Massy

Hero’s Day; Nominations for Treason

The following was mailed to the Nation newspaper for publication by Chris Mchale the man the system loves to hate  .
Sir Allan Fields presided over the disposal of Barbados only conglomerate BS&T

Sir Allan Fields presided over the disposal of Barbados only conglomerate BS&T

MASSYS; NOT BARBADIAN, BUT TRINIDADIAN. FOR HEROS DAY, I WISH TO NOMINATE SIR ALLAN FIELDS WHO TAKES FULL CREDIT FOR PUTTING THE DEAL […]TOGETHER WHEREBY NEAL AND MASSEY BOUGHT OVER BARBADOS SHIPPING AND TRADING.

IT MAKES ME SICK TO MY HEART TO SEE MASSY EVERYWHERE IN BARBADOS.

A DEAL “FACILITATED” BY A SENIOR POLITICIAN WHO OFTEN EXPOUNDS ON HOW PROUD HE IS TO BE BARBADIAN ;

THAT DEAL WAS  AN INSULT; A SLAP IN THE FACE TO THOUSANDS OF BARBADIANS. OUR ROLLING FIELDS AND HILLS??…..OWNED BY TRINIDADIANS

A DEAL MADE WHEN BARBADIANS HAD MANY BILLIONS ON DEPOSIT  EARNING A PITTANCE IN INTEREST WITH FOREIGN OWNED AND CONTROLLED BANKS.

THAT INIQUITOUS DEAL  WIPED OUT DECADES OF BARBADIAN STRUGGLE AND WORK;  BY CAPITALIST,   MIDDLE,  AND WORKING CLASSES.

HANDED ON A PLATE FOR A PITTANCE  TO TRINIDAD.

WHAT SAY YOU SIR ALLAN?……ARE YOU ACTUALLY PROUD OF THAT DEAL?  REALLY?

SIR ALLAN;  YOU, A BARBADIAN,   A DIRECTOR OF CIBC FCIB;  CIBC …… WHO WONT PAY 1% TO BARBADIAN SAVERS, DEPOSITORS, PENSIONERS; WHO PRODUCE MIS-LEADING AUDITED FINSTATS;

BUT  CIBC WILL PAY 3.22% TO CIBC TORONTO HEAD OFFICE; USING OUR HARD EARNED FOREIGN CURRENCY; ON A  ONE BILLION  BARBADOS DOLLAR  “LOAN” THAT NEVER EVEN CAME IN TO BARBADOS AS FOREIGN EXCHANGE . REALLY!!!  YOU HAVE THOSE PEOPLE AT CENTRAL BANK WELL TRAINED TO KEEP QUIET.

I GUESS THE NATION WONT PRINT THIS AS SIR FRED GOLLOP IS ON THE BOARD OF CIBC AS WELL………………..AS CHAIRMAN OF THE NATION GROUP?…..

AND CIBC GENERATES A LOT OF ADVERTISING REVENUE FOR THE NATION?

VERY SINCERELY

CHRIS MCHALE FCA JP.   ( A STRANGER AT THE GATE )

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51 Comments on “Hero’s Day; Nominations for Treason”

  1. Piece Uh De Rock Yeah Right August 23, 2015 at 3:32 AM #

    Say what you will about the messenger but his message is provoking and speaks to a serious matter of the “selling out of assets” of the national type to non-nationals, which, like the arid land that massa had previously bequeathed to the slaves and chattel, the beachfront land, land that could not grow anything, over time, when it evolved into black gold, then became the nuggets of interest that the progeny of massa sought again, and successfully acquired from the field niggrahs chilruns, and now totally owns, again.

    One cannot fault Massey, for like any business they have crafted a successful regionalexpansionist policy that, like Goddard Food Fair, has evolved into the international Group of Companies that expand beyond our 166 sq. miles.

    So when you say “a” you have to say “b” expansionist policies while they bring new massahs, Massey equal Massah (plagiarized from a colleague), they are of themselves the mettle of globally successful companies and conglomerates like Krupp.

    Esau gave Jacob his birthright for pottage and venison, yet the Angel of the Lord blessed Jacob!!

    One could easily say that the locally managed entity that Massah bought out DID NOT HAVE THE VISION of Massah and consequently one cannot blame SIR ALLAN FIELDS for profiteering on this leveraging of a formerly owned Bajan asset BUT equally so if we Bajans cannot see the vision and like Bertram Hall of Popular, wisely leverage our local nuggets, then we are deserving of the losses of our Barbados National Banks, our Emera’s, our Massahs and our Cahill’s which once lost WILL NEVER BE OURS AGAIN, FOREVER!!

    Like

  2. David August 23, 2015 at 7:33 AM #

    Based on today’s media report foreigners have been buying local properties like mad. Interesting to note is the reaction from local realtors this is positive. On a related note, should we consider Trinidadians foreigners?

    Like

  3. Kammie Holder August 23, 2015 at 8:06 AM #

    We must blame those we entrusted to look after our welfare in Parliament. Electricity gone Canada, Banks gone Trinidad but in fairness Canada is where they were for many years, food supply Trinidad, Mortgages and Credit now determined in Trinidad, Antigua and Canado with local banking staff just order takers. To control the food, energy, and money is akin to being a stateless person. Ultimately, we are also to blame for being sheepish.

    We are in deep shit thanks to a lack of clarity and long term vision of politicians who are encouraged by yardfowls.

    Changing from B to D aint gine help us as we have an integrity and accountability problem which encourages poor governance which neither party wants to address.

    Liked by 1 person

  4. David August 23, 2015 at 8:15 AM #

    The BLP is pro open borders and integration a regionalist approach to policy so yes it will not change with a switch in party.

    Like

  5. de Ingrunt Word August 23, 2015 at 8:53 AM #

    Oh word, so much has been written on this BS&T-Massy previously! But, I can agree with my BU colleague that even now the “message is provoking…”

    But realistically as the blogmaster asks how can we really call the Trinis ‘foreigners’.

    So much written over the years that it’s difficult to complain about a business maximizing its profit potential by offering its shareholders the financial benefit accrued from the take-over.

    As the blogger said, when there is an ‘A’ there is also a ‘B’. There were several hundred Bajans who started their first jobs at one of the BS&T companies eons ago who would have accumulated a decent number of shares from profit sharing annual bonus if they were still with the company at the time of the buy-out or had those shares in their retirement kitty. That was a plus for them as it was for the large institutional investors

    And what of the facts that (1) BS&T was but a mouse in the regional scope of business operations and needed to either grow or be swallowed and (2) some of the BS&T companies were seeing a serious down-turn in operations and (3) overall the company operations benefited competitively at the regional and one hopes global level from the take-over and its infusion of the new capital and change of management.

    Now, the author is right to assert that the deal wiped out years of Bajan struggle and his veiled accusation that the Fields and others grabbed a wonderful financial windfall and slipped away smiling.

    But what would he offer they do differently to improve the lot of Bajans (who didn’t buy or retain their shares in the company) ?

    Does he appreciate that with a local adult consumer pop of 200K – 250K or whatever it is and a regional pop overall of approx six million that regional companies like Goddards, BS&T, are seriously constrained for growth potential unless they merge and/or continue to grow their businesses in Latin America even as they try to push into the US with more vigor?

    I am sure Sir Allan did the deal with his eyes firmly placed on the projected sizable increase of his personal bank balance but many others benefited too and long term employment remains intact, there is growth potential as part of this much larger enterprise and Bajans will benefit.

    Much better than if others had bought the BS&T group and then simply gutted it to bank the available cash!

    Like

  6. David August 23, 2015 at 9:05 AM #

    @Dee Word

    The bottomline is if Fields et al sold out and bailed with the security of the golden parachute. Was that an immoral act on his/their part.

    Like

  7. de Ingrunt Word August 23, 2015 at 9:49 AM #

    Frankly David, NO. Surely some will make the case of immoral behaviour but that is a myopic and irrational view in my opinion.

    Allan Fields was a businessman whose purpose of life as CEO was maximizing profits while ensuring the company was an excellent social citizen.

    Every CEO should have a large number of shares in his company. Otherwise why is he leading it if he is not convinced of its long term prospects?

    Was the deal bad for shareholders? Were Bajan vocal and activist shareholders? Was continuing as a small competitor to Massy, Ansa, Musson Group, Goddards, Mr Slim outta Mexico and others a long term boom or bust proposition? Did the Bajan investor group have any realistic chance of buying and operating BS&T in such a competitive environment?

    David, just a few questions that don’t even get into the nuts & bolts of the company operations and project possible mid-long term scenarios.

    My peek into the market-place told me that BS&T was up against some serious business gale force winds.

    That there was a lot of consolidations taking place behind the scenes in the technological areas that was going to pave the path of future growth.

    That growth into Latin America was crucial for long term life.

    That BS&T seemed to be a stodgy old operation with admittedly some good projects and interesting brands but lacked the power and solid breakthrough ideas to propel them as a grand player into the 21st century.

    So, a merger appeared the necessary thing business wise and commonsense wise. Either Fields did it then to cap his legacy or the next CEO does it a few years further on.

    Immoral? Of course not. Self serving? Absolutely!

    Like

  8. David August 23, 2015 at 9:55 AM #

    @DeeWord

    You will not like this response but an indigenous conglomerate having achieved such based on significant domestic support has a moral responsibility to defend the integrity of the local landscape. The textbook mantra a company should always be true to building shareholder value is BS. Fields and the lot sold out Barbados by dumping BS&T with all its undervalued assets to non Bajan concerns.

    Like

  9. Hale McChris August 23, 2015 at 10:18 AM #

    CIBC is McHale’s newest enemy in Barbados. After many, many years of trying CIBC finally got McHale evicted from the penthouse at Ocean Reef Suites in Worthing, opposite to the police station. Remember the PWC incident? That was all in an attempt to try to stall the CIBC repossession/foreclosure of the building.
    NOW HE IS INTEND TO TRY HIS BEST TO DAMAGE CIBC, PWC AND CLARKE, GITTENS AND FARMER.

    Like

  10. Hale McChris August 23, 2015 at 10:22 AM #

    Should McHale tell us a little about the criminal charge he has pending in Oistins for hurling racial epithets at two securing guards at Bougainvillea hotel before running over one of the guards with his car, a silver Honda Prelude?

    Like

  11. Shaft August 23, 2015 at 11:02 AM #

    Sir Allan honoured…. Someone is having a “Bubble Bath” (laugh) in London UK language… Ah yes, that’s it, give Sir Allan a bath…. IN THE DEEPEST OCEAN…😂😂😂

    Like

  12. de Ingrunt Word August 23, 2015 at 11:09 AM #

    David, that is one view. I would agree re the “undervalued assets” remark but you are absolutely right the rest I disagree with.

    Undervalued from the perspective that as a whole and as such a large part of the Bajan landscape there was likely excellent ‘hidden’ value in the goodwill of the BS&T companies and subsidiaries. So I am surmising that the ‘goodwill’ value was not unlocked with the final share price, but I have not studied the financials to go beyond that general perspective.

    Your view is based on the nationalistic pride (which is fine) but in so doing you completely overlook the nature of the business landscape which is now comprehensively and completely fulfilling the ‘Federation’ goal which the politicians could not. To dither with this view of defending the integrity of the local landscape is being a bit impractical. You cannot attempt to grow regional and compete against others with heft unless you also muscle up or generate awesome new ideas.

    Of course, Bajan companies can continue to exist but at the size of a BS&T you either grow inorganically (mergers/acquisitions) or you get out of the way. That ‘in between conglomerate size’ is problematic unless you are very technologically efficient and are looking always to improve, improve, improve.

    Consider that over the years BS&T had either taken over or become majority owners of other regional entities. They were in that spot where they had to look at that next wave of merger growth or, as they did, be acquired.

    So we can agree that staying locally owned is an awesome concept filled with national fervor but we part ways on how practical that was if BS&T wanted to be a big player.

    Hidden in your comments and those of others similarly minded is a perspective that I would completely endorse, that being: BS&T needed a new wave of young corporate talent that was prepared to do what was necessary to move the conglomerate from small to behemoth. The older mainly white cadre of leaders were sitting back on their laurels when in fact they needed to get up and sprint and infuse itself with new executive who had that vision…

    That we can agree may have saved the national ‘prize’ we now long back on fondly and made it into one of the power players.

    But we still have Goddards…for how long unless !

    Like

  13. MoneyBrain August 23, 2015 at 11:14 AM #

    Some key questions regarding BS&T:

    1 the shareholders received money from Tdad, so did’nt forex come into Bim to benefit all?

    2 is the entity growing and creating jobs for Bajans or at least maintaining job levels? (depends on national economic growth too)

    3 did the former shareholders send all their $$$$$ overseas or has those monies been used to start businesses or finance the growth of existing enterprises?(directly or via Banks/ institutions)do we have a clue here?

    4 do we know whether a much larger, better and more easily financed entity like Massy is in a better position to grow jobs for Bajans?

    5 Was BS&T capable of growing at a decent pace? I would prefer that it be sold and the money be used in 25 disparate businesses that can grow much faster while serving the needs/ wants of Bajans.

    6 If BS&T was working so well for Bajans, why were the assets undervalued? Which entity in Bim was capable of buying BS&T to surface full asset value? Why did they not strike first, assuming there is such an entity locally?

    7 If BS&T was so cheap and valuable why did other rich organisations from the land floating on oil ie Tdad, not join the battle to procure the spoils?

    The reality is that Bim needs to be seen as a bastion of free enterprise in order to encourage JOB growth and a higher standard of living for all. Bim needs to reach a level where foreign currency flows freely. My client’s wife inherited over a $1mn+ from Singaporean parents and the cash was transferred to Canada as easily as any local remittance. Corruption will not enhance Bim’s reputation, nor will negligent “leadership”. These are what we have in abundance and I really wish we could sell those back to Tdad.

    Like

  14. David August 23, 2015 at 11:20 AM #

    @Dee Word

    Really? Fulfilling the calling of the Federation you suggest ? Bulls!

    What gives a country its identity? Do you see Apple being allowed to slipped into the hands of the Chinese for example?

    BU absolutely does not forgive the Cattlewash crew and Fields fir orchestrating the sell out.

    Like

  15. de Ingrunt Word August 23, 2015 at 12:09 PM #

    Yes David, really. The Musson Group has its tentacles across the region as Neal and Massy does and as Goddards does. That sir, is integration plain and simple. Straight up companies owned by one regional country but with key relationship and interdependent operations in almost every other island.

    Is that not what the politicians were striving for with their political ting that dissolved with: one from 10 = zero?

    When Jamaica gets slammed by a hurricane doesn’t a related company operation in Barbados or Antigua feel the pain and get into the gap to fulfill some obligations as is possible?

    Sans the politics – which would be your BullS, I believe – this is regional integration at its wondrous best. LOL.

    Comparisons beween Apple an ‘advant garge’ technological innovator and BS&T, an old-style agricultural plantation owner/merchants’ agent reseller/services provider/food retailer company. Surely you jest!

    What innovative concepts did BS&T originate that placed that company or Barbados on a path of continuous double-digit annual growth?

    I do feel your pain re ‘the Cattlewash crew and Fields’ and the hurtful perspective of selling out but business is business. They thought the best option was a merger with Massy. Maybe they were wrong but the sale did offer Bajans valid benefits and gives solid future benefits.

    And finally don’t let us get too carried away with this US icon will always be US icon warm and fuzzy feeling…

    Think of the ritzy, one of a kind icon Waldorf Astoria property now owned lock, stock and barrel by the Chinese that used to be the ritzy one of a kind US icon.

    Or the minor but still significant purchase by Chinese owned Lenova of IBM’s PC manufacturing business.

    Think of the fact that the US imports more product from China that the GDP of 90% of the world economies.

    You get the point David. Change is a bit*h and it hurts but it is as inevitable as old age and the concomitant pain their associated! Of that we can agree, I am sure. LOL.

    Like

  16. David August 23, 2015 at 12:18 PM #

    @Dee Word

    Correction, it was not a merger. It was an acquisition be N&M. And BS&T was an asset rich company ala Plantations Holdings which CLICO acquired and destroyed. Will we see history repeated. Surely you have wined and dined with Bajans Whites and should understand how the person was socialized, especially those born in the 50s and 60s?

    Like

  17. Alvin Cummins August 23, 2015 at 2:01 PM #

    @David,
    I was going to put my mouth in, as usual, but you made my point. BS&T was an acquisition, after a proxy (fake) bidding war between Ansa Mc. Al. and N&M. BS&T could have done what Massey is doing now., increase Marketing. Why can we get Tiger Malts and Pine hill Dairy products in No Frills here in Toronto, now, and we could not have had it eight years ago? Laziness.!

    I have said it before in previous blogs, and like you I cannot forgive the Cattlewash crew. They have no love of country. They own, or owned the land, and prefer to let it run fallow and grow into forests than put it to good use. Selling it off in house spots cannot be called putting it to good use.

    Like

  18. Gabriel August 23, 2015 at 3:17 PM #

    Sirallan Feels would have been tried for treason in another dispensation.The disastrous effect of this disposal of the family silver played out most definitively in the management of the Almond properties and the impact on our tourism plant.Bear in mind that our country is largely dependent on the tourism industry.At the time of this sellout to Neal and Massy, as it was known at the turn of the century,that company was headed by Arthur Lok-Jak,who also happened to be chairman of then BWIA,the Trinidad carrier with a big presence in Barbados and flying to our major source markets,Miami,New York,Toronto,UK,Europe and here in the Caribbean and South America to Brazil,Venezuela,Guyana,Curaçao,Aruba,to Santo Domingo,Haiti,Bahamas,Cuba,Costa Rica,Puerto Rico,Trinidad,Antigua and Jamaica.This carrier played a most significant role in the development of our tourism.Before the ink dried on the sale and which David Thompson fooled Bajans that he would cancel the sale if he came to power,before the ink dried Lok Jak closed down Bwee and closed the Almonds.Barbados tourism has not been the same since,never mind what Sealy and his new kids on the block Griffith and Jemmott would have us believe.
    With Clico continuing to make dubious decisions in Trinidad,with Republic and First Citizens in the same mix and with Persad-Bissessar telling a town hall meeting that giving in to the threat of Clico policyholders withholding support for her PP govt re-election bid is tantamount to blackmail,Massy in one fell swoop took away a source of foreign exchange earnings for Bdos and became an exporter of foreign exchange instead.

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  19. David August 23, 2015 at 3:58 PM #

    The following document received from the man we love to hate:

    https://barbadosunderground.files.wordpress.com/2015/08/cibc-fcib-letter-19-march-2013-audited-finstats-31-10-2012.pdf

    Like

  20. Colonel Buggy August 23, 2015 at 4:50 PM #

    Clear proof that the Parliament of Cattlewash, has more clout and balls than the one in Palmetto Street.

    Like

  21. MoneyBrain August 23, 2015 at 5:33 PM #

    De Ingrunt et al

    The Chinese own the Waldorf, the Japs bought many key properties at the peak of the cycle in the 1980s also,remember Pebble Beach Golf for $850mn and what happened? The Japs took wicked losses with PB Golf being liquidated for $350mn or a Jap loss of $500mn 0r approx 60%!!!!!!!!!!!!! Did the workers lose their jobs? Did the Golf Course cease to exist?

    While I have always stated that Landuse Policy in Bim is poor and that anyone wanting to develop Luxury Communities should also be legal bound to produce houses/ community centres for the lower end of the market, I have written that Bajans would be in a position to benefit when the inevitable BUST follows——–that time is here with $2mn Pppty going for $600k according to recent articles. I told a RE agent who is related to my nephews wife about 7 yrs ago that I might be interested in a ppty when they are on offer at 50%+ discount.

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  22. MoneyBrain August 23, 2015 at 5:48 PM #

    Alvin wrote—
    They own, or owned the land, and prefer to let it run fallow and grow into forests than put it to good use. Selling it off in house spots cannot be called putting it to good use.

    What would you recommend?

    Grow crops for TEEFS to raid in de foreday morning? Headaches with workers who hate the connection to the bad old days of agriculture.
    Bethel and others, who are trained in Agriculture, have tried for years to influence Govt to develop a sensible approach to turning crop production into a success—–massive Govt FAIL! Many hardworking Black gents in this industry have been complaining for donkey years.

    Like

  23. Gabriel August 23, 2015 at 5:48 PM #

    Can the Canadian based correspondents Hants,Alvin.Moneybrain confirm whether the US500million loan from parent CIBC to subsidiary FCIB took place in the approved manner or is this just a skimming paper transaction.

    Like

  24. MoneyBrain August 23, 2015 at 5:54 PM #

    Gabriel—
    It is much easier to garner that type of info in the Cbean than in Toronto. Firstly, it is small potatoes relatively speaking. Secondly, info Privacy and other laws here are strict and we dont have lose cannons like McClown.

    Like

  25. Gabriel August 23, 2015 at 6:22 PM #

    Moneybrain
    I would have thought that Freedom of Information laws there would have been alike those in the UK,US and even in Trinidad.As far as I am aware publicly traded companies are not protected from public oversight.If you are correct Canada comes up short.

    Like

  26. The observer August 23, 2015 at 7:43 PM #

    Very interesting exchange between Donna and David.
    (Let me first state that my training is in Mathematics and so my economic theory may be wrong)

    Sometimes I wonder if we can apply the same economic model to the economy of a small island and to the USA. In her examples, Donna cited Waldorf Astoria and Lenovo as examples of foreign acquisitions. If one were to compare their value to that of the whole US economy then I suspect they would be a pimple on an elephant’s butt. If one were to compare the value of BST to the whole Barbados economy, then I suspect it would be much larger than a pimple.
    I think a problem with the Caribbean region is that they believe as sovereign countries they can follow the same economic model of the US. They do not realize that the impact of some of these actions can be catastrophic for themselves.

    Like

  27. MoneyBrain August 23, 2015 at 7:55 PM #

    @Gabriel—

    These specific small matters are kept well hidden everywhere! Besides in small communities where virtually nothing is private like Bim.

    Like

  28. jack ass' bro August 23, 2015 at 8:30 PM #

    https://barbadosunderground.wordpress.com/2007/08/08/neal-massy-about-to-take-off-the-gloveshostile-take-over-imminentwill-sir-allan-fields-quit-the-bst-board/

    lets here from an udder night o de realm SIR TREVOR ?? wot you does tink MASTER SIR??….you is um party in powa Cenator

    Like

  29. jack ass' carrott August 23, 2015 at 8:53 PM #

    money brain
    YOU ARE REAL INTELLIGENTSIA. and you say ” firstly it is small potatoes ; it only US$500,000,000.00 from parent CIBC to subsidiary FCIB TELL US simple peeps PLEASE. YOU KNOW ABOUT INTERNATIONAL FINANCE. WHAT DO YOU SAY .

    if $500million is small potatoes
    Secondly, info Privacy and other laws here are strict and we dont have lose cannons like McClown. so when you say “here” you are in CANADA…..in your home in NOVA SCOTIA.

    Can the Canadian based correspondents Hants,Alvin.Moneybrain confirm whether the US500million loan from parent CIBC to subsidiary FCIB took place in the approved manner or is this just a skimming paper TRANSACTION.

    Like

  30. Simple Simon August 23, 2015 at 9:04 PM #

    Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.

    Thomas Jefferson

    Liked by 1 person

  31. Simple Simon August 23, 2015 at 9:07 PM #

    Massy may be profitable for its owners, but certainly the Massy supermarkets are not as good as the former Supercenter. Not the same great selection. not the same great brands. If I want a supermarket with just the basics I go to Popular. Basic brands at basic prices.

    Like

  32. de Ingrunt Word August 23, 2015 at 9:16 PM #

    Correct David, acquisition. Mergers are between equals. But we will not re-litigate that Massy-BS&T matter here again. Clearly, there are still some raw nerves on this issue. I will only reiterate that change is hard and painful.

    The combined companies now pose a significant regional presence and we must look forward to positive results and opportunities for Bajans at the top levels of management.

    I do not foresee any destruction a la CLICO & Plantations Ltd but who knows the future.

    That’s a good one re “Surely you have wined and dined with Bajans Whites and should understand how the person was socialized, …”. Indeed, dined with Bajan whites and also those across the region and beyond and a common denominator with them all is ruthlessness.

    Some folks will decimate friendships if they see strong business opportunities ahead.

    So the actions by Allan Fields were never a shock.

    We can lambast him on national pride but that would never be a principal motivator for him in the executive suite.

    Oh and btw of course that ruthless behaviour was certainly not unique to whites only.

    Like

  33. MoneyBrain August 23, 2015 at 10:50 PM #

    Please note Bajan Whites have their faults BUT they did not give Bim CLICO or this DLP Govt!

    National pride—which Bajan family throws out the booty sent down in a barrel from up North so they can runout to show Bajan Pride by buying from a local business instead??????

    This DLP bunch are presiding over much Financial destruction for sure.(not their personal Net Worth doh)

    Like

  34. Richard Arthur August 24, 2015 at 8:12 AM #

    HELLO, prior to the 2008 elections, december to be exact, David Thompson said “if the ink was dried on the sale of BS&T to TT, it would’nt happen”. Can anyone remember when the deal was completed. Remember in 2008 that two TT companies were fighting for the pie.

    Like

  35. Richard Arthur August 24, 2015 at 8:29 AM #

    ‘We can’t meddle’
    Published on: 7/20/07.

    by JULIA RAWLINS-BENTHAM
    Any Government intervention in how shareholders dispose of their property will be in breach of the Constitution.

    That’s because the existing legal framework does not provide Government with avenues for direct intervention in such matters, but gives shareholders the constitutional right to dispose of their shares as they see fit.

    Minister of Commerce, Consumer Affairs and Business Development, Senator Lynette Eastmond, made this point yesterday as she delivered an address during a panel discussion on mergers and acquisitions hosted by the Almar Business Services at Sherbourne Conference Centre.

    Earlier this month, Opposition Leader David Thompson vowed that any sale of Barbados Shipping & Trading (BS&T) to foreigners that was not totally sealed by the time the Democratic Labour Party (DLP) took over Government would be reversed.

    His words at the time were: “I am saying that the Democratic Labour Party is against the wholesale sell-off of BS&T to non-Barbadian interests.

    “If the election is called before the ink dries on the sale, it shall be halted by a DLP administration. We must help Barbadians to preserve what is theirs.”

    However, Eastmond said while moral suasion could be used, a Government needed to be “very careful” when it thought about retroactively infringing the constitutional rights of a shareholder.

    “If a shareholder decides to sell his or her shares, and then a Government is going to take a position that it is going to do something against that, it will be in breach of the law, and it would be contrary to their fundamental rights and privileges guaranteed under the Constitution,” she said.

    She warned that people should be wary of any other way that might seek to tamper with the Constitution rights of shareholders.

    Like

  36. David August 24, 2015 at 9:35 AM #

    David Thompson ‘s promise to stop the BS&T deal was expressing what politicians do best.

    Like

  37. MoneyBrain August 24, 2015 at 10:24 AM #

    Thompson was only concerned about dried INK pun de $$$$$$$$ he could get from turning a blind eye, like looking away from CLICO!

    Like

  38. MoneyBrain August 24, 2015 at 10:28 AM #

    Jackass 8.53pm—-

    What are U on about? U bessy leff out de ESA Fields pun a Sunday yuh!!

    Totally undecipherable like Sumerian hieroglyphs.

    Like

  39. MoneyBrain August 24, 2015 at 10:57 AM #

    While Sir Alan et al did revive BS&T in the last 30yrs or so, when I was a youth I heard that entity referred to as Bdos SLIPPING and FADING! It was an underperforming business, plain and simple.

    So wunna say to keep it but simultaneously curse BS&T when they had a growth spurt by buying other businesses like MER Bourne etc. U cuss them for being stupid Whiteys but when they sell to a more powerful entity that can grow regionally, u cuss them again. The fact that the BIG UP, Mc Guffy Mr Warner at N&M Tdad is a somewhat brilliant dark gent makes no difference.(might well have Bajan blood being named Warner)

    Why dont Bajans BUY shares in these “undervalued” organisations? Buy N&M shares. Better yet start your own business and show real Bajan Pride. Learn how, why, what, when etc Mr Simpson operates or better yet operated when he was relatively small. He was either the first or one of the first non- Japs to be on the Board of Directors of a Jap Multinational ie Suzuki. Real stupid White Bajan? The Cattlewash cabal mussee get he that position too? Dem real influential doh! More powerful than the USA!

    Let’s get REAL and move forward, while there are plenty successful black business people, there are not enough.

    Like

  40. Experian August 24, 2015 at 3:21 PM #

    chris mcidiot back at it again? he is a real real joker tho, he done lost everything and still carrying like a poppit in Barbados. he last he house, he lost he investments in clico and bico, he lost he apartment building oceans reefs, he lost he friends and good God, the idiot all lost he woman.

    Like

  41. Experian August 24, 2015 at 3:27 PM #

    once he stop taking his Serdolect, he does go full loopy. the day PwC put his out he run to the roof of the building and threaten to throw himself off. the police next door ain’t even worry to come outside…………..dem know he is a nut-bucket.

    Like

  42. Gabriel August 24, 2015 at 4:08 PM #

    Hesperian
    You can crow all you like,Chris created history in Buhbaydus by calling Sandy by his real name….an errant school teacher.The rest is history as is Sandy,who after he got deposed was making noise as an ex PM for a government funded office,secretary,telephone,and an official car.Sandy complained that when he goes to a funeral,he has to find his own parking spot like an ordinary Bajan,meaning that he was no ordinary Bajan!
    Lo and behold,history is repeating itself.We have another errant school teacher on our hands.

    Like

  43. Alvin Cummins August 24, 2015 at 4:20 PM #

    @Experian
    Isn’t Chris Mc Hale an “errant school teacher?”

    Like

  44. MoneyBrain August 24, 2015 at 6:04 PM #

    NO Chris is an escapee from The Green Gate Hotel!!!

    Like

  45. William Cobbett August 24, 2015 at 7:44 PM #

    MoneyBrain

    Wait, wait………wait a cotton picking minute, are you saying that Chris McHale is outpatient from the the mental hospital in Blackrock? I didn’t know that Chris McHale was in Jinkings…………..he had a meltdown or is it genetic?

    Like

  46. Alvin Cummins August 25, 2015 at 3:11 PM #

    @Jackass;

    Thanks for your reference to the web posting and to Ronnie Hughes history of BS&T. Very interesting, and I have to apologize. The sale of BS&T to Neal and Massy was indeed a merger when the share positions of the companies are considered. It brings up one of the most important aspects of big business in Barbados, and the role of local whites in controlling it.
    How do we handle the cases of interlocking directorships, insider trading, and mergers and acquisitions, when chairmen of Boards in one company also sit on the Boards of companies that they propose to acquire or merge with.How do we handle the issue of transparencies in companies, and educate shareholders into their rights as shareholders, and how to maximize their funds? How do we educate shareholders in the necessity to attend annual shareholder meetings and ask questions, a la Hillary Beckles, in the Barbados Mutual saga. If a lot of shareholders; those with the business acumen, with interest in the country, and the intestinal fortitude had attended the meetings of BS&T and asked questions the sale/merger might not have taken place. I don’t know.

    The other issue; the money (foreign exchange) that should have gone into the treasury coming out of the CIBCFCIBC thing. That report is interesting reading. That is a lot of money. It might have prevented a downgrade.

    Like

  47. bimjim August 29, 2015 at 4:11 PM #

    I will ask the same turn-around question I ask in the field of religion – and anything else – when it comes to fair exchange.

    Is it possible for a rich Bajan – or a Bajan company – to go to Trinidad and buy up companies, properties and assets like Massy has done in Barbados? Let me suggest that it would ne near on impossible – and your legal team would be prohibitively expensive before the Trinidad government eventually showed you the door.

    Since I ran a restaurant in Barbados back in 1970s, we got many of our supplies from Trinidad but even then it was impossible for Bajan manufacturers and food producers to ship to Trinidad. I have not heard that is is any different today, 40 years later. Yet Trinidad claims to be a full member of CARICOM and complying fully with all of the Treaties.

    Fair is fair… what is happening in Barbados today – and has been happening for decades – is NOT fair, and in fact smacks of corruption – so who is getting all these kick-backs?

    As for selling Barbados, if YOU were a Bajan realtor making bags of profit on sales to foreigners – with much of your cut stashed offshore before it ever reaches these shores – would YOU not also find selling Barbados to be a very reasonable activity?

    Like

  48. MoneyBrain August 29, 2015 at 5:19 PM #

    If it is not a 2 way street whose fault is it?

    Obviously the jokers in Bim’s Parliament. They mussseee getting a cut? Pride and Industry my behind! CORRUPTION rules it is all bout $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

    Like

  49. Colonel Buggy September 1, 2015 at 12:12 PM #

    ” The Government cannot afford to be and does not intend to be a helpless Spectator”

    No Sir, but you and your government have become ineffective lot of Linesmen and Referees.
    While you were shooting off your mouths with these very words , the criminals were shooting off their guns without fear.

    Like

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