Do Not Touch Our Blasted NIS Money!

Tony Marshall, Chairman of the NIS Board was summoned by the Prime Minister last week to Government headquarters

The taxpayers of Barbados have risen from their slumber this morning to the report that the NIS Board – headed by retired banker and talk show host Tony Marshall –  has been ‘briefed’ on the Four Seasons project by the Cabinet of Barbados and ‘ordered’ to relook its imminent investment decision. The Four Seasons project stalled when capital markets went soft as a result of the global financial crisis. The decision to work with Professor Avinash Persaud to revitalize the project was steeped with optimism given his reputed international connections. However after many promises that the project would have restarted the government is now seen as the creditor as last resort.

It is evident from commentary on BU and on the ground that Barbadians are very weary of using social security funds to bail the Four Seasons project. The 101 reasoning by many is if the project is as viable as Minister Chris Sinckler and the IDB believe then why is it so difficult to acquire private sector investment?  It was not very long ago in response to an actuarial study the NIS adjusted its pension eligibility as a result of the state of the NIS scheme vis a vis our ageing population. Barbadians have become very sensitive of late about how decisions are being taken about at the NIS. By the way has the CBC repaid that one million dollar loan yet? Did any heads roll as a result of the cockup with mailing old age pension cheques?

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The composition of the NIS Board is meant to convey that it should be independent in its decision making. The reality however is that the board is appointed by the minister responsible, in this case Minister Ether Byer-Suckoo, who has been unacceptably silent on NIS matters when contrasted with Ministers Sinckler and Kellman. When all is said and done Minister Sinckler has veto powers over the Board decision in this instance. The decision to summons the NIS Board to Bay Street last week to pressure them to rule favourably on a request from Persaud for 50 million NIS investment must be seen as a ploy to avoid Sinckler having to overrule the Board. It would be seen as a very unpopular decision at this time, a fact not lost on politicians who occupy marginal seats in parliament with a general election looming.

More worrying to Barbadians is the fact that our most important fund has lacked transparency over the years by not producing timely audited financial statements. This is an inefficiency which has existed under both governments and is generally accepted as endemic to the public service. Hopefully the CLICO Affair which is still spouting its mess across the Caribbean will sensitize all concerned to the importance of transparency in how we do business and the need for a robust governance system. The failed implementation of the FOIA by government and the lack of advocacy by the Opposition Party should say to Barbadians that the political directorship is happy with the status quo. Such a position reflects on us the people of Barbados who the government and the leader of the Opposition are required to serve.

The decision to summons the NIS Board to Bay Street must be seen as an intimidatory act. There is a process established for the NIS Board to make decisions. If there was a need for the Marshall led board to clarify issues contained in the proposal from Persaud then he should have been summons to the NIS board room. The act by government has set a dangerous precedent and the eagerness with which the NIS board reported to Bay Street should concern Barbadians taxpayers. The only action which should have been taken by them would have been to make their letters of resignation available to Minister Esther Byer-Suckoo. Then again why should we expect such in a system where to be a member of the NIS Board adds to the status of the individuals in a society which places a lot of credence on such things.

The NIS Fund should not be used as a bailout fund by the ‘naughty’ professor to quote the Chairman of the NIS. The reason why the high paying consultant was contracted in the first place was for him to exhaust his expertise and international network to resuscitate the Four Seasons project. To date he has failed to so and therefore his non performance should come under the microscope. The explanation by Minister Kellman that a restarted Four Seasons will employ people and their NIS contributions  justifies the restart rises to the peak of stupidity. .

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No Comments on “Do Not Touch Our Blasted NIS Money!”

  1. islandgal246 November 20, 2011 at 10:00 PM #

    @ Accuntant……..it is proffesionals tiefs like you would find 4 Seasons attractive. It is a black hole and there will be no end. After the building done who de france gine garantee dat Tourises gine cum when de world plunging into a deeper recession.

    Like

  2. islandgal246 November 20, 2011 at 10:04 PM #

    BTW Accuntant …..you need introducing to depends because bare shoite cumming outta yuh.

    Like

  3. Random Thoughts November 20, 2011 at 10:22 PM #

    Quoting Fractured BLP “When Owen Arthur was pillaging the NIS funds on all sorts of dubious projects (including GEMS ) where was your voice ?…The NIS fund has in over 3 billion dollars in reserve ”

    So you think that 3 billions in reserve is a lot of money? If the NIS is so rich why did the BLP raise the age at which one can receive a full NIS pension from 65 to 67?

    If the NIS is so rich, then let the government (I don’t care which party) restore the retirement age to 65. After all it is we money, so why shouldn’t we get our full pensions at 65? Imagine how many votes the DLP would get if tomorrow the retirement age was restored to 65. But it won’t happen and we know why. In spite of its reserves the NIS is still under pressure, and the issue is demographic (not economic) and we don’t want a Greek tragedy. Unless of course the government plans to execute us as soonas we turn 65; or unless the government has found a way to compel women to have more babies.

    But you know and I know that the government raised the etirement age to 67 because the NIS is under great pressure from pensioners who are living longer, and from young people who are having very few babies.

    Like

  4. Random Thoughts November 20, 2011 at 10:31 PM #

    If the government keeps dipping into the NIS, the pension age will need to be raised again, perhaps to 70.

    Tell me which of you want to be compelled to get up and go to work every morning when you are 70?

    Or I suppose we can let the NIS fail. We can say to old age pensioners, sorry we have no money for you.

    Why don’t you go and die?

    Like

  5. Random Thoughts November 20, 2011 at 11:08 PM #

    http://www.thestar.com/business/article/1087073–is-our-ei-system-broken-only-46-per-cent-received-unemployment-benefits-last-year-report-finds
    The task force, co-chaired by former Saskatchewan premier Roy Romanow, found only 46 per cent of the country’s unemployed received EI benefits last year, compared with 86 per cent in 1981. Toronto Star, November 15, 2011

    Can this happen here? If you are unemployed and you hava aless than 50% chance of receiving unemployment benefits, then what do you do?

    Like

  6. Hants November 20, 2011 at 11:22 PM #

    The good old days.

    http://ufdc.ufl.edu/UF00098964/02807

    Like

  7. Prodigal Son November 20, 2011 at 11:28 PM #

    If the NIS has so much reserves why are contributions are going to be increased from January again?????

    Like

  8. Hants November 21, 2011 at 12:15 AM #

    Bajan businessmen got nuff sense. Gine be mekkin nuff money in China just now.

    “Barbadian businessman Sir Kyffin Simpson is now the major supplier of BMWs in china,after taking over a company that was managed by City Bank.

    Like

  9. Pat November 21, 2011 at 12:29 AM #

    So the NIS is rolling in dough, but retirement age has gone up to 67 years and premiums will be increased in January. This is a DOUBLE whammy, two increases to the detriment of contributors. What $3 billion what?!?

    So, they hope to get foreign exchange from non existent tourists. Please people, the days of “build it and they will come” are over. What Four Seasons brand name. The hotel here was closed or taken over by another chain. There are now only one in Toronto and one in Vancoouver with a lodge at Whistler, which does most of its business during ski season. Mind you, I have stayed at the one in Vancouver – sheer luxury with excellent service. But that was in 1979. The disco bar Annabelles was hopping every night. The Four Seasons has nothing on the Ritz or the Hiltons that I have stayed at.

    During tough times peole hold on to their money and have ‘staycations.’ The people with money buy their own villas and rent them out when not in occupancy. This money goes abroad. Only the servants wages and grocery money stay on the island. Besides, Barbados is an expensive destination. Tourists are dropping less and less $$$.

    Like

  10. Watching November 21, 2011 at 12:43 AM #

    So Four Seasons need $ 270 millin to complete the project. The goodly professor approaches the NIS for $ 50 million of our pension money, ( I thought he was employed because of his expertise and international connections to raise funding for this project,by the way how much he raise internationally so far) then the Government trying to secure a loan from the IDB for how much again? Am I to assume that the IDB is going to lend the other $220 million? If not where will the balance come from? Are they any guarantees that the IDB will approve the money? Or this $ 50 million going to be spent like the first loan (which we have to pay back) to pay outstanding debts will $40,000 /monthly fees for persons doing nothing when the day come. In the hotel sector when it is slow season staff are laid off why are these persons still drwing salaries and the project is not generating one red cent? If we think that this money is going to restart the project we better think again .

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  11. islandgal246 November 21, 2011 at 5:56 AM #

    The retirement age has gone up to 67 that is for us the common man and the politicians can draw a pension at 50 or 55 now tell me how fair is that? We are being screwed from both ends and wunna ent saying nutting bout de politicians drawing pensions before de common man. Something real wrong with this picture. How much more can Bajans take lying down?

    Like

  12. George C. Brathwaite November 21, 2011 at 6:29 AM #

    After the NIS’ position is made today, and if the decision is followed by Marshall’s resignation, crapaud smoke your pipe.

    Like

  13. Construction magnate November 21, 2011 at 6:50 AM #

    Avinesh Persaud like he is a jokey fraud.

    Like

  14. millertheanunnaki November 21, 2011 at 7:37 AM #

    @ George C. Brathwaite | November 21, 2011 at 6:29 AM |

    I like you would wish to see what kind of man the marsha(l)l is!
    We will measure the man by his actions; not words on radio talk shows!

    Like

  15. Random Thoughts November 21, 2011 at 8:48 AM #

    The politicians had no problem with raising the retirement age to 67, because they know that this will not affect them. They will have no difficulty with raising it to 70 because it will not affect them either (and in any event so many of our politicians are hard living, hard drinking smokers who never exercise that few of them live to 70 anyhow.)

    Remember that once the age was raised from 65 to 67, all those who died between 65 and 67 got a $1,200 funeral grant instead of a pension of maybe $1.000 to $2,000 per month for 24 months. So for every person who dies before 67 and therefore does not receive a pension NIS saves about $24,000 – to $50,000.

    Why are we surprised then then that the government, the Four Seasons people and Dr. Persaud are viewing the NIS as a pot ‘o gold. This is dead people’s money that they are hoping to spend. Dead people who worked for 40 or more years and at the end their families got $1,200 to bury them. And why by the way is NIS paying only $1,200 for a funeral grant when everybody knows that a decent funeral costs between $8,000 and $12,000

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  16. Random Thoughts November 21, 2011 at 8:55 AM #

    Has Dr. Persaud ever worked in Barbados. Has he ever made any NIS contributions? And is so how much and for how many years?

    I know that he got an excellent educationpaid for by the tax dollars of hard working Bajans, but how much has he given back. And now he comes asking for $50 to $80 million of our pensions toput in that big hole in Black Rock? Even while we have to scrunt to bury our elderly parents because the most that NIS can “afford” for a funeral grant is $1,200.

    THE NIS money belong to those of us who have worked long and hard and have been putting in a little bit at a time since 1967; and now the big fat cats want to write checks $50 to $80 million checks to those who are just passing through?

    Like

  17. millertheanunnaki November 21, 2011 at 9:13 AM #

    @ Random Thoughts | November 21, 2011 at 8:55 AM |
    “Has Dr. Persaud ever worked in Barbados. Has he ever made any NIS contributions? And is so how much and for how many years?”

    It’s admirable to see some bloggers are able to dig a bit deeper below the surface.
    Dr. P has earned a very nice living from providing consultancy services to and paid “speechifying” sessions to local entities.
    The question to be posed is this: Is he resident for tax purposes? If so, does he file any tax returns with the necessary declaration of the various amounts and sources of income as required by the Income Tax Act. If so is the relevant tax paid in whether by way of the PAYE or Withholding Tax method. He must be earning a living whether from his own company or as a self-employed consultant.
    A person who does not adhere to the basic laws ordinary people are subject to should be viewed with great scepticism especially when poor people pensions are involved (the CLICO! CLICO! Bell should start ringing loud and clear).

    Like

  18. anthony November 21, 2011 at 10:16 AM #

    Just side note

    He is not Dr. Persaud. He is Professor Persaud. He has not earned or been conferred a phd,dll , dphil etc. as yet.

    Like

  19. millertheanunnaki November 21, 2011 at 10:38 AM #

    @ anthony:

    In the world of business and chicanery the title “doctor” has more appeal.
    If he is a professor then it is then OK for us to bestow the designation “Professor Anthony” because you make more sense that many parading under a similar academic umbrella. (LOL!)

    Like

  20. anthony November 21, 2011 at 10:46 AM #

    lol @ millertheanunnaki. I ain’t no professor just got more common sense than sum

    Like

  21. Optimum November 21, 2011 at 6:33 PM #

    Give four seasons a chance and stop. Using it as political football. What we should be insisting on is that the NIS investment is tied to the restart of construction in the project. The hotel will take four years to construct. If the signs of the recession has not cleared by then we woulf have bigger things to concern ourselves with. Right now we are swabbling over a 50 m investment which accounts for less than 2% of the investment portfolio of the NIS.

    I noticed someone mentioned four seasons Bahamas closing this was a unque case and is no way similar to Barbados. The resort was located on a remote Island which was more suited for small boutique hotels. The property was reopened under the sandals brand.

    Like

  22. anthony November 21, 2011 at 7:22 PM #

    what was unique? it the same brand. same people with money you trying to attract ( people love to pay for remoteness). the hotel couldn’t make enough money to stay open and default on it loan the creditors closed it. It entirely possible for that same thing to happen here. who then be left to hold the bill the nis ? with earning back pennies on the dollar ?

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  23. PM, call elections NOW November 21, 2011 at 7:26 PM #

    Optimum | November 21, 2011 at 6:33 PM | … for less than 2% of the investment portfolio of the NIS

    2% here, 2% there, 2%.. it seems to be adding up.

    Like

  24. PM, call elections NOW November 21, 2011 at 7:32 PM #

    How about the NIS buying the building in Warrens and the money being used to pay Barrack

    Like

  25. PM, call elections NOW November 21, 2011 at 7:37 PM #

    Should every Barbadian be willing to play a part to save Barbados – a one time tax, based upon wealth, be it 0.1%, 1.0%, 2.0%

    Like

  26. Antz November 21, 2011 at 8:58 PM #

    @ millertheanunnaki

    What will the garden gnome say to the recent change by S&P from optimistic to negative? Who is CS going to get to find fault with S&P?

    We going to have start selling the china, soon? Which National assets will go up for sale first?

    Like

  27. Scouty November 21, 2011 at 9:09 PM #

    Antz
    I indatywid, er, You. Heah? Honey chile. Plants.

    Like

  28. David November 21, 2011 at 9:12 PM #

    If the Four Seasons in Bahamas is not acceptable perhaps the one o St. Kitts can be used as a better example. Follow the link:

    http://www.nia.gov.kn/index.php/Download-document/99-Overview-Laurie-Lawrence.html

    Like

  29. Optimum November 21, 2011 at 9:21 PM #


    I saw the mention of the closure of the Four Seasons Bahamas in an earlier post by anthony. I decided to check again to see the reasons behind the closure of the Four Seasons in Bahamas.  The resort closed in 2009 because the developers went into receivership.  Also the hotel suffered from the drastic decline in visitor arrivals which hit the Bahamas.  I found an article from the wall street journal which gives good background to the closure.  The hotel closed because the developers went into receivership, I am not sure it is because of the failure of the hotel but more so from other financial troubles of the developers.  The receivership was compounded as a result of declining tourist arrivals as a result of the recession and the heavy dependency of the Bahamian Market on US travellers.  Also the location of the hotel was not ideal for the four seasons brand.  The property reopened under the sandals brand.  It was recognised that because the island Exuma was remote and not well know that a boutique brand was more suited for the area.
    I think this situation is unique and is not representative of the Four Seasons’ brand.  Most persons were surprised that the hotel was closing.  

    http://online.wsj.com/article/SB124338639732256917.html

    Like

  30. millertheanunnaki November 21, 2011 at 9:22 PM #

    Antz | November 21, 2011 at 8:58 PM |

    Do you think the Anunnaki is the Oracle of Delphi? But she will give you a reading FOC.
    I see CBC, BWA, Port Inc, GAIA. You know those assets that have great commercial appeal unlike 4 Seasons who can’t attract a cow, ram, or a suzuki man; not even a chinese with loads of dough to splurge on the whores with an addiction for sweet and easy life life in Bim!
    Go and come (wheel) again! As my Jamaican brethren would say: Go, bring and come, mon!

    Like

  31. Hants November 21, 2011 at 9:23 PM #

    Pat | November 21, 2011 at 12:29 AM | wrote “What Four Seasons brand name. The hotel here was closed or taken over by another chain. There are now only one in Toronto and one in Vancoouver with a lodge at Whistler.

    I think the Four Seasons Brand is better than what you are suggesting.

    http://www.fourseasons.com/find_a_hotel.html

    Like

  32. Hants November 21, 2011 at 9:35 PM #

    It is unfortunate that Four Seasons could not be patterned after the Sandy Lane and Sandy Lane Estate model.

    The Hotel was built separately from the villas.

    The Four Seasons site is small so the entire “resort” should to be built so that Hotel Guests would not have to contend with on going construction of villas.

    I hope there is an ongoing effort to get private money for this venture.

    NIS funding should be a last resort.

    Like

  33. Pat November 21, 2011 at 10:01 PM #

    @ Optimum

    Bahamas was not unique. Ottawa’s Four Seasons was closed in about 1991. Toronto’s Truffles Four Seasons in Yorkville was also closed. Dont know the year but maybe Hants does.

    @ Hants

    Because Four Seasons is a large chain means nothing. I found the Ritz and some Hiltons superior. After they were moved to the ‘green pages’, I had to settle for Westins unless I was attending business in those 5 stars.

    Like

  34. Hants November 21, 2011 at 10:06 PM #

    Pat wrote “Because Four Seasons is a large chain means nothing.”

    I will not waste any more time on this subject. You are entitled to your opinion which differs from mine.

    Like

  35. Anon November 21, 2011 at 10:08 PM #

    Bob Verdun the Canadian tourism guru calls NIS investing in 4 Seasons a wise move.

    Like

  36. Random Thoughts November 21, 2011 at 10:53 PM #

    Bob Verdun is no tourism guru. Bob Verdun ran a small, very, very small newspaper in Cananda. He retired and is living modestly in Barbados.

    Tourism guru what.

    Stupseee!!!!!!!!!!!!!!

    We are to easily fooled.

    1 King Street West belongs to the Mirvish family.

    Like

  37. Random Thoughts November 21, 2011 at 10:56 PM #

    To the best of my knowledge not one red cent in NIS belongs to Bob.

    To the best of my knowledge none of his money (if he has any money) except for perfectly ordinary housekeeping expenses is investd in Barbados.

    If he is such a tourism guru, and if he has money how come he hasn’t invested in Four Seasons?

    Like

  38. Random Thoughts November 21, 2011 at 11:18 PM #

    Quoting “PM, call elections NOW | November 21, 2011 at 7:32 PM | How about the NIS buying the building in Warrens and the money being used to pay Barrack”

    The pensioners of Barbados owe Bararack (nor George Payne) NOTHING.

    Like

  39. Antz November 22, 2011 at 12:24 AM #

    Bob Verdun is a waste of time.

    Like

  40. Antz November 22, 2011 at 12:25 AM #

    Also, i know from experience he is a finger smith

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  41. Antz November 22, 2011 at 12:28 AM #

    Bro. Marshall, do the right and honourable thing, resign. Take a leaf out of ex-Chairman of BTI, Dr. Thorne’s book.

    You willing to go down as the man that PISSED all of the NIS money in Four Seasons?

    Like

  42. Optimum November 22, 2011 at 12:51 AM #

    @Pat – Unique in that the Four Seasons brand was not suited for that location. Also the size and scope of the resort was beyond the capacity of the location. See the article below.

    I would never try to make the point that a major brand cannot fail. But in doing projects you have to take into consideration market trends for similar products. We can place the Four Seasons brand in the same category as Sandy Lane, High-end luxury. Yes Sandy Lane would have experienced some shrinkage in their revenue during the period of the recession. However, indications are that the hotel is still holding its own. The luxury market in Barbados has still performed reasonably well 2009 to present.

    Construction of the Four Seasons project is projected to last 4 years. I honestly would hope that this economic recession would be behind us. When the hotel is read to open, Obama would be close to the end of his 2nd and final term. The republicans would be looking to set a rosy platform to make things easier for their candidate to win the election, therefore all the stubbling blocks to job creation in the US would be removed. During that period David Cameron would have had to face the electorate and he definitely would have worked to boost jobs in the UK. If was not successful at that it means that their is a new prime minister in the UK who is working feverishly to get another term.

    Anyways, the point being when the upturn has return any luxury hotel property which is properly managed in Barbados should be performing well. If the brand has a strong international marketing arm. It will do even better.

    The investment will bring value to Barbados.

    Can anyone indicate any alternative investments which NIS should consider at this time? Investments which are ready to go that is.

    Below are the details from the Wall Street Journal on the Closure of the Four Seasons Exuma in the Bahamas.

    *************************

    The resort, which contains a 180-room hotel, a marina and an 18-hole golf course, opened in 2003 and cost about $350 million to develop. The property is still on the block but now Mr. Downs says it will likely sell for less than $100 million. “The timing has been unfortunate,” Mr. Downs said. The starting rate for a room at the hotel was $495.

    The receiver’s struggles to sell the property have coincided with one of the worst commercial-real-estate sales markets in decades. The property was put on the block in mid-2007 as the credit markets began to contract and tremors in the economy prompted many to slash both leisure- and business-travel budgets.

    Moreover, tourism in the Bahamas began to feel the chill of the recession in September, says Georgina Delancy, general manager of research and statistics for the Bahamas Ministry of Tourism. The number of visitors arriving in the Bahamas via cruises and boats rose 6.6% in January and February from the year-earlier period. But the number of visitors arriving by plane, an important indicator of hotel health because those travelers also need accommodations, fell 18.4% throughout the Bahamas and air visitors fell 33% in Exuma, according to the Bahamas Ministry of Tourism. Hotel occupancies in the Bahamas fell to 48.9% in the first two months of this year, from 57.5% last year.

    The stormy economy has made even the wealthy think twice about splurging in these tough economic times.

    Dubbed the “AIG effect,” spending at top-shelf hotels has been damped by budget cuts and the public outrage that followed news last fall of a California spa outing for top business producers at American International Group Inc. shortly after its government-funded rescue.

    “Corporate travelers may be able to pay for [high-end hotels] but the reputational risks are too great,” says Jan Freitag, vice president with Smith Travel Research. In spite of the tough economy, Mr. Freitag says he doesn’t expect to see a flurry of luxury resort closures. Such properties can cost as much as $1 million a room to build, he says, and most owners will do what they can to keep them open and producing income, even if it means finding a less luxurious brand to operate it.

    The shuttering leaves the Four Seasons Hotels and Resorts BV brand with about 82 hotels world-wide, says Scott Woroch, executive vice president of world-wide development for Four Seasons. Elizabeth Pizzinato, vice president for brand communications for the Four Seasons, says the Four Seasons’ contract to operate the hotel ended Tuesday and it will be up to the receiver or a new owner to determine who will manage the property in the future.

    Geography has posed other challenges for the island. While tourists have traditionally flocked to Nassau, Great Exuma is a lesser-known part of the chain of islands off southern Florida that comprise the Bahamas.

    David Davis, permanent secretary of the office of Bahamas prime minister, says the scope of the resort may have been too large for Great Exuma, which has fewer direct flights from the U.S. than Nassau does. Mr. Davis says the island may be a better fit for smaller boutique hotels or tourists interested in boating.

    The receiver is hopeful a new buyer with alliances to other hotel chains will consider buying now that the Four Seasons will no longer be managing the resort. “The opportunity is there to shape it … with the risk of developing it from scratch remediated,” Mr. Downs says.

    Write to Maura Webber Sadovi at maura.sadovi@wsj.com

    Like

  43. check it out November 22, 2011 at 12:49 PM #

    The taxpayers of Barbados have risen from their slumber this morning to the report that the NIS Board – headed by retired banker and talk show host Tony Marshall – has been ‘briefed’ on the Four Seasons project by the Cabinet of Barbados and ‘ordered’ to relook its imminent investment decision.

    From this distance (Canada) it strikes this reader that the people and Government of Barbados should seriously look at adopting the Canadian pension plan model.

    This from the 2011 Annual Report of the Canada Pension Plan Investment Board.

    INDEPENDENT DECISION-MAKING
    Canadians have repeatedly made clear that they are willing to pay what is needed to safeguard the CPP, but are wary of their pension fund being subject to political interference or control. During the 1996–97 CPP reforms, the federal and provincial finance ministers responded with carefully written legislation. This legislation stipulates that the CPP Fund cannot be used for any purpose other than paying CPP benefits and administering the CPP Fund. Under legislation, CPPIB operates at arm’s length from governments. We deploy capital solely on investment considerations, and are able to fully compete with the world’s top investment managers. To maintain the public’s trust, our independencein decision-making is balanced with public accountability. We maintain a high degree of transparency. This includes
    disclosing more information more often than any other public pension fund in Canada.

    See the Canadian Pension Plan Investment Board Act at
    http://laws-lois.justice.gc.ca/eng/acts/C-8.3/page-1.html
    and the CPP Investment Board 2011 Annual Report at http://www.cppib.ca/files/PDF/CPPIB_AR_2011_EN_Online.pdf

    Like

  44. Random Thoughts November 22, 2011 at 2:15 PM #

    Quoting anthony | November 21, 2011 at 10:16 AM |
    “Just side note…He is not Dr. Persaud. He is Professor Persaud. He has not earned or been conferred a phd,dll , dphil etc. as yet.”

    A person without a Phd is a lecturer at best.

    He has only a master’s degree then?

    Just like my little Johnny?

    Tell me it ain’t so.

    Like

  45. Pat November 22, 2011 at 5:37 PM #

    @ Optimum

    I still like the Ritz.

    However with regard to the investment of NIS funds, read the post and links from ‘Chek it out.’ I took my CPP at age 60. It will take those who take it at 65 (retirement age) seven years to catch up to me in pension benefits received, even though their initial benefits are higher. But you see, we dont know when our number will be pulled from the hat, so better tek yuh pension earlier than later. With indexation, yuh cant go wrong.

    Like

  46. Antz November 22, 2011 at 6:51 PM #

    I don’t think Bajans fully appreciate that the funds disbursed by AMB fr the Four Seasons project and which was secured by a soveign debt guarantee by the GOB, was used as a subsidy for businesses who, but for that money, was in real financial trouble.

    Now they coming for a second dip in trough even though them stomachs still distended.

    Like

  47. millertheanunnaki November 22, 2011 at 7:00 PM #

    2 Antz | November 22, 2011 at 6:51 PM |

    Maybe the NIS heist by the professor is to pay back AMB some of the bridging (unsecured) loan . Because I can’t see how that US$ 60 million from AMB can be serviced by a non-performing asset!

    Like

  48. Antz November 22, 2011 at 7:20 PM #

    @ millertheanunnaki

    AMB didn’t lend the money the first time around, it was just the arranged. The money came from capital bond market. I how do agree that it would impossible for a non-performing asset to make the interest and principal repayments.

    Where the ‘garden gnome’ I would have expected to hear him today, he dreaming up a reply to S&P?

    “Law 18

    Do Not Build Fortresses to Protect Yourself – Isolation is Dangerous

    The world is dangerous and enemies are everywhere – everyone has to protect themselves. A fortress seems the safest. But isolation exposes you to more dangers than it protects you from – it cuts you off from valuable information, it makes you conspicuous and an easy target. Better to circulate among people find allies, mingle. You are shielded from your enemies by the crowd.” – 48 Laws of Power

    Like

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