No Tears for the Central Bank Governor

Submitted by Heather Cole

Submitted by Heather Cole

Don’t cry for him Barbados

The truth is he never loved you

During these wild years

He kept his promises to the DEMS

So you keep your distance!”

Perhaps a rewrite of the famous song about Eva Peron is in order with the above sentiments expressed by Barbadians. Clearly the bromance that never was, between the Minister of Finance of Barbados and the Governor of the Central Bank of plotting and overseeing the economic demise of Barbados is over.

Barbados Today reported that the fall out between the Governor and the Minister of Finance was with regards to the Governor’s inability to explain the country’s diminishing economic fortunes and rising administrative tensions within the Central Bank.

Again perhaps the economy has taken its final turn for the worse and is on its official death bed and the dreaded devaluation near. The blame game is underway with the Minister of Finance trying to squarely push the responsibility for failure of the economy on the Governor. The Governor clearly does not wish to be the fall guy. His strange action to avert blame from himself by appealing to the Court of Law against his dismissal is indeed cause for comment.

On one hand we had a governor who was a willing accomplice of this administration at every turn for the last 8 years producing alternate facts in speech, actions and data in support of the policies of the government. It is not that some of his economic policies were successful. He has a long list failures and unethical practices. He sold junk bonds to an unsuspecting public, scrubbed the Central Banks website of data and frequently produced data to paint the economy in a positive light. His action of holding $5 million in the Central Bank for Leroy Parris was illegal. He incessantly printed money, offloaded funds to Bjorn Bjerkham who should never have been appointed to any public board in Barbados. Let us also not forget his attempt to practice nepotism. Then it was the matter of the many economic downgrades that affected the country’s credit rating.

He supported and never admonished the Minister of Finance for his reckless economic onslaught against the people of Barbados. The Governor’s actions not only affected the economy but in extension endangered the livelihood of many Barbadians as it was also indirectly responsible for job loss. He did not perform as a Governor of a Central Bank but as a piggy bank for the Minister of Finance. His actions created capital flight and a scarcity in foreign exchange. Our currency has already been devalued in the eyes of our eastern Caribbean neighbours’ and Guyana.

In another place and another time his actions against the state would be tantamount to treason. This now reminds one of Cardinal Wolsey’s fall from grace when he failed to secure the kings wishes. So what did Mr. Sinckler so desperately want that the Governor could not provide that led to his firing? Was it more than what was stated above?

He has damaged his credibility as a practicing economist and brought shame to the title of Governor of a Central Bank. He sold out the livelihood of the people of Barbados and on reflection the People of Barbados should be taking him to court. His actions are at loggerheads with his profession he has not provided sound economic advice to support the economic growth of Barbados through monetary policy. That is the sole purpose of his job.

No one should be even a bit unhappy to see him removed as Governor of the Central Bank. He is now like a product on the shelf that is long past its expiry date. It will be a sad day if the Court rules in favour of the Governor of the Central Bank as it would be, even at this late stage legalizing the economic death of the island of Barbados by giving an unfit Governor the right to continue to destroy the economy.

Advertisements

Tags: , ,

353 Comments on “No Tears for the Central Bank Governor”

  1. Hal Austin February 16, 2017 at 1:33 PM #

    Heather,

    Dr Worrell is a technocrat; we do not know what advice he has been giving privately that is why I said he must be free on leaving to explain himself. What we know is that the government has failed.
    We also now know that the minister and his advisers (Frank Alleyne, et al) and the governor are at loggerheads.
    It is cheap politics to accuse him of making flawed political mistakes. His boss is the minister, the politician.
    If you are saying that if pressure was put on him with which he did not agree he should have walked out, then I agree.
    But the printing of money is not the problem; it is printing money to pay civil servants that is the problem.
    That is what Keynesian economics are all about and it is what kept the US economy on track with the trillions pumped in to the economy to save the motor industry; it is what the Japanese are still doing; it is what the ECB is doing; it is what the Bank of England has done; in short, it is such a policy that is keeping the global economy afloat.
    What is the remit of the current Central Bank Act? That is why I have been calling for a new Act for years through my Notes From a Native Son, and still do.
    A new remit would give the bank the mandate to maintain economic stability, steady employment and inflation targeting. None of these is its current remit.
    The government hired a regulator, not a politician. The real problem in Barbados, and I am repeating myself, is the small talent pool. That is the reason why the principle of crabs in a barrel is so pronounced.
    Who do we have to replace Dr Worrell: Clyde Mascoll, Winston Moore? Who?

    Like

  2. David February 16, 2017 at 1:39 PM #

    @Hal

    Why have you picked on civil servants? Yes we agree there is inefficiency to address but isn’t the bigger issue one of exercising fiscal discipline as well as upping productivity?

    Like

  3. Hal Austin February 16, 2017 at 1:58 PM #

    David,
    Senior civil servants (not the junior ones) run the show, they are the ones with the ministers’ ears, the ones who can do cost/benefit analyses on projects yet when there is overspend they still get promoted.
    The permanent secretaries are the CEO of their departments and are responsible for the inefficiencies, not the ministers. Fiscal discipline is the minister’s responsibility, which is a serious problem with Chris Sinckler; and productivity is for the government, the rime minister’s responsibility.
    But the burden is on the politicians and, since 1966, they have been just more of the same. The only difference between the DLP and BLP is one of personalities, not ideology or policies.
    Solutions Barbados is an irrelevance, a party that proudly states all its parliamentary candidates will be business people. What about the workers?
    David, Barbados is in serious, serious, serious trouble.

    Like

  4. David February 16, 2017 at 2:16 PM #

    @Hal

    In theory yes but politicians in this part of the world -especially Barbados- have been able to squeeze the right areas of the PS’s anatomy to exert enormous influence how ministries are run.

    Like

  5. Pachamama February 16, 2017 at 2:38 PM #

    What tommyrot!

    Like

  6. Well Well & Consequences February 16, 2017 at 4:40 PM #

    Well well,

    “As I understand it the ac count is frozen by the courts.”

    Ok…Hal, we now wait to hear the appeals court decision, I think it is, correct me if I forgot and wrong.

    Like

  7. Well Well & Consequences February 16, 2017 at 4:44 PM #

    Hal….I do not know if your are familiar with FDIC and SEC….all North American banks follow those regs and procedures, they get fined heavily if they dont….I an not sure about Trini banks, or state owned banks like central bank, this information should be pubkic….they keep too many secrets that should be public,….FDIC has stringent regs for worldwide banking.

    Like

  8. Violet C Beckles CUP February 16, 2017 at 4:47 PM #

    We can see ALL in the DBLP and supporting teams are crooks, liars and scumbag, It does not matter if you group them or in parts, Most can’t see the full picture, So Go ahead and put a story on each member of both Parties, A pig pen is a Pig pen divided or in whole, They all stink, A block of cheese is still cheese even if sliced,
    People will only say they are dead as soon as they stop moving, But the walking dead still moving, they just won’t lay down.
    Just a shame many took 5 years to wake up as the ship is sinking,
    Just wait to many wake up the the truth of the NHC/UDC Massive Land fraud and the names others will call when the time comes… Let see if those names match our list,

    Like

  9. Well Well & Consequences February 16, 2017 at 4:49 PM #

    http://ow.ly/VXyX3094TfS

    FDIC Insures banks, so I suppose they have some say regarding money they accept….I know SEC are regulators and hit companies and banks with heavy fines fir violations, scams etc.

    Is the FDIC a government agency?
    An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.Oct 30, 2014

    Like

  10. Hal Austin February 16, 2017 at 4:51 PM #

    Well well,

    I am familiar with the FDIC and SEC, their territorial battles and their global reach. I am also familiar with the state attorneys general; all battling to be top dog and all punishing European banks unfairly.

    Like

  11. Hal Austin February 16, 2017 at 4:54 PM #

    The FDIC is a federal agency.

    Like

  12. Well Well & Consequences February 16, 2017 at 4:57 PM #

    Unfortunately, I have no clue who regulates any Caribbean banks, or who reins in central bank, it looks like they just do as they like..

    Both agencies have to rein in those banks, remember Wells Fargo, they all have a go at robbing their customers, just imagine if they weren’t regulated how they would steal from everyone and be vicious, predatory loan sharks.

    Like

  13. Well Well & Consequences February 16, 2017 at 5:15 PM #

    Just to show how banks are supposed to be regulated and why, Deutsche Bank is a known crooked banks, always breaking the law….banks should have stringent regulation for this reason.

    “In recent years the disgraced bank has been hit by a series of scandals. Last month the UK and US imposed record fines of $630m. Deutsche failed to prevent money laundering by its Moscow branch involving at least $10bn of Russian cash, regulators found.

    In January a US regulator, the New York Department of Financial Services, fined Deutsche Bank $425m for laundering around $10bn of Russian money. The UK’s Financial Conduct Authority imposed a £163m fine, its largest ever.

    The US Department of Justice is still investigating the Russian scheme. In December Deutsche agreed to pay the department $7.2bn. The fine related to the mis-selling of residential mortgage-backed securities and other activities during 2005-7. The US originally asked Deutsche to pay $14bn.”

    Like

  14. Hal Austin February 16, 2017 at 5:26 PM #

    Well Well,

    Ignore the fines. You may notice that European banks are fined more than US banks by US regulators. I wrote about that years ago in my paper when Eric Holder was attorney general..
    ALL banks like money, none moreso than US banks, even if it comes from oligarchs or rug dealers.

    Like

  15. Well Well & Consequences February 16, 2017 at 5:37 PM #

    Just saying Hal…when they break the laws and regulations, they are fined, it’s been happening for decades, people who lose money in insurance companies are gladnfor those regulators…if ya had that type of regulation in Barbados…ya wont have CLICO…or CGI Insurance robbing anyone.

    Like

  16. Caswell Franklyn February 16, 2017 at 5:38 PM #

    Some people are actually happy that the relationship between Sinckler and Worrell has broken down in such a public way. I must confess that I do not share their happiness, not because I have any particular regard for either of them. It is embarrassing that such a spectacle could play out for the world to see. It makes barbados look like a banana republic.

    Sent from my iPad

    Like

  17. Well Well & Consequences February 16, 2017 at 5:43 PM #

    We been calling it a banana republic for years, they are just proving us right, proof we were not lying as the missing yardfowls been saying everyday….for years.

    Like

  18. TheGazer February 16, 2017 at 6:07 PM #

    Do you think EU banks with their assets an in-house lawyers would pay a fine that was not justified. Do you think they would not run to their respective government or the “EU” if the fine was not justified? You lost me with that line of argument.

    Like

  19. David February 16, 2017 at 6:15 PM #

    Often time banks and companies that value their reputations will pay a fine to close an investigation.

    Like

  20. Hants February 16, 2017 at 6:20 PM #

    @ Caswell Franklyn,

    agree its embarrassing but it is also irresponsible, idiotic and destructive to the economy of a country that depends on FOREIGN INVESTMENT.

    Like

  21. NorthernObserver February 16, 2017 at 6:26 PM #

    Missing yardfowls….they are aren’t they. Smart though, wait for the dust to settle.

    Taking bets, currently 5-2 ON, the PM, whenever he addresses this topic, provides some philosophical irrelevant comparison and tells the citizens all is well. Would seem George St would be a safe location.

    Like

  22. TheGazer February 16, 2017 at 6:32 PM #

    Good point David, but that does not convince me that US regulators put EU banks in the crosshairs and the banks just pay any fine.

    Like

  23. NorthernObserver February 16, 2017 at 6:32 PM #

    “Often time banks and companies that value their reputations will pay a fine to close an investigation”……often time when their legal bills are piling up, and they realize they cannot avoid some penalty, better to negotiate one “without any admission of guilt” and move on.

    This referenced payment is but the latest of many, many payments in connection to the events of 2007/08.

    Like

  24. David February 16, 2017 at 6:32 PM #

    It was less than two years ago the Guv boasted about having 1 billion in foreign reserves.

    It was a short time ago the Guv and the MoF were on a road show working for the good of BIM.

    What happened?

    Governor Delisle Worrell Projects Growth in 2015, International Reserves 1 Billion

    by David on October 21, 2014 in Barbados News Edit

    Text – Analysis of Barbados’ Current Economic Performance Audio – Analysis of Barbados’ Current Economic Performance

    Comments Off • Continue Reading →

    Governor Delisle Worrell and Minister of Finance Sinckler Expound on the Barbados Economy in Europe

    by David on June 27, 2014 in Barbados News, Politics Edit

    55 CommentsContinue Reading →

    Like

  25. TheGazer February 16, 2017 at 6:34 PM #

    It is amazing how some are absent. Must be ensuring they all use the same script.

    Like

  26. NorthernObserver February 16, 2017 at 6:44 PM #

    @CW “It is embarrassing that such a spectacle could play out for the world to see”
    Sir, the spectacle of Barbados being inept financial managers has been playing out for years. Do you think the credit downgrades happened by chance? The international financial community has been laughing at Bim for years. The events which will happen over the next 18 months, were already factored in by the international community some time ago. It was not “IF”, only “WHEN”.

    Like

  27. William Skinner February 16, 2017 at 6:52 PM #

    @ Hal
    The article will only resonate with those
    who do not know how a central bank works
    You are correct to say that Worrell cannot
    seriously expect to win any fight with the
    political class.
    Arthur fired Winston Cox. In the papers
    recently Arthur said: ” I know how to fire
    Central Bank Govenors.”
    I remain a great admirer of Worrell.I have
    followed his work for years. He is a humble
    man of tremendous intellect and academic
    stamina. It’s unfortunate that he is this
    muddle.

    Like

  28. David February 16, 2017 at 6:58 PM #

    @William

    Didn’t Governor Worrell approve the printing of money against all advice including the IMF? Why has he changed his tune of late? Why do you feel to confer respect to someone who has helped to lead us to the edge of the fiscal cliff?

    BU is of the view Barbados is about to suffer another downgrade.

    Like

  29. Wily Coyote February 16, 2017 at 7:00 PM #

    @Caswell

    If it looks like a BANANA REPUBLIC, smells like a BANANA REPUBLIC, acts like a BANANA REPUBLIC, IT IS A BANANA REPUBLIC.

    I’m on the record as forecasting Barbados fiscal/economic demise several years ago on this BLOG, only to be subject to ridicual by numerous short sighted mentally challeged members.

    Hard for some bloggers to see the forest through the political fog.

    Like

  30. enuff February 16, 2017 at 7:10 PM #

    DeLisle all of a sudden is not part of the political class? I support the governor’s refusal to be the scapegoat and to seek redress in the courts even if in the end he is fired; but to try to separate him from the political class is just plain insulting to BUers.

    Liked by 1 person

  31. Old Baje February 16, 2017 at 7:12 PM #

    @ Caswell

    Embarrassment is the least of our worries.

    Like

  32. David February 16, 2017 at 7:15 PM #

    We have about 3 months to replenish/earn forex at the rate we continue to consume. Instead we have these JAs fighting among themselves.

    Like

  33. Well Well & Consequences February 16, 2017 at 7:38 PM #

    None of them are coming up with solutions as they are being paid to do, they are sharing no useful information with the public and got the nerve to expect to be reelected….next year or whenever they plan to call elections……

    the downside for the government is, the lpnger they waot to call elections, the worse things will get…by next year no one would want to see them, let alone reelect them…..lol

    Like

  34. William Skinner February 16, 2017 at 7:42 PM #

    @ David
    Courtney Blackman once said the GOCB
    is a creature of the MOF. The governor
    accommodates the policies of the government
    Worrell spoke out against printing more
    money when he determined the policy
    no longer wise. Worrell did not lead our country
    Country to no disaster- that was done by
    the government (MOF)
    I respect Worrell’s contribution. That is a
    personal opinion endorsed by others such
    as: Courtney Blackman, Charlie Skeete
    Winston Cox and others of considerable
    stature in his field.
    BU’s position is BU’s position . Such is
    democracy, my friend.

    Like

  35. David February 16, 2017 at 7:47 PM #

    @William

    Skeete, Howard even Arthur say they respect Worrell yet they have been strident in their Criticism of him. The bottomline is that under his watch as adviser to the government we have experienced rapid decline. He should have tendered his resignation a long time ago if he had any professional pride.

    Like

  36. Gabriel February 16, 2017 at 8:08 PM #

    EWB inherited a Civil Service that was the envy of the Caribbean.When he realized that those at PS level were more than a match for his youthful and at times misguided intolerance he called them an army of occupation.The same way he could not wrest Mottley from the City and opted by sleight of hand to snatch the City from Mottley,EWB changed the Constitution and the independence of the various Service Commissions and the rest is history.We are now saddled with mostly chopsutters some of whom cannot put a decent sentence together and who would bend the rules to accommodate their masters.Owen Arthur was so incensed by what and whom he saw offering themselves as candidates in 07 he was moved to call them a pack ‘o wild boys and confirmed those who managed to inveigle a docile and absent electorate he called a Poe Rakey lot.
    Barbados has been taken over by rabs and brassbowls.Tout homme bagai la,the halt,the lame the blind,thieves and the corrupt now in that place called parliament.What lament hath befallen the informed.Its pure torture wherever you turn…where Tom,Bree,Richie,Asquith,
    Cammie,LB,Boychild,Henry,Louis,Maurice.

    Like

  37. William Skinner February 16, 2017 at 8:09 PM #

    @ David
    Arthur had 14 yrs to reform the economy.
    Skeete and Howard are extremely genuine
    In their views. My views about Worrell are we
    well known. Let’s agree to disagree.

    Like

  38. Bajan in NY February 16, 2017 at 8:27 PM #

    @William Skinner February 16, 2017 at 8:09 PM #

    Are we talking about the same Dr. Worrell that joined prime minister Stuart and minister Sinckler and told Barbadians the downgrades were not justified and wouldn’t affect anything in the island because there was not need to borrow on the international market?

    Like

  39. vincent haynes February 16, 2017 at 8:49 PM #

    We have reached the stage that circumstance is about to overtake all the politics of the present situation.Survival in the light of a Venezuela situation looming should be uppermost in our minds.No petrol,foods,electricity,wifi,etc

    Like

  40. William Skinner February 16, 2017 at 8:59 PM #

    @ Bajan in NY
    If at that time that was his judgement
    he had an obligation to say so. Just
    as he is now saying there is need to
    stop printing money.
    Doctors lawyers teachers and all
    professional groups are known to change
    their minds. Economists are no different.

    Like

  41. David February 16, 2017 at 9:07 PM #

    Yes he is entitled to change his mind but are you suggesting there isn’t consequences for ones decisions?

    Like

  42. Tron February 16, 2017 at 9:11 PM #

    It is now the best time for expats to buy property in Bim: Pay in BBD and finance it via a loan in BBD. After devaluation just pay 20% to 50% for the credit in hard currency.

    Sounds like a good deal for some. Others might call it a sell-out of Bim.

    And by the way: Are we still a monarchy? And where are the duty-free zones across the island?

    Like

  43. William Skinner February 16, 2017 at 9:19 PM #

    @ David
    There are always consequences when
    decisions are made.

    Like

  44. vincent haynes February 16, 2017 at 9:27 PM #

    Tron

    For sale signs and property auctions abound all over Bim.This is a buyers market……Bim is ripe for exploiting.

    Like

  45. Caswell Franklyn February 16, 2017 at 9:50 PM #

    I think that I must ask; did Worrell change his mind or his politics?

    Sent from my iPad

    Like

  46. Bajan in NY February 16, 2017 at 11:35 PM #

    I well remember the last quarter of 2012 when Adrian Loveridge and everyone, who can be taken seriously, in the tourism industry were predicting a very poor Winter season and governor predicted economic growth in the economy for 2013 based on a good Winter season. The records will show that Adrian and those in the tourism industry were right.

    I am of the view that the average Barbadian trusted the governor’s views and statements on the economy more than than those of any of the politicians or their parties spokespersons, and he betrayed that trust for far too long.

    Like

  47. William Skinner February 17, 2017 at 12:07 AM #

    Bajan in NY

    Are you seriously saying that because his predictions or forecasts failed to materialise that he ‘betrayed” the country. That he was being treacherous. It is one thing to be critical of a person but to accuse the GOCB of betraying the country is totally wrong. I see this venom directed at the GOCB as nothing more than political grandstanding by those who refuse to accept that the poor management of our economy has occurred under every central bank governor and every minister of finance. Outside of the period 1966-74 , we have had no real
    or serious development. Generically, we can claim some progress but all of the systemic weaknesses are still there and will remain there because neither the BLP or DLP has a clue as to how to go forward. I think Worrell is now our sixth or so GOCB and the structural problems of the economy are still there.

    Like

  48. Sunshine Sunny Shine February 17, 2017 at 1:23 AM #

    @Heather Cole

    Where you been momma? Almost thought that you were MIA (Missing In Action not Mottley).

    Unfortunately, I have to tell you that I cried my eyes off for Worrell. I cried so hard that I could no longer distinguish if it was a cry or a laugh. I am yet to determine which one it is because all I could see in my eyes was a limped puppet whose main strings were cut, and the only string he has to hold onto now is one coming from courts (not Sheraton, Whitepark Road). This string-a-long puppet basked in the glory of alienating the press for political expediencies, so expedient that in the face of heightened criticism over some of the craziest decisions ever made by a Central Bank Governor, felt so reassured by his string masters that he did not recognized the tarnishing of his reputation as a leading economic guru. Now who would believe anything he says after he has washed himself in the blood of DLP lies. I wonder if he can come clean now that his navel string get pop up. Like I said ma girl, I am crying real hard.

    Like

  49. David February 17, 2017 at 3:17 AM #

    @William

    What we are saying is that he repeatedly got his forecasts wrong and in the process presided over 17 downgrades. How does one maintain a stellar reputation in such circumstances?

    Like

  50. Hal Austin February 17, 2017 at 4:28 AM #

    TheGazer,

    Banks do cave in and pay fines, and US regulators have been punishing European banks.

    Like

  51. Well Well & Consequences February 17, 2017 at 4:58 AM #

    https://www.barbadostoday.bb/2017/02/16/let-him-go-2/

    Ah guess they want Sinckler gonr, but Fruendel is lazy and dont like to make important decisions to benefit the country, unless he can blame someone else for the fall out.

    “Let him go!

    Fire Sinckler too, says fledging political party

    Added by Emmanuel Joseph on February 16, 2017.
    Saved under Local News
    4
    The chorus of calls for the head of Minister of Finance Chris Sinckler continues to rise amid a public row between Sinckler and Governor of the Central Bank of Barbados Dr DeLisle Worrell.

    The recently launched political party Barbados Integrity Movement (BIM) has become the latest to call on Prime Minister Freundel Stuart to fire his protector of the public purse.

    Sinckler and Worrell are fighting a battle in court – and in the public – over the Minister’s attempt to sack the Governor at the behest of members of the board.

    The High Court is expected to decide Friday whether it would lift an injunction barring Sinckler from firing Worrell.

    In advance of the decision, BIM leader Neil Holder said both men should be relieved of their duties, and he called on Prime Minister Freundel Stuart to act swiftly.”

    Like

  52. Well Well & Consequences February 17, 2017 at 5:09 AM #

    “Generically, we can claim some progress but all of the systemic weaknesses are still there and will remain there because neither the BLP or DLP has a clue as to how to go forward. I think Worrell is now our sixth or so GOCB and the structural problems of the economy are still there.”

    That is a form of betrayal to country and prople…all these central bank governers obviously knew what the problems are, obviously had the solutions to fix them, but because they are creatures of gpvernment and politics…only did as they were told, not what is right or should be done to protect country and people, they did betray the people…..

    …..this might be the right time to separate the central bank from government interference, if it has not worked woth ministers playing puppet master to central bank governors through 6 governors, it will never work through another 6 governors….ya cannot keep making the same mistakes and expect different results.

    Like

  53. Well Well & Consequences February 17, 2017 at 5:24 AM #

    Hal…banking and company collapse has brought untold misery to millions of customers since the 1920s, caused untold damage to many economies, many countries, they must be regulated hence FDIC and SEC, they do not get fined for being good citizens, they get fined for criminal activites, breaking the law, violating regulations and punished, just like an any person breaking the laws would, they have to be controlled.

    If there was that kind of control in Barvados, they would not have all those run away train wrecks damaging people’s lives….and the economy. …government now has to take up 56 million dollars of taxpayers money and pay CLICO policyholders for the Leroy Parris et al thefts….because CLICO executives were not regulated and reined in, how does that help the economy, people or country…when will taxpayers recoup that money, if ever.

    Same with Deutsche and other banks and companies if FDIC and SEC were not in existence to fine them heavily fpr wrong doing, besides, they only pay a fraction of what they make through their criminal activity in fines….if they pay a 14 billion dollar fine….it’s because they made 140 billion dollars breaking the law…I would not weep for any of them, but for the people who are victimized by their greedy actions.

    Like

  54. ac February 17, 2017 at 5:46 AM #

    Yes there are solutions to fixing the economy but the people themselves are their worst enemy and stands in the way
    Take a look at govt budget and its expenditure and what little or nothing is returned to govt in way that have benefited the economy
    Govt recently tabled a bill to collect taxes that are due to govt in the billions of govt and what is the out cry from various political quarters
    One needs to be truthful in their thoughts words and deed in wanting the nations best interest to be healthy instead of looking for scape goats and being pretentious analytical robots giving nonsensical sarcastic advice as a way forward to progress

    Like

  55. Well Well & Consequences February 17, 2017 at 6:05 AM #

    ACs…it’s too early to lay blame…the people are not the leaders and paid a salary to implement successful policies……nothing stops intelligent, honest leaders from implementing successful policies to benefit the people….unless they are dishonest, incompetent and chronic liars.

    …….your first comment since not knowing if ya will be a fired yardfowl….and it’s a stupid one.

    Like

  56. Enuff February 17, 2017 at 6:38 AM #

    William Skinner please stop.
    Many thanks
    Enuff

    Like

  57. Vladmir Pertrov February 17, 2017 at 6:39 AM #

    We have removed Naked Departure and will continue our campaigns against them.

    This is just the beginning

    Like

  58. Well Well & Consequences February 17, 2017 at 6:54 AM #

    Wait…was that a threat to ALL social media, does Anonymous have something to hide.

    Like

  59. William Skinner February 17, 2017 at 6:59 AM #

    @ Well Well & Consequences
    The Central Bank regulates . It can advise government and assists government policy. No GOCB sets the policy. In Worrells case he, like all other GOCB, executed requests
    as per instructions of government(MOF). When he concluded that those policies were no longer viable(printingmoney) he said so. It appears to me that Worrell had severe disagreements with top level staff at the bank because of his management style and he also has problems with the board therefore his remaining governor would be problematic to say the lease.
    The assualts on Worrell in BU seem to suggest that Worrell is the MOF ! The MOF has been dismal at getting government’s economic policies to work however a crisis within the central bank itself has to be addressed because whether the economy is bad or good, the central bank as the country’s leading financial institution must be functioning at a high level at all times. So Worrell is in a quandary.
    In the event that the court does not side with the MOF and Worrell remains Governor, the MOF would have no option other than to resign because he has by seeking Worrell’s termination, demonstrated he no longer has any confidence in the Governor. If the Prime Minister refuses MOF resignation, the government will seek legal counsel as to how properly remove the GOCB.
    Arthur’s words ring very loudly here: ” I know how to fire Governors of Central Banks.” Arthur even said that Sinkler has a similar problem to his when he (Arthur) fired Winston Cox.

    Like

  60. Well Well & Consequences February 17, 2017 at 7:14 AM #

    This is something like all the decades old crap practiced by both governments being publicly exposed for the last many years and they still feel they can hide everything from the people and keep the people ignorant and backward for their own personal gain…..

    …….problem with that trick is….the people’s eyes are well and truly opened on the island thanks to social media…lol….and there is no turning back….ya cannot unring that bell or plug that dyke…there are so many different, legal and safe ways to dessiminate information across the region and the world… …about business criminals and their corrupt practices.

    Ah might not agree with everything posted on Naked Departure….but….there is still that niggling and devastating exposure of information being sent to regional governments putting them on alert about the criminal minded business people in Barbados who are trying to cross borders with their destructive methods of doing business via corruption to put small islands and their people at risk.

    How can that be stopped. I think the take down has already been completed, it has been in full force for a long time and has been a spectacular success…….just saying….too little and a lot of money spent too late.

    Like

  61. Well Well & Consequences February 17, 2017 at 7:21 AM #

    William….more the reason to separate the central bank from politics….this smacks of decades of testosterone contests between central bank governors and ministers of finance….this is the short version….it does not benefit country and people and never will.

    It seems that fpr years the employees have been calling out for relief from Worrell and his internal policies, but because he was doing all of the minister of finance dirty work…..the minister of finance ignored those pleas….the minister of finance should also be fired. ..even shorter version…..none of tgem are working in the best interest of the people.

    If Worrell had any dignity, integrity or love for country…he would now tell all.

    Like

  62. David February 17, 2017 at 7:23 AM #

    @William

    You do not understand the issue with Worrell.

    Like

  63. Vincent Haynes February 17, 2017 at 7:49 AM #

    Wuhloss……..when will govt operatives understand that going to parliament passing bills when mechanisms already exist to collect taxes is a waste of the taxpayers money.

    When will they increase the staff at the VAT office and set up an agency with enough staff to go after the defaulters……why is it so hard to understand that unless physical/hands on action is taken all the laws/bills/statutes on the books are not worth what paddy shot at at.

    Like

  64. Hal Austin February 17, 2017 at 7:56 AM #

    There are two things: first, junior staff cannot seek to challenge the CEO (governor) of the CEO must demand, and get the full support of his executive and board. They are guilty of betrayal.

    Like

  65. Bush Tea February 17, 2017 at 8:01 AM #

    @ Enuff February 17, 2017 at 6:38 AM #
    Boss, if you would just renounce your CSME inclinations, you and Bushie would be brothers in arms… Shiite man!!! …you like you gotta whacker too yuh!!!
    ha ha ha

    Steupsss

    Hopefully the judge will dismiss the matter today;

    Hopefully… the ex-governor will spill all the beans …out of resentment at the way he was made to look like a poppet by a garrison boy who is yet to grasp decimals;

    Hopefully.. Froon will be forced to appoint someone who at least understands numbers (and he WILL act here – since the alternative is that HE would have to do it).

    MORE TO COME….
    Karma has a lot of work to do …. and thanks to Trump & co Ltd, there is not a lotta time left.
    So 2017 will be a year of action, payback, grief, pain and sorrow …. thanks to ‘Karma on steroids’.

    Like

  66. Well Well & Consequences February 17, 2017 at 8:06 AM #

    Hal….being a central bank governir does not mean you automatically become a dictator….there are still employee rights to observe, you know the chancellor of the exchequer cannot violate employee’s rights in the UK……why should Worrell be able to do so in Barbados, until him and the finance ministers has a falling out….then he is fired…….just saying.

    Again, as in UK, US, Canada, in any functioning democracy……there are employees rights to observe.,

    Like

  67. Bush Tea February 17, 2017 at 8:10 AM #

    @ Hal
    The whole point of having professionals in an organisation is for them to continuously challenge the status quo (CEO). Anything else is a banana republic.
    In cutting edge organisations, the SYSTEM is designed to facilitate such challenges to the status quo on an ongoing basis.
    Once all sides are heard and analysed, organisational positions are established based on the most practical positions (typically these will be proposed by the most competent staff) and THIS IS what becomes organisational policy.
    That is what a meritocracy is…..

    Where the CEOs regularly find themselves out of the established thinking, they have to get lost….
    Your thinking is back from the early 19th century …where loyalty was to the damn king or some such shiite person….

    Like

  68. Hal Austin February 17, 2017 at 8:14 AM #

    How was he a dictator? The job of the CEO is to lead, the job of the board is to set policy, the role of the executive team is to carry out the governor’s policy.
    You cannot have staff second-guessing the CEO. Barbadian ministers are not trained in basic management.

    Like

  69. Hants February 17, 2017 at 8:21 AM #

    “In a leaked August 13, 2015 document obtained by this newspaper, Haynes begged the directors to help him, even though his boss chaired board meetings.”

    http://www.nationnews.com/nationnews/news/93655/plea-help#sthash.5fdwZLv7.dpuf

    Like

  70. Hal Austin February 17, 2017 at 8:31 AM #

    First, the central bank should obtain an injunction forcing the Nation to return the document. Second, Barbadian culture is very aggressive, this goes over in to management style.

    Like

  71. Simple Simon February 17, 2017 at 8:37 AM #

    @Hal Austin February 17, 2017 at 8:14 AM “How was he a dictator? The job of the CEO is to lead”

    Ahh. But the problem arises when the people refuse to follow the dear leader, when the people would rather quit than follow. I mean why did Harold Codrington quit?

    And then as always the question is:

    What then?

    Like

  72. Vincent Haynes February 17, 2017 at 8:55 AM #

    Chuckle….in one breath we want investigative reportage and when they collect docs off the road from a passing truck,those same individuals want injunctions to cripple the media house……wuhloss……damned if you do and………..

    Like

  73. David February 17, 2017 at 9:08 AM #

    @Hants

    If there was no leak how would the public know about t:he dysfunction at the central bank some of us are already aware? It is why on another blog we told William he has no idea what is happening at the central bank.

    Liked by 1 person

  74. Pachamama February 17, 2017 at 9:30 AM #

    David

    What is the issue with Worrell?

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: