Government has announced the long awaited CLICO Rescue Plan if we go by a Nation report. Unfortunately up to the time of writing the blog intimate details of the plan had not reached the public domain. There is a reasonable expectation among Barbadians given the number of policyholders et al who are affected that full disclosure of the rescue plan should not be an issue. In 2010 all* Barbadians should be able to logon to a website and read for themselves the details of the CLICO Rescue Plan.
BU’s position has been articulated in several blogs. Unfortunately the CLICO mess has become political football. No doubt mistakes were made in this matter, people who are learned in these matters have expressed opposing views to support the point. Looking back, the Office of Supervisor of Insurance has been found to be most incompetent. By extension the government both former and current must bear some responsibility by not being proactive dealing with CLICO matters. To the Leader of the Opposition who has been preaching that CLICO should be placed under judicial management, she knows that this does not represent the silver bullet which she has stridently represented on the political platform. How does she explain selling CLICO assets in an economy which is in recession? Wouldn’t this mean that buyers in the market with cash would be in a position to exploit the situation? Bear in mind CLICO has been a financial contributor to both political parties albeit heavily weighted in the Democratic Labour Party’s corner.
Here is what we know from scrapping the Nation Newspaper:
- Government’s reported rescue plan for CLICO International Life will see it add about $314 million to the country’s national debt, this amount would increase the island’s total debt by 3.4 per cent
- There are two key aspects to the rescue plan. The first relates to the portfolio of traditional life, pension and annuity
- The second aspect of the rescue relates to the Executive Flexible Premium Annuities (EFPAs), which will be separated from the rest of CLICO’s portfolio. This therefore implies that the Government of Barbados will effectively take on $314 million in Government-guaranteed debt
- Dr. Winston Moore, President of the Barbados Economic Society opined, “over the long term it is hoped that earnings from the sale of CLICO’s portfolio of traditional life, pension and annuity would be enough to repay the remaining amounts”
- Moore said it was likely that Government would raise a bond issue or borrow on the local market to fulfil the initial $44 million it planned to pay initially to individual investors of CLICO Life
- Key aspects of Government’s rescue plan include:
- state takeover of CLICO assets, the sale of CLICO International Life Insurance; Government’s taking responsibility for the EFPAs;
- no Government financial assistance for related party investments (directors, staff, management, shareholders and affiliate companies that invested in the CLICO’s EFPAs which reportedly totals $6 million);
- no Government assistance or protection for companies and governments in Barbados and the Eastern Caribbean who bought EFPAs as the Supervisor of Insurance in Barbados had ordered that selling of EFPAs to anyone other than individual investors was illegal;
- initial maximum payment of $25 000 to individual investors in Barbados and the Eastern Caribbean which should total $44 million; the sale of CLICO Holdings’ assets beginning in 2015 over a ten-year period.
Former Prime Minister Owen Arthur’s response has been quick “SOME PENSIONERS could find themselves penniless as a result of a reported multimillion-dollar plan to salvage personal investments in CLICO International Life Insurance Company (CIL), says former Prime Minister Owen Arthur” – Read full report
Whether you agree or disagree with what is know about the CLICO Rescue Plan a decision has at last been made and it will up to the a Thompsonless government to explain the details. No doubt the job of explaining, no disrespect to Acting Prime Minster Fruendel Stuart, will be left to Senator Darcy Boyce who we suspect has been the architect of the CLICO Rescue Plan.
The Barbados government from the start of the CLICO mess had a preference to sell affected CLICO companies as going concerns. Under judicial management a select band of people will become very rich and the transaction of necessity will be protracted. For now individual investors will have to make do with good faith payments offered.
Barbados Underground 
If according to your article “the Supervisor of Insurance in Barbados had ordered that selling of EFPAs to anyone other than individual investors was illegal” then the persons who sold them to persons other than individuals need to be personally liable.
Where are the revised financial statements of clico life for 2008?
Mia Mottley is out to sea now. I don’t know what she is going to talk about now. If she said two words , one was about Clico. Mia’s role as opposition leader is based on entirely on Clico. Poor Mia the rug has been pulled from beneath her.
@The Duck
All the places selling off and you still on about 2008 financials?
CCC I glad you see that. With your usual simplicity you thik it done, it is only just begun. Ms. Mottley has been driving at this and finally the blockheaded DLP 2 years later have finally found the courage to do something about this matter. They have been behaving like dogs with tails between their legs on this matter. It is inexcusable how they have managed Clico. Delinquent is one term that can be used to describe their handling of this situation. Criminal is the other term. David if you can get those details it would be good. An investigation is required on this matter from the Supervisor of Insurance down. If it was illegal to sell this to institutions then I want to know who is going to get lock up at Clico. If assets and payments have been mad ein this 2 year period to the dteriment of the other holders, then lawsuits a plenty for Clico and Gov’t of Barbados for the disgraceful mismanagement of this situation. I wonder if based on their definition, BARP an institution if they will get back their money. If pension funds are in there and gov’t does not plan to bailout the people how will it affect the politics of the situation?
@ CCC
Vindication I would say.
@CCC; The most recent revelations are imho an almost total vindication of Mia Mottley’s stance on the alleged CLICO infelicities.
Now tell us about the timing of the reported Weatherhead group deal to take over Clico Insurance, presumably minus its efpa liabilities which, judging from today’s newspaper stories has not yet been definitively settled by Cabinet but appeared to have been settled according to Barbados Today which first broke the story.
David; why no mention of the Barbados Today story?
@checkit-out
Beg to differ that if the government had gone the route of judicial management all would have been well. It is simply hypothetical.
@david
well it would be in a better position that it is in now. they would of had 2 year working with clico books and assests trying to solving the problem
@ David
When this problem was first announced in Trinidad, they quickly put in judicial management. If the company is short on funds to meet its liabilities then you cannot have a situation where some people draw all of their investment plus interest leaving others to bear all the losses. Two years, two years. I heard that some of the big people drew out their money early while Thompson was talking about it is a sound company. Parris drew out his – 1m. meanwhile BARP sucking salt, poor people cannot get back their money. During these two years with no judicial management,the same management in place what was happening to asset. Why is there no forensic audit as Ms. Mottley called for? The wisdom of that is now apparent? Why did Clico not want to give info to potential buyers? What was being hidden?
Suppose the OECS seizes the assets in their territories to protect themselves given that this gov’t has reneged. What happens then? Judicial managment would have controlled the release of money and assets to be fair to all not to a few at the expense of the many. It owuld lessen the amount the gov’t would have to look for to satisfy customers.
BAJAN TRUTH
“Criminal is the other term”
Please don’t use the term CRIMINAL unless you are refering to the Barbados Labour Party.
The Royal Barbados Police force has two suspects in custody over the Fire bombing in Tudor Street last week. Had the Democratic Labour Party moved with such swiftness, determination and alacrity in pursuing the members of the crooked Barbados Labour Party, whatever you believed to have happened at Clico would have paled into insignificance at the outcome.
David
All the places that selling off are owned by clico holdings barbados ltd.
This is from the man who has probably made more from the sell out of our birthrights than any other human being on the rock…..apart from the fact that he usually reports to the Prime Minister…whatever the party!
Corruption is Corruption..ask any large developer how they got planning permission….not that they would tell!
Incompetence is Incompetence…ask any normal person how long they waited for town planning to give permission!
Mark Cummings is a great example of what is wrong with our society…he should be in Dodds..not mouthing off in the press!
It seems that Barbadians who are not* clico policyholders are suffering from clico fatigue.
David; Sad but true since there is so much grist for the mill in the latest revelations and actions.
but why no mention of the Barbados Today article in your chapeau?
Could it be that the BT article indicated that 68% of the bailout costs are destined for the OECS? Could it be that if the company had been put under Judicial management early on and the PM had not magnanamously undertaken to underwrite the probable OECS losses which were due to a private company that had no ostensible connections with the Government of Barbados, that this cost would be significantly lower?
Perhaps you could explain why a country would put itself in a further hole to assume a private company’s debt? Of course, once the committment was given we were duty bound to fulfill it. But the spirit of the reported fulfillment reported in BT seems to be likely to spawn some serious ill will in all the territories as it appears to renege on some important aspects of the committment.
Apologies for being off the topic but this commentary is a rather important one still.
For, on the Barbados Economic Society’s blog, the writer ( who must be a member of the BES) of the lead article – entitled Jamaica/IMF’s Approach to Addressing Fiscal Vulnerabilities – concludes the article by saying: “Through quick action and relatively basic policy changes, officials in Jamaica have been able to achieve a more sustainable trajectory for their fiscal accounts. ONE WONDERS WHETHER OR NOT A SIMILAR APPROACH IN BARBADOS WOULD NOT HAVE YIELDED SIMILAR RESULTS ( Capitals ours for emphasis).
Well, it is the latter CAPITALIZED portion that we would really wish to comment on.
But, before doing so we must state that he or she that wrote the article started it by writing that: “Like most Caribbean countries, Jamaica experienced a sharp decline in its fiscal position over the last two years. In 2008/09, the fiscal deficit reached 7.3 percent of GDP and 10 percent of GDP in 2009/10. However, in a recent IMF press release it was noted that a significant improvement in the country’s finances is expected for the current fiscal year.
How was this achieved?”
And the article does go on to explain how……..
Now to our comments.
Therefore, apart from making it seem that he or she (the writer), and by extension the Barbados Economic Society, has been in favour of that TYPE of IMF assistance for Barbados, the writer, rather than looking beyond the statistical success of this particular Jamaica/IMF programme, towards looking at the whether Jamaica’s national developmental model or whether Barbados or the entire CARICOM countries’ national developmental models are really working, is caught in the intellectual poverty trap of not wanting to state that Jamaica out of all CARICOM countries has had the most (painful) IMF experiences, and therefore in real terms it seems ( paradoxically) not to be able to develop materially financially without IMF assistance.
Now, clearly this type of IMF dependency is not characteristic of Barbados and must NEVER BE MADE TO BECOME this way never ( and these are things that the writer should really have emphasized in the article), even though the way how the global political economic and financial affairs have been structured ( hierachically imperialistically ) and the way how the major euro-centricized westernized corporatist political economic stakeholders conduct business in Barbados ( ever so inanely dependent on the Western for their survival and development), Barbados – under these monstrous backward DLP and BLP Governments – will sooner or later have to go to the IMF for financial assistance in the face of a so-called necessary structural adjustment program.
However, with the kinds of progressive PDC political material production financial policies implemented in Barbados, Barbados will never – on those bases – have to go to the IMF though.
That is the plain truth!!!
But what the writer ( hopefully it is NOT Dr. Winston R Moore who happens to be the President of the BES) still DOES want the readers of the particular article to correctly realize is that this wretched DLP Government is in DAMNED AUTO-PILOT in regard of its NOT taking the type of effective decisive fiscal policy actions that are needed now or that were needed to be taken long time ago – WHICH ALTOGETHER THOUGH HAVE NOT BEEN REALIZED YET – to greater help stabilize and thereafter reposition the material production and distribution and financial affairs of this country.
This technique (a focus on fiscal affairs of the Jamaica Government) is so clear from any person’s properly reading the article, and especially given the time of its publication at this stage, and esp. since Clyde Mascoll would have had his say up at the BWU Labour College recently.
Too, we get the feeling that the writer of the article thinks that swift decisive action by the government is needed at this juncture – albeit that for us he or she will propose the same wronged and previously tried and tested failed type of actions/methods – to stop the further deterioration in the fiscal affairs of the government and by extension further massive declines in the so-called economic and financial affairs of the country.
Finally, some time ago we unsuccessfully tried to elicit a response from this BU forum
from the president of the Barbados Economic Society, the said Dr. Winston R Moore,
since he himself would have made a rare blog on here at 11:14 am, on July 21 st 2010, under the thread – Is the Central Bank of Barbados ?? – concerning some statements that he had made with regard to an article of his that was published in the Monday, May 31, 2010 edition of the Barbados Business Authority (BBA), and which we will take the opportunity now, seeing that we again have it, to cite one of those statements that had really displeased us in the said BBA article, which is this: “Given the recovery projected for the US and world economy in 2010, some recovery in economic activity is therefore likely for Barbados by the fourth quarter of 2010 and/or early 2011.”
Now Dr. Moore had based such an assertion on the assumption ( which was itself based on his research) that “for every one per cent rise in US economic output, real GDP in Barbados rises by around 0.5 of a percentage point”, and another assumption that “it can take up to about two quarters to see the full effect.”
We had also stated that there were a few divergent indicators that clearly did NOT wholeheartedly lend support to his arguments, mainly because:
a) The US economy had reportedly grown at the time at an annualized rate of 2.7% ( revised downwards from 3.0%) in the first quarter, according the Bureau of Economic Analysis, whereas the Barbados economy contracted by a further 0.1 % in the first quarter, according to the Central Bank of Barbados.
b) The US economy grew at an annualized rate of 2.6 % in the second quarter, according to Bloomberg.com, ( which was later – last month August – drastically revised downwards by the US government to 1.6% according to the New York Times on line)whereas the Barbados economy contracted by a further 1.0 percent in the second quarter, according to the Central Bank of Barbados.
c) The US economy came out of recession in the third quarter of 2009, according to Guardian.co.uk – (never mind that there have been fears by many of a double dip recession in the US recently). But here is it that, almost a year (way past six months ) since the US came out of recession, the Barbados economy is still mired in depression.
So, we had taken the opportunity then on July 22, 2010, on BU, to ask Dr. Moore – even though up to now we have not got a response from him – but we bet that he saw our questions on BU though -the following: “How are you really going to explain such divergences??”
Well, perhaps the writer of the above mentioned article on the BES blog can come to BU and answer for the PDC and for some others on here’s benefit, the question that we had put to Dr. Moore, as to how could he have made those very unfortunate and groundless assertions about some recovery in the Barbados economy being likely in late 2010 and/or early 2011.
For, surely, we would wish to know what had prompted him – beyond what he had academically stated in the article – to have really made those kinds of improper assertions, esp. when there are still some serious disequilibria taking place in the so-called Barbados eonomy!!
PDC
Carson C. Cadogan
“Please don’t use the term CRIMINAL unless you are refering to the Barbados Labour Party”.
It is yet to be determined how Clico found itself in the financial state it is currently in. One thing is certain- it had nothing to do with the current global economic recession. A number of persons stole Clico’s money in fact the money of ordinary working class who had invested all their savings with Clico was used to prop up every election campaign of the DLP and was used as a slush fund by high profile persons in the DLP and Clico.
What took place at Clico was a criminal act punishable by imprisonment. A full forensic audit must be done and the perpetrators brought to justice. It is my view that Duprey, Parris, Thompson and Thornhill should face the law courts in this matter. An investigation on how the wife of Parris and Thompson was able to purchase property and Martin’s Bay for $925.000.00 cash, on their meager salaries is of urgent importance.
What sad about this whole mess is that while the perpetrators of this wicked act is allowed to go scotch free the tax payers of Barbados will have to fork out the money clear up this mess. These criminals will driving around in their big cars, hosting big parties in their houses, traveling whenever and wherever they like and affording the best medical care while ordinary Barbadians are catching their royal asses to make ins meet. Can this be right? Is this justice?
@checkit-out
We really need to get some more details before serious debate can take place.
David; I’m surprised. Such concerns have not normally informed comments on this and other blogs. Indeed, if my memory serves me correctly, much of the discussion on these blogs is informed by facts or innuendos that are much less tenuous than those currently in the public domain for this CLICO affair.
I wonder if that serious debate should wait until, heaven forfend, we are informed that Barbados has undertaken an IMF loan with harsh conditionalities that would have been occasioned, by a number of factors including taking actions we had been warned about, relating to underwriting CLICO.
@checkit out
We are on the same page. BU asked for details of the rescue plan be made public to inform discussion. It is too important a matter.
@Carson C. Cadogan ……your quote
“Please don’t use the term CRIMINAL unless you are refering to the Barbados Labour Party.”
Carson Cadogan..there is no other one like you!Is it possible for you wear some identifiable mark, which you will disclose to me, and to position yourself somewhere in a very public place so that I may actually see what you look like? I am very interested in looking at what a classic, asinine, brainless, DLP yardfowl personifies. Please note that I did NOT say I want to meet you…… I wish not to meet you. Give me instructions where I can stand at a particular place, a particular time in daylight and look at you from a distance!!
This bailout plan for Clico that will now see taxpayers forking out over $314 million dollars to satisfy a debt they know nothing about is grossly unfair. Why should I, as a poor working Barbadian be asked to pay a debt created by Parris, Thompson, Duprey and Thornhill? Why should they steal the money and I have to pay it back? Why not raid their bank accounts and sell their properties to reclaim the money?
What is disgusted about this whole mess is manner in which Clico deliberately flouted the instructions of the office of the Supervisor of Insurance. In the first instance Clico was instructed by the Supervisor of Insurance in a letter dated December 30, 2002 not to sell this product to credit unions, institutions and other companies. Yet by December31, 2009 Clico had gone ahead and sold over $507 million in such plans of which $149 million were sold to companies and another $44 million sold to government institutions in the OECS. What a blatant disregard and disrespect for rules, regulation and the law. This is not a company that deserves my hard earn dollars to bail them out.
According to the Ernst & Young report most of the portfolio of the EFPAs are in the OECS, some 64 % however, most of the assets are in Barbados, some 75%. This means that assets in Barbados would have to be sold, not to satisfy the lost to BARP but to the companies in the OECS.
Secondly, how can the Prime Minister of Barbados give an undertaking to satisfy the Clico’s debt to companies in the OECS but refuses to accept the claims of our own BARP. This DLP has definitely lost the moral right to govern this country and its people and has sealed its political fate. It is time for them go. A new mandate must now be sought from the electorate. Where ever you turn, in almost every Ministry Barbadians are being sold out by the DLP Government.
It was Mia Mottley who let the cat out of the bag on this Clico issue it was also Mia who blow the truth wide open that this Government has given prime real estate land at Coverley to Jada for ONE HUNDRED DOLLARS ($100.00) A YEAR. What a disgrace. All these giveaways and wholesale stealing is occurring at a time when serious financial cuts are being carried out across every Ministry and agencies.
Is this the CHANGE that we voted for in 2008?
I didn’t vote for these folks, because they could not tell me clearly why change, and what we were changing to. I felt that something was missing. And I voted sensibly, not emotionally.
J
If you voted for the Barbados Labour Party then it was a wasted vote.
Hi Carson Cadogan, you apparently have chosen to ignore my earlier request in this thread for me to see you .
Well, I have an URGENT MESSAGE for you……..your proctologist just called, AND NO WONDER …….. they found your head!!
David; While we’re waiting for full disclosure perhaps we could look at the similarities and differences between developments around CLICO in Barbados and CLICO in other regional countries.
Here’s an article from tonight’s Barbados Today about current CLICO revelations in one of our sister territories
http://www.goclick-mobile.com/barbadostoday/default.asp?Mode=article&id=4067
In looking at the clico situation it may also be useful to check out the views of some noted economists about a worldwide great depression in the offing. See below
Dear Carson C. Cadogan: I always vote sensibly, NEVER emotionally. And I’ve never wasted a vote in my life.
Interesting read via the said above link.
We have been trying to get many Barbadians to understand that things are getting worse and worse materially financially in his country.
But, we have a serious vision for Barbados, many aspects of which must be supported by the people, and which must be implemented by a future PDC Government, and that, once properly implemented by such a government – will greatly assist the country in its future national development.
So, anyhow, things will definitely get worse materially and financially in this country, as some prefer to stick to these old outdated stupid partisan sides, DLP/BLP, and to listen to what the respective leaders main principals of these parties say ( but quite unstudiously simplistically hackneyedly laboriously) concerning the so-called economy of Barbados, whilst some others simply become very indifferent resigned to many of those very negative so-called economic outcomes that are destined to come our way.
Through out Bridgetown and elsewhere, it can be observed that many businesses are suffering from severe declines in sales and revenues as customers spend less and less, as the cost of living and doing business remain very high; and can be observed too that many workers continue to be laid off with little or no hope for the better as the incomes of most of the people of this country become quickly absorbed by rent, mortgage, food and a few other critical payments, with little or no change left to be saved or invested.
Yet, as the so-called economy painfully grimaces and the hearts of our majority people bleed more and more, it is clear that a few members and supporters of these two older jackass parties simply await – on BU and elsewhere – the next emotional superficial irrelevant issues that would be made for discussion.
PDC
I would have been far happier, if as I suggested previously, the Government had moved to legislate prevention of seizure of homes, where persons, due to the recession, have lost jobs and are unable to repay mortgages to the original plan. Some form of Government tax relief to banks on loan losses, to wit the $314 million, would have been better spent and more fairly spent, on such a program.
Additionally, also as suggested, removal of any form of tax on severance and end payments, to assist those losing jobs, would have been useful.
Both of the above measuers would be aimed at alleviating hardship from the recession, as well as preventing an immediate spiral, should things get more difficult.
But, instead the money is wasted on something, without even guaranteeing the jobs of Clico workers.
This is NOT a good move and indeed seems to have been ‘rushed’ by the PM last week, before continuing medical treatment, I wonder why.
We did hear about judicial management from early, why was it prevented? As I said already, this has not been done well.
@Crusoe
All those countries who established judicial management where are they in the process? Have policyholders got their investment back? What about T&T? We are hearing it will take up to 20 years for policyholders to get back, is it up to a maximum of 44 thousand dollars?
well i think the barbados today article states that initial payment up to 75000. after that payments seem to be maximum of 65% of principal over 20 year with bonds. though they are paying everyone out and not just select individuals.
CRUSOE
The Barbados Labour Party doom and gloomers in full effect. The Barbados Labour Party does things one way and the Democratic Labour Party does things the correct way. That is why the Barbados Labour Party was booted from office.
corrected way. lol . since when following what other countries did 2 year ago becomes the correct way.
David; You want some more facts and disclosures? Here are some.
http://www.nationnews.com/articles/view/clico-warned/
Is it reasonable to assume given what the Nation Newspaper published this morning i.e the supervisor wrote to clico in 1997 and 2006 to ‘cease and desist’ from selling EFPA to companies and credit unions that the former government should have been apprised of the issue?
Is now seems fair to opine the former government joined the supervisor of insurance and fell asleep at the switch.
Good job by the Nation and Geraldyn Edwards.
David; Yes the BLP Government, through the Supervisor of Insurance, contributed significantly to the current affairs by their evident inaction in 1997 and in 2006. But you seem to be giving a free pass to the current government who were in office from 2007. A Government led by David Thompson, Lawyer for Clico, frequent traveller in their executive Jet, and person ultimately responsible for the actions taken on Clico since 2008, especially the recent apparently egregious “solution” that would land Barbados in extreme problems in the near future.
Could you discuss the morality of CLICO selling the efpa’s to Institutions after the intercession by the supervisor of insurance? The PDC would seem to be right in this case, down with both their houses.
Perhaps this explains why there have been relatively few comments on this affair from both the regular BLP and DLP spokesmen.
You appear to be protecting the DLP. Please look at this affair dispassionately and share the licks where they need to fall.
David;
Mistake. The new Government took over in early 2008. not 2007 as I said above.
I also forgot to mention above. There is a deep morass into which we seem to be heading. The reported agreement has the potential of entwining the Barbados Government (Which will now be effectively responsible for all Clico’s debts) in perhaps hundreds of lawsuits, local and regional) and based on the letters from the supervisor of insurance they will have a good case.
This thing is now unravelling. Did CLICO change the contract to take care of the minor changes requested by the supervisor of insurance? If not, why not? If they did, the Oversight committee does not have a leg to stand on re. excluding institutions from the moneys that we, the taxpayers will be paying out? Would the lawyer for clico be aware of everything that is going on?
There are many more points to ponder, all of them with a potential to point to a deep hole that has been dug for our economy.
@checkit
You know BU, we share licks even if self inflicted sometimes. The reason why the focus on the previous government is to establish who has credibility on the issue and who seek now to gain political benefit arising from the unfortunate plight of clico policyholders. Bear in mind the much praised PS Layne would have served as Supervisor of Insurance in the troubled period no? What about Ian Carington who now heads the NIS? Did he not serve as Supervisor of Insurance?
Your questions are valid and until the people in a non ‘partisan’ demand* answers the political football goes into extra time.
Question, how much is the credit unions holding the toxic annuities. If they are holding any* amount is it fair to ask the Registrar of Cooperatives why?
Again we ask to see the details of the rescue plan. Is it in the public domain?
Check it out,
Both DLP and BLP must go!!!
They are taking turns at destroying the better hopes and aspirations of the majority of people of this country.
Their taking turns – almost per every two terms – at being at the helm of government in this country, is based on one out of some other fundamental things: how well they are able to properly nuance – by way of whatever informational communication techniques/methods used – the PERCEPTION/THE MOOD of the majority of the people in this country, as to how well or not a particular government is generally performing at given times a la certain of the comments coming from government ministers, policy statements, policies, programs, lack of responses by the government to certain things that need being done in the country, etc.
How successful they are or not in measuring such performances will help to determine how and to what extent these two old parties respond to such a PERCEPTION/MOOD of the majority of people in whatever ways through their own planning organizational policy structuration processes, and how and to what extent they are therefore able to position themselves in the political electoral environment.
Well, we will look forward to how some people will react to the publication – in some sections of the media – of some of the so-called findings of another joke poll that was supposed to have been recently done in Barbados.
Let us make it clear we NOT LOOK forward to any so-called poll, for we DO NOT and WILL NEVER EVER believe in the type of so-called national political opinion polls that Cadres does. WE DO NOT and NEVER WILL. For, they are far from being scientific enough. The primary political thrust of those who them is to induce many persons on the question of how to vote or NOT vote, or who to VOTE FOR or NOT vote FOR.
And that is highly immoral and undemocratic, and is a fundamental and shocking violation of the principles of the conducting of free and fair elections in Barbados.
Cadres and whomsoever else that does such outright foolishness needs to be reined in in this country!!!!!
What a travesty of serious politics!!!
Anyhow, we have long detected a strong leaning by David/BU towards the DLP.
To complicate things the person/BU tries to give the impression sometimes that by their favouring the BLP, or its mouth pieces, on a couple of points on this blog, from time to time, virtually playing one off against the other (the DLP), there is this merry go around in the country involving these two stupid parties, DLP/BLP.
While thousands upon thousands of people in Barbados continue to literally smell hell, grovel and eke out a living in this country, cant get enough money, food, shelter, and clothing!!!
To, this we say that the DLP and the BLP must go.
Simple as that!!!
PDC
@PDC
Sometime ago Austin asked BU who would we vote for now if elections were called – do you recall how BU answered?
David; Good questions above. I have no answers to most off them but I think that some of the regular contributors may have some answers.
Re. the individuals you mentioned. In sharing licks on functionaries, senior though they may be, in Goverment agencies and institutions, you should be aware that they usually cannot explain or defend their actions by virtue of being “creatures” of Ministers, some other political entity or Public service rules (written or otherwise). Thus, for example, William Layne is deserving of great credit for bursting out of a political and Public Service box and exposing a number of the improprieties that CLICO was/is engaged in. Have you ever wondered why he could do that with apparent impunity?
We do not know how CLICO responded to Belgrave’s “cease and desist” letters. It is my contention that the rationale given for eliminating institutions from being sold the efpa’s was really only a minor problem and could easily have been solved by changing the prospectus in the relevant areas. Was this done? If it wasn’t why not? Why is it apparently still a problem in 2010? Why would so many excellent fund managers have bought the instrument with such a glaring deficiency if the agreements still contained that glaring oversight? Were all those fund managers hopeless? Why would William Layne insist that they were’nt covered and overlook the overriding culpability of CLICO for selling the efpa’s in the first place? Was there an active search for a seeming loophole to reduce Government’s eventual liability for CLICO’s debt, whether it would compromise local pension funds or not?
It seems clear that the efpa problem spanned both BLP and DLP administrations. Similarly both the BLP and DLP’s election campaigns over that period were apparantly substantially funded by CLICO but seemingly disproportionately so.
re. Mr Belgrave, perhaps he might not have been as bad as he has been portrayed on this blog and elsewhere. Perhaps his hands were tied by the elephant in the room.
Anyhow David; I agree with you, a lot more details are necessary for a proper elucidation of this affair but I think enough facts are now in the public domain for a good discussion and some detective work.
@checkit-out
Here is another question for you?
Jepter ‘physical deficit’ Ince was employed at Clico to manage the Clico Balanced Fund. Does the fund have these toxic annuities under portfolio? Even if the fund does not can we determine Ince’s role on the management team when he worked at Clico? Was he aware of the cease and decease order?
What about Tony Marshall?
Was lawyer David Thompson aware?
Was Owen Arthur an Mia Mottley aware.
So many questions but who will answer?
It is strange that Thompson would order a financial audit for Hardwood Housing Inc but has bitterly oppose the same for Clico, a company for which the evidence is clear, has stolen millions of its clients money and for which he,Thompson has been and continues to be the company Lawyer.
Never once during the BLP’s term of office did the Supervisor of Insurance write to the Minister of Finance or the Prime Minister of the day informing him of any rules or written instruction sent to Clico being ignored or broken. The former administration had no way of knowing that Clico was not paying its statutory fund or selling plans that should not have sold.
When a road user does not pay his road tax or a company fails to pay property tax the Minister of Finance would know unless he is notified by the principle representatives in these offices.
Of one thing we can be all certain it is that the lawyer of Clico was in the knowledge of everything being done by Clico. Thompson was that Lawyer, he advised and directed their every action. Thompson knew about Clico’s abuse and disrespect for the office of the Supervisor of Insurance long befoer the eleltion of the 2008, in fact I would suggest that he issue deliberate instrutions to flout the rulings of the Office of Supervisor of Insurance.
It is Thompson’s intention to defend and protect his friend Parris and Clico even if it causes him is death. Thompson did not get on the private jet and sneak in the country during the dead of the night to be back on any job as the press reported to Barbadians. He did not chair any Cabinet to put plans in place to bring relief to the thousands of Barbadians who are now losing their jobs by the day and who are finding difficult to pay their mortgages. THOMPSON CAME HOME TO PUT PLANS IN PLACE WHERE POOR ORDINARY BARBADIANS WOULD BE FORCED TO PAY BACK THE MONEY THAT HE AND PARRIS AND THORNHILL AND DUPREY LICK OUT- OVER $314 MILLION.
Forgive for the errors as I try to post quickly without proof reading
Let us be very clear as in this case. The supervisor of insurance writes to an Insurance company to cease and desist selling a certain product and there is no mechanism whether via the PS Finance or Director of Finance to fyi central government?
Bullshit!
David; Some more good questions!
I must point out that I know very little about finance and have absolutely no knowledge or acquaintanceship with some of the people you have named above. But I think that I have a fairly good knowledge of how the public service and boards of management in general operate. Based on that I would guess that a reasonable answer to your questions might be:-
Re. the questions you ask about Jepter Ince whom I’ve never met. By virtue of his former position with Clico it is very unlikely that he was unaware of the cease and desist order from very early but there is still a small probability that he did not.
About Tony Marshall. If he was on the Board of CLICO it is quite likely that he would have been made aware of the order at some time during his tenure there. However, it is also quite possible that he might not have been informed as sometimes Executives of Institutions have ways and means for hiding sensitive and important matters from Board members
Re. David Thompson, reputed CLICO legal advisor and current Prime Minister; I think It is highly unlikely that he would have been unaware of the order. In fact I think that the last 2 paragraphs of RoyalRumble’s analysis above is instructive in that regard.
Re. Former PM and Minister of Finance Owen Arthur. I think it is highly unlikely, but I suppose it is possible, that a Supervisor of Insurance would not have communicated the problem of intransigence and flouting of orders by a company with the clout of CLICO to his Minister of Finance, even if indirectly.
Re. Mia Mottley; I think that there was no necessity for her to know about the problem in view of the Ministerial portfolios she held and therefore she might not have been aware of the problem as a Government minister.
RRumble, you are stirring up a hornet’s nest here! You seem to be suggesting that The P.M. was not fit, ready, and rearing to go, but slipped back in, really still in poor health, under stress, and still on sick leave, to specifically attempt do some repair work on CLICO.
I think that he should not have done that and put himself at risk so unnecessarily.
What about the Corporate responsibility of Cabinet? Couldn’t the others have dealt with that alleged $314m “solution” or are they afraid to touch it?
This is a difficult matter to comment on bearing in mind Mr. Thompson’s illness, but is anybody minding this country?
P.S. There is absolute chaos on the roads of Barbados. My experience this morning was horrendous, and you should see the faces of other drivers particularly between Hothersal and Warren’s Round Abouts. Talk about gridlock. Would a fly-over or two help ease this situation? Could you imagine the wasted and unproductive man hours, not to mention the burned up gasolene gone through idling?
The new unemployment figure is now 15%. Thompson did not get out of his sick bed to address this problem. He came only to saddle Barbadians with a debt of $314 million to replace the money that he and his friends licked out from Clico.
I feel that the houses, cars and other properties of Thornhill, Parris. Duprey and Parris should be put up for sale to settle this debt.
If the BLP, upon coming to office after the next election does not do something about this matter Barbadians’ confidence in the political system would be seriously damaged. Confidence in politicians will be lost and all the work done by former leaders would mean nothing.
David I will excuse you for not knowing how Government works. Not everything is sent to the Prime Minister’s Office. The pressure on the office of the Prime Minister is of such that he cannot micromanage all the ministries and agencies under his portfolio. The office of the Supervisor of Insurance is an office with full powers in law and can make it own independent decisions. He does not have to wait on the PM to advise him although he may from time to time advise him out of courtesy.
It is expected that when he issues a directive of the kind sent to Clico that it will be treated with the seriousness with which his office is held. The problem in this case is that Parris felt that because Thompson was Clico’s Lawyer he could do what ever he wanted.
In an attempt to deal with difficult situations in various departments the planning and Priority Committee was introduced. This allowed for a section of cabinet to meet with certain departments and dissolve difficult situation. Senior civil servants are invited to state problems in the respective departments. In was a system that worked beautifully and should be adopted by the DLP.
Anonymous Numero wrote “What about the Corporate responsibility of Cabinet? Couldn’t the others have dealt with that alleged $314m “solution” or are they afraid to touch it”?
I am told that Thompson had to get off his sick to come and deal with this matter because his colleagues have decided that since it his baby he would have to deal with it. Some of them have decide that since they did not get any of the sweets then they will not part of the bitter plan. Those with future plans of leading the Party will not touch it since they don’t want to carry the albatross around their necks.
Now as we see the goverment right hand doesn’t always know what the left hand is doing.though we seen proof the clico disobeyed the orders of the supervisor of insurance in so doing i think that make clico liable for those policies and should be made to pay out. now as for blp blame to follow all it will take is a letter ( if one was written) to the pm as the finance minister or pm for blame to flow since they did nothing during the time. until that time ( if the letter was written) which maybe be quick to come or never come all depends on if there was a letter there is no blp blame for this. now as clico lawyer i am sure the current pm was aware of the correspondence so i guess he or parris should explain why the polices where sold ignoring the order.
@anthony
Did you listen to the interview with President of CLICO Life on VOB today? He read from correspondence which the Nation did not publish which shows there was dialogue between CIL and the Office of Insurance on the matter.
What was the outcome of the hardwood housing audit and the audit of the UDC, Why have heard nothing about these?
Didn’t Thompson tell us that his doctors would comment on his condition ths week. We are now half way into the week and have heard nothing as yet. What’s happening????
no i didn’t david. do you have a recording or summary for it ?
@anthony
Unfortunately no, perhaps if you search the vob website or listen to the upcoming news it will be carried.
@Royalrumble said”If the BLP, upon coming to office after the next election does not do something about this matter Barbadians’ confidence in the political system would be seriously damaged. Confidence in politicians will be lost ”
Haha. What rock you been hiding under? Barbadians confidence was lost sometime ago, if you want it restored then bring Transparency, Accountability and Integrity Legislation, with ‘teet’.
Nothing else will do.
Confidence bollocks.
And to make it crystal clear. The average Barbaidan thinks that politicians are crooks.
I am not saying that they are, merely explaining what the average Barbadians thinks.
David; You said above “Did you listen to the interview with President of CLICO Life on VOB today? He read from correspondence which the Nation did not publish which shows there was dialogue between CIL and the Office of Insurance on the matter.”
Was it on the evening news? I listened midday and there was no such news and the VOB webpage does not mention it? Perhaps it will appear on the webpage tomorrow?
Anyhow. It was easy to predict that there must have been dialogue between the SOI and Clico management on the matter, particularly on the first letter which appears to have been on an easily corrected small matter that it would have been stupid of Clico management to ignore. I would therefore not be surprised if Clico could prove that there was some accomodation made on that score with the SOI. Re. the other letter published by the Nation, and given the tone of that letter and the substantive rationale given for the SOI’s order to cease and desist from selling the efpa’s and that the letter did not even mention the grounds for stopping sale of the epa’s as given in the first letter, It is easy to deduce that the SOI made an accomodation with Clico on the first matter but I would be very surprised if he gave Clico accomodation on the second matter.
But I await either your recollections on the thrust of the Interview today or its publication tomorrow or later to check that.
In addition, I am waiting with bated breath to see if CLICO gives (or the SOI leaks) documented evidence that the former PM was apprised of the cease and desist order around the time it was made and/or any documented reaction he made to it. You see, CLICO will have a vested interest in proving that the former PM was involved and the SOI or his sympathizers may consider that it might be in his best interests to prove that he indeed took action and informed a higher authority.
Failing such disclosures one will have to conclude that there is no evidence linking the former PM with the apparent refusal of Clico to accede to the orders of the SOI.
Anyhow, I would expect that there will be many further disclosures as people try to shift blame for the reported actions of this DLP administration that are almost sure to damage Barbados’ good name and finances substantially in the near future.
The true story will come out and it is not likely to be pretty.