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The Business Blog – Sagicor Votes to Redomicile

From page A5 of the T&T Guardian (07/06/2016)

From page A5 of the T&T Guardian (07/06/2016)

Sagicor formerly the Mutual Society will vote to redomicile to Bermuda from Barbados tomorrow (8/06/2016). To carry the resolution will require 66.66% of the shareholder vote. For some Barbadians the decision to redomicile Sagicor is another key performance indicator that confirms a tanking economy.  In a nutshell, the 175 year old Bajan company will soon suffer the national disgrace of seeing this company consummate a legal divorce from Barbados. We are grateful that the company will be treated as a tax resident.

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105 Comments on “The Business Blog – Sagicor Votes to Redomicile”

  1. Pachamama June 9, 2016 at 8:40 AM #

    The people who exclusively blame a feckless DLP regime are yard fowls.

    Seeking to get another wicked BLP government into power will solve nothing. Might make things worse, if that is possible.

    They should recognize that, culturally, these systems, whether political or economic, can go no further. And should seek transformation, declaring B/DLP proscribed organizations, like Daesh.

    A deeper cultural analysis is required.

    Like

  2. Bush Tea June 9, 2016 at 8:43 AM #

    @ Dribbler
    Trust you to understand Sagicor’s way of thinking….
    Did your family invest in you before your re-domicile?
    …or was it more a case of them raising funds to get rid of you…?

    Like

  3. Frustrated Businessman aka 'Refer teefin' to the public prosecutor' my ass. June 9, 2016 at 9:03 AM #

    Many posters here seem to be stuck in the socialists’ hysterical belief that the state can force citizens (including corporate citizens) to do what it wishes despite short-term consequences for individuals and the long-term decline of the state itself.

    Every time agriculture is discussed here some raving lunatic says that farmers should be forced to farm despite losses and shouldn’t be allowed to sell their loss-making land ‘for the greater good of Barbados’. That’s fine until it’s you in debtors gaol!

    Now we are to force Sagicor to stay in Bim, despite the fact that our poor credit rating is affecting their ability to borrow money (in the form of deposits and other investments) and the consequential cost of that money directly affecting their bottom line.

    What planet of morons (or Mormons) do you fools come from?

    Just address the PROBLEMS and not the SYMPTOMS!!!!!!!!!!!

    Barbados’ credit rating wouldn’t be so poor if the economy wasn’t mismanaged. We wouldn’t be ‘junk’ investment status if we weren’t borrowing and printing money to maintain the illusion that our civil-servant burdened socialist state is sustainable.

    But there is a bigger problem; the gov’t of Barbados has said or done NOTHING to correct the problem. Corruption has already chased new investors from our shores, mismanagement will continue to chase out successful companies like Goddards (who said 2 years ago they weren’t investing in Bim any more) and Sagicor.

    Spew all the political and ideological BS you like, there are financial realities that are oblivious to rhetoric and they are getting more serious every passing day.

    And today is an important day. If McDowall is ousted today the NUPW will once again be a DLP serf.

    Like

  4. Pachamama June 9, 2016 at 10:06 AM #

    The Frustrated Businessman is more frustrated than business and much more ignorant than ‘centible’.

    He seemed to be locked into a BLP/DLP duopoly mentality.

    We wonder what kind of a world could there be for BLP or DLP pimps to control workers’ organizations. We do not recognize that as the only world there could be.

    You called us ‘socialists’. We don’t call ourselves that but you have. For us, we care not what colour the cat is once it catches mice. And RAAAAASsoul capitalism has NEVER caught any mice for the vast majority of the peoples of the world. Instead of making things better capitalism is delivering us all a neo-feudalism, yuh Brassbowl idiot.

    You will come to see this after the world is transformed. And that is what make you an eminent Bajan asshole. Only after the future is determined can you see. With businessmen like you we will always be underdeveloped and walking around with our houses on our backs.

    Socialism, formally, collapsed more than 20 years ago. Only ass holes can be ignorant enough to continue with this canard. Your problems and frustrations seem to be your lack of an ability to get enough of the goodies for yourself from this dying system. You give not an *uck about anybody else. Once yuh big guts full.

    In this respect you are mouthing the sentiments of people like Bizzy Williams. Like him, you don’t mind socialism for the rich and for businessmen, like you pretend to be, but there must be capitalism for everybody else. This game is over, yuh female rabbit!

    He talked about farmers. We wonder who those farmers are. Are they the farmers who worked land in this country for hundreds of years giving free labour. Or is it that your colonial, mentality is unable to measure that in your calculations. What about the would be farmers whose lands were stolen?

    For you only a BLP government will end all your frustrations. Can’t you see that there are more germane matters that the woman who you think is washed in the blood of the lamb, MAM, has not a clue to solve. And that she merely wants power for power’s sake. Can’t this be seen by you. And if yuh could, should we not see past the next election?

    You talk about about symptoms verses problems. Are the Sagicor and their ilk not the people who really run this economy? And is it not true that your political saviors have always been water boys for the corporate elites? Now these very elites are failing, and they must, why blame the water boys. That that the water boys should not be sentenced to death.

    You are the idiot. We could not stop your heroes at Sagicor from de-mutualizing and we warned them then. They forced it through with the help of consistent idiots like you. Now there have fucked that up you are seeking to blame us not your vision-less imbeciles in corporate Barbados.

    You idiot, Sagicor was lost to Barbados every before it started. Ordinary Bajans were always on the periphery. Never got to use their own capital. Never got to serve on their Board. Never even got the right to vote. Then a Brassbowl, an uncomplicated asshole like you would like to make people believe that this matter is merely about a misguided DLP government.

    Like

  5. Alvin Cummins June 9, 2016 at 10:11 AM #

    @Bushie,
    understand you are a mathematician so you would be familiar with the Theorem “Things that are equal to the same thing are equal to one another.” I do not claim to be equal to you, but you have expressed the same sentiments as me. Any company that has existed in this country for 175 years, whose supporters are claiming that it is due to the “non-payment of Government subsidies, as the reason for movement of its head quarters, deserves to have all its landholdings expropriated and; should I say, “mutualized”? This is the most blatant display of an absence of patriotism that I know of. But then Sagicor is not a Barbadian company. It is foreign owned and controlled. We have had this aura of Barbadian ownership for a long time but it went when the “Mutualists”, realized that they no longer had exclusive access to the building on lower Broad Street. When Blacke peoples’ consciousness was awakened, and it was forced to “demutualize”. Then, like those who left, hurriedly, took off for roaring lands. The abandoned the land; not its ownership, and gave it up to whatever bush and “weeds” wanted to possess , Not caring , perhaps not understanding, what could be done with it.

    Prodigal:
    Dinner at Daphne’s, Expensive isn’t it? Thus I get an idea of the folk you associate with. However, to the subject. of oil drilling and your obvious need for understanding. During the OSA years, do you remember that after the declaration of the Tribunal at the Hague, delineating the boundaries between Barbados and Trinidad,(The impression given by the then government was that it was supposed to be an arbitration on a Fishing Agreement, although that was far from the truth) areas; north of Barbados, that showed promise for oil and gas exploration, were divided into “sections” and these were offered to bidders who wanted to explore. Each “section” could be bid on, after acceptance they could drill in that particular section. Thus even though you might see a ship when it came into port, after that you would not see it because it would be out to sea far off the north coast of the island. So if you did not see it again, don’t attach anything sinister to its absence, or assume that its absence was because of government inaction. If I remember correctly, the latest selling of another; “the Blackberry” section was agreed to a few weeks ago. I am sure you are aware of this but, as usual, you are up to your old tricks of disinformation or false information.
    By the way, What hard work did Mia put in? Liz was the Minister responsible at that time and OSA was Prime Minister. Everything Mia did was a disaster. She was responsible for the Supervisor of Insurance when CLICO began to unravel. She was AG when the prisoners rioted,burned Glendairy down and the prisoners were moved to North Point. She was AG when the agreement with SSS was signed to build a new Prison, she it was who reported to the house on the cost, giving the impression that the cost was in BDS dollars when in fact it was in US dollars; (compare that with your criticism of Chris’s decimAL point, She has so far lost there motions of NO Confidence, and more.

    Can’t fool me though!

    Like

  6. Bush Tea June 9, 2016 at 12:07 PM #

    Barbados’ credit rating wouldn’t be so poor if the economy wasn’t mismanaged.
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    If the pampered, educated and spoon-fed son would have taken his rightful place in the family, instead if glutinously and selfishly gobbling up every thing he could (and divorcing himself from the family that empowered him – via ‘de-mutualisation’ ) perhaps we would have benefited from better management ….and better credit ratings.

    When your first son turns out to be a parasite and traitor, you have worse problems than just bad credit ratings….

    Like

  7. Crusoe June 9, 2016 at 12:51 PM #

    @ David,

    In response to your query, I do not think that those J’ca and T&T companies that you refer to are listed on the US stock exchange?

    That impacts the business environment of the company in question.

    No doubt those directors who put the proposal must see Sagicor as growing and becoming a larger and more successful company than thus far.

    What that may imply, if it is to become larger geographically, is that local policyholders may become a small part of their portfolio.

    But, there is always room for other local companies to fill any perceived void, so I do not think it an issue.

    If Sagicor were to become a large US insurer, surely that would be a good thing?

    Like

  8. Crusoe June 9, 2016 at 12:52 PM #

    And by proposal above I mean the event when the company became listed overseas.

    Like

  9. David June 9, 2016 at 7:05 PM #

    @Crusoe

    The president stated the 1% room re-domiciling gives Sagigor would have saved them about 3 million dollars in the bond just floated to restructure debt. Will it be worth it?

    Like

  10. de pedantic Dribbler June 9, 2016 at 8:02 PM #

    @ Bush Tea at 8:43 AM , I do not pretend to “…to understand Sagicor’s way of thinking….”

    Whenever you can’t respond to a view with a clear purposeful retort you resort to the little snide personal remarks…LOLLLL. For a big boy you are quite predictable.

    I believe it was @B Codrington who said to the effect that there is more than the mortal in this pestle, so I would be a fool to determine that I understand exactly what is driving this action although Artax’s technical business analysis indicates that the lowered bond ratings is a key driver, of course.

    At a level of very simple common sense it is absurd to perceive as you have that an island the size of Barbados has a ‘hold’ on this corp. Let’s put the 175 years into proper context please…

    — Barbados is one of 22 local markets in which it operates.
    — It sources millions of $$ on the US capital markets via bond offerings and thus must play the financial game well. And it also has operational business in Arizona, Florida and Oklahoma there.

    If Barbados wants to continue to operate at a high level it too must play the financial game. So if the PM scoffs at the relevance of bond ratings he clearly is aiming to play by his own rules and the only way he can do that if if he has very deep financial resources. The country does not.

    Let’s further get real. Their Sagicor Life segment (including Barbados, Trinidad and Tobago, the Eastern and Dutch Caribbean islands, Belize, Bahamas and Panama) generated revenue of US $350 million back in 2013.

    BUT….their Sagicor Jamaica Segment (including Jamaica and Cayman Islands) generated revenue of US $464 million.

    The actual island figures I didn’t research but that is $114 million more from the Jam operational segment than the one including Barbados….which was one of 10+ locales.

    Yet you are offering simplistic blarney that Bdos biggest son leffing he family. Steeupse.

    As I said earlier you talk really, really sweet. Not practical and real in this case but sweet.

    Like

  11. de pedantic Dribbler June 9, 2016 at 8:24 PM #

    @David, Crusoe can answer your ‘rhetorical’ query but I’ll say this. $3 million dollars could be considered chump change depending on how one looks at it. Important $$ in lost fees by the brokers doing the deal or a lost percentage point on the CEO’s bonus but rather incidental as a possible dividend repayment.

    But the key point I wanted to make is the Sagicor is now no more a Bajan company than cricket is a WI dominated sport. Both have strong roots in Barbados and still have very real links yet time and circumstances have overtaken the sentimentality of Mutial/Sagicor’s birth here some 175 years ago.

    We had this conversation with the Banks Breweries takeover and we will have it again when Goddards hits the news with a possible take-over or some such.

    Coincidental and ironic that both Sagicor (through Life of Barbados) and Banks have connections to Guyana…just another reminder that where and how these companies have evolved and grown and now continue to evolve and grow into the 21 century cannot be viewed in simplistic terms.

    Like

  12. Artax June 9, 2016 at 8:37 PM #

    “Bush Tea June 9, 2016 at 7:05 AM #

    How the hell does a society raise up and nurture a billion-dollar multi-national organisation over a century ….. and that national asset has no meaningful role to play when the going gets rough? ….but you can have persons justifying it looking instead, for greener pastures so it can continue its parasitic existence?

    Damn disgraceful. Not only Sagicor, but also those who are able to justify such shiite.”

    ++++++++++++++++++++++++++++++++++++++

    The above was written by an individual who is clearly out of his depth relative to business and the operations of large insurance companies. Just a lotta emotional shiite that does not mean anything in the real business world. You need to stop the sentimentalism and emotionalism.

    Although Sagicor has moved its offices to Bermuda, the company is still Barbadian. The move was a business decision to make the company more attractive to customers and investors.

    Insurance companies are involved in “risk management” and earn revenue from customers’ premiums (underwriting income), investing those premiums in various investment instruments such as bonds, real estate and money market funds (investment income), and insurance policies from other insurance companies.

    Investors do not invest based on the emotional or sentimental attachment a business may have to people. They are mainly interested in their return on investment. As such, they rely on financial information from credit rating agencies, as well as insurance rating agencies such as A.M Best Rating Services.

    Similarly to how investors lose confidence in a country that has been given a credit rating downgrade, an insurance company that has been downgraded will likewise lose investor confidence. Companies with large pension funds look for financially stable insurance companies to manage their insurance portfolios.

    The government can sell bonds, ask Dr. Delisle to print money and “borrow” from the NIS fund. Insurance and other companies do not have such options or privileges.

    Shiite, many of us here in BU have never managed a lemonade stand far less a multi-national corporation that operates in 21 countries including the USA.

    No one is justifying anything……. THESE ARE THE FACTS OF BUSINESS.

    Like

  13. Crusoe June 10, 2016 at 6:10 AM #

    David June 9, 2016 at 7:05 PM #

    It is clearly about more than just one bond. I did not see his full statement, but surmise that referring to the $3Million saving on one bond, was just an example of the impact of differences in sovereign ratings.

    But the impact is surely much more significant, if the company wishes to do business internationally.

    Basically, with a junk rating, one may as well shut the company down. No banks will do business with you and no other insurance companies would do business with you.

    If one wishes to push against this, then the time for that was when it was before it went ‘international’.

    Even then, even for a locally operating company, to put oneself in a position (by the default action of doing nothing i.e. not re-domiciling), such that a low rating removes any chance of international borrowing, is a difficult road to push.

    So, no. I really do think that they had no choice.

    May I suggest that Sagicor, in this case, is just the messenger?

    Do not shoot the messenger.

    Two elections ago, on these very blogs, I and others warned about the Government debt position, even before the current Government reached power.

    One can pull a rubber band only so far.

    Like

  14. Pachamama June 10, 2016 at 7:38 AM #

    As persons who have been intimately involved in these matters, personally and professionally, and otherwise, for many years, we must state that the person who calls himself, Bush Tea is right.

    He might not have had the experiences we’ve had but his instincts for spot on.

    Everybody else who pretends to want to counter what he is saying is either highly ‘uninformed’ or has such a low self image that any intent for cultural development is seen as enemy, impossible, anathema.

    Like

  15. Bush Tea June 10, 2016 at 8:35 AM #

    @ Pacha
    If you REALLY understood the nature of Artax and Dribbler you would not only grasp why they can see with Sagicor, but it would also become crystal clear why our society is doomed for blacks.
    It is persons such as Artax who have attained academic heights in albino-centric economics who have set us on the path to doom. What is amazing is that, having dug us into this big hole with their nonsense, their solution is for us to dig harder.

    Sagicor is a potential life-saver for Barbados. But in the international arena, it is nothing but an incompetent set of old-timers. One would have thought that their forays into Jamaica and Lloyds of London would have taught that lesson. It is penny wise and pound foolish to use shiite arguments about saving $3M on a bond issue to justify re-domicile.

    In a sensible world, Sagicor should have been major investor in BS&T, Bartel, BL&P, Banks and in the Hotel industry (given its value to Barbados). These are profitable home markets where they enjoy competitive advantages.
    As such, they would have been in position to strongly influence governmental and business behaviour – much like Bizzy and Maloney does now for their own ends, BUT, given a culture of professionalism, Sagicor would have been a NEEDED influence towards professional and ethical practices.

    Had Sagicor remained a Mutual Society, such wide ownership and influence would have been representative of the wide Barbadian population, thus justifying an influence on government matters.

    Persons who think like Artax, supported them being de-mutualised – on the argument that they would be more ‘successful’, and such persons now support them being re-domiciled, for the same reason. The first move was clearly designed to disenfranchise Black Bajans ….and this second one is all about them washing their hands of us now that things are hard.

    Bushie predicts that both Barbados AND Sagicor will suffer badly as a result of the selfish, albino-centric thinking being displayed.

    Like

  16. Georgie Porgie June 10, 2016 at 9:26 AM #

    Bush Tea June 10, 2016 at 8:35 AM

    There is much merit in your opinion above.

    In 74, when I was studying in Jamaica, I attended a church in which one of the elders is said to have owned one of the biggest insurance companies there. it is said that he had a lot of say on currency matters in that country then. His opinion was sought.

    If the leaders of the Mutual were on top of their game, had similar influence and were playing to win instead of just “playing for a draw” and “for close of play” they ought to have indeed invested in BS&T, Bartel, BL&P, Banks and in the Hotel industry (given its value to Barbados).

    Like

  17. de pedantic Dribbler June 10, 2016 at 10:16 AM #

    The tendency too often on this site as in life generally is to get into emotional shouting matches on serious affairs rather than offering objective technical analysis. The denizens who post here are intelligent and experienced and that level of acuity demands less emotional bluster and more analysis.

    This matter needs its own blog with a proper scoping of the facts upon which these emotional rants can be developed and/or debunked for what they are.

    The positions being adopted by @Pachama and @Bush Tea are one side of a business equation. And like ALL business decisions can really only be finally validated based on their success.

    The key question then becomes WHAT is success. Is it the double digit growth of a company year over year; is it expansion beyond the narrow shores of Barbados; is it to be the preeminent corporate entity in the home local and drive the political and social development of the nation to first world status???

    Or is it a part and parcel of all of those and more?

    Simply stated we cannot emotionalize the $$ of business. It doesn’t work that way.

    How can we dismiss the wide reach of Sagicor as a multinational corp by suggesting that they should have been more heavily invested or involved in consumer production, telecommunication, retail and hospitality in the local market. Sagicor is and insurance and financial services firm. Surely they could have invested in those entities and maybe they were.

    And what makes them more competent across such different disciplines than anyone else?

    Why did the cooperatives in this nation not also establish strong positions across these same industries and corps?

    Suffice to say arguments can be made for or against large corps spanning multiple industries.

    Is a GE of the 70s and 80s under Welch overseeing from retail to finance to airplane manufacturing to oil services to military defense contracting etc the way to go or an Apple corp’s focused structure in its narrow band ideal? Certainly current business think goes to the focused corporate structure. At the end of the day it will depend on what the SHAREHOLDERS determine.

    But beyond that type of strategic business planning, Barbados is very small. We also sit in a hurricane zone and too an earth-quake area.

    It would be tantamount to suicide for Sagicor to be so heavily invested here across so many industries BEFORE they explored investing more of their discretionary funds in other markets outside their own ‘disaster zones’.

    This is simple, practical management sense.

    It is shocking how easily and quickly learned folks who offer themselves as informed and expert offer strong personal critiques against others rather than stating their facts and allowing the debate to be hinged on all the competing facts…

    Amazing!!

    Like

  18. Artax June 10, 2016 at 12:04 PM #

    Bush Tea June 10, 2016 at 8:35 AM #

    “In a sensible world, Sagicor SHOULD HAVE BEEN MAJOR INVESTOR in BS&T, Bartel, BL&P, Banks and in the Hotel industry (given its value to Barbados). These are profitable home markets where they enjoy competitive advantages. As such, they would have been in position to strongly influence governmental and business behaviour – much like Bizzy and Maloney does now for their own ends, BUT, given a culture of professionalism, Sagicor would have been a NEEDED influence towards PROFESSIONAL and ETHICAL practices.”

    @ Bush Tea

    Don’t concern yourself too much about how I and those you implied are of my ilk may think.

    However, I agree with your above comments 100%. Probably the best you’ve written so far for the year. They reminded me of vintage Bush Tea, when you used much less emotional and sentimental rhetoric to state the facts.

    Sagicor’s management should have pursued a course of business operations similar to that of the Goddard’s Group of Companies.

    Investing in BS&T (United Insurance would have obviously benefited), Banks Holdings and the Hotel Industry would have materialized into a broader asset base and an increase in or a maintained level of employment, just to mention two. Banks Holdings, for example, would have benefited from Sagicor’s investments in the 20 other territories.

    However, you will have to blame the mindset of the managers and shareholders.

    Like

  19. Lord Nelson June 10, 2016 at 12:40 PM #

    No wonder Sagicor moves to Bermuda. Since Bermuda did not opt for “independence”, GDP per capita is now more than 80,000 USD. What should Sagicor expect in Barbados? Politicians buying tons of rum in the supermarket, jumping up and down on festivities, shouting in church and behaving like Wabenzis. That is the other side of the post-colonial world, the world of non-developing countries where politics is about hot air, big promises, lots of excuses and blaiming others for local incompetence.

    Like

  20. Pachamama June 10, 2016 at 2:36 PM #

    Too many people, especially Dribbler and Artax, have obviously read a few books but seem unable to really benefit from what for them was to be an education, for example courage.

    Their linear thinking has no particular relevance for our times. But still it is impossible to untether them from their old school books.

    Our world is much more dynamic and is getting more and more complex by the day. For example, we are on the cusp of a global 10 trillion dollar government bond bubble. And some are forecasting a burst.

    These are the futurists, the radical economists. Not the pencil pushers who use old economic rationales even in circumstances where they have limited utility.

    So ‘education’ is used at the service of ‘the community of interests’ and to justify the unjustifiable. As if nobody knows that financialization, as institutional structures, have overthrown economic theory. We hope you understand, but are not confident.

    Where are the connections, AT THE PRIMARY LEVEL, between the Sagicor consistent failures; how financialization has made fools of economists and their antiquated GDP centric models; why the capitalist state is increasingly taking on private roles; and many more fundamental issues that should attract your ‘great minds’.

    Your false textbook reasonings are no longer working! But our guillotine will have to be made to do its work for you to stop hawking it.

    Like

  21. David June 10, 2016 at 3:32 PM #

    Surely Minister Denis Kellman’s rant on VoB that forced Dowridge Miller to call and rap him on the knuckles was not the reason Sagicor is redomiciling to Bermuda. Why are we worried? The Holding company being redomiciled is non operating and both Barbados and Trinidad have agreed to maintain the resident status of the company. Perhaps the sages on the blog can explain how premium and pension payments will be treated I.e. local or foreign currency.

    Like

  22. Bush Tea June 10, 2016 at 4:04 PM #

    @ Artax
    What problem exactly do you have with emotion and sentiment? In many relationships, there is a major role for ’emotional and sentimental rhetoric” as you put it.

    Look…
    Back in the old days, many Bajan families were too poor – even with free education, to afford to have all their children in school for 20 years. In many cases, the ‘brightest spark’ was chosen and supported through school by that family all the way to PhD if possible….
    Such support required sacrifices by those who could least afford it in the family.

    Thirty years down the road of life, this ‘bright spark’ becomes a ‘mover and shaker’ in society and suddenly has many ‘options’ open to him for future development.

    How does one discuss, without ’emotional and sentimental rhetoric’, the RESPONSIBILITY of such a son to his family, who, having expended their scarce resources to empower him, now find themselves at his mercy?

    Don’t talk shiite to Bushie about ‘the facts’….. Facts shiite!!

    The ‘FACTS’ are that Sagicor is the pampered son of Barbados.
    The ‘FACTS’ are that, having become fat and rich off their poor family, they are now too proud to associate with their poor kin in the old broken down village home.
    The ‘FACTS’ are that like some other ‘favoured sons’, they now look down on those who made them, they curse them as lazy and useless, and they look to associate with the rich and famous.

    Well Boss, Bushie happens to be such a son…..
    It has been the Bushman’s privilege and honour to see to it ..that his (once poor) supporting family NEVER wanted for anything that Bushie could supply; That the name of that family NEVER comes into disrepute; and that they always KNOW that they have a lifelong INVESTMENT in their ‘bright spark’.

    Lotta shiite!!
    ‘Ungrateful bastards’ best describe those who can, in the name of an extra dollar, turn their backs on their own flesh and blood, without whose support and sacrifice, they would have been nothing.

    How the hell does one avoid ’emotional and sentimental rhetoric’ in describing such traitors?
    Do you think that Bushie would invest in a house in Bermuda to make a 10% profit, before investing in the old family home back in the village where he grew up….even at a loss?

    Do you think that Bushie would sit idly by and watch Emera buy out the family kitchen – so that they can send white people down to kick Bushie’s cousins? …while Bushie have ‘money to burn’ with Lloyds of London?

    This ‘money-based’ approach that seems to make sense to many of us, is exactly what drives things like CAHILL, IONICS, SBRC, Hard rock and even Hard wood. Amazingly, although it has run us into an obvious dead-end, some continue with the approach with a single-mindedness that lends credence to the fact that we are not dealing with flesh and blood, but demonic forces in high places.

    Like

  23. Bush Tea June 10, 2016 at 4:15 PM #

    @ David
    The re-domicile in itself is not the issue, it is merely symbolic of Sagicor’s lack of commitment to Barbados. Their dismissive and lacklustre approach to Barbados Farms; their lack of interest in national assets such as Bartel, BS&T, Four Seasons, BL&P, etc is the REAL issue…. while speculating in London and other jurisdictions. Charity begins at home.

    Their ‘successful’ insurance businesses are, like COW and Bizzy’s operations, totally due to the enabling environment created for them in Barbados with decades of tax incentives to buy insurance, mandatory insurance for home mortgages, etc.

    Having made an easy mint, should they not then have invested in meaningful productive areas and brought innovation and change?…. instead of just looking for subsidies and continued ‘easy life’?

    The Dowdridge man speaks with a kind of arrogance that suggests that they seriously EXPECT to continue with their pampered ‘success’ …or they will pull up their stumps and leave….

    Like

  24. Pachamama June 10, 2016 at 6:10 PM #

    Don’t worry about Dodridge Miller, he a fly weight.

    A fly weight who thinks he could intimidate people. He once deliberately exposed a gun, holstered around his ankle in a meeting with someone he though was an enemy of those he worshipped.

    Unlike him and most Bajans, some people are not afraid of death. And he was made to understand that.

    Like

  25. The Gazer June 10, 2016 at 6:41 PM #

    Above my head, but finding the exchange to be very interesting.
    Liking the BT and PM side of the discussion.
    Is Artax a shortened Artaxerxes?

    Like

  26. millertheanunnaki June 10, 2016 at 6:50 PM #

    @ Pachamama June 10, 2016 at 6:10 PM
    “Unlike him and most Bajans, some people are not afraid of death. And he was made to understand that.”

    Scared as ass, they are! Just shout “duppy” and you would see a stampede in motion.

    Any person who resorts to such cowardly behaviour is not only a wimp and coward but is also breaking the ‘legal’ terms and conditions of carrying a licensed firearm.

    The use of such weapon is recourse of last resort not the silly reaction of an obvious novice and downright child for an idiot. He should be relieved of such privilege and charged for threatening and intimidating behaviour with the intent to cause grievous bodily harm.

    Like

  27. Crusoe June 10, 2016 at 7:47 PM #

    This thread is quite enlightening, things are worse than even I thought. How sad. Ah well….

    Like

  28. Pachamama June 11, 2016 at 7:08 AM #

    @Miller

    What else should we expect from a man who would find an all White cricket team, Windward we seem to remember, to play cricket for. As an up-and-down fast bowler, the black work horse. Of all the hundreds of cricket clubs in Barbados, it had to be Windward.

    A man, not unlike Ralph Taylor, who owns his ascendancy to Douglas Lynch. There was never no real talent, just a liking by a power broker. And Miller will have a similar fate as Taylor.

    Although he happens to share part of your monitor, unlike you, he the essence of what this culture creates. A man who has no innate courage, no innate creativity, no innate compassion, no innate responsibility for the whole country, nothing of deep substance.

    And those house niggas who believe that separating the innate from what they like to call business decision making they should try to understand why many of the really successful people, and Dodridge Miller is exempted, come to realize they get more, not money or prestige, by giving it all back. It remains the only pathway to enlightenment.

    There will never be a time in the cultural history of Barbados where ill-gotten gains by any of the oligarchs, whether by Cow or Bizzy, will be given back to the people it is taken from. Yuh don’t see how the universal consciousness takes it all from them ala BS&T and so on. Sagicor has entered the same Age of Reckoning.

    And Pachamama has them under divine judgement.

    These are books that will never be reconciled by their puny procedures.

    Like

  29. NorthernObserver June 13, 2016 at 3:22 PM #

    The Sagicor purchase of Barbados Farms was a brain fart. We should still be glad it didn’t go to the under bidder CLICO? As Clico proved, to invest in solid public entities is encouraged, to play owner of businesses in which they have no operational experience is not. Sagicor has an insurance footprint throughout the Caribbean, now they wish to expand their small US entry position.
    Why Bermuda? Because it is NOT J’ca, T&T or Bim, 2 places with an abominable financial track record, and one teetering on the edge. Insurance types like rock hard stability. Investors like the same.
    BT has only BT to answer to? If BT feels like being patriotic that is BT’s choice. But Sagicor must answer to its shareholders.
    The noise would be greater if instead of trying to grow, Sagicor decided to sell to a foreign firm? Imagine 4000 acres and pension/life insurance of thousands of Bajans owned by some German conglomerate, not to mention their minority ownership in most publicly listed operations.
    Plus you see, many of the bigger Bajan businesses today are PRIVATE. There is no public way for Sagicor to invest in them, other than being a potential financier.

    Like

  30. Alvin Cummins June 14, 2016 at 11:17 PM #

    David,

    Was (is) Sagicor a good Corporate citizen? Is (was) Sagicor a loyal son? Sagicor bought out Barbados Farms Ltd, How much did they invest in BL&P,before Emera bought it? How much did they invest in BS&T? Why didn’t they enter the bidding war with Massey and Ansa, to get control of BS&T? Why didn’t they buy out Barbados National Bank, instead of letting Republic Bank get it? So many questions, whaT ARE THE ANSWERS?WHY DID THEY Have to float a Bond issue to cover debt? Where was this debt? Is Sagicor in the same position as CLICO was? Is this why they have to cut and run? What was the interest rate of the bond issue/ What is the length of the Bond? Apart from the land which makes no money and is worth so much less because it is not producing…not even good mulch. Where are the other investments that profit the country? Asking. Asking. Seeking answers.

    Like

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