Walter Blackman - Actuary and Social Commentator

Open Letter to the Director of Public Prosecutions (DPP) about the CLICO (Barbados) Scandal

Walter Blackman - Actuary and Social Commentator

Walter Blackman – Actuary and Social Commentator

Dear Mr. Leacock,

I am a citizen and taxpayer of Barbados. I am also a pension actuary.

My fundamental responsibility, as an actuary, is to provide services skilfully and competently, to operate with integrity, and to uphold and protect the public trust. I believe your chosen profession has imposed similar responsibilities upon you. By definition, therefore, whenever the public trust is involved, your objectives and mine are always convergent.

For the past couple of years, I have watched in dismay as pieces of information doled out for public consumption revealed how a major life insurance company operating in Barbados was stripped of almost four hundred million dollars of its assets.

Barbadian observers have recoiled in sheer disgust and anger as evidence from reliable sources suggest that our laws were systematically and disdainfully trampled by a group of persons, some of whom masqueraded as executive managers of the ill-fated insurance company, and some of whom pretended to be statesmen.

Many citizens deeply believe that any villains involved in this sordid raid of a life insurance company’s assets should be brought to justice. They also believe that a serious effort should be made to recover as much of the diverted policyholders’ premiums as possible. I share the views and concerns of those citizens, but so far, I have noticed that the boisterous and unified cries clamouring for justice appear to be falling on deaf ears.

Sir, I know that you are a very busy man, presumably dealing with far heavier legal matters than this one, who probably have not found enough time to tackle this problem as yet. Nevertheless, I have decided to construct and package some of the major arguments advanced from various quarters, which support the prosecution of this case before the law courts. I now attach and present them to you, along with the errors that would naturally flow from a mind with no legal training whatsoever.

I fervently hope that your reply to me will give an indication as to whether you believe the ‘evidence’ in this case to be lacking in substance, or whether you think it is credible enough for your department to pursue legal action against the wrongdoers.

We need to reach out to the United States, the United Kingdom, and Canada, our major international trading partners, to make them aware of the extent to which our traditional Barbadian values of respect for law, honesty, and hard work are being relentlessly eroded at the corporate and political level. We also must alert them to the fact, that, when it comes to combating white-collar criminality and corruption, Barbadian citizens currently feel that they will have to rely on international assistance in one form or another, since no help ever seems to come from the local governmental agencies.

BACKGROUND

In 2009, Mr. Lawrence Duprey, head of the largest regional insurance company in the Caribbean, approached the Central Bank of Trinidad & Tobago and asked for a loan to assist his company with paying its bills. That request, and the implied financial horror associated with it, emitted scandalous shockwaves that reverberated throughout the West Indian financial and retirement communities. By the time the dust had settled, Trinidadian taxpayers were forced to part with TT$22 billion to restore some semblance of stability to the Colonial Life Insurance Company (CLICO) of Trinidad & Tobago.

Recognizing that the value and security of the life insurance policies purchased by their citizens from CLICO Barbados were now exposed to the dangers of systemic risk, the Prime Ministers of the other Caribbean islands became quite solicitous and agitated. Mr. David Thompson, on the other hand, as Prime Minister of Barbados and Minister of Finance, was actually enjoying a lucrative but shady relationship with the subsidiary CLICO Barbados group of companies. To safeguard whatever personal and financial benefits he was surreptitiously receiving through his unscrupulous business dealings with Mr. Leroy Parris and other executive members of CLICO, the Prime Minister of Barbados had to invent a charade which would also quell the rising fears and doubts of his fellow Prime Ministers from the Windward and Leeward Islands.

In response to the nervousness and uneasiness coming from Caribbean leaders and citizens, the Thompson-led Barbados Government assured everyone that there was a qualitative difference between CLICO Trinidad and CLICO International Life Insurance Limited (CIL) of Barbados. CIL was being managed well, declared the government’s propaganda machinery. Most interestingly, the Governor of the Central Bank at the time went on to inform Barbadians that CIL had not asked for any assistance, but the Government of Barbados was going to “ put its money where its mouth is” by giving BDS$10 million to the insurance company.

The charade had now masterfully crafted a one-way conduit so that $10 million of Barbadian taxpayers’ money could flow into CIL’s account. Generally speaking, once money entered the CIL account, Mr. Leroy Parris’ first step was to take control of it. Next, with the assistance and facilitation of executive management, he diverted it away from the insurance company and channelled it towards whatever uses he deemed fit.

Of course, the whole narrative related to CIL being a well-managed insurance company was merely a convenient fabrication. So much so, that no one was really surprised when CIL, drained of significant amounts of its assets, eventually collapsed into the arms of Court-appointed Judicial Managers.

At present, no one knows how much taxpayers’ money will be needed to bring some stability and confidence back to the Barbadian insurance market. What everyone knows, however, is that the despicable and horrendous behaviour of the principal actors in this scandal has caused irreparable damage to the international reputation and brand of Barbados.

INFORMATION IN THE PUBLIC DOMAIN:

In December 2008, an invoice for BDS$3.333 million was submitted for payment by the law firm of Thompson & Associates to CLICO Holdings (Barbados) Limited (CHBL) purportedly for the provision of legal services. The invoice, making its first public appearance on a political platform two days before the 2013 General Election in Barbados, was approved by Mr. Leroy Parris who was Chairman of CHBL.

Mr. Leroy Parris used his corporate position to get CIL to issue a cheque for BDS$3.333 million dollars payable to Thompson & Associates. The cheque publicly appeared on the same date, and in the same fashion, as the invoice. One of the signatures on the CIL cheque belonged to Mr. Terrence Thornhill, an accountant by profession, and President of CHBL.

Mind you, CIL was not involved in the transaction, did not receive any legal services, and therefore had no accounting or legal right to pay Thompson & Associates for the provision of such services.

The invoice from Thompson & Associates showed a charge of $250,000 for some legal work done by Mr. Maurice King. Mr. King reportedly denied doing such work. In the face of such a denial, the $250,000 which was removed from the assets of CIL would have been removed under false pretences. This false claim would have been initiated by Thompson & Associates.

It should be noted that in 2008, Mr. David Thompson, perceived head and owner of Thompson & Associates, was also Prime Minister of Barbados and Minister of Finance. Mr. Leroy Parris was the Chairman of CHBL and CIL. Mr. Terrence Thornhill was a professional accountant, and President of CHBL.

All over the world, Value Added Tax (VAT) administrators have to struggle against the scourge of carousel fraud, a criminal technique used by groups of businessmen and their businesses to complicate, hide, erase and offset transactions as a method of evading payments of VAT.

The transaction between CHBL and Thompson & Associates for the provision of legal services in 2008 would have attracted VAT at the rate of 15%. Therefore, the invoice from Thompson & Associates should have shown an amount of $499,950 as VAT due.

It did not.

Bear in mind that Mr. David Thompson, as Minister of Finance, would have also been the political head of the VAT department in 2008 and therefore had a legal obligation to protect government’s revenue. Furthermore, Prime Minister Thompson ought to have been concerned that money was being so easily diverted from a life insurance company to pay bills for another entity.

Mr. Leroy Parris, when he approved the invoice as Chairman of CHBL ought to have known that the transaction would have attracted a VAT rate of 15%.

Mr. Terrence Thornhill, as a professional accountant, must have known that an amount of $499,950 in VAT was due to the Government of Barbados as a result of the transaction.

Collusion had now taken place among CHBL, CIL, and Thompson & Associates as companies, and among Mr. Leroy Parris as Chairman of CIL & CHBL, Mr. David Thompson as Prime Minister of Barbados and Minister of Finance, and Mr. Terrence Thornhill, as a professional accountant and President of CHBL. The effect of this collusion would have been to keep VAT revenue amounting to $499,950 out of the hands of the Government of Barbados.

The way our VAT system works, the first transaction involving the invoice and payment for legal services was a terminal and independent transaction. There was no more value to be added once the company of Thompson and Associates was paid for its legal services.

It has been asserted by others that, although the check was written to Thompson & Associates, the 3.333 million dollars ended up in the hands of Mr. Leroy Parris as partial payment of a gratuity.

However, if the assertion is true, then it must be stressed that neither Thompson & Associates as a company, nor Mr. David Thompson as Prime Minister of Barbados, was in any position to legally pay Mr. Leroy Parris a gratuity. Under such circumstances, partial payment of a gratuity would have to be viewed as a false and illegal reason offered by Thompson & Associates, Prime Minister David Thompson, and Mr. Leroy Parris to cover up a multi-million dollar racket.

One cannot help but notice the depth of planning and collusion as the second phase of this scheme was put into action.

It must be emphasized that as far as VAT is concerned, this was a completely new transaction now taking place.

Since there were no physical goods involved, VAT legislation would have assumed that a service was provided by Mr. Leroy Parris in order for Thompson & Associates, or anyone for that matter, to pay him $3.333 million.

That service would have attracted $499,950 in VAT.

Therefore, the two independent transactions aimed at diverting $3.333 million from CIL into the personal account of Mr. Leroy Parris, should have brought $999,900 of VAT revenue into the coffers of government. Unfortunately, the actions of the principal participants in these transactions left a VAT department too petrified by fear of political victimization to act.

This information in the public arena shows clearly that Mr. Leroy Parris had no legal right to the $3.333 million of policyholders’ money that was paid into CIL as premiums.

This leads us to the following question: How can $3.333 million dollars end up in an account belonging to Mr. Leroy Parris, with no credible legal or accounting explanation being given for its arrival?

This feat could only have been achieved through one mechanism – money laundering. Money laundering is a crime in Barbados.

How many illegal and fictitious transactions were conceived and entered into by the principal actors, in order to quench the insatiable thirst of Mr. Parris, and others, for the premiums paid by CIL’s policyholders? How much of these transactions resulted in a transgression of our tax and money laundering laws? How much of the premiums paid by poor hard-working Barbadians and other West Indians to purchase insurance protection from CIL ended up in Prime Minister Thompson’s estate as kickbacks? How much of it supported the lavish and jet-set lifestyle of Prime Minister Thompson, Mr. Leroy Parris, and other executive members of CIL and CHBL?

It would be an extremely serious mistake for you to believe that these two transactions were random and isolated events. The truth of the matter is that, over time, significant sums of money (almost $400 million) were taken from CIL and diverted for the use of CHBL, its subsidiaries, and executive membership.

I am sure you would be shocked if you were to discover that no advance Board approval was given or secured for the divergence of these funds from CIL. Recognizing that Mr. Terrence Thornhill was a professional accountant and an executive member of CHBL, I am also confident that you would be absolutely appalled if you were to discover that no accounting documents could be readily found or made available to support or explain the divergence of almost $400 million from CIL.

Life insurance is a highly technical and esoteric business. At any point in time, the value of the total premiums paid on a policy by the policyholder, minus the total cost of insurance protection that he or she has received, represents a ‘reserve’ amount which must be calculated by an actuary and held by the insurance company. Insurance regulators worldwide establish levels of statutory reserves which insurance companies must keep on hand to ensure that benefits to policyholders can be paid as they fall due. These reserves are established by using extremely conservative actuarial assumptions which focus primarily on ensuring the solvency of the insurance company, and protecting the interests of policyholders.

Additionally, an insurance contract protects the interests of policyholders by making non-forfeiture options available to them whenever they decide to terminate a policy. One of these non-forfeiture options involves the calculation and payment of the policy’s cash value.

Establishing an adequate level of statutory reserves, determining when premium income is currently earned, and using policyholders’ premiums to pursue a prudent investment strategy aimed at matching the nature of assets with the nature of liabilities are some of the basic roles and responsibilities of the executive management of a life insurance company.

By failing to timely file reports on the reserve situation of CIL to the accommodating regulatory authorities in Barbados, and by habitually and illegally diverting assets away from CIL to other accounts, Mr. Leroy Parris and the executive membership of CHBL effectively destroyed the viability of CIL as an insurance company. In doing so, they brought immense financial and economic hardship to bear upon thousands and thousands of policyholders and life insurance agents across the Caribbean. As CIL thrashed about spasmodically in its death throes, terminating policyholders, despite being protected under the law, could not get the cash value of their policies as promised by their contracts.

There is one final twist to this strange eventful history.

In August 2009, the office of the Supervisor of Insurance issued a cease and desist order to CIL aimed at preventing the life insurance company from issuing new policies. Believing that their unholy alliance with the Prime Minister of Barbados rendered them untouchable by the law, Mr. Parris and some of the executive management of CIL and CHBL chose to treat the order by the office of the Supervisor of Insurance with the same level of contempt with which they treated the tax laws, insurance laws, corporate laws, and money laundering laws of Barbados.

In June 2010, Ms.Vernese Brathwaite, the Deputy Supervisor of Insurance, filed an official complaint urging the Commissioner of police to probe the illegal sale of over 800 life insurance policies which were sold despite the regulatory order issued the year before.

Any policyholder resident in the USA, Canada, Britain or any other overseas jurisdiction who received solicitations from CIL by mail, e-mail, or any other means after August 2009 urging them to purchase a life insurance policy, should take the evidence to their respective governments. Mail fraud would have been committed.

In February 2012, given the collaborative efforts between Ms. Vernese Brathwaite as Deputy Supervisor of Insurance, and Mr. Darwin Dottin as Commissioner of Police, charges were filed against Mr. Leroy Parris and Mr. Terrence Thornhill for violating the cease and desist order imposed by the office of the Supervisor of Insurance.

Ms. Vernese Brathwaite as Deputy Supervisor of Insurance, and Mr. Darwin Dottin as Commissioner of Police, have been unceremoniously removed from their desks. Neither explanation nor reason has been provided to the taxpayers of Barbados for the termination of the careers of these senior government officials.

As for the “cease and desist” case against Messrs. Leroy Parris and Terrence Thornhill, it has been adjourned without a set date after Mr. Parris failed to show up for his first scheduled court appearance.

Is Barbados on the road to becoming a banana republic?

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357 Comments on “Open Letter to the Director of Public Prosecutions (DPP) about the CLICO (Barbados) Scandal”

  1. ac February 10, 2015 at 8:31 PM #

    watchman February 10, 2015 at 7:35 PM #

    AC

    your stench run the dogs

    ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

    ummm watch dog seems like you the only one dog it attract, hee hee hee

    Like

  2. ac February 10, 2015 at 8:37 PM #

    here come speckle fowl again flapping the wings,,an anonymous source citing an article can not be charge with plagiarism. .even if the source of the content is from another person. that being unless the one sourcing the article intentionally an purposefully/willfully attaches their own given name/s to the article an deeming the article to be that of their own .

    Like

  3. David February 10, 2015 at 8:41 PM #

    @Puzzle

    Interesting intervention, the incestuous nature of the rock breeds many of the problems we face. How do we counter?

    Like

  4. Artaxerxes February 10, 2015 at 8:47 PM #

    These nut cases posted on BU yesterday that T&T spent TT$20B on the CLICO investigation and have not been able to find the cause of its collapse or charged anyone for what transpired. They were also querying whether it would be a wise decision for the Barbados government to proceed on a similar path, at the expense of the tax payers.

    Now today, they have concluded that the Barbados Labour Party is responsible for the CLICO debacle. We can thank the consortium for saving the taxpayers of Barbados significant sums of money that would have been incurred from a full scale investigation.

    Like

  5. watchman February 10, 2015 at 9:08 PM #

    @ AC
    where you learn your english

    Like

  6. ac February 10, 2015 at 9:40 PM #

    uh learn um it at de stan pipe whey de is nuff atikulashun on any ting pulickital ushually led by a bunch of yardfowl lmalcontents with Bees stuck under dey arms , btw i see u dey most of de time looking fuh sumting stink to smell yuh ole skunck ,

    Like

  7. ac February 10, 2015 at 9:45 PM #

    wuh artexeres why u get so agitated all of a sudden, i meaning you have not even been question by the defense yet, yuh se what i mean, there is always two sides to a story and a good defense lawyer can turn the best of any one given story on its head ask F. lee Bailey

    Like

  8. DeeWord February 10, 2015 at 9:55 PM #

    AC, one must appreciate your tenacity but unlike the Light Brigade or Gen. Custer’s last stand yours is not a noble fight to the death. You are dying for a cause that is vapid and without soul.

    You quoted from a solid report (David posted link above) but as I mentioned earlier you continue to dig a new grave with every new remark.

    You noted that : “The corporate governance structure of the conglomerate …the business model was high risk and dangerously flawed, the regulators were not blameless…”

    But left out :”the CLICO business model was viewed as a ponzi scheme or alternatively, as a pyramid scheme…” .

    That says a lot about your PM’s awareness as a corporate lawyer and his lack of care for the many Bajans who have been affected.

    Additionally, you didn’t quote “Some of the deficiencies in the corporate governance structure of CLICO included too much control by the
    chairman … failure of the directors’ fiduciary duties, failure of the
    directors’ duty of care and skill, conflicts of interest, poor risk management, political influence…”

    David Thompson won an exhibition scholarship at Combermere. That is to say he always showed himself as able to read voluminous data, dissect and interpret it and write impressive, detailed analysis of that data.

    He was a corporate lawyer and as a young parliamentarian undertook the economics and finance portfolio of the gov’t. That says he knew his economics, how to review the financial data of corporations and he knew the laws pertaining to those corporations.

    But despite that training and avowed abilities your PM was negligent in all the key areas.

    He did not act AC. He was simply missing in action. Where was all that intelligence?

    Was it the conflict on interest of flying in the corporate jet of a company directly under his jurisdiction?

    What was it AC? When did your PM go to sleep at the wheel? Was it the millions of dollars he was getting from Duprey and Parris?

    AC how can the regulators be blamed alone when CLICO simply refused to obey the law and their learned counsel aided and abetted them.

    Will you find an excuse for his every crime AC? Be noble at least.

    Liked by 1 person

  9. Artaxerxes February 10, 2015 at 10:21 PM #

    ac February 10, 2015 at 9:45 PM #

    “wuh artexeres why u get so agitated all of a sudden…”

    Agitated?? Far from it. I’m guessing you can’t recognise sarcasm.

    Like

  10. ac February 10, 2015 at 10:49 PM #

    no bozie not one known as being a high stake gambler,

    @ deem

    o;k mr prosecutor/witness i notice your intention of wearing both hats,
    given all of your torrid ability to scuntinzed, how is it that you so aptly overlook/ dismiss all the major players that brought down Clico and can only focus onone piece of the the puzzle as being the major straw that broke the camels back, .
    …………………………………………………………………………………………………………………………..
    hard clico lessons for the carribbean

    A recently completed report on financial and socioeconomic principles and practices in the Caribbean suggests that regulators around the region either missed or ignored the warning signs that the once-mighty CLICO insurance empire was in trouble.

    One of the key regulatory challenges was weak governance.

    It is a complaint amongst policyholders around the region that regulators stood by while CLICO companies ignored the financial rules as depositors and policyholders’ money was used to fund billion-dollar projects put together by parent holdings group CL Financial.

    The Caribbean Trade and Investment Report 2010 released last month in Port of Spain suggests that the CL Financial debacle illustrated certain important weaknesses with respect to the regulation of the non-bank financial sector.

    Besides the failure of the regulators around the region to monitor the level of the insurance statutory fund, there was also the apparent lack of ability on the part of insurance and securities supervisors to determine if uniquely described financial instruments were really insurance vehicles.

    This confusion suggests that regulators, who have been playing catch-up in the area of financial innovation for years, will simply have to do much better to prevent a repeat of the CLICO collapse.

    Like

  11. millertheanunnaki February 10, 2015 at 10:52 PM #

    @ DeeWord February 10, 2015 at 9:55 PM

    Your succinct vivisection of the dying CLICO patient and the role played by former Prime Minister(s) in the capacity of chief regulator (Minister of Finance) is indeed worthy of note and makes a commendable lesson to be learnt for the more effective functioning of the existing and future regulatory framework.

    However, you have omitted a cardinal procedure from your operation. It is that- despite of all is known about the causes and human actors and agents responsible for the debacle- nothing is being done to rectify the situation or make amends for the pain and suffering of the victims brought about by this illegal Ponzi scheme.

    What is the position that has been adopted so far by the devil of integrity PM Stuart and the pathological liar Mr. Sinckler the honourable Minister of Finance and chief regulator of the financial services industry?
    Isn’t it one of protection of the same locally-based racketeers in true Mafia-like fashion?
    Shouldn’t the question be asked of the existing law enforcers why isn’t anything being done to charge the CLICO villains and their accomplices for fraud and criminal negligence?
    This is the only way the pending cadaver called John Doe CLICO can be buried without spreading further putrefaction to the economic fabric of a decaying society.

    Liked by 1 person

  12. pieceuhderockyeahright February 10, 2015 at 11:36 PM #

    @ ??

    I noted that someone gave the ole man a gentle chastisement for my oblique? comment namely “how my chopping up remarks” may bring some ire against BU since the comments may be construed as de ole man “promoting violence and treasonable actions” on the blog.

    As a man who din got no gold sppon in he mouf at birth, I might be among those of the economically disenfranchised who think it somewhat hypocritical a stance to promote that when violence against “big up peeple” in Bulbados is SPOKEN OFF one would see it in the context of undesirable social dissent and treasonable actions.

    Yet, WHEN SAID VIOLENCE IS ACTED OUT in and amongst the JASON WALL’s of Belleplaine, the Rashon Allexander’s and other ghettos and gazas, almost every week from the beginning of this year, NOT A MAN JACK DOAN SAY A TING!!

    In fact, like the song of the Young Merrymen does say, it is like if we silently, and collectively, hope that “when de men kill de men, all dat is left is de wumen” would play out among the gaza-ites as de fellows effect retribution for “product collected on consignment”, distributed and paid for but proceeds not delivered to the facilitator of the consignment”.

    So eight gunshots or drive by shootings or whatever crime in Gaza don mean Jack Schitt!!

    Conversely, in our prim and proper society, when insurance premiums (or lump sums invstments) are paid for the consideration of say monthly annuity payments, and said annuities, monthly payments, investments and proceeds of these investments are stolen by the CL’s and Greenverbs of the Heights, just remarking that incidents like Solomon Hem Lee have a purpose in the grand scheme of things is “anathema”.

    It would appear that there is a silent law of the Medes and one for the Persians where, because of who the beneficiaries of these “white collar” ill gotten gains go to, a difference social justice is permitted.

    The rule seems to be “since the scum of the earth, from Gaza, getting shot and kill out, by shotguns, wielded by 15 years olds, and young mens, dat be OK, but we are forbidden to have any similar retribution verbalizations for our renown, white collar thieves, because such is sedition and treason and “the blood of these noble men is of more gracious stock that the plebeians’ own.”

    It is OK when the Hand of the Creator, takes out on of these crooks, but it is seditious to speak of “physical interventions” by citizens who just cant tek it no mo’

    Before the end of 2015 Barbados is going to see that type of retribution, mark de ole man words….

    Like

  13. Walter Blackman February 11, 2015 at 1:48 AM #

    DeeWord February 10, 2015 at 9:55 PM #

    @AC,
    You noted that : “The corporate governance structure of the conglomerate …the business model was high risk and dangerously flawed, the regulators were not blameless…”

    AC,
    This statement is true, and is far more revealing than you might think.

    Within the realm of civil service administration related to financial services, these are the major players, for the purpose of this discussion:
    Ministry of Finance (Erskine Griffith, Grantley Smith, William Layne)

    Supervisor of insurance Department (Wismar Greaves, Ian Carrington, William Layne, Carlos Belgrave)

    Financial Services Commission (Ian Carrington)

    National Insurance Department (Grantley Smith, Ian Carrington, William Layne)

    Department of Inland Revenue (Sabina Walcott)

    You would not find the positions of these civil servants advertised in the newspaper too often, if ever at all. These people were handpicked.

    To round off the complete package of “regulators”, here are some of the more recent Ministers of Finance and Prime Ministers that these civil servants responsible for financial services would have dealt with:
    Erskine Sandiford
    • He and Erskine Griffith handpicked Wismar Greaves as Supervisor of Insurance
    David Thompson
    • He fraudulently diverted policyholders’ premiums from CLICO
    • His law firm left its fingerprints on a cheque for $3.333 milion of CLICO policyholders’ premiums.
    • He Handpicked William Layne to head the oversight committee, after the CLICO collapse had become apparent.
    Owen Arthur
    • Handpicked and “used”a weak regulator in the form of Carlos Belgrave.
    • Handpicked Erskine Griffith to be a member of his cabinet, and to be a senator
    • Left his fingerprint on a cheque that he cashed for $75,000 of CLICO policyholders’ money.
    Chris Sinckler & Freundel Stuart
    • Handpicked Wismar Greaves to be a Director of a company which was ostensibly and hurriedly set up to prevent the JM forensic report from being unsealed.

    As you reflect on the names above, put yourself in Mia’s shoes. Imagine being humiliated, attacked, and kicked to the curb as soon as Owen discovered that David “Ali Baba” Thompson had a terminal illness. Imagine yourself with a second chance at Owen after the results of the 2013 elections. How would you fend him off this time?
    In a move that 99% of Barbadians missed, Mia “told” us that if the country was in trouble, then those on her side who were “eminentlly” responsible for the creation of some of the problems ought to be the ones telling the public what the solutions were.
    She named Owen Arthur and Erskine Griffith. Immediately, all hell broke loose with Owen.
    Why?
    Surely our “regulators” are not blameless.

    Like

  14. ac February 11, 2015 at 6:01 AM #

    CLICO SCHEME

    FORENSIC investigator Robert Lindquist has uncovered what is being described as an elaborate scheme within the CL Financial Group, where annuities, with attractive returns, were being sold by insurance power house CLICO but that customers’ investments were being funnelled for ghost services to the group.
    CLICO’s insurance agents, were rewarded with astronomical commissions to push the annuities which offered a 30 per cent return every year, far exceeding that offered by other insurance companies.
    Financial records under probe have revealed that large deposits were made to the Statutory Fund a month before the deadline, but the scheme began to collapse with the downturn in the economy and the slowdown in the sale of the annuities.

    Like

  15. David February 11, 2015 at 6:22 AM #

    @Walter

    The discussion needs to go pass blaming regulators and the lot. We know from reading the Auditor’s General reports over the years and by observation we have a governance system severely compromised largely because of the incestuous nature of our society combined with a passive population. How do we unravel and fix it? The reason why this will be difficult if you read some of the comments is that we frame everything in the country through a political lens. It is B or D’s fault.

    Clico policyholders affected continue to rely on the justice system and regulators doing right for them but we know this will not happen. If we do not get whistleblowers to come forward the assets of CLICO will collapse like the proverbial house of cards. Miller is correct, who cares about the policyholders. The current and former JMs have made a mint so far and what progress have we made to making good for the policyholders? This is where the attention of a caring society, including government, must prioritize. Instead we have the political and as covering sideshow.

    JAs

    Liked by 1 person

  16. ac February 11, 2015 at 6:39 AM #

    to say that nobody cares about the policyholders is a case of where verbal diarrhea collides with high grade yardfowlism . most govt in the region have been fighting tooth and nail collectively to get whatever they can from any potential assets belonging to clico but to no avail due to the fact having to interact with the high powered mechanism that protect corporate goverance, some nations have all but been forced to retreat because of the high cost involved,
    what is amazing however is that the political directives of barbados political “(hard core)”have only zoomed in on 3million dollar payout to LP which was handled by DT associates that only appears to be some kind of a political “payback” and very little to do with (if)any to seeking justice for the policyholders all this being done at taxpayers expense ,

    Like

  17. David February 11, 2015 at 6:50 AM #

    The lack of outrage that David Thompson’s law firm would generate a false invoice to facilitate the payment of ‘gratuity’ to Parris and then a purebred yardfowl jackass posting on BU would dismiss it as poppycocy shows where we have stooped in the name of being a politically motivated. Like Bush Tea has stated the more the JA offers comments the more their yellow JA is exposed.

    Like

  18. Pachamama February 11, 2015 at 6:56 AM #

    @ AC

    As we have said before, if you could serve God as you faithfully serve the DLP, you would be assured of a place in heaven, with Bushie!

    Not at the station, but in Heaven nonetheless.

    Do you really believe that Caribbean governments, any government, could fight tooth and nail to get back policyholders moneys or rights? Has this ever happened before? If so, when?

    These miscreants you have so much expectations of, respect for, are all worthy of the guillotine.

    Like

  19. Bajan New Yorker February 11, 2015 at 7:16 AM #

    Who is the CEO of the FSC and his relation to David Thompson

    Like

  20. Bajan New Yorker February 11, 2015 at 7:18 AM #

    In case you don’t know it’s Randy Graham David Thompson nephew!

    Like

  21. Bajan New Yorker February 11, 2015 at 7:22 AM #

    https://govtrequests.facebook.com Barbados was the only Caribbean country making a request.

    https://transparency.twitter.com/additional-information

    Like

  22. ac February 11, 2015 at 7:25 AM #

    yeah that makes many of us as they say there is always more in the mortar .the political directives are obvious, solely driven in name of political hypocrisy at the highest level in pretense of intervening on a false and delusional premise goaded and dis stilled as that in the best interest of policyholders when all is said and done nothing if ever recovered of the 3million would ever go to the policyholders and DT would continue to rest peacefully in his grave, We might be all JAs after all

    Like

  23. ac February 11, 2015 at 7:30 AM #

    St Lucia comforts CLICO policyholders

    “We continue to work assiduously with the objective of deriving a regional solution which is optimal for policyholders in all practical circumstances,” Anthony said, adding the St. Lucia government “continues to work closely with the government of Barbados and other OECS governments in an effort to secure the most advantageous and beneficial interest of our policyholders.”
    “Government recognises the burden which policyholders have had to endure and the tolerance and patience exhibited thus far…” —CMC

    Like

  24. ac February 11, 2015 at 7:35 AM #

    @ pachaman and your point should be directed to those who see this issue as solely a Barbadian problem Good retort , However do not repeat that you maybe in danger of losing your preferred status on BU,

    Like

  25. David February 11, 2015 at 7:39 AM #

    Ignorance surely has limitless bounds.

    Like

  26. DeeWord February 11, 2015 at 7:52 AM #

    @pieceuhderockyeahright at 11:36 PM…”I noted that someone gave the ole man a gentle chastisement for my oblique? comment namely “how my chopping up remarks”===============

    I suspect that someone was me.

    You see, your point like that of Pacha’s guillotine method is anathema to me in the natural course of life and I am truly concerned that the more I read of what DT and others have done I am ashamed to say that I am tripping over to that dark side from the pain.

    But that’s not the way and I have to pull back. So my admonitions to you are as much an alert for me to keep on the path of perceived righteousness.

    To be better than those evil carcasses who facilitated this mayhem.

    It’s a hard road to hoe but whatever it takes legally to get these criminals to suffer is the way to go.

    But, I can admit here freely that I am so absolutely devastated by the scope of DT’s and others perfidy that the concept of swift and summary judgement actually sounds appealing.

    That sir is scary. I need either to stop reading BU or get a firmer grip.

    The other part of the dynamic is what of the others out there who travel a similar path but are so wronged that they don’t pull back…so, we always have to be careful what we say.

    Like

  27. Artaxerxes February 11, 2015 at 8:18 AM #

    DeeWord February 11, 2015 at 7:52 AM #

    DeeWord, did you read the Deloitte press release re:

    “A key objective of the forensic audit was to investigate the “amounts due from related companies” which totalled BDS$370million at the date of appointment of the judicial manager.”

    “In light of its primary mandate to identify a course of action that is most advantageous to CIL’s policyholders, a recommendation was made by the Judicial Manager, and ACCEPTED BY THE COURT, for the Financial Services Commission of Barbados (“the FSC”) to initiate, WITH THE ASSISTANCE OF THE APPROPRIATE GOVERNMENT AGENCIES, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS.”

    What do you, AWTY, Miller and Waiter have to say about the $370M “due from related parties”?

    Have you also noticed the JM requested that “with the assistance of the appropriate government agencies, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS?”

    Like

  28. DeeWord February 11, 2015 at 8:29 AM #

    @ac February at 7:25 …”… solely driven in name of political hypocrisy at the highest level … 3million would ever go to the policyholders and DT would continue to rest peacefully in his grave…”

    I appreciate free speech and recognize that to deny anyone their right is to deny myself that right too, so speak as much as you want.

    But AC, what exactly is the point you are trying to make re DT?

    AC David Thompson was not a soldier marching to orders and who was unable to affect the war’s outcome with his one cannon on the battlefield. God Lord dude/dudette he was one of the f—- GENERALS.

    In fact, forget one of the Generals, the man was the 5 star general, the Commodore, The Admiral whatever is the very top post, that was his.

    At the top you actually SHAPE the war: where troops should be best deployed, when the attack will take place, when the drones will be used or the battery of missiles.

    So back to real life, as Walter explained above, the General can choose his most skilled Colonels like the Laynes and so on to attack the enemy, go meet with them to initiate a peace treaty or whatever he thinks is best.

    AC I know you get this so these pathetic attempts clearly show why our country is in this shape.

    I really do hope that your children grow up or if already grown, that they really delve into this part of Barbados history and when they discover your perfidy in trying to defend the single most heinous act of political fraud and criminal malfeasance that they have a compete epiphany and turn on your backside and when you are old and feebly they drop your ass in an old people’s home and leave you there to rot out your final days.

    When you can highlight the $3.3M check and suggest that DT would be resting peacefully in his grave when all the investigations show he committed a blatant fraud to his profession, the laws he swore to protect when he raised his hand at Gov’t House and most importantly to thousands of bajans who adored him without question then you deserve to live a long and painful life.

    And I do apologize for the rude comment but you see I too thought the lad was a role model and was proud to talk about him and to know him. If you still think so clearly you got some of that $500K and feel obliged to defend.

    DT’s behavior in this matter was evil.

    Regardless of what Arthur or anyone else did, Thompson was STILL EVIL. Two or three evils and he was still Mr. Big Evil.

    He should never rest anywhere peacefully. Nor should you if you can’t be honest.

    Like

  29. millertheanunnaki February 11, 2015 at 8:38 AM #

    @ ac February 11, 2015 at 7:25 AM

    Ac (the absolutely confused lot), why don’t you do yourselves a monstrous favour and just leave this CLICO topic alone?

    You have already fallen so deeply into the bowels of immorality by purging yourselves of any scintilla of honesty and thoughts of decency thereby committing a monstrous pervasion of commonsense; and so blinded to the facts you have chomped on the biting Truth with disdain.

    Why don’t you go, in true hypocritical sanctimony, and support Donville Inniss’s call for the privatization bell to ring louder? Yes, yard-fowls you are being invited to feed on the privatization grain of DLP lies and deceit.

    The “P” word is back in fashion. Which one will go first? The Air Port or the Sea Port?
    Only ac the DLP oracle of Delphi can tell.

    Like

  30. are-we-there-yet February 11, 2015 at 8:52 AM #

    Walter Blackman @1:48am last night

    Your post is the clearest pointer to the likely motivation for all of OSA’s apparently strange actions re. Mia Mottley. I have recently been thinking along those lines but you have clarified it.

    Your post can clearly be read as intimating that OSA recognizes that MAM is the nemesis that could totally destroy his legacy and has been wildly thrashing about to head that off. Every action of his re. the CLICO matter can be explained from that starting point.

    And this from a man who claimed that cover-ups were anathema to him and sought to ensure that everything he and his administration did fitted firmly within the “four walls of the law”.

    The actions that were apparently inexplicable now make sense.

    A pox on both their houses.

    Like

  31. pieceuhderockyeahright February 11, 2015 at 9:10 AM #

    @ Dee Word

    I too hate the thought of the “dark-side” and do verily believe that “there is power in the spoken word” and while not wishing to give this idea of social anarchy “flesh”, I am however cognisant that the “three men walking in Bridgetown at 2 a.m. encountered 2 policemen and fired upon them. Police are investigating…” story is glaring evidence of what is “out of the barn” and what these nincompoops CANNOT SEE, NOR DEAL WITH.

    The truth is that NEITHER PARTY, the DLP or the BLP, can address this morass

    @ David [BU]

    Which brings me back to you and the “common denominator” which at the micro level has manifest itself in this CLICO travesty of justice but is really a cancre that holds the entire cvntry captive in its grips.

    Policemen SHOT AT.

    Man shot in daytime, IN BRIDGETOWN, BY 15 YEAR OLD BOY

    We have a serious problem that our politicians are aiding and abetting, our priests and the church are sidestepping, our community leaders are too frightened to talk about and YOU & I, citizen John and Jane Public are repeatedly electing the same filth to lead us through and then “wondering why we are where we are??”

    “CHANGE OR DIE”

    Like

  32. ac February 11, 2015 at 9:11 AM #

    Unlike most who see DT as the end all of Clico Barbados ac cast a bigger and wider net with the intention of catching big fish as well as small instead of fighting over crumbs in search of justice.
    in the meanwhile you guys have set up an interesting and somewhat persausive conclusion as “yet to be tested in court. hopefully when the dust is cleared and law and order is given a fair play the end result mighy be enough to satisfy .however in reality i do not belive it will.

    Like

  33. are-we-there-yet February 11, 2015 at 9:17 AM #

    Deeword; re your 8:29 post;

    My sentiments exactly!

    Artaxerxes:

    I’ll respond to your earlier post later. But I think you’ve highlighted a key aspect of the matter and provided some facts that show how many of the regulators that Walter Blackman named and perhaps a few other strategically placed “generals”, failed miserably in running with the ball that the Court approved JM’s report passed them. There is no valid excuse for the failure of the regulators to have followed up the mandate the court gave them.

    The strategic choices of “creatures” by the various Ministers of Finance must have played a large part in the ultimate pain many of us are now suffering.

    Like

  34. Pachamama February 11, 2015 at 9:19 AM #

    @ AC

    That’s the the same diplomatic – political talk we hear all the time. The kind of talk that will continue until the people finally realize that their money is gone for ever, never to be returned. We heard it as far back as the Trade Confirmers fiasco to the Allan Stanford deception.

    This is nothing new!

    We were not aware that we had any particular status on BU. If we did it must have something to do with the scores of articles written or the positions taken with conviction, positions with can stand up to scrutiny .

    We invite you to enter those inner chambers.

    Like

  35. David February 11, 2015 at 9:25 AM #

    To repeat, ac knows what she,he and it reads in the online version of the news. Anybody who would dare to ask why JMs were not appointed in the years 2004 to 2007 deserves little time of day. These are challenging times for the country and we all need to lift the debate which hopefully will lead to informed positions. Do not forget the political JAs and surrogates read BU and there is hope beyond hope for their children’s sake and a smeared legacy it may be a catylst for change.

    On Wednesday, 11 February 2015, Barbados Underground wrote:

    >

    Liked by 1 person

  36. Pachamama February 11, 2015 at 9:29 AM #

    @AC

    This writer warned your late maximum leader that CLICO would have been the bane of the DLP and himself. But he could not listen for Parris was paying the bills then.

    Seems we were wrong, for CLICO could carry down all of Barbados too. Even he, before he went, had no interest in securing the policyholders’ interests. And even if he did, he was powerless.

    Like

  37. ac February 11, 2015 at 11:07 AM #

    @david. speckled fowl why you trying to discredit ac one. hour does not make a day as you soon would learn when the truth unfolds in the barbados court
    btw how do you get your information about world politics JAS

    Like

  38. David February 11, 2015 at 11:37 AM #

    Ignorance floats over boundaries i.e. it has no boundary.

    Liked by 1 person

  39. watchman February 11, 2015 at 11:39 AM #

    @ AC
    David Thompson would never R I P , and as the Devil still lived in people like you so too, will the EVIL that David Thompson did live in the mind of DLP ministers and families and all you yard stocks of the DLP , the CURSE is on all you that is why you have to be the way you UGLY

    Like

  40. Prodigal Son February 11, 2015 at 12:54 PM #

    @ Artaxerxes February 11, 2015 at 8:18 AM #

    “Have you also noticed the JM requested that “with the assistance of the appropriate government agencies, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS?”

    ……………………………………………………….

    Artaxerxes,

    I too saw the notice and concluded that they have seen and followed the money trail.

    The FSC will not act, no wonder it is trying to block the bid to unseal the JM’s report. The FSC is headed by Frank Alleyne as Chairman and the crooked, lied dead king’s nephew.

    The DPP will not act, the only times I saw him act fast was when the big donor’s son shot his son or when British visitors are in trouble as he likes to hob nob with the UK diplomats.

    The JM’s had to see where this money has gone and this corrupt government will never do any thing to solve this matter……….they are punishing all the policyholders with laughter!

    The dems day will come. We cannot get them to be outraged at this nor that taxpayers cannot get back their VAT or tax refunds nor can the NCC workers get their dues but they can become enraged to call Brasstacks to lambaste Mr P for saying he will not stand up for the National Anthem again.

    Lord have mercy!

    Like

  41. Dr Love. February 11, 2015 at 1:17 PM #

    @WALTER

    Anachronistic.

    In this place , day, time.
    To aim comments , as yours, at the very personification of the filth and corruption ,supporting ,that of which, is your subject matter.

    I appreciate the shadowed sarcasm.

    Yes I agree with you totally.

    What you are asking is Who does the Island population of Barbados have to turn to for JUSTICE!!

    NO ONE.

    Charles Leacock?? DPP.
    I don’t think so.
    But then, NOR do you.

    Like

  42. David February 11, 2015 at 1:41 PM #

    Does the DPP pay green fees at Sandy Lane, Westmorland or the other golf courses he is seen at regularly? Just asking.

    Like

  43. are-we-there-yet February 11, 2015 at 1:55 PM #

    Prodigal Son, re your 12:54 pm post;

    You said “The FSC will not act, no wonder it is trying to block the bid to unseal the JM’s report. The FSC is headed by Frank Alleyne as Chairman and the crooked, lied dead king’s nephew.”

    While I agree that it is very unlikely that the FSC will act, I think that we should be fair to Frank Alleyne. He is the only one of the regulators who has been shown so far to have acted in a principled manner in the CLICO affair as he has been chronicled (in the JM’s report, no less) as going against the grain and setting in train the investigations that brought the $3.333 million dollar scam into scrutiny.

    I hope he continues in that vein. If he doesn’t he should be lumped with the others who looked away when they could have acted in the interest of truth, honesty and doing the right thing.

    Like

  44. David February 11, 2015 at 2:01 PM #

    Is our friend Jeff still a member of the board of the FSC?

    Like

  45. FearPlay February 11, 2015 at 3:53 PM #

    I think I like Mr P’s method of protest. Maybe all of us who believe that this lame excuse for a government needs to leave office en masse should remain seated in protest at any public function where the National Anthem is being played. Can you imagine this happening before international TV cameras or when visiting dignitaries are present. Maybe this band of misfits will start to feel some of the pain, sorrow and embarrassment that the rest of us feel for our poor suffering Barbados at the hands of these nincompoops.

    Like

  46. Artaxerxes February 11, 2015 at 4:57 PM #

    @FearPlay February 11, 2015 at 3:53 PM #

    “I think I like Mr P’s method of protest. Maybe all of us who believe that this lame excuse for a government needs to leave office en masse should remain seated in protest at any public function where the National Anthem is being played.”

    FearPlay, all this talk about protest action sounds good on paper, but we all know that Barbadians will suffer in silence, and prefer someone to do the protesting for them.

    Knowing how Barbadians operate, you will hear them being critical of this administration only because of the adverse social and economic conditions the island is currently experiencing.

    However, when the economy begins to bloom again, enabling to government to be benevolent with taxes and freeness is once again on the lips of politicians, Barbadians will immediately forget their previous calls for this DLP administration to demit office, and hail Freundel Stuart as the best PM Barbados ever had.

    Like

  47. millertheanunnaki February 11, 2015 at 6:18 PM #

    @ are-we-there-yet February 11, 2015 at 1:55 PM
    “While I agree that it is very unlikely that the FSC will act, I think that we should be fair to Frank Alleyne. He is the only one of the regulators who has been shown so far to have acted in a principled manner in the CLICO affair as he has been chronicled (in the JM’s report, no less) as going against the grain and setting in train the investigations that brought the $3.333 million dollar scam into scrutiny.”

    A-W-T-Y, you really don’t fully appreciate what’s at stake here for the current leading members of the DLP administration and indeed the tainted implications for the David Thompson legacy including the shame and scandal the will haunt his family?

    If Sir Frank Alleyne is afraid to even follow through on his public claim that many financially well-off professional Barbadians are blatant tax dodgers do you really feel, he Sir Frank, has the intestinal fortitude to ask the BRA to investigate the tax evasion acts of Leroy Parris far less suggest to the Police or the DPP the same money launderer should be investigated?

    Come on man, get real, Sir Frank is just another blow-hard for he himself benefited over the years from the CLICO largesse. He himself fully knows that the laws and definitely their enforcement regarding large-scale white collar crimes committed by the elite and politically well connected in Barbados are just a pantomime and a mockery of justice to scoff at the masses and indeed rub further salt in the gnawing wounds of the CLICO aggrieved policyholders and poor abused pensioners.

    Shouldn’t the case of Speaker Carrington be a candle to see the direction of the blowing wind of graft, corruption, disdain for the law and total disrespect for moral fibre that ought to bind the Bajan society based on its much vaunted educational successes and highly talked about strong Christian ethos and tradition?
    Do you understand why people feel this country is fast slipping on the road of becoming another black banana republic?

    Like

  48. John Hanson 1781-1782, I SERVE 1788-1792 BARBADOES, February 11, 2015 at 8:45 PM #

    it will be opened next elections

    Like

  49. are-we-there-yet February 11, 2015 at 10:12 PM #

    Millerthe annunaki, re your 6:18 pm rant;

    Don’t panic! Cool it nuh!

    I understand, no less than you do, that the body politic in Barbados is in a state of decadence and rot that threatens the very continuance of our system of governance. I also fully understand that the Carrington affair and the handling of the CLICO matter by Government and its institutions are clear indicators of the extent of that rot and are suggestive of the inability of this Government and its many institutions to operate any differently or indeed to do any better.

    Your outrage at the situation is no greater than mine.

    Your understanding of the flawed actions and legacies of Thompson and his successors is no more acute than mine.

    Your understanding of the perfidy of the actors is no better than mine.

    However, I think that one should not paint all of those actors with one broad brush and I think, that without Sir Frank’s principled probing of the CLICO 3.333 million dollar affair, it might not have been brought to light. Not one of the other regulators or Board members of CLICO have been credited with doing anything to question the way that business was being done there. Sir Frank did and his actions might well have led to the unlocking of the gates to the revelations that are now in the public domain.

    Come on man, get real. Allow credit to be given where it is due, but I suspect you find it impossible to give credit to anyone besides yourself. Your writings about several people suggest this strongly.

    Like

  50. Walter Blackman February 12, 2015 at 12:05 AM #

    David February 11, 2015 at 6:22 AM #
    @Walter

    “The discussion needs to go past blaming regulators and the lot. ….. How do we unravel and fix it?”

    David,
    Within the context of CLICO, some unravelling has started via the JM and the court. The discussion, whilst maintaining that the regulators are culpable, also sought to highlight the structure of the system and its instinctive opposition to any action aimed at fixing it. Hopefully, we can all now understand why the FSC is instinctively trying to stop the judge from unsealing the forensic report.

    How do we fix it? Similar to Bill Clinton, I would have to say it depends on what “it” is.
    If “it” means the problem of getting access to the money trails in the forensic report, the JM and the court are trying to fix “it”. The regulators and their political bosses do not want “it” fixed. We can’t effectively exert any pressure or influence on the process, so we are simply waiting and hoping that the JM and the court win against the regulators and the politicians. We are hoping that, once the forensic report is unsealed, evidence will surface and allow us to exert pressure on the COP and the DPP to initiate criminal proceedings. I believe that is the process and the end result that most people have in their minds.

    If “it” means the problem of getting back the policyholders’ their money, then the solution is for Government or somebody to come up with $400 million. No lotta long talk. Government could not come up with a cent, so it came up with the name of a company and its directors. Just by doing and publicizing that, the Government argues, CLICO should not be auctioned off, and the forensic report should remained sealed.
    Policyholders have tried to fix “it” by taking the ‘ringleaders’ to court. All we can do is empathise and express outrage. Who knows what this will lead to?

    Liked by 1 person

  51. Well Well February 13, 2015 at 11:52 AM #

    “Interesting intervention, the incestuous nature of the rock breeds many of the problems we face. How do we counter?”

    Too much goddamn inbreeding produces a bunch of idiots, AC comes to mind, if you see and hear the inbreds in the Southern US, no difference at all.

    Like

  52. Hants February 13, 2015 at 12:02 PM #

    Part of a story I read elsewhere that begs the question. Why investigate a stolen lap top when there are so many other pressing criminal problems?

    7 police officers ? This must have been a training session.

    “I jumped out of my sleep and so did my daughter and the police just started questioning me about a stolen laptop. I was just wearing my underclothes and there were six males and one female in my room. They did not even give me an opportunity to get dressed and I was standing up feeling very uncomfortable,” she said as she added that her daughter started crying as well.”

    Like

  53. Speightstown Rat February 15, 2015 at 8:22 AM #

    This was very insightful. Obviously there was a political narrative so there is the other side of this coin. However, the author did asked for a response which I am eager to here.

    Regardless of the angle of the article, being political or ethical, with Barbados being a service economy the most striking point was “What everyone knows, however, is that the despicable and horrendous behavior of the principal actors in this scandal has caused irreparable damage to the international reputation and brand of Barbados.”

    This is what is at issue here, the “Barbados brand” being compromised with the economy in lag. This is the real story and it is sad to watch as the new “actors” dance around like the jester in Shakespeare. “It really does take a wise man to play the part of a fool”, no pun taken.

    Like

  54. Count Me Out February 15, 2015 at 8:34 AM #

    @ Speightstown Rat

    If you are referencing the MoF and PM as the new actors I think this is more a case of “fools playing the part of wise men”

    Like

  55. are-we-there-yet February 17, 2015 at 1:28 PM #

    I note from the lack of activity on this blog and from an article in Barbados Today

    http://www.barbadostoday.bb/2015/02/17/clico-dead/

    ….. that the CLICO matter is now dead.

    Both Thorne and Symmonds seem to be saying that it is pointless continuing the fight for restitution of the maximum amount now left in CLICO’s coffers.

    Are they right?

    Should Fowler stop her fight and throw up her hands in the air?

    Should the ill gotten gains of the persons and estates and companies identified by the JM as conduits for the removal of the CLICO millions, be now viewed as honourable and not subject to being levied on?

    Seems to me that the call by these BLP spokespersons is in no way less incongruous than Dwight Sutherland’s leading the charge for Rock Hard Cement.

    THis matter cries out for dissection by the BU family and further explanations from the duo of Lawyers and MAM herself.

    This gordian knot needs to be unravelled!

    Like

  56. David February 17, 2015 at 1:40 PM #

    @Are-we-there-yet

    The MoF made a statement yesterday that the government intends, based on advice (note the caveat ), to make policyholders as close to whole as possible. Not sure how much credence you want to place on his promise but it is a matter of public record. The flip side is that the JM who has a good idea the nature of Clico’s assets appears not to be optimistic by his recent public utterances and court action. Has the Chairman of the new company issued any statement at all?

    Like

  57. Bush Tea February 17, 2015 at 4:33 PM #

    @ David
    “The MoF made a statement….”
    +++++++++++++++++++++++++
    Ha Ha Ha … LOL … ohhhh shiite!!!
    You mean like “Four seasons will recommence shortly?
    ..or like “Barrack is being paid as soon as I sign some papers…”
    ..or “this VAT tax increase is only for 18 months”
    or practically EVERY thing that he has ever promised?

    steupsss….
    ..his words are just like his belly…
    Big and boisterous …and full of shiite.

    Liked by 1 person

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