expressed my opinions freely and do not cow-tow to anyone, nor do I suffer fools gladly.
When I felt it was appropriate, I have challenged BFP staff’s position on certain stands that they have taken. I did so by neither resorting to name calling or dragging the tired, worn-out, race card into the discussion. I am also under no illusions that any position that I take or opinions that I may express will be received positively by everyone. Intelligent debate must go hand in hand with the ability to accept constructive criticism. To simply dismiss someone’s opinions and contributions based on race, as certain individuals do, is a far easier path to take than one of intelligent debate.
@Dunks Tree
Sorry to disappoint you. I am not clever, that’s Dennis Jones, Peter Wickham, David Ellis and that crowd. I am but a poor fella working two jobs to make ends meet. Also i am not a real nationalist. What i am is a person heavily invested in all that is good for the land of my birth, and as such;
I am a capitialist that see the good in some socialist methods and intents
I am a free marketer who also sees the need for some regulation and some Keynesian economics
I am for globalization and regionalization but will not abandon every precept of nationalism.
Live should be about balance!
Adrian Hinds say: Folks de deceitful woman said she is less than incline to contribute, don’t you hope she follows through?
If you referring to Sargeant P.P. it is a MAN, not a woman. trust me, and yes, for sure I hope he follow through, but don’t hold yuh breath, bro.
This blog has become the Adrian Hinds Caribbean version of the black Ku Klux Klan.
Obama would shudder at such poison and invective.
Yuh still deceitfull as shite! What is de difference between calling someone a racist or biblethumper? Isn’t the intent to redicule?
During the US election I had all the Obama supporters calling me a republican, a black man ashamed of being black (Hopi whey you is ha ha?) all for supporting John McCain and Sarah Pailin and because these two were supported by the religious right and red neck country I must be a racist too (de kind that hates blacks). Now that i can to my satisfaction with the help of WAYNE from maidenhead UK i think de ip address was 90.156.17.59, well really muhself, demonstrate that BFP is partisan from a race position. I am once again labeled as a racist ( de kind that hates whites) ha ha ha ha Look wunnuh mek up wunnuh mind do. Maybe i am just confuse.
Would you believe that after all the things that BFP has brought to light, that they do not know the name of the contruction company that is complicit in the deaths of the Codrington family? Well not me. ha ha ha ha What was really funny was when BFP responded to Wayne/me that they don’t know the name of the company and that the mainstream media and the government never release it? Incredible! and one of BFP’s defender chimed in with “you expect BFP to go up to people and say Hi i’m BFP? ha ha ha ha ha lol!
Adrian, are you not the slightest bit ashamed of your childishness? You are now what…..40 something? Your subterfuge as “Wayne” fooled no one including BFP. You are your own worst enemy.
Diggit i don’t profess to know anything about this decietful person, but the piedpiper that i know I always refered as a she, and they never objected, so if we are talking about the same person and you are still convince of their gender, you may have inadvertantly outed them from the closet or this is all more proof of their deceitful tendencies.
Wayne in my life long nick name and it wasn’t designed to fool anyone. I was banned after making one comment and felt the need to develop a response and defense. I think i have done that. thanks for help. ha ha ha ha ha ha ha
Amazing how a deceitful person could call someone names ha haha ha
David, there was never a run on Clico at 9 a.m. yesterday! Bajans are not idiots and they know that a run on Clico means jobs and investments lost in our economy.
Despite what you say, I think the Prime Minister did the right thing. Leroy Parris has done nothing wrong. Clico Barbados is in good shape. So why should he step back? Because he is black? And from St. John? And a nobody? Come on.
It has nothing to do with friendship. Tom Adams had David Seale, Errol Barrow had Leo Leacock and Bernstein among others… all leaders have business friends. Parris built Clico from a $20 million business to $1.4 billion. That’s success for you.
Hallam, Marquita, Mascoll (Optimist Prime), Ma and the rest who worked the phones this weekend to bring Clico down are now holding a bag of shit.
This is about Barbados and jobs and investment. I am glad that our citizens are above the petty fray in this issue and ignore your silly commentators who have personal vendettas and acrimony. Your prediction failed. You must now find another sensational story to keep you going!
Clico is safe!
Just like the financial ‘mess’ in the States, the Clico ‘mess’ in T’dad and the reasons as outlined in today’s Nation, as stated by the Minister in Parliment, read them carefully, and see WHY Clico ended up in this MESS.
I’ll leave the intricate financial/accounting principles that were obviously lacking at Clico, to the experts to evaluate, hence their failure.
The point is, just like in the States, GREED, AVARICE, avariciousness, covetousness, ALL lead to CORRUPTION, one way or another, this is just the beginning, the tip of the iceberg, secular materialism, Gimme more, more, I want more is the prideful desire of mankinds SIN stained heart.
“The heart is deceitful above ALL things, And desperately wicked; Who can know it? I, the Lord, search the heart, I test the mind, Even to give every man according to his ways. According to the fruit of his doing.” (Jer. 17: 9-10).
And, there IS no such thing as ‘white’ sin, or ‘Black’ sin, or ‘Yellow’ sin, or ‘Brown’ sin, “For ALL have sinned and fall short of the glory of God.” (Rom. 3:23).
We ain’t see nothing yet, this is just the unfolding of all that has been ‘hidden’ starting with the USA, manifesting in other developed countries, our turn in the Caribbean is now starting to unfold.
To look at the symptoms, is folly, as the DEEP underlying cause of mankinds ‘corrupt’ heart is ‘SIN’ and it must be JUDGED, and exposed; NO ONE, black or white is excempt!
Carlos yuh see PiedPiper say that this blog is infested with Bible thumpers. She gine go and tell all uh she friends over at BFP to come check and see she was telling de truth. ha ha ha
Carlos I agree with you, but you must understand that into day’s world we have become so far remove from God, and morals that you could well be speaking an inter-galactic language not known to man when you make reference to what is contained in the bible. I think that in order to bring people back to a place where the philosophy of the Bible can take hold is to speak to them in their language and show them the errors of their way via that medium, whether it is economics, or science, or governance. This is why I and other like green monkey, Yard broom, Bush tea I think take the approach that we do. We must win the argument through the lenses of their beliefs, and ideologies, before we can ever think of demonstrating a better way.
———————-
“The heart is deceitful above ALL things, And desperately wicked; Who can know it? (Jer. 17: 9-10).
PiedPiper even Book of Jerimiah knows and speaks about you:
…..are you a man or woman???? ha ha ha ha
ha ha ha ha BFP and Keltruth blogs continue to make the case that there are about getting transperancy from black bjans only. They don’t know the name of a construction company involved in “disturbing the earth” behind a collapse Apartments, thereby killing five people, but they have been able to exploit the words of the PM to pit one set of Blacks against another set of Blacks, claiming they are seeking openess and transperancy. David Seale was famous for this down at R.L Seale and company, he didn’t want anyone to steal he potatoes, yuh know. The funny thing is that they listed the names of person known as BLP operatives. They list person from the senate, from the lower house, former BLP parliamentarians, people associated with BLP parlimentarians, BLP members facing the polls for the first time, and yet none of the names mention belongs to single WHITE BAJAN none. Are they no white bajans that served in the BLP either in the senate or as a minister?
and please don’t tell me that Pat Thornington now Dr. Pat Alleyne is white woman.
check the names out here.
http://barbadosmoneylaunderingadvisory.wordpress.com/
Adrian, white people don’t launder money. Don’t you know that? BFP and Keltruth people are SICK dirty whites.
I hope the BU family is following the articles appearing in the Trinidad papers. Today’s Express , in an article under the caption ”Blocked Clico Bailout fiasco”, quotes the Opposition
spokesperson Persad-Bissessar as follows,
Quote ‘The sequence of events was that State-owned NGC made a run on CIB of US$250 million from October last year to January.
“And today, when we hear the Prime Minister, we understand why. He has never forgiven CLICO and its chairman from being friends of the Prime Minister of the UNC,” she said. ” ends
quote.
Let me put on my glasses in case I am not seeing straight. Is Manning courting another group of conglomerates to take over Clico’s assets? Do those Conglomerates have
businesses in Barbados? I smell a big rat. Anybody else?
@Chuckles: “I smell a big rat. Anybody else?
It has been said that most discoveries in the Sciences are not made by way of the “Eureka!” moment, but rather the observation of “that’s strange”…
I would argue this statement can be mapped to many domains….
Boys and girls I hate to have to say I told you so long ago. At the time when BNB was sold and I pointed out that one day we would be at this place, some fool whose name escapes me now said that so long as the bank offered its services, he did not care who owned it. I also commented on my PM being too close to Clico and that jet of theirs. Now I see after Friday’s glad handing, we start with a modest $10 million to Clico with more on call if required.
At least the Eastern Caribbean leaders are demanding written statements from Manning that their people money safe.
Bajans be warned, take your money and your investments out of all Clico connected companies.
Manning have a long hand at Clico for their support of the opposition and will smash up the company. BAJANS BEWARE, get your money out while you still can. More trouble coming.
I hate liars, I want to know where the money that bought Sam Lords Castle, Rayside, The Nation, Some plantations and a number of other things in Barbados come from. Was it not through the CIB. I also understand that for more than six months the Clico rats were moving money from Peter to Paul to Mary to Joe to shore up the losses that would have shown up on the books. Let Leroy tell the people in Barbados how much money in the last year left these shores to go to headquarters and it still ain’t come back yet. Leroy must tell the people the truth. How can a company be so sound on Friday and by Monday as much as $10 million is set aside to cover liabilities? Bajans wake up and don’t take a 6 for a 9 with these crooks. Get your money out now.
@Johnnie Too Bad: “BAJANS BEWARE, get your money out while you still can. More trouble coming.
With all due respect, Sir, I reject your post with prejudice and malaise.
This situation should not be viewed with fear. There is no need, nor upside, to “make a run”.
This is an *opportunity*. An opportunity to learn some facts, and optimize a very small part of the “system”.
@All… If I may, in my humble opinion, it is to the advantage of *some* to find us all in a state of panic.
Deep breaths, everyone. Deep breaths.
And, then, some deep questions….
@Jonnie too bad,
It would appear as though both BLP and DLP administrations were asleep when Clico and Neal & Massey bought out Barbados. Why encourage people to make a Run? Is the alternative investing in Neal & Massey?
How would Bajans benefit?
Chris take all the deep breathe you want. I bet you ain’t got a cent in BNB .
As for Chuckles you took yours already so you ain’t got nuthin fe lose. BNut us the little people we cannot afford to lose our 3 cents.
There is Independence and there is being “independent”, only a fool relinquishes full control of his purse…those of giddy ambitions past and a lack of prudence, for which others will pay a heavy price.
@Johnnie Too Bad: “BNut us the little people we cannot afford to lose our 3 cents.
With respect, kind Sir, who do you think I’m arguing for?
(For the record, I am also a “little [person]“.)
Chris I have $1538 and 39 cents in BNB, I am a real little person. I cannot afford to lose that my friend. So when you tell me bout run pon de bank, it don’t mean a thing to me. If I wait and then find that the bank gone bust and I can’t get my few cents what am I suppose to do?
@JTB: “I have $1538 and 39 cents in BNB
OK, let us do this…
Is this $1538.39 (I’m going to assume BDS) in deposits? Or in shareholdings?
If the former, no need to worry at all.
If the latter, you *might* consider putting your shares up for sale. Or, on the other hand, you might not. Your choice. Keep in mind investments are rarely guaranteed. And if they are, it is clearly defined as to how. (Think bonds, et al.)
Stepping back, the former case (deposits) is everyone’s problem. The latter case (investments) is yours alone.
@JTB: Is there any other counsel you might wish to request?
what are the political implications vis a vis David Thompsons Affiliation with Leroy…or am i to believe that all those flights in the Lear jet were ‘Free’.
Chris you need to focus your call for restraint and no panic to some persons that look like you and speaks with a bajan accent. They smell blood, and they will be dammed if they let this opportunity slip them.
Johnny to bad is right he is in the minority what he refuses to tell you is that he is like the froth in a freshly poured glass uh banks beer, In location, colour, and quantity.
Chris thanks but no thanks, right now it seems my risks of keeping my 1538.39 under my bed is far more acceptable than your words of comfort and non panic. Each to his own . So tomorrow morning bright and early I shall be collecting my few pennies in spite of Chris, Leroy , David Thompson or even the Governor of the Central Bank.
Adrian, boy you just have it in fuh me.Yuh bine chasing me across the blogs for years now, just wuh yuh lookin fuh. Man I ain’t thief nuthin from u yet.
Johnnie Too Bad // February 3, 2009 at 2:24 pm
Chris thanks but no thanks, right now it seems my risks of keeping my 1538.39 under my bed is far more acceptable than your words of comfort and non panic. Each to his own . So tomorrow morning bright and early I shall be collecting my few pennies in spite of Chris, Leroy , David Thompson or even the Governor of the Central Bank.
==========================
Oh only if we can secure the support of blacks to do we bidding (run on that banks and other financial institutions) just like we did against Hillary in the Mutual affair, we would be back on top once again. ha ha ha ha
Johnnie Too Bad // February 3, 2009 at 2:28 pm
Adrian, boy you just have it in fuh me.Yuh bine chasing me across the blogs for years now, just wuh yuh lookin fuh. Man I ain’t thief nuthin from u yet.
==========================
Can’t recall any chasing, de name don’t look familiar,…but nuh offence intended i luv an argument and right now you tickle my fancy with yours. ha ha ha ha lol!
@Jonnie Too Bad
Whenever you take that 1538.39 from under the bed, it going straight back to Trinidad whether you spend it with Clico or Neal & Massey.
@JTB: “…right now it seems my risks of keeping my 1538.39 under my bed is far more acceptable than your words of comfort and non panic.
OK… Again, your choice…
But since I have been advising you, please let me leave you with this…
As you have articulated that you plan to withdrawal your (I infer) savings, might I please observe:
It has been a very long time since the “gold standard” has been in existence…
Therefore, when you go to your bank tomorrow to withdraw your savings, you might find yourself being offered very fancy paper.
I might note that this fancy paper cannot be eaten. It could, possibly, be burnt for heat or cooking… Or used to wipe your ass…
You might wish to consider asking for your $1538.39 (BDS) in coinage…
I would recommend you ask for it in penny coins. At least the copper has true value in today’s world….
Go Chris ha ha ha ha ha ha ha. A run to the bank makes no sense other than to those who are invested in seeing Clico Barbados fail, and when you dig further two thing keeps comming up. BLP politics and Skin color.
Thanks Chris, but whatever they give it to me in,I will have the satisfaction of having it and if a number of others do like me then, who knows, you might be forced to get your thousands out too.Anything is better than losing it to Leroy and his mob. So once again thanks for the advice and so long.
Johnnie Too Bad // February 3, 2009 at 2:48 pm
Thanks Chris, but whatever they give it to me in,I will have the satisfaction of having it and if a number of others do like me then, who knows, you might be forced to get your thousands out too.Anything is better than losing it to Leroy and his mob. So once again thanks for the advice and so long.
===========================
There you have it folks. In a nutshell the agenda of some political partisans and minority persons in Barbados. ha ha ha ha
A note to Keltruth BLOG did you honestly forget to Put Former Minister of Health and Former senator PHILLIP GODDARD on your list? Why? is it becuase he is WHITE?????? ha ha ha hah
Adrian, Adrian, Adrian, you know me as a DLP supporter for years now, but that does not mean a man can’t call a ponzi a ponzi. This idea that to take your money out now must equate with BLP and white cheapens all that has gone before with you Adrian,it makes your views somewhat even more bias than ever. In your haste to proclaim how brilliant you are at the macro view of the w0rld, you lose sight of the fact the the little people the world over has taken a battering at the hands of some sharpsters that have paid themselves over the top and when the day of reckoning came were willing to come with their begging bowls when their entire modus operandi has been a catechism of tax avoidance and corruption
JTB,
no in my haste regarding the bailout of US firms i was stating all that you have said. In my haste i celebrated the willingness of the Feds to let Lehman brothers failed. I am capitalist first and foremost and i ran with our mantra of “let them fail” “lets clean out all the waste, and bad decision and let the market correct it self” No one saw the effect that would have on credit, no one saw the fallout from fear amongst banks, that is now occuring as a result of that. Now we have to endure this mess a while longer because we where righteous in our call to let them fail. I am not fooled into thinking that the greedy will give up their greedy ways without a fight, that the lack of morals that have allow them to suck so much from average people in the form of usary, unsustainable debt and credit issuance, will suddenly change, no way. This is the best approach, work to contain the fallout, and be steadfast in instituting regulations to control the behaviour that brought us to this point.
I am amaze that with a government backed and issued insurance on all deposits up to 25,000.00 you still find it necessary to run to the bank for 1,500 dollars. You are not fooling me with your words, your agenda is wide open for all to see. Do you think Barbados in the 21st century does not need a banking and financial sector? why are you willing to encourage people to lose confidence in it? What or who’s narrow interest does such serve?
oh btw I am not quite sure why you feel the need to tell me you are a DLP supporter. That is your cross to bear. I don’t support either party, and the only thing worst that i dislike is Mia Mottley. By sight our sound I am disgusted by her, that’s why i prefer to read her comments. ha ha ha ha
Adrian you surprise me, with all your lofty words you are missing one vital ingredient. I no longer trust politicians of either ideology. Our politicians can no longer be trusted to do the right thing by the people. I have seen my government write off $19.2 million for the turf club, yet a few weeks later our public library is falling down and we want to take a begging bowl to Cuba. So much of the interests of the little people. As a barefoot boy I used that library many a day .
On Friday we were told that Clico Barbados was sound, yet the next working day $10 million was set aside to cover their liabilities with a promise of more to come if needed. Adrian these are facts, not some figment of my imagination. Wake up man, or woman just in case.
@Adrian Hinds and Johnnie Too Bad…
Please take your pathetic, small, simple, idiotic, stupid, ridiculous, [rants for five minutes], narrow minded, imbecilic positions, and SHOVE IT!!!
Some of us have some work to do.
Lead, follow, or SHUT UP!!!
OR, AT THE VERY LEAST, ***UNDERSTAND***!
(Deep breaths….)
Does any of these bloggers have a 9-5 job like me??
Just peep in for lunch and de place hot nonstop.
David, can you publish the amount of hits per day?
At some point you trusted them. I have never done so. I have a detail understanding of our poltical system as such can never and will never support a political party in Barbados.
…Ok we are now in the same position re. Eternal oppositionist, party politics aint fuh we. Why do you feel the need to demonstrate your now unhinged political affiliations by engaging in and encouraging others to behaviour that can only lead to furhter fallout in our finanacial sector? again whom does your action benefit? Your call to wake up is still seen as call to have other follow, why? who benefits
BTW fuh a person that say i have been following them online for years you seem very much in doubt about my gender?
Technician // February 3, 2009 at 3:37 pm
Does any of these bloggers have a 9-5 job like me??
Just peep in for lunch and de place hot nonstop.
David, can you publish the amount of hits per day?
===========================
at least I now you you aint nuh indo-guyanese or some other foreinger. Onl y a bajan could be dis malicous. Would you wish that we would just go away? How about navigating away from this page? chuspe. ha ha ha ha lol!
Adrian I am going to put the pot on before my missus get home and cut my ass for spending all my time on the blogs.After all she the one with the job, since I was sent home more than a year now. See you later this evening.
Chris Halsall // February 3, 2009 at 3:34 pm
@Adrian Hinds and Johnnie Too Bad…
Please take your pathetic, small, simple, idiotic, stupid, ridiculous, [rants for five minutes], narrow minded, imbecilic positions, and SHOVE IT!!!
Some of us have some work to do.
Lead, follow, or SHUT UP!!!
OR, AT THE VERY LEAST, ***UNDERSTAND***!
(Deep breaths….)
———————————————–
Even this short contribution gives me a headache to read. Wuh you don’t learn to write wid a flow though. chuspe!
anyway uh hear yuh Uh gone later people!
wunnuh de majority get down deh and leh a minority group people continue to such wunnuh and fool wunnuh dry.
@Adrian Hinds: “Even this short contribution gives me a headache to read.
I’m sorry if you find yourself challenged reading me.
Deal with it.
The fact remains: very little of what is said here (or anywhere) has any deep importance.
Fear, Uncertainty, Doubt.
That’s what we’re always told.
We’re better than this. We’re deeper than this.
We just have to realized it….
@ Johnnie Too Bad
Man, you are either a bad cook or a bad blogger. If I see you back here within the next 15 minutes, I know you cooking macaroni again today. lol. Why can’t you do both at the same time?
@Adrian Hinds and the BU Family…
My apologies. My language above was harsh. I am known to have a short temper.
To put on the table, I feel in this time of crisis we must examine the whole picture with extreme clarity.
All evidence should be presented without emotion. And with supporting documentation.
A good friend of mine reminded me recently of how easy it is to waste a great deal of time “racing down rat holes”.
Always keep in mind “rat holes” may be presented by those who wish to distract.
Namaste all.
@Technician
We have tried to stay away from the issue of visits/hits to BU for reasons which maybe obvious. What we can say is that as are approach end of year two our numbers continue to increase. The support of the BU family is one of the reasons we continue to produce the blog even though it is a leech on our time.
Where all these cockroaches come from all of sudden with these fear-mongering tactics.
If you all now wait to get on bad because you feel that CLICO going to fail, you should have got on bad when Trinidad systematically started buying out Barbados, not now when the water boiling and the crapaud sleeping.
For years Bermudez did own Wibisco, For years RBTT owned CCB, for years Neal & Massey and Ansal McAl, Machel Montana, Brian Lara, every carnival band leader, every next kin and cyah, sam cush & de duppy from Trinidad did own up all bout hey.
Don’t try to make me run around like a chicken with my head cut off….crapaud done smoke yuh pipe.
Try and get back on point and discuss the issue. I don’t care if you black brown or purple, this economic crisis going to hit all of you.
Getting me sick with all the foolish comments who cares about BFP is you love them so much stan over dey nuh.
Big long stupsseeeeeee!!!!!!
Johnnie Too Bad do you own a steel business? If you dont do you pal around with someone who does?
Do you or any of your mates sell a product with letters CRB not necessarily in that order?
@Warrior // February 3, 2009 at 8:21 pm
You like my boy Adrian Hinds….. as Madea says
Drop it like its hottttt lol! Ya right makking a lot of foolish noise now that the DAMN cat out of the bag ole fing idiots!
@ David….
Just keep on doing what you doing and everything will be all right.
@ Warrior…..
Now that is keeping it real !!
Can anyone explain the TT$ 8 billion deifict that PM Manning speaks of in the press. there is nothing noted in the 2007 accounts about this.
A read of the Trinidad press who has been unrelenting in exposing this matter is interesting to say the least. There appear to be many issues coming out as we write. In the interest of being fair we will wait a little before we explore some of these side stories.
Why did the T&T government start the run on CLICO Investment Bank?
Why did so many top T&T officials withdraw personal funds from CIB in recent months?
Why was CLICO Insurance company allowed to run a negative statutory reserve position.
It seems to me that the Nation newspaper and Starcom have taken a decidely negative slant in this crisis.
Why could the headline on Monday not have read “Show of confidence by Central Bank of Barbados.”
There is a lot to clean up, but we certainly do not need a run on nay financial institutions.
Some thoughts and questions:
BNB is bleeding! The Gov’t needs to move decisely to not only save BNB but return it to Barbadian control.
Scotia Bank is not taking any Republic Bank of Trinidad cheques!
Has there been anything in the press about the Florida land deal that is a loser that Clico (B’dos) was involved in?
How could the Governor of the Central Bank pronounce that Clico was sound and well run when that company is a private company and does not fall under regulations administered by the central bank?
Look out for bombshell announcements from BS&T. United to be sold, DaCostas to be shut down.
Job losses ahead. God help us.
there is more in the mortar than the pestle!
Big fight for Republic Bank on the horizon. Sagicor ready to step in? Why the full page announcement?
Rotherly construction has no work. Gov’t had planned to give them the contract to build a ten story building at Warrens. No tender apparently (shades of the ABC h’way?) But now with this Clico disaster things are doubtful.
Thompson had plans of selling the Gov’t shares in BNB and ICB in order to finance the hospital expansion. Is that still on?
Anybody remember a speech made at Eagle Hall on a rainy night over a year ago by one O. Arthur?
Wuhlos what date was this? I got suh many video clips uh de shortman, I may have it. But then again I am not about to continue pelting blows in he. I aint gine continue to do nutten to help Mia hold on tuh de leadership of the blp.
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But, as if we didn’t know de Blogs tuh big in Bimshire check this from de BLP
[QUOTE]
http://blp.org.bb/writting
The ruling party is not interested in the things which ordinary Barbadians care about. As a result, a large number of persons who voted for change in the last general election feel betrayed and are angry. They realize that the present Government does not know what it is doing and that it is not intune with the things, which are important to ordinary people. Ordinary Barbadians also feel let-down that the DLP Government has no solution to the problems facing the people of this country.
We therefore want to work with you in your crusade to rescue this country. We invite you to put your thoughts and ideas in writing and encourage you to play your part in effecting real change. Help us make a stronger case on your behalf. Assist us in our written communication. Let the government know of your frustration through letters to the editor; text messages to people you know and THROUGH YOUR SUBMISSIONS ON THE BLOGS.
Thank you for letting us be the change you need. We now invite you to share your ideas for progressive programmes and policies, as well as that of your community and groups with us.
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ha ha ha hhhaa After 14 years in power and one year in opposition. Talk about no shame!!! what change what????
I still wearing my red shirt though. I am showing solidarity with the black bees mention on a Bajan white-background blog. I standing firm on the color-line in my red color shirt. ha ha ha ha ha
@Adrian Hinds… Sigh…
Let me please open with the statement that it could be argued that I am closer to Barbados that you are.
Yeah, you can speak “Bajan!”. I wish I could. And I hope I do a reasonable job of understanding it when I face it.
But can you speak “G33k?”. 4nd 1f s0, h02 w3ll?
Or 3ng1n33ring, 0r f1n4nc3?
Or p01cy?
I would like to once again argue that we all have a great deal to do here.
Can we please get on with it, and leave behind our sad and petty little alliances?
Is that too much to 4sk?
ha ha ha Chris wuh you want from me? why are you attacking me my friend? I merely offer responses to people comments.
Seriously! What is it you are driving at? You keep saying we have much to “get on with” yet i don’t see a formulated approach to what you may intend. Whatever it is I am on board. Now spell it out for me please!
email me and let me know
@Adrian Hinds: “wuh you want from me?
The same thing I want from all I “talk” with: the truth.
@AH: “why are you attacking me my friend?
I “attack” you for the same reason I “attack” everyone else; even those I fight beside. You have entered the “dojo” of public opinion.
Welcome.
Now.
Please argue your position….
Trinidad and Tobago Express
Thursday 5th, 2009
Duprey Chairman of CL Financial Group
…”He said his plan had been to sell the group’s 55 per cent stake in Republic Bank eight years ago, but he had been encouraged to not divest it to a foreign buyer”…
I wish someone had the “common sense” to impart the same advice to the authorties in Barbados about BNB.
wish someone had the “common sense” to impart the same advice to the authorties in Barbados about BNB.
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ha ha ha ha so true YB so true! lol
If I remember correctly, Bajans politely declined to purchase when BNB was offered to them.
@General Lee
Do you think if they were faced with the same decision NOW they would express more interest?
If the answer is yes what would you attribute to the turnabout?
BNB is now seen as the #1 bank in Barbados, so I would say that they decisions would be different now, in that most people will back a winner.
Back then the impression was given, maybe deliberately, that BNB was not up to scratch when compared to the other players in the market.
Since Bajans are more of a saving, rather than investing, people, the lack of guidance from knowledgeable persons caused people to think that the shares were over-valued and that it was not a prudent investment.
Bajans are slowly realizing that saving all of their money in a bank keeps them poor while making others rich, even though the current climate has the ordinary man looking at his mattress more often.
Would the transformation of BNB have been the same, if the name had changed?
It is all about perception, (mis)information and education.
Adrian Hinds // February 3, 2009 at 11:42 am
ha ha ha ha BFP and Keltruth blogs continue to make the case that there are about getting transperancy from black bjans only.
+++++++++++++++++++++++++
Adrian
keltruthblog has highlighted perhaps 80% of the easily recognisable BLP operatives.
Everybody knows there are others who fall into the Prime Ministers net.
Anybody with the guts to do it could take the same keltruthblog letter and add the names they know exist and show why those names should be added.
If they really had the guts, they could then send the letter and the list to the same USB ….. sorry UBS, I’m thinking computers.
It appears to me that keltruthblog has highlighted perhaps 4 in 10 of the possible names.
They obviously erred on the side of caution and are perhaps hiding behind the PM’s description of operatives.
Who can blame them.
Perhaps if any of us know the names of other operatives, be they BLP, DLP, PEP, PIP, RIP or whatever, be they white, black or purple, we could also do the same thing and back up the courageous stance taken by keltruthblog.
We could also do our own thing to register our disgust at what has gone on in our country, …… but that is only if we had the guts and imagination to do it.
Lowdown points out today that the CL in CLICO stands for COLONIAL!!
It is worth reading.
…. come to think of it, the CL stands for COLONIAL LIFE as in COLONIAL LIFE INSURANCE COMPANY.
… CLICO is thus a company that insures Colonial Life.
I decided to refrain from making a comment on this article, but since it is now on BU, I will make a general observation.
I do not know if the named individuals have committed any misdemeanours as I have no proof of that. However, I do know that they have no reason to lose “one nights sleep” because of what has been written.
My knowledge is based on information in the public domain about Switzerland.
Switzerland: …” Switzerland’s lucrative tax haven industry is constructed from two laws out of step with other developed countries. First, whereas most countries will merely sack bank employees who leak information, the Swiss charge them under article 47 of their criminal code and jail them. Second, whereas most countries regard tax evasion as a crime, Switzerland insists that it is no crime at all unless it involves active fraud, such as the forgery of paper work”….
…”The result is that other countries are constantly trying to breach the walls of the Swiss fortress. Indeed Switzerlands bank secrecy law was introduced, in 1934 to stop bank staff helping the French tax authorities – and certainly not, to help Jewish refugees hide their assets from the Nazis”…
Against this background and banking culture do you honestly believe notice will be taken of a few names from a blog.
…” In January 1997 Christoph Meili, a 28 year old security man at the biggest commercial bank in Switzerland – Union Banque Suisse (UBS) in Zurich – discovered that the bank was burning the records of Jewish clients who had died in the Holocaust. When he reported this to press and police, he was himself accused of breaching the law and ended up fleeing to the US, where he was granted political asylum”…
It is only those who are unaware will believe those names so exposed will have an impact.
“…Swiss authorities have been fighting a running battle with Rudolph Elmer, 53 a former employee of the Julius Baer bank who posted internal paperwork on internet sites which, he claims, reveals tax evasion and money laundering by individuals. Elmer was held in prison for 30 days and told he will be charged for breaking secrecy laws”….
I could go on but it serves no purpose, to believe action of any kind will be taken by the Swiss for the information allegedly supplied..is just smoke and mirrors.
Quoted material from: Guardian, London Thursday 5, February 2009
Lowdown has well said
Now we see the CLICO situation, an instant replay of the American meltdown. They didn’t even have the decency or originality to vary the plot – big company makes rash investments, in deep financial trouble; government bailout worth millions.
Amazingly, the Barbados Central Bank throws $10 million their way without even being asked, and apparently without needing parliamentary approval as in the United States or Trinidad! Which Bajan company has ever been so blessed? Or will ever be?
My friends, look past the shenanigans, denials and don’t-panics to the end result. Which is that the Patrick Manning Trinidad government now has direct control over a sizeable chunk of our economy, including, according to one news report, this newspaper and the jet which flies Thompy around. One swell coup indeed!
Is it just coincidence, one wonders, that the “CL” in CLICO stands for “colonial life”?
Good morning GP how are you? You have made me very upset with the truth you write!
I was listening to a Mr. Branker and he was saying that Barbados will never own these things again!
We have caused our own demise! This is a sad and harsh reality! BLACK Bajans need (or should I say ‘NEEDED’) to invest more!
GP it is a sad state of affairs our country has found itself in thanks Mr. Arthur and fellow barbadians!
JC
I am cool.
Our situation is similar to that occuring all around the world.
I am not at all sad about what is happening really, as the global situation has been predicted. Just did not think it would happen so soon.
Keep sweet JC.
That is a fair statement I cannot blame Mr. Arthur and fellow barbadians for everything I would be foolish, but I am still pist that we SOLD every thing in Barbados to others instead of keeping something for our children NONSENSE!
luv ya GP! (crew dont get jealous)
Yardbroom, you write too much. Your slip showing.
Nice one on the methadone J but the leaders of the world would pretend to be tossing in naltrexone, and sneak fentanyl in instead
. But this is not a heroin scenario. Excessive credit is excessive debt, credit is not money no matter the label. It was speculation, and easy credit (read debt), massive leverage and deregulation that got the world into this current mess. More stimulus, i.e more debt will not save the day..tell that to the proponents of Keynesian economic theory. Unfortunately so much of the western world has been drinking that batch of kool-aid and now is the big PAY BACK day. Credit (debt) for expansion of production is useful and can grow an economy. The problem with western nations, U.S.A being the most extreme example is they ran consumption based economies, most of the credit creation went into consumer goods…the credit(debt) expansion did very little to increase productivity or efficiency. Very few new goods where produced or new markets just countless refreshes and derivatives of older products….now people are saying NO i don’t need the new widget version 8 supercool special colour edition… it was mostly bullshit but when the credit tap was on full blast who cared people treated their homes and home values like a potential ATM , refinance and spend the cash. But all that credit was robbing from the future to boost the now….that “now” is the past(2002-2006)…and 2009 is that future that was robbed. That’s why government intervention almost always fails in this scenario because they obsess about monetary and fiscal policy, failing to realize that the problem is structural which is the difference between recession and depression…sucks to be the U.S.A right now but the U.K is even more screw. The sooner they learn the distinction between a recession and a depression the sooner they’ll get out of this mess. As for BARBADOS fortunately we have stricter controls and regulations… our banks, insurance etc have much lower leverage and a lot more assets than most of the (technically insolvent) banks in the so called developed world.
The biggest threat to us is energy and food security, but we are crisis people so we deal with it NOW we should have been preparing for the last 15 years….but our leaders lack vision so that was an unrealistic expectation….they should have seen this tsunami coming since 2006 MINIMUM. Sure it pisses me off that CLICO gets 10million easy so and small businesses have to sell their souls to get a small loan….i’m way to fiscally conservative to understand so I done trying… it is MORAL HAZARD!
John if you believe what you wrote re. Keltruth’s obvious omission of a white barbadian from their list of BLP operatives that’s your business. It will not be mind. They went all the way into Barbados foriegn services and picked Jessica Odle, incidently we had Richard Williams former GM of SandyLane working in the foreign services, yet some how they could not remember Former Senator, and former Minister of Health and technology consultant to government Phillip Goddard. I will take the praise for making BFP come to terms with this. I see that they have finally got the courage to post the name the construction company that is rumoured to have cause the cave-in at archcot. It is still luaghable to me that they did so amidst sufficient disclaiming fluff that I almost didn’t see the name. ha ha ha ha makes me wonder if Amanda Double-surname wrote that piece for BFP, and i thought only the Nationnews could write such sorry articles. ha ha ha ha Indeed BFP is de white people’s blog.
Makeveli wrote ” people treated their homes and home values like a potential ATM”
And the banks promoted and encouraged this nonsense.
I heard from a Canadian recently that once the mortgage was paid off the bank issued a check book and said “here you are, you can start spending the equity in your house” This to a 60 year old who (because of family history) has a life expectancy of about 90.
Scary!!!!!!!!!!!!!!!!!!!!!!!!!!
Imagine what can happen in your 80′s if you start licking out the equity in your house just before retirement.
The Starcom Network news program of 7.30 AM, Tuesday February 10 2009, carried comments attributed to Mr. Doug Skeete, where Mr. Skeete suggested that the financial challenges of the CL Financial group could affect subsidiaries outside of Trinidad and Tobago, if the government of Trinidad and Tobago is unable to put the affected institutions in Trinidad in a sound footing. On reading the Memorandum of Understanding (MOU) between the Central Bank of Trinidad and Tobago and the CL Financial Group Ltd., the affected institutions in Trinidad and Tobago appear to be CLICO Investment Bank (CIB), Caribbean Money Market Brokers (CMMB) and CLICO Insurance Trinidad and Tobago.
The MOU between the Trinidad and Tobago Central Bank and the CL Financial group states, “The Central Bank of Trinidad and Tobago will assume control of CIB under the provisions of Section 44D of the Central Bank Act.” “The third party liabilities and assets (to meet these liabilities) of CIB will be transferred to First Citizens Bank Limited.” The Central Bank will provide short term liquidity as needed to ensure that these liabilities are serviced.” “Following the execution of these transactions, CIB’s banking license will be revoked.” Given that CIB will cease to exist it is unclear to me what Mr. Skeete means by “putting CIB on a sound footing? Given that the Central Bank of Trinidad and Tobago has made provisions for meeting any outstanding liabilities of CIB, it is again unclear to me how the assets of CL Financial Group subsidiaries outside of the Trinidad and Tobago (including Barbados) would be affected by a need to meet the liabilities of CLICO Investment Bank. I am sure I am missing something and Mr. Skeete can explain.
The MOU between the Trinidad and Tobago Central Bank and the CL Financial group states, “The third party liabilities and assets (to meet these liabilities) of CMMB will be transferred to First Citizens Bank Limited.” The Central Bank will provide short term liquidity as needed to ensure that these liabilities are serviced.” Again, in light of the terms of the MOU, it is unclear to me what exactly Mr. Skeete means by “putting CMMB on a sound footing? It seems clear to me that CMMB will be operated as a subsidiary of First Citizens Bank (the state owned bank in Trinidad and Tobago). It is again unclear to me how the assets of CL Financial Group subsidiaries outside of the Trinidad and Tobago (including Barbados) would be affected by a need to meet the liabilities of CMMB given that it will now be owned by First Citizens Bank. I am sure I am missing something and Mr. Skeete can explain.
The MOU between the Trinidad and Tobago Central Bank and the CL Financial group states, “Clico Trinidad and Tobago has a sizeable Statutory Fund deficit.” “CL Financial has agreed to divest additional assets to help fund this deficit.” “The Government has committed to provide any additional funding that is needed by Clico Trinidad and Tobago.” “Government funding will be provided in exchange for collateral and an equity stake in Clico Trinidad and Tobago. “It will act as a catalyst for implementing a change in the current business model and corporate governance structure of Clico Trinidad and Tobago.” ‘The intention will be to return Clico Trinidad and Tobago to its original moorings.” The assets to be divested were also spelt out in the MOU. The MOU states, “Specifically, CL Financial will divest itself of all, of its 55% holding of Republic Bank Limited and shares in Methanol Trinidad Holdings.” Is this what Mr. Skeete means by “putting Clico Insurance Limited on a sound footing? It is again unclear to me how the assets of CL Financial Group subsidiaries outside of the Trinidad and Tobago would be affected by a need to meet the liabilities of CLICO Trinidad and Tobago given the commitments given by the government of Trinidad and Tobago, and the value of the assets the CL Financial Group has agreed to divest. I am sure I am missing something and Mr. Skeete can explain.
Mr. Skeete was also quoted as saying, “if the affected companies in Trinidad and Tobago are not put on a “sound footing, then the subsidiaries may be affected by a need to liquidate the assets to meet liabilities.” Since, hearing the comment I have searched in vain to find an example of where a struggling financial institution actually ended up in bankruptcy. In the vast majority of cases a struggling firm is acquired by a stronger rival and its assets and liabilities are assumed by the new owners. Why this worst of worst case scenarios would be presented as some plausible or likely outcome is a bit beyond me. I am sure I am missing something and Mr. Skeete can explain.
Unless, Mr. Skeete can provide some more information, it seems to me that the actions of the Central Bank of Trinidad and Tobago have served to contain the impact of crisis to entities in Trinidad and Tobago.
Mr. Skeete needs to answer these questions. He gets a lot of press coverage and people take him seriously.
Trained economist, you have quoted Mr. Skeete as saying the subsidiaries outside of Trinidad COULD be affected, if the government of Trinidad and Tobago is unable to put the affected institutions in Trinidad in a sound footing.
This a conditional statement, which you appear to have ignored in your questions. Have you concluded that there is little chance that the government bailout will fail, or have you concluded that it is all over now, problem solved?
In addition have you concluded that the CL Financial group does not have the ability to transfer assets from the Barbados companies, if deemed necessary? Have you concluded that the crisis is now over and that the group might not still need additional steps to prop up any of its Trinidad companies? Has the government of Trinidad agreed to support ALL the CL Financial subsidiaries?
Have you searched for examples where depositors lost funds as a result of struggling financial institutions, or where a government had to intervene and use taxpayers funds to prevent losses to depositors? You might start your search at Jamaica.
My issue was the nature of the exposure for CL subsidiaries outside Trinidad.
CIB will lose its banking license, how is it to be put on a sound footing then. It will no longer exist.
CMMB has been taken over by First Citizens bank. Its assets and liabilities are now those of First Citizens Banks. I am not clear how CL subsidiaries are going to be affected by its liabilities.
Brutus, I am interested in whether or not you see a significant exposure for CL subsidiaries outside Trinidad and Tobago given the terms of the MOU?
A deal can always break down but why would we start from the position of the deal breaking down?
I prefer to be guided by the available facts.
A government bailing out a financial institution as in Jamaica is a far cry from the bankruptcy process suggested by Mr. Skeete in his comments.
My point is that it rarely ever gets to that.
BU readers should also note that depositors in Jamaica were paid in full by the government of Jamaica. The bailout of Workers Bank cost the Jamaican government 3 billion Jamaican dollars.
To say that depositors lost money is inaccurate. The point is that it rarely ever gets to a point of bankruptcy.
Bottom line basics …When all the media propaganda goes forth, all the fear is created, all Clico Bdos policyholders come for their money and all the dust settles. Where does all the wealth go back…I’d like to suggest the pockets of the usual few and the great work that Hilary Beckles started to do back in 1989 will take a giant step back just like when the Neville Rowe establishment fell.
You can’t blame the masses because the fear is genuine concern after seeing all the local political babble. I can just imagine the Oligarches at the top just looking on and going, “look at all those crabs in the barrel”.
It sucks what any Black successful established organisation in Barbados must go through from the educated and upper middle class society in this country. It’s amazing the lengths we go to kill that organization….tell me in Barbados how many truly wealthy black people we have in this country that own significant land and have significant cash…anytime a black man or company dares make in roads into wealth any opportunity available is used to squash and silence that entity. That my friend is the the bottomline
SAGICOR loses Millions but CLICO makes news.
As an investor in SAGICOR and a policy holder of CLICO and investor of a subsidiary company I can’t understand the noise that is being spread around about the later company. SAGICOR late last year admitted in the press that they lost a small portion of money (POLICY HOLDERS FUNDS) on the overseas stock markets. A small portion ($25 million) they said based on their asset base. Now I am in no way a financial guru but that seems to be a lot of “dinero.” As far as I have heard and I have to listen to the information given by the press, CLICO has not lost any money in the Trini/Bajan issue, so my concern is, “what’s the concern . . . so far?” It causes me to think that something other than what is being said is up by the media and those who influence the same media.
After a very, very, very small article in the press about the money SAGICOR lost and the fact that I and other investors had a decrease in our return on our investments no NOISE was kept about SAGICOR losing the $25 MILLION, no NOISE.
Now because of the size of the company I felt ok and comfortable that my investment is safe but again CLICO loss not a cent and they are being brandished all around the press every day with convenient politicians weighing in on the situation and causing panic for the Barbadian public with this non issue( my thinking).
Were they not concerned for the investments public and policy holders of SAGICOR? I don’t know because I didn’t hear their voices . . . at all. Could it be because CLICO is a black managed company and it has grown too large for some, especially only being around for a few years in comparison to SAGICOR’S over 150 years?
I believe without a doubt that my two investment companies are in great shape financially and we should not allow propaganda to influence us in prematurely moving our investments from neither company.
CLICO take over of Rayside blocked Cow , Bizzy and their ilk from completely monopolising the road building and construction industries. At least Parris is good for something.
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Pity that Rayside is such a crap road builder though.
THE PERFECT RECIPE FOR
SABOTAGE
“POLITICS & PROPAGANDA”
What was meant to be destroyed has only become stronger. Clico Holdings Barbados has withstood the storm of politics and propaganda. This in my mind has unearthed some striking events and some unanswered questions.
The former Prime Minister of Barbados Mr. Owen Seymore Arthur has recently made a statement saying, “Government must come clean on the Clico issue”. Under the Arthur administration, Marion Williams, the Governor General of the Central Bank of Barbados, a lady with unquestionable character was chosen for that office, which successfully governs over all financial institutions in Barbados. This regulatory system in Barbados which is enforced by the Central Bank can boost of having the third best regulated system in the world, Canada first and Chile second. This is the same system that makes it absolutely imperative that Banks, Credit Unions and Insurance Companies fulfill their statutory requirements in order to protect the interest of customers, share holders, and investors. This is the same regulated system that Mr. Arthur had so much confidence in just over a year ago. I can agree with you Mr. Wickham, without a shadow of a doubt there is “something fishy”. Clico Holdings Barbados has to abide by the rules, regulations and restrictions of the Central Bank if not Clico runs the risk of insolvency, as a result giving the Central Bank the legal right to close the doors of Clico . That being the case, the Governor General of the Central Bank of Barbados and the Supervisor of Insurance has said in unison that Clico has fulfilled it’s statutory requirements so there was no need to panic. The Central Bank took it a step further by putting their money $10m where their mouth is.
The most amazing phenomenon is that Sagicor in Barbados lost millions dollars US last year because their investments were exposed in the US market where the genesis of the financial crisis took place, and not one word was uttered on the radio stations. White? Sorry I meant why? Not one word of concern came from the opposition leader, the former Prime Minister, Douglas Skeete or any of the so called educated intellectuals of Barbados. Why?
A few years ago Julie “N” was on track to becoming the next BS&T. What happen? Cleverly engineered espionage by the conglomerates who felt threaten? Who knows!
Apart from Clico, are there any other black owned conglomerates in Barbados?
Can anyone out there source the book entitled, “The Mutual Affair”? This book had the same affect in Barbados that the book “Satanic Verses” had on the eastern world, unmasking bitter truths. Whatever happened to the strong an authoritative voice of Mr. Beckles? What about Gladstone Yearwood? The publisher of Lighthouse Communications.
These are only a few of the striking events and unanswered questions the injustices of recent has unearthed in my mind.
The one question I can surely answer, Can Clico become the wealthiest conglomerate in the region? The famous words of Barrack Obama come to mind, “Yes we can, yes we can”.
I am no economist nor financial expert but this Clico problem continues worry me. Today the Trinidad Express reports that the Governor of the Trinidad Central Bank says that the situation is worse than they thought!
http://www.trinidadexpress.com/index.pl/article_news?id=161439751
Many can learn from the serious losses posted by many large financial firms in the USA,,,,and now CLICO. Whereas, CLICO grew to be bigger than life itself in Trinidad…perhaps its management choices did not keep up with the pace. It is one thing to bring to the marketplace innovative investment vehicles pay up to 8% per year for a $1 Million Dollar investment for 2 years. That is the easy part! How did CLICO intend to earn these dividends for its clients? Investing in Florida Real Estate debacles did not help their cause either.
Quite often, a company just becomes too big to manage. One might say: “Big ideas with so-so management. We all know that the bigger government becomes the less effective it usually is. The same with a company. CLICO should go back to doing what it does best…which is…………
‘Trained Economist’, I just noticed your wonderful name but wondered whether it was possible to be an economist without being trained?!!
Hand Technician, pride gun kill u!! u know wha I mene!!
‘Trained Economist’, is on a par with ‘Little Boy’, ‘Negroman’ and others. Amazing but, singularly, BARBADIAN!!
Have a nice Barbadian day!!