Qualifying For The Job Of Chairman of The National Insurance Board

Minister of Labour and Social Security, Dr. Esther Byer-Suckoo

It is commendable that June Fowler and her group of CLICO policyholders are seeking to recover all funds they have invested in CLICO. One gets the impression that she has placed all responsibility for satisfying policyholders claims on the ‘treasury’. The lawyer for the group – a Mr. Tariq Khan – supports the Fowler’s position by attributing blame to the failure of the Office of Supervisor of Insurance.

One of the issues BU has with their position is what about the rest of us who avoided investing in CLICO’s risky investments and observed the legal doctrine caveat emptor? What is funny is that many of the CLICO investors who bought the disputed Executive Flexible Premium Annuity (EFPA)  product had no difficulty making fun at Leroy Parris and his green verbs.

Another issue we have with the claim, what about the rest of Barbados and our ability to survive in the harsh economic environment if government has to shell out three hundred million dollars to settle EFPAs coming due and asset shortfall? Yes in an ideal world we would want investors to be indemnified. This is especially true when culpability can be found in the negligence of the regulator. However no one can fault government’s obligation if it maintains a macro-view. Its primary job must be to manage the national resources for the good of all. Government’s tight cashflow which has persuaded it to violate a court order to pay Al Barrack 70 million is a case in point.

One of the peripheral issues BU has with this CLICO business has to do with Tony Marshall, retired banker and VOB talk show host and  Senator Jepter Ince. Both gentlemen held senior positions in CLICO Holdings Barbados Ltd although it must be stated they both left CLICO before the meltdown. Tony Marshall is listed as being a director in CLICO Holdings Barbados Ltd and he was also a director of the CLICO Balanced Fund going back to 2003. BU does intend to cast aspersions on the two gentlemen but we intend to put our position for consideration.

Ince is a former Chairman of the National Insurance Fund (NIS) and Marshall is its current. To be honest BU would feel comfortable if Chairman Marshall would demit the office of Chair of the NIS for obvious reasons. He has been ‘tainted’ by association with CLICO and he should stay as far as possible from the most important fund in Barbados.  If he is unwilling to resign then Minister Esther Byer-Suckoo, who has responsibility for social security, should help him along. Senator Jeptor Ince for appearances sake should not have been appointed Chair of the NIS in the first place.

Barbadians need to start questioning decisions more not to defame anyone but to ensure there is transparency in decision-making. It simply does not make sense to the simple minds of the BU household to appoint a former director of CLICO Holdings Barbados as Chairman of NIS. The appointment of Jepter Ince as Chairman appears to have been tampered with after only a year.

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64 Comments on “Qualifying For The Job Of Chairman of The National Insurance Board”

  1. Carson C. Cadogan February 12, 2012 at 8:18 PM #

    This piece is pure baloney.

    Like

  2. millertheanunnaki February 12, 2012 at 8:41 PM #

    The Chair of the NIS promised published financials up to financial year 2010 by December 31, 2011. Any word on this promise? Or am I living in cloud cuckoo land?
    Now Sargeant, this is a typical middle class Bajan in the form of the marshal(l).

    Like

  3. Observing February 12, 2012 at 8:54 PM #

    Transparency in decision making??? You mean Barbados David??

    Like

  4. Appollo 13 February 12, 2012 at 9:29 PM #

    I heard June Fowler and Mr Khan on the program on Friday. I empathise with those who have invested in CLICO, though I could never understand how anyone in their right mind could have any confidence in a company headed by Leroy Parris.

    My problem is where is the 10 million David Thompson put into CLICO after telling the populace that the company was well managed. Is it true that Thompson and Parris took all that was dued to them out of this money? How much has been paid to the judical managers so far, is it millions as has been rumored that they have been paid?

    If the taxpayers pay the policyholders, are all the assets going to be turned over to the taxpayers of Barbados? I would only support this bailout if this were true and if Leroy Parris and all who were the movers and shakers as well as the directors and the dead king are held accountable!

    Like

  5. Appollo 13 February 12, 2012 at 9:41 PM #

    Phony Marshall has not been on the call in program since they did a 360 degree turn on investing in Four Seasons. I dont know if this has something to do with VOB but no, it cannnot be, they have brought back Peter Wickham.

    When Phony Marshall was President of the BCA and WICB, you could not ask him a question on these two but he would always be asking other people for answers to his questions……….the people would like to know, tell the people……but he would not answer a question on anything he leads or has led. Jepter Ince is the biggest clown to ever grace this land who thinks he knows everything about finance. He was an idiot when he worked in NIS and should never have become chairman.

    Like

  6. Checkit-Out February 12, 2012 at 9:42 PM #

    I suspect that if one follows the trail between the SOI and his bosses, it might become evident that the SOI alone should not shoulder all the blame. The blame re. inadequate regulation should be shared with 2 Ministers of Finance, with the the one before the current one being the most culpable since he was CLICO’s main lawyer for several years and did very little to rein them in even after the bubble burst during his watch.

    But I say, Sell all CLICO asets; Find the leakages in CLICO assets wherever they might lead; find whoever has them salted away and wherever they are now salted away; Recover by any means necessary any leaked CLICO assets found; Sell them; pay the aggrieved policyholders;

    Not another cent of my and other bajan’s NIS pension money or taxes to correct the damage done by Parris and his lawyers, other CLICO executives here and elsewhere, and other enablers.

    If possible, bring the full force of the law on beneficiaries (who profited between the bursting of the CLICO bubble and the operationalizing of the Judicial Managers) and who could be sitting on millions in exclusive institutions in Barbados, St Lucia, Trinidad, Miami and elsewhere.

    Like

  7. Caswell Franklyn February 12, 2012 at 9:47 PM #

    David

    Previously, I have written on this blog that Government failed in its duty to regulate CLICO and as a result, investors and policy holders lost money through Government’s negligence. If Government had followed the law and had taken steps against CLICO when it was in breach, this problem would not now exist. The reason why CLICO was allowed to get away with flouting the law is that it had made generous financial contributions to both political parties, mind you, in contravention of the Representation of the People Act. In short CLICO bought off the politicians so that public officers would be prevented from carrying out their duty by the same bought politicians. Oh, but I digress.

    Government should be made to pay for the negligence of its public officials and compensate those who have suffered loss.

    Government has even recognised its liability and accordingly, they are inserting immunity clauses in all new legislation to put its liability for negligence beyond doubt. For instance, in the new Financial Services Commission Act, 2010 – 21, section 38 states:

    No action or other proceedings for damages shall be instituted against a member of the Commission or an employee or agent of the Commission in the discharge or purported discharge of his respective functions under this Act, unless it is shown that the act or omission was in bad faith.

    A similar section was also inserted in the Co-operative Societies Act. I assume that Government inserted these new immunity provisions in the law to cure some perceived defect in the law as it stood. That defect would be that Government had liability for negligence. Whether the public body acted in bad faith or not, it should be held accountable for its actions. Failing that public officers can so negligently carry out their functions and cause significant loss to a person or business and there is no recourse.

    Like

  8. Appollo 13 February 12, 2012 at 9:48 PM #

    If one listens to Jepter Ince you know that he is out of his depth by the nonsense that he spews from his mouth. But remember he stayed the course with the late king and he was therefore entitled to share the fatted calf.

    Like

  9. Hants February 12, 2012 at 9:58 PM #

    If any of you think that Leroy Parris managed Clico you are dreaming in technicolour.

    It is my belief that he was just a puppet carrying out the instructions of the puppet masters in Trinidad.

    Like

  10. David February 12, 2012 at 10:07 PM #

    The Judicial Managers are said to possess the authority to institute action against anyone they believe ferreted out monies belonging to the company. Let us see if this aspect of their authority will remain passive.

    We also need an update on NIS financials.

    Like

  11. Blogger2012 February 12, 2012 at 10:12 PM #

    @caswell

    what responsiblity directors have to investors under company law. Was clico a ponzi scheme and did it engage in off balance sheet accounting:

    Like

  12. Blogger2012 February 12, 2012 at 10:14 PM #

    @david

    in this barbados; lmao

    Like

  13. old onion bags February 12, 2012 at 10:21 PM #

    Have any of you every wondered how a complete foulup bleep and blunder could be made CEO of Clico holdings? Have any of you ever had a conversation with CEO Leroy Parris ? For those with answers to these questions if they after this knowledge, were to put 1 penny in Clico…they would deserve to lose it.But money once more talks and the recipients hush and walk. I had many ops at investing in Clico ….won’t touch it after investigating the above 1st.
    Time Barbadians think 3 -4 times about investing in anything …..when there is no protection for Barbadian investors… like June & co.

    Like

  14. Random Thoughts February 12, 2012 at 11:40 PM #

    Caveat emptor=let the byer beware.

    Thousands of years ago the world was full of thieves and robbers.
    Today the world is still full of thieves and robbers (and foolish people)
    Neither our tax money nor our NIS money should be used to reimburse the CLICO losers. CLICO’s assets should be sold and those who lost money should be reimbursed out of that. Assets that were removed from the company as it was failing should be recovered and those assets used to reimburse investors.CLICO failed because CLICO’s principals STOLE, in addition regulators FAILED to regulate, but the regulators failed to regulate because the civil service regulators were afraid of CLICO’s pit bill lawyer our late unmourned Prime Minister David Thompson.
    Nobody wanted to offend David or Leroy or the Trinidadian Dupree, but especially nobody wanted to offend David, the same David whoose principal political adviser told us “the Prime Minister is accustomed to living large”

    Like

  15. Random Thoughts February 12, 2012 at 11:42 PM #

    My question then and now is “living large offa who?”

    Like

  16. Random Thoughts February 12, 2012 at 11:47 PM #

    We MUST NOT permit politicians to reimburse CLICO policyholders out of our tax money because it would set a bad axample. Every scam artist on earth would get the message go to Barbados, hire a big shot politican as you lawyer, scam the people, you will be shielded by the big shot politician on your payroll, and when you have emptied your company of its assets the Barbados governbment will rob the taxpayers in order to reimburse your clients.

    We MUST NOT permit ourselves to be set up.

    We MUST NOT let the politician use our tax money as though it is theirs (because it is not the government’s money. It is our money)

    If they do this we must fire their sorry DLP or BLP rasses.

    Like

  17. Caswell Franklyn February 13, 2012 at 12:18 AM #

    Random Thoughts

    I find that you are not thinking. People invested money in CLICO because, according to the Government, it was safe. Government misled those investors. They were not gambling: they were assured by Government. There is a DPP who should prosecute if there is any evidence of malfeasance or misfeasance in public office. Innocent investors should not suffer.

    Like

  18. Bajanfuhlife February 13, 2012 at 3:10 AM #

    People calling all kinds of names in the Clico debate but the obvious culprit is : OWEN ARTHUR who was minister of finance in 2006 and 2007 and it was under his ministry that the office of Supervisor of Insurance came.
    Simple Question:
    How come in 2006 and 2007 when the CLICO statutory fund was in deficit, OWEN AFFA DID NOTHING and how come that same year at the Clico awards ceremony he was praising Parris and the company?
    I repeat CLICO policy holders cannot in good conscience vote for Owen Arthur – just like the Al Barrack case, he could have prevented the CLICO mess but he was asleep at the switch. Owen Affa is incompetent and overated – Ask Clyde Mascoll- he spent 15 years saying so.

    Like

  19. David February 13, 2012 at 6:17 AM #

    @Bajanfuhlife et al

    Does anyone know the process which exist to ensure information/reporting flows from the Supervisor of Insurance Office to the Minister of Finance?

    It is one thing to suggest the minister should know but what if he is not told by the SOI?

    Like

  20. Checkit-Out February 13, 2012 at 7:22 AM #

    Bajunfuhlife; I agree that CLICO compromised both PM’s and their parties as well as practically all other politicians in power in the Caribbean.

    However, in comparing Owen Arthur’s sins in this regard with David Thompson’s, Owen’s sins pale in comparison. David Thompson was CLICO’s lawyer. He lived big on CLICO. When CLICO was unravelling while he was PM, instead of recusing himself from the CLICO matter entirely he helped them out to the best of his ability. His allegiance was more to CLICO than to the CLICO policy holders or to the people of Barbados.

    That is why I’ve constantly maintained that he was the worst PM that Barbados ever had. He even, on his almost dying bed, chaired a Cabinet meeting whose only agenda was apparently to sort out the CLICO situation in a way that would primarily benefit his friends and clients and fulfill his promises to the OECS territories that Barbados would take care of them.

    If he had taken early action on CLICO there would have been less leakage of its assets and the policy holders would have a bit more assets in the pot for distribution amongst them.

    In addition, don’t let us forget that FS and Chris Sinckler and that Cabinet appeared to have slavishly followed the DT lead in many respects with respect to CLICO. Knowing what they should have guessed at there was no way that they should have supported Mara for the St John seat.

    Arthur was culpable, along with all the other PM’s in the Caribbean, but DT’s culpability was several times higher than his.

    Like

  21. David February 13, 2012 at 7:51 AM #

    BU is currently investigating if the NIS Fund headed by Tony Marshall has been asked by the ministry of finance to purchase the British American uncompleted building to house the FSC. BU readers might recall NIS funds have been loaned to the Barbados Public Workers Cooperative credit union which was used to buy CLICO Mortgage and Finance.

    Like

  22. millertheanunnaki February 13, 2012 at 7:52 AM #

    @ Bajanfuhlife | February 13, 2012 at 3:10 AM |

    You are being totally one-sided in your analysis of the failure of the then regulators of the Statutory Fund. Yes, it is true that the CLICO/BAICO demise started under, as you say “OWEN AFFA’s ” watch and he should be prepared to accept this major act of negligence (influenced by campaign contributions or otherwise). But you purposely and deceitfully avoid attaching blame to those who came afterwards. We cannot therefore take you seriously on this one.
    Do the following scenes mean anything to you?
    “CLICO is a well managed and profitable company with a person of supreme business acumen at the helm. And to show my government’s confidence in this business operation we will instruct the CBB to invest US$ 10 million.”

    “The oversight committee headed by PS Layne was literally hamstrung in its investigation and operational supervision. A window was offered for the CLICO management to make unconscionable bonus and other unjustifiable payments further deliberately weakening the business’s cash flow position.”

    “Public assurances given to policyholders that they will get their monies back. These assurances bordering on guarantees were issued by the political administration in the Country’s de facto highest Court.”

    “Public praises and accolades showered on the local CLICO chief with the hand of friendship openly extended and reinforced by numerous photo ops to publicly insult those policyholders.”

    “To top it off, why not file law suits for breach of contract against the same business and to really rub salt in the policyholders already gaping wounds order a brand new jag to speed off into the sunset.”

    Now you respond in a “balanced’ way to the CLICO fiasco and we will read you without a pinch of salt in our mouths.

    Like

  23. old onion bags February 13, 2012 at 8:46 AM #

    Bajanfuhlife | February 13, 2012 at 3:10 AM |

    Have you become a total nook nook overnight ? Talking crap about ClicoBalico policyholders should blame Owen for David Thompson’s friend Leroy Parris & Co. mess.Look Boy bajans not stupid as you would hope. Leroy Parris and David were SO CLOSE they use to sleep together in a beachhouse in St.Phllip and another one in St John..ALONE.They were such good friends they left a golden parachute of $10 million in a company in St.Lucia for their wives. Ya want onion to continue…? At elections Clico dumped $ 45 Million in campaign moneys for the DLP to hand out in brown paper bags down Fernihurst and Deacons and who knows wherever else..
    Look Boy…you sure you want me continue..cuz evabody know onion got all the facts pun eva body..ya want me continue cause is you who open the CLICO can of worms that we keeping for elections…so you sure you want me continue.?..
    And you talking about under whose shift the CLICO mess start..TOTALLY IRRELEVANT….talk about where the money gone…talk bout the wives doing the honest ting and return the ras**e money. It aint theirs they aint do nutting to deserve it.Talk about the millions being paid to the Judicial Managers all under THIS ADMINISTRATION..and nutting , nutting yet for them poor policyholders who still continuing to pay premiums.Bajan -Fa -who? You sure you want me continue….don’t vote fa BLP ? Vote fa these clowns den is that what you want sensible Bajans (unlike you) to do.? I now hear on VOB 929..in today’s Nation..some comments that MIDDLE CLASS bajans going to sleep HUNGRY..Did Onions not tell wanna so in this BU blog ?And you want them to do what ..vote DLP ?..boy don’t be a nook nook ..You sure you want me continue..look on second thought …NO..you ent worth it…CONGRATS to RHIANNA…..BYNOE IS an ass. Morning all Onions just wake up …forgetting my manners..and a bit upset after reading this nook nook…

    Like

  24. Checkit-Out February 13, 2012 at 8:54 AM #

    David; Today’s Nation online reports that the Clico life sale has been finalised. That’s very good news for policy holders. Will have to wait until I get a copy of the paper edition to see the details.

    Anyone knows how this will affect the June Fowler constituents?

    One of the other things that has not been well publicized about the current Government’s attempts to assist CLICO, is that a number of Statutory boards were instructed by the DT administration to transfer their very substantial insurance portfolios from wherever they were to CLICO agencies. This was in the early days when the writing was on the wall for CLICO but the malaise was not yet evident to the general public. The use of NIS funds for the purchase of part of the CLICO portfolio by BPWCCUL and now for the rumoured purchase of the unfinished BAICO building are just a few more data points in the continuum of actions by the current government that might not pass the smell test.

    Like

  25. Caswell Franklyn February 13, 2012 at 9:03 AM #

    People who have a statutory duty to perform, who perform that duty improperly or illegally for their benefit or the benefit of others should be prosecuted, and if found guilty, should be jailed. The offence is called misfeasance in public office. Carefully examine the facts surrounding the CLICO debacle and determine for yourselves if there are any persons alive in Barbados that fits into the scenario. Forget David Thompson: he is dead and cannot suffer any earthly punishment for his sins or crimes, if any. Again I ask, why should policy holders and investors suffer because public officials breached the law?

    Some people are shouting “caveat emptor” Latin for let the buyer beware. It really means that the buyer is personally responsible for checking to ensure that what he buys is in good order. This is not a case of caveat emptor, Government undertook the responsibility for checking, by legislation, therefore guaranteeing that the product that you were buying would be in good order. It was not in good order and now you expect that Government should be absolved for its wrong doing.

    Like

  26. David February 13, 2012 at 9:16 AM #

    @Checkit-Out

    The matter you referenced is CLICO GENERAL which was bought out by Bernie Weatherhead and the new company is know as SUN.

    @Caswell

    The bone of contention which BU has is government satisfying the obligation to pay all policyholders mindful that it has a responsibility to look out for all citizens. Also who is to say the CLICO LIFE would not have had issues settling under the current arrangement? Where does the risk start and where does it end?

    Like

  27. Caswell Franklyn February 13, 2012 at 9:17 AM #

    The purchase of Clico Mortgage and Finance Company has put a severe strain on Public Workers Credit Union. My understanding is that the Finance Manager who was trying to restrain the credit from making any further mistakes have paid the price. THEY FIRED HER. If we are not careful the next big financial failure would be Barbados Public Workers Credit Union.

    They are now having meetings with other credit unions to offload some of Capita, the former CMCF. For the other credit unions this would be a case of buyer beware.

    Like

  28. Observing February 13, 2012 at 9:23 AM #

    @David
    Based on what you said re. BAICO’s building, the loan to CAPITA an d the 10 million “confidence” investment, the public should be very wary of how its money is being used. Hence, the 4 Season investment cannot be seen as an isolated case and should be looked at more carefully through the lens of political expedience rather than financial analysis and capacity building. I maintained 2 years ago and still do that the CLICO matter can be the albatross around this government’s neck in the same way a check hung around Arthur’s.

    Like

  29. Caswell Franklyn February 13, 2012 at 9:25 AM #

    David

    I know that Government does not have two 25 cent pieces in its pocket to jingle much less to pay out the investors and policy holders of Clico. Being broke does not remove your responsibility for an obligation that you have undertaken. If that were the case, I would have no debt.

    Like

  30. millertheanunnaki February 13, 2012 at 9:36 AM #

    @old onion bags | February 13, 2012 at 8:46 AM |

    Take it a bit easy on “Bajanfuhlife” on February 13, 2012 at 3:10 AM for he or she knows no better and can’t help him or herself.
    The “Bajan for the dlp” person is blinkered and biased beyond belief.
    One can understand the attack on his nemesis “AFFA” but failing to ascribe any subsequent failures to the present administration is beyond belief.
    As the saying goes, OOB, “even the dull and ignorant can have their say!”
    Bajan fuh life is having hard times in the bloggers’s loo!
    It seems Bajanfuhlife is beginning to sound just like CCC, not so?

    Like

  31. David February 13, 2012 at 10:04 AM #

    @Caswell

    The message is simple which is the point we are making to June Fowler and to which you have agreed, the government has no money. There demand that they want their money now cannot be satisfied. In the dire circumstances if they are prepared to take a haircut to get some money now that is an option which they must consider. If they want to continue to demand then their respective estates no doubt will benefit.

    Like

  32. old onion bags February 13, 2012 at 10:05 AM #

    @Bajanfahllfe et al
    You want action closer to home…..I don’t have to deal in cemetery undertakings:
    Do you remember these WORDS when the attacks on Leroy started and the fool run and resign( to distance himself from the collapse) then had the audacity to ask for $6 million in commission owed…AND GET IT TOO..!!!!

    “Leave the man (Mr. Parris)..I find nothing wrong with him..Is he a leaper ?”

    These were the words of Her Majesty Priministership…The Great Fumblino.
    ….I lie ????
    This is so crazy ya hear…..

    Like

  33. millertheanunnaki February 13, 2012 at 10:31 AM #

    This posting is for Carson C. Cadogan and his ilk:

    I previously predicted that there will be general elections before May 2012.

    I wish to humbly withdraw my prognosis and offer my ‘sincere’ apologies to you, Sirs.

    I suspect the present administration has begun to “feel” the wind of change and has decided collectively to milk every moment of power remaining.
    One suspects that FS will take us “to the baller” to use and old kite flying phrase. In other words, “to the bitter end”. The mantra is “get what you can now that there is little flesh left on the fatted calf carcass”.

    Like

  34. old onion bags February 13, 2012 at 10:37 AM #

    Correction : LEPER..instead leaper..all though he dat too..

    Don’t worry Miller…
    I understand if Chris find the balls and confront Fundie…Fundie calling it soon after dat watch..do don’t apologize yet

    Like

  35. Carson C. Cadogan February 13, 2012 at 12:48 PM #

    Random Thoughts

    You are making a lot of sense for a change.

    Like

  36. Hants is ranting February 13, 2012 at 2:21 PM #

    While we have our intellectual orgasms on this blog, the reality is that Barbados is in deep trouble and corrective measures will require sacrifice.

    There is no miracle to save Barbados.
    Most of you will have to accept a lowered standard of living.

    Every effort must be made to give CLICO policy holders their money but nothing from nothing leaves nothing.

    So the cycle might just continue. The BLP could return to power and blame the DLP for an economy that Owen and his merry men will not be able to fix.

    The problem with Barbados is that you cannot maintain the current standard of living unless the world economy is booming and Foreign investors pump money into the country.

    Do you understand how ridiculous it is that Four Seasons can’t find $60 million and begging for a NIS loan ?
    There was a yacht in Carlisle bay last week that cost the owner US$475 million.
    Trump tower opened in Toronto a couple weeks ago. cost CAD$500 million.
    But the best location in Paradise (pun intended) can’t find a lousy $60 million in private money.

    Like

  37. David February 13, 2012 at 2:34 PM #

    @Hants

    Lowering our standard of living is NOT an option ok?

    Like

  38. millertheanunnaki February 13, 2012 at 2:34 PM #

    @ Hants is ranting | February 13, 2012 at 2:21 PM |
    “There was a yacht in Carlisle bay last week that cost the owner US$475 million.”

    One wonders if Mr. Avinash was invited to come aboard to discuss a weeny US$ 25 million investment slightly northwest of its mooring.

    But then again the man has little contacts outside of Bim despite his bullshitting to the contrary.
    I like the fella, though. A book-learnt, sophisticated Leroy Parris.

    Like

  39. Hants is ranting February 13, 2012 at 2:43 PM #

    @David “Lowering our standard of living is NOT an option ok?”

    Then how are you going to maintain said standard of living?

    Like

  40. Hants is ranting February 13, 2012 at 2:49 PM #

    There are still people in this world with money to invest. Why can’t a private investor be found to build Four Seasons?

    Is it that the “Business plan” cannot show a low risk profitable return ?

    Like

  41. David February 13, 2012 at 2:49 PM #

    @Hants

    Barbados is God’s country.

    Like

  42. David February 13, 2012 at 5:14 PM #

    As a country we need to debate if we are happy how governments dish out NIS funds seemingly as a whim and fancy.

    Like

  43. Prodigal Son February 13, 2012 at 5:39 PM #

    I am very concerned about our country and the direction in which it is being taken.

    This government pressed the NIS to lendMILLIONS of our money to the Public Workers Credit Union to buy the mortgage division of CLICO. Now if what Caswell said earlier today is true, and if the credit union is having difficulty managing this company, how are they going to repay the NIS. Are they servicing the loan right now, Caswell??

    This is serious and to think that on top of this, they have pressed the NIS to lend Four Seasons $60 million (I am still worried about the $60m when all along it was to be $50m) and now today we are hearing that this lousy, incompetent government now wants to take more money from NIS to purchase the British American building on Collymore Rock. More money into the black hole called CLICO.

    Bajans, how long are you all going to quietly stand by and allow this incompetent government to do as it very well like with our NIS monies?? Now we know why Phony Marshall cannot face the public, he would not want to answer the people’s questions.

    Why would the government be looking to buy a building? Were they not building TWO buildings up at Warrens out the very same NIS monies, one of which was to be the dead king’s palace. As I remember, the dead king did not like government headquarters on Bay Street and wanted his own new place.

    You see, he was planning but the Almighty was also planning.

    Like

  44. HAMILTON HILL February 13, 2012 at 7:32 PM #

    @ C C C…You know as well as everyone else that if this were lets say five years ago, you would never see this piece as baloney. Something has got to give my brother,for the short end of the stick tends to lodge up the asses of those who can least afford,or shall we say accommodate it…..de poor and de unconnected.

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  45. HAMILTON HILL February 13, 2012 at 7:50 PM #

    How many times in the past have we castigated Owen Arthur for the strategic placement of square pegs in round holes? Is there a difference with a wrong one in a wrong hole? Till Bajans demand transparency the status quo shall obtain…….same shit….different day, different party.

    Like

  46. Bajanfuhlife February 14, 2012 at 12:04 AM #

    @old onions, miller and the Owen Affa apologists- YAAAAWN- all the foolish talk and speculation about who get this money and who sleep in which beachhouse – yaawn- bring the cheques, bring the copies, bring an incriminating letter, bring something to prosecute the late DT, not the usual hot air- wunnah miss de point
    OWEN AFFA drop the ball on CLICO in the early days – THAT IS A FACT.
    He was finance minister, admitted on the floor of the house in a recent budget debate that he had been alerted about the problem with CLICO meeting its statutory requirements and DID NOTHING! When CLICO Trinidad’s trouble broke and people start getting nervous in 2009 the same jokers hold political meetings shouting and telling the people that the Clico statuory fund in deficit and there was panic and a run on de company- the question is why not shout and tell de people in 2006 and 2007-I aint hearing ya. OWEN AFFA cannot escape blame – Owen Affa complaining bout the Clico situation is like Winston Hall complaining about people escaping from prison. HYPOCRITICAL
    I say again Affa is incompetent and overrated – Ask Clyde Mascoll- He consistently said so for 15 years. Oh by the way, I understand that most of the brown bags of money given out in Deacons last election was by BLP members who wanted to get rid of de “coleader”.

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  47. balance February 14, 2012 at 2:46 AM #

    apllo 13 i have been repeatedly calling for vthis course of action since last year, glad to have you on board.

    Like

  48. balance February 14, 2012 at 2:54 AM #

    no brother franklyn; i am not wealthy but i invested money in clico too perhaps not as much as some but i still invested not because i believed that it was properly regulated by govt but because the investment was attractive and here i have ended up catching at the shadow and losing the bone. had the situation been reversed i would be laughing all the way to the bank and decrying those for their shortsightedness who failed to take advantage of the risky opportunity .the use of gvt’s failed regulatory policy to bolster my case is but a redherring.

    Like

  49. balance February 14, 2012 at 3:06 AM #

    miller saw mr stuart the other day in the pm car with his handstretced out across the backseat csertinly enjoying his stint as prime minister but he is certainly not a conniving person out to milk any calf that is almost down to bones. seriously though mr stuart is a decent gentleman. would make an excellent ambassador for barbados at the un under any administration.

    Like

  50. old onion bags February 14, 2012 at 5:09 AM #

    Do you think Freundel give two hoots if he wins again ?He was never comfortable facing the media or crowd.Back at UWi he was always withdrawn but a perfect gentleman always.Marson similarly, was his buddy.Thompson was pretending (or saying nothing)that he was Tom Adams son,Kenny Anthony was glassy eyed (marrawanna),Ralph Gonsalves was teaching Politics Ralph Thorne was looking for friends,Doyle was with his cigar always(cuban) Errol Niles was talkative David Commisong was quite and great Mathew Farley had a afro and wanted to look a poor boy (school bag and all) and I was smokin nuff marawanna and xxx wid the chics(not ac)…oh for dem days again breds.Gasoline 0.78c a gallon.

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  51. old onion bags February 14, 2012 at 5:58 AM #

    @ Bajan fa life
    yaawn- bring the cheques, bring the copies, bring an incriminating letter, bring something to prosecute the late DT, not the usual hot air- wunnah miss de point

    Boss ya hit D nail pun the head……WAIT TILL ELECTIONS dawg, the evidence coming….we now sent to Miami for 4 BIG projector screens to expose at meeting, all these documents all you left behind unshreaded…so stand still boss…um coming. But not DT ..he wife… your MP..and all and sundry.

    Like

  52. Sargeant February 14, 2012 at 9:31 AM #

    @Old Onions

    Boss ya hit D nail pun the head……WAIT TILL ELECTIONS dawg, the evidence coming….we now sent to Miami for 4 BIG projector screens to expose at meeting, all these documents all you left behind unshreaded
    **************

    One of the reasons that the DLP is facing difficulties is that they squandered the opportunity to put the BLP in the political wilderness for many years. Thompson promised to bring in Forensic Accountants to track all the kickbacks and graft that was a constant during the latter years of the BLP Govt but never acted on it. If you think that Arch Cot was the only castle in the air why do you think Barrack had so much trouble with the building at Warrens? Another untendered gift to someone that will cost the taxpayers millions.

    Thompson was not built like Arthur, Thompson had everything handed to him on a platter from Barrow’s seat to the leadership of the DLP but Arthur had to scrap for everything…. for his seat (vs Leacock) for the leadership of the BLP when he cried that he didn’t make enough to support his family and Forde stepped aside. So while Thompson was content to be the genteel politician and let sleeping dogs lie Arthur is built to go for the political jugular, if the roles were reversed Arthur would have ensured that the DLP would “never assume the reins of power” (his words) in Barbados again by exposing all the rot that was part of any DLP Gov’t. Thompson missed the opportunity and as the old proverb goes “a lost opportunity can never be regained”.

    So “Old Onions” perhaps your days of driving around with a tin of sardines may be coming to an end, you may soon be able to afford caviar again.

    Like

  53. old onion bags February 14, 2012 at 10:20 AM #

    @ Sarge
    Why don’t you let sleeping dogs lie….The ‘late Great” is no more with us and should not be blamed for the present PM follies.To postpone the solution does little for the problem(s).
    By the way what genteel politician you taking bout….?Genteel when he had in the Grey Goose maybe.

    Like

  54. Porridge February 14, 2012 at 12:33 PM #

    @ Hants

    I agree with u 100% in your belief, but if he was a puppet only, then he responded to his commands regardless what those commands were, and was well rewarded at the end.

    Like

  55. old onion bags February 14, 2012 at 3:36 PM #

    One cannot help but notice the deafening sound of silence that has occasioned on this bright red Valentines Day of many a DLP contributor to this blog.Could it be that because of the color RED being same the color of Valentines trivia ( flowers etc). has etched a similar resemblance of the colors of a particular now popular party, and has cause a temporary pandemic of some sort on the minds of these way wards few ?. These once potent bloggers have seemly gone recluse in a false sense of comfort, after a pending onslaught, predicted in a recent so called ” foo foo” polls.
    Bloggers like CCC,ac,Bajanfalife and not forgetting abominable Sarge, all seem to have somehow today, loss their fiery tongues. May be a meeting has been called by the pending new leader to finally implement what he had started, given that for some, it is a red letter day.
    What ever the reasons,Valentines or not, it would be remiss of the Ole Onion bags not to have noticed these things and hope that those once worthy nemesis-es have somehow been jolted back to reality and are resolved to sound all alarms to their powers that be ..it is time to get off your arses and start rolling…you have been weighed and found wanting.

    Like

  56. Appollo 13 February 14, 2012 at 7:28 PM #

    After all hell broke loose in Trinidad on the Friday when the news broke that CLICO had gone bust, the next morning, Saturday, the dead king made the then Governor of the Central Bank and the Supervisor of Insurance hold a press conference to tell the people of Barbados that CLICO Barbados was separate from Trinidad and that it was a sound and well managed company, the dead king ordered the Governor to invest TEN MILLION DOLLARS in CLICO.
    The talk around financial circles is that that money was invested into CLICO to repay the CEO who had invested his TEN MILLION DOLLARS of his personal money in the DLP campaign and this government money was only to pass through CLICO to avoid suspicion. Things went from bad to worse in CLICO, the CEO resigned but when he did not get his ten million out, he then sued CLICO under the guise of trying to get commissions and bonus dued to him. No wonder there was a contract which was drawn up by the dead king days before he died! No wonder this contract was not available to be shown to William Layne when he asked for it. Even on his death bed, DT was still trying to protect his friend and CLICO.

    The policyholders need to get some kind of court order and a private eye to investigate FAMILIES FIRST account and follow the money trail.

    Like

  57. Bajanfuhlife February 14, 2012 at 8:41 PM #

    @Appollo 13 – Bring proof now nuh not innuendo- – “there was a contract which was drawn up by the dead king DAYS before he died”! – Yeah, days before he died really- Put up or shut up!
    The investigation might lead right to the doors of a certain leader of the BLP opposition and the chequES received from a CLICO subsidiary – the gramnmy for “CLICO Hypocrite of the Year” goes to Owen Affa.
    Clico policy holderss cannot in good conscience vote for Owen Affa.

    Like

  58. old onion bags February 14, 2012 at 9:05 PM #

    Bajanfa life
    Hush do.
    Nobody had closer ties to Leroy Parris than the late DT and one wonders why ? (lol ..maybe we should ask Lawrence Duprey).Then we have Freundel throwing in his hand in the sordid scheme of things saying ….”I see nothing wrong with the man..Is he a leper ?….(opps blunder)
    Imagine, Barbadians who should be HIS No.1 concern losing $$ million and our good prime minister will take sides with CLICO …that is grounds enough for his resignation as a conflict of interest.
    But such is the state of things with these incompetent jokers..Did you hear Min Blackett today ? I wonder who will step up next, to look like a poppet tomorrow ? Because almost everyday it seems like a comedy of errors.

    Like

  59. Caswell Franklyn February 14, 2012 at 9:57 PM #

    Balance 2:54 am

    Your comment really does not make sense. You would not have been able to invest in CLICO if the Supervisor of Insurance was allowed to follow the Law. You were only able to do so because of a failure on the part of the regulator. Put another way, if the government agency responsible for regulating CLICO had done its job, there would not have been nothing for you to invest in.

    Like

  60. Sargeant February 15, 2012 at 12:26 AM #

    @Old Onions

    I am minding my business but is it true that the Supervisor of Insurance during the BLP Gov’t reign left a position as GM at a company that made chicken feed to accept the job? Did the BLP give him that patronage plum and hope that he couldn’t do any harm in that post? Could I say with a straight face that the chickens came home to roost?

    Like

  61. balance February 15, 2012 at 1:35 AM #

    thank you mr franklyn then my conscience should be clear if i join the movement to pressure the govt to pay me for my losses in the clico investment. sarge-the last supervisor of insurance of barbados after having been severed from his general manager post at the bdos flour mills was brought back into govt at the behest of his good friend the then chief personnel officer and placed in the the post of supervisor of insurance ahead of the knowledgeable acting supervisor who had worked in that office all her life and knew her stuff. this was more a friend thing than political patronage.mind you though, the former supervisor is an extremely bright fellow. did his acca in record time.

    Like

  62. old onion bags February 15, 2012 at 7:06 AM #

    @ Sarge
    I often wonder why you always come up with these soft, limp and nonsensical innuendo for attacks. May be that is all “you are accustomed to raise ” . Do you think that the above is worthy of an onions’ retort ? Even a school boy would know of “the fruits” of political patronage by both parties but, equally, I am made to understand a certain sargeant was once a benefactor of such, but fell out of favor and all turned to sour grapes…hehe.

    Like

  63. old onion bags February 15, 2012 at 7:28 AM #

    @ SargeBajanfahlife

    I can’t hear a word from certain people on this Emera issue….they suddenly gone mum. (even switch blogs) .

    “Emera made a killing of a fortune Cad $247 mill this quarter and attributed it to investments in the Caribbean..”

    …and Barbadians crying out to the FTC that the BL&p rates are too high.

    Like

  64. old onion bags February 17, 2012 at 8:57 PM #

    I hear a certain man in bay st, feeling very uncomfortable but rich and crying foul, looking for informer.Tell he the news coming from ole maple leaf and bajans not as stupid as he believe.

    Like

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