Daily Archives: February 10, 2007

Do Barbados Banks Favour Whites Over Blacks When Making Loans?

And If The Banks Favour Whites Statistically – Is It About Race Or Ability To Repay A Loan?

The Barbados Bankers’ Association has heard the complaints, and now say they want proof.

Let’s see what BFP’s readers have to say about the situation.

Here is the article in The Nation News, and the comment section is open…

Bring Proof!

ONE OF THE ISLAND’S LEADING BANKERS is challenging those who accuse banks of continuing to favour Whites over Blacks when lending money to bring proof.

“I would like someone to back it up with actual hard stats because I don’t think it will show that that’s the case,” said Oliver Jordan, FirstCaribbean International Bank’s Barbados head as he fielded questions on the bank’s 2006 performance at a Press conference at the Rendezvous branch yesterday morning.

“There may be some historical issues, which one must accept in the society that we’ve come from, but certainly the fact of the matter is that I can’t think of any bank for that matter, and I would say so broadly, that would prefer to lend to a black person rather than a white person.

“Really, you look at the customer coming in, you look at the risk, and you make an assessment, plain and simple.”

… continue reading this article at The Nation News (link here)

A Barbados Free Press Reader Says…

Regular BFP’er “Reality Check” posted the following comment. We think its worth sharing… 

Bankers traditionally want to lend to people and companies who don’t necessarily need or want their money. These people and companies get to negotiate how much they want, how much they will pay and on what terms. They got there over many years of discipline of paying back their loans on time and having built up a good credit rating.

International Bankers want to loan to countries because even third world countries are perceived as being less risky than many corporate and individual loans.

We know, in fact, that the economy of many third world countries in the past have been such that these countries can’t afford to pay back the principal let alone the interest. The international bankers don’t care because they have sold off their loan to customers and taken their fees. Then they get fees to renegotiate the reconsolidation of these loans. This includes the bankers such as Deutshe Bank who are currently lending money to Barbados for CWC etc

All other people and companies are at the mercy of the banks because you have to have capital to succeed or run any venture and they know it. Attitude and friendliness completely change under these circumstances.

I know of several small Barbadian businesses, even though the banks are well secured, that make their clients go through the hoops two or three times a year for completely unnecessary hassles.

People can’t even imagine how difficult it is if you are poor or never had money in the family, to pull yourself up by the bootstraps and go through the horrific exercise of trying to borrow money and run a business in any economy let alone a small island economy. A lot of the answers lay in the issue of education and proper role models.

It is difficult to succeed when your elected role models are siphoning millions and millions of Dollars from the treasury on poorly conceived and badly executed programs, such monies that only line their own pockets and will only have to be written off by the people of Barbados.

Maybe Barbadians should be electing persons who have integrity, accountability and transparency as part of their credit past and not persons who tell them what they want to hear and how they too can attach themselves to the trough.

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Filed under Barbados, Business, Culture & Race Issues

Quote By Carter G. Woodson – Founder Of Black History Month

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“Those who have no record of what their forebears have accomplished lose the inspiration which comes from the teaching of biography and history.”

Carter G. Woodson (1875-1950), historian and founder of Black History Month

Thanks to Shay at Booker Rising blog (link here)

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Filed under Barbados, Culture & Race Issues, History

Barbados Unions: Too Strong, Too Weak or Balanced Properly?

Barbados Forum: The Problem With Unionised Employees

One of the administrators at Barbados Forum recently had a bad experience with a unionised employee at Barbados Mortgage Finance – and says that management is running scared of the union.

Whatever the reality, it looks like a lively discussion will be heating up at Barbados Forum…

Do unionised employees in Barbados have managers running scared? I had an interesting experience with an unionised employee today and it left me wondering if managers are scared of these “sacred” people. I was having a discussion (not entirely friendly) with an employee of Barbados Mortgage Finance when he just slammed the phone down in my ears. I decided I would call back and speak with the senior manager and let her know what he did was just unacceptable. What I got from the manager was just unbelievable! She said that I was probably mistaken and that she just could not just accuse him since it was an unionised environment but she will ask him about it . Of course he said that I was mistaken and that he did not slam the phone down in my ears.

Now when I considered what happened and consider some other cases across barbados involving the union I am left wondering whether or not it is the managers or employees running the organisations. Or rather are unions actually running the organisations?

… continue reading this discussion at Barbados Forum (link here

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A Birdie Travels – and C.O.W. Williams Makes Barbados An Offer It Can’t Refuse…

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“Your Man Comes In Here And Insults Me…”

One day not so long ago, a little birdie was flying low over a grand plantation home in the middle of a lush green Barbados field. As she flew past the huge rock at the gate and then up the long tree-lined drive to the stables on the right, birdie overheard one side of a phone conversation. A man was raising his voice in anger and the little birdie saw how upset he was. What the little birdie overheard went something like this…

“… OF COURSE we’re going to contribute to your campaign and more than ever. Things have been going well for the country and us. I appreciate what you and the government do for everyone and we want to see everything remain as it is.

What vexes me is when your man comes in here and insults me by asking for something a few days before the deal is to be announced. It insults me. It insults you. Everyone. Can’t have it!”

Little birdie flew on – disturbed at how the man was upsetting the nearby horses, but it wasn’t until she read the papers later that week that she understood the context of the conversation.

Steps To A Sweetheart Of A Deal That Makes Everyone Happy!

Step #5472: C.O.W. Williams and friends wish to develop Apes Hill golf club and housing project. They need approvals and then money, but first and foremost they need the support of the one man who controls the final yes or no on the project: Prime Minister Owen Arthur. No use even thinking about such a major project without bouncing the idea off the PM first.

Everybody knows that – even lowly American waterpark developers.

Step #5473: A casual chat with Prime Minister Owen Arthur – perhaps after dinner at a third person’s home. Something informal with not too too many people around. PM listens and says, “That sounds like a fine idea that would have long term benefits for the country.”

Nothing more need be said. Scotch & soda all around. Make that a double for the PM, would you? Never mind the soda.

Step #5474: Initiate formal application process.

Step #5475: Contribute to BLP Election Campaign Fund

Step #5476: Receive Government contracts for construction work unrelated to Apes Hill project – sometimes with a bid, and often without.

Step #5477: Contribute to BLP Election Campaign Fund

Step #5478: Continue Apes Hill planning and preparations.

Step #5479: Contribute to BLP “SPECIAL” Election Campaign Fund

Step #5480: Receive Government contracts for construction work unrelated to Apes Hill project – sometimes with a bid, and often without.

Step #5481: Contribute to BLP Election Campaign Fund

Step #5482: Meet casually with officials (read “golfing friends”) of the Barbados National Bank Inc. (BNB Finance & Trust Corporation) to discuss Apes Hill project financing. Nod and a wink, with someone saying “We should all cover our asses here. Why don’t you hire Ernst & Young as advisors to assist you in locating financing? If they happen to direct you to a bank substantially owned by the Government of Barbados – like our bank – then we’ll all be covered. Looks much better than if we set up things ourselves.”

Scotch and soda all around.

Step #5482: Hire Ernst & Young Real Estate Advisory Services.

Step #5483: Contribute to BLP “SPECIAL” Election Campaign Fund

Step #5484: Have Ernst & Young Real Estate Advisory Services formally approach Barbados National Bank Inc. for financing assistance.

Step #5485: Contribute to BLP Election Campaign Fund

Step #5486: Government part-owned Barbados National Bank Inc. approves financing.

Step #5487: Hire Politician’s relative or friend as a “special consultant”.

Step #5488: Contribute to BLP “SPECIAL” Election Campaign Fund

Step #5489: Big Financing Announcement In The Nation News (See Below)

Step #5490: Receive Government contracts for construction work unrelated to Apes Hill project – sometimes with a bid, and often without.

Step #5491: Don’t worry about all the “contributions” and “consulting fees” because Barbados has no laws concerning transparency or accountability of money given to politicians, their relatives or political parties.

Step #5492: Start thinking about another new project while Apes Hill proceeds as planned.

Step #5493 – See Step #5473 and start the process all over again for the next project!

BNB Sign Million-Dollar Project Deal

The Nation News

APES HILL DEVELOPMENT SRL recently signed a US$34.7 million (BDS$68.14m) syndicated loan facility with BNB Finance & Trust Corporation.

The Ernst & Young Real Estate Advisory Services Team acted as exclusive financial advisor to the borrower.

The financing package, completed in March, provided 100 per cent of the funds needed to develop Phase 1 of the Apes Hill Club, including the Golf Course and development of 170 lots for sale.

Managing Director and Chief Executive Officer of BNB, Robert Le Hunte, recently presented a plaque commemorating the loan to Sir Charles Williams, chairman of C.O. Williams Construction andGerald Barton, chairman and CEO of Landmark Land Co., the two shareholders of the project…

… continue reading this article at The Nation News (link here)

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Barbados Queen Elizabeth Hospital Horror Stories: Emergency Patients Not Treated After Over 24 Hours Wait!

Health Care Barbados Style!

The Nation Newspaper has surprisingly published a fairly accurate report of conditions in the Accident and Emergency Department of the Queen Elizabeth Hospital.

Patients waiting for hours bathed in their own vomit, a man with a broken jaw not seen for over 12 hours and still counting when reporter Melissa Wickham left and on and on and on.

But don’t you worry none, folks… the Minister of Health has announced that things will improve soon, for at least until the coming election is over.

After the election?

Well, by that time all the money will have been spent on the Cricket party, so Barbados will have to wait until the following election time before any money can be promised to health care – once again, just for the election, mind you!

A & E Agony

THE DOOR to the No. 2 medical records booth in the Accident & Emergency Department at the Queen Elizabeth Hospital doesn’t work. Patients have to pull on it with all their might until it becomes unstuck.

Unfortunately, it’s not the only thing in that department that needs fixing.

An elderly woman in a wheelchair vomits after waiting hours to be seen by a doctor. She is wheeled from the waiting room into the examination area, only to be told there are no available beds. So she waits longer on the inside, bathed in her own vomit.

A young man who sustained an injured jaw in a freak accident while swimming, waits with the patience of Job after arriving in the A&E from 2 a.m. early Tuesday, but up to 2:30 p.m. the same day still had not received any medical treatment.

Yet, compared to a few others, some of whom had been waiting from 11 a.m. the previous day, his wait was relatively short.

Another youngster who gets tired of waiting tries to sneak past the guards into the examination room to see a doctor – he is quickly caught and physically escorted out of the A&E as he hurls threats at the guards. But, having no other recourse, he soon returns, taking up residence on the floor after complaining of a bad back.

A woman is given a receptacle to fill with urine; she is visibly uncomfortable with having to walk back from the bathroom in front of everyone – male and female – with the urine in the uncovered container as she tries her best not to spill it…

… read the entire article at The Nation News (link here)

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