CLICO Bailout, Implications For Barbados

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.

Barack Obama’s “Revolution”

Submitted by Yardbroom

Vertie Hodge, 74, weeps during an Inauguration Day party near Martin Luther King, Jr. Blvd. in Houston on Tuesday, Jan. 20, 2009 after President Barack Obama delivered his speech after taking the oath of office, becoming the first black president in the United States. (AP Photo/Houston Chronicle, Mayra Beltran

It is reasonable to ask how could I use the word “revolution” in reference to Barack Obama’s victory in the American presidential elections, particularly when he was elected in a democratic process.  I have used the word revolution here to mean: “a far reaching and drastic change, in ideas or methods.”  I must therefore establish by evidence this far reaching change in ideas or methods, which I have made the main focus of this submission.  May I also add this revolution although about black people or people of colour, is also about how they – black people or people of colour – are perceived.

At the beginning of the 20th century there was conflict about the right procedure to adopt for the advancement of black people in America.  This disagreement was not confined to W.E.B. Du Bois (1868-1963) and Brooker .T. Washington (1856 -1915)  only, but it cannot be denied they had a major input in the ideas and methods thought necessary, to advance the aspirations of black people.  It was Du Bois who formed the NAACP ( National Association for the Advancement of Coloured People ) which celebrates its 100th anniversary this year.

Brooker T Washington started the Tuskegee Normal and Industrial Institute, (now Tuskegee University) which concentrated on the teaching of skills to black people to give them a worthwhile occupation and an avenue to progress.

Du Bois advanced the view that injustices suffered by black people should be confronted, there should be no compromise.  Brooker .T. was all for advancement but it was limited, as he suggested black people should not over-reach themselves, but concentrate on what was within their compass.  We should be careful not to be trenchant in our condemnation of both men as we must take cognizance of the attitudes prevalent in that period.  Du Bois had no such restriction and he was scathing of Brooker .T, calling him the “Great Accommodator.”  Those whose imagination was able to leap the period in which they lived should be accorded special admiration, it would be disingenuous therefore not to give some praise to Du Bois who felt that black people were capable of anything the whites were, and with his intellectual acumen, he was sure of the ground on which he stood.

Brooker T. said confrontation was suicidal: “that confrontation would lead to disaster of the outnumbered blacks.”

BANGO Saying Thanks To BU Family

I noticed that the BANGO thread was truncated before I got a chance to say thanks to all those who contributed: General Lee, JC, Adrian Hinds and Anonymous who expressed gratitude and thanks to BANGO for participating in the hearing on behalf of consumers. Thanks to BWWR too for being the first to lend support to BANGO although BWWR dropped out nearing the end.

I think you know by now that if we have it to do again we will do it. We are gaining valuable experience here as Intervenors as our library is increasing in size and information.

The most important thing about our exercise on BU is that it provided an opportunity and a captive audience for sharing the information. Indeed we did get at least two important leads from BU family that made a difference in our presentations.