President Barack Obama Would Destroy Barbados Offshore Banking Industry – He Said So!

no-obama-barbados.jpg

Barbados Can’t Afford To Have Obama As U.S. President

As the Democratic Party campaign heats up to a sizzle with no one knowing whether Hilary Clinton or Barack Obama will represent the party in this year’s US Presidential Election we are reminded that the outcome of that race will mean a lot to us here in Barbados. It seems to have been overlooked that we can’t afford to have Mr. Obama winning the upcoming election.

It wasn’t too long ago that Mr. Obama launched a tirade that promised that if elected he intends to ‘do something’ about those nasty Caribbean money laundering havens and he included Barbados.

In February 2007 he and his fellow senator Carl Levin were hot and heavy on our case when he introduced the Stop Tax Haven Abuse Act in the Senate.

Obama and Levin identified us here in Barbados as an “Offshore Secrecy Jurisdiction.” And they were adamant that their law will shut down our international business program. Obama wants all that business done in the United States where he can collect taxes.

Mr. Obama’s called us an oasis for abusive tax havens and tax shelters and the emphasis of his bill was to shut down the services, banking and businesses that we provide to offshore investors. He wants to declare these activities illegal and put a stop to them.

And he won’t finish there. Just two weeks ago Mr. Obama did the same thing when he promised that he would reopen NAFTA which is the open market arrangement that the United States has with Canada which is also an important trading partner with our country. His agenda is clear and on the record this two pronged approach will happen if he becomes president, just like he promised, and our island is going to suffer.

And what about Canada, another major benefactor to Barbados?

In the same vein Canadian Minister of Finance, Mr. James Flaherty has promised that Canada is going to crack down on the financial and banking services our country offers in much the same way as Mr. Obama: declare them illegal and offside to all Canadians.

And the unfortunate story truth, the real story here, is that we deserve it.

It is one thing to try to tell the world you are a democracy and open for business and will be fair and uphold commercial standards of high integrity. But you know what? We as a country don’t have high standards of commercial and political integrity and we have been found out. We deserve all of this attention from the United States and Canada because we have allowed our standards to slip for all the world to see and if we don’t clean up our act soon we are going to suffer in a big way when the world turns on us.

These developed countries don’t have to deal with us and it sure looks like they are going to be taking a hard look at us. Certainly Mr. Obama, if he becomes president, is going to inflict some serious damage, just like he has promised.

The first thing we have to do is address the embarrassing absence of any kind of conflict of interest and insider dealing type legislation. Do we really think, when this is such a big issue in the world, that foreigners don’t get it? We are seeing it manifest in what is being said about us. This BFP blog which has become a barometer of these things is seeing its readership grow by leaps and bounds because the everyone is getting worried. And Mr. Obama and Mr. Flaherty know it too.

The second thing we have to do is review our laws and court system. They are antiquated, self-serving and demonstrably corrupt if only because we tolerate all sorts of slips and omissions that favor the home team or the powerful in our country. Do we think foreigner don’t notice?

The third thing we have to do is have a government that shows the way. We just tolerated 14 years of increasing cronyism and wastage with the embarrassing spectacle of cabinet ministers becoming wealthy while corrupt public projects crumbled around them incurring debt that, given the state of the world economy that is entering into a recession, we will never be able to repay. We have mortgaged our best assets to Cricket and other dubious projects which fill undeserving pockets and we are in now in trouble. Do we think the foreigners don’t notice?

And how do we treat foreigners who bring their money, their talents, their goodwill to our island?

Do we abuse them or honour them? Worrisome stories are multiplying that show that the we disrespect them.. Do we think foreigners don’t notice?

But there is hope. We have a new government that has promised to be more transparent and ethical than the last, to show that when we tell the world we are open for business we mean that if they come here we will be fair, honest, and straight with them.

If we don’t do that then all we are doing is justifying the types of treatment that Mr. Obama, Mr. Flaherty, and others in the world have promised to inflict on us.

Unfortunately for Mr. Thompson and his crew there is not much time. The first few months of the new reign are gone and it is make it or break it time because if we don’t show the world a new face real soon we can be sure Mr. Obama will be all over us come November, just like he has promised. He is coming, to be sure, and what will we have to show him to talk him out of his plan?

Signed,

BFP Reader “Almost Grape Hall”

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41 Comments

Filed under Corruption, Crime & Law, Offshore Investments, Political Corruption, Politics, Politics & Corruption

41 responses to “President Barack Obama Would Destroy Barbados Offshore Banking Industry – He Said So!

  1. Citizen First

    Hilary Clinton will probably do the same thing (if her husband’s record is any indicator of how things will go)!

    Ironic but the Caribbean tends to get more favourable treatment under Republican Administrations.

  2. boom

    If it’ll help the average U.S. Taxpayer let it roll!!!

    Quoted from Politico.com
    “Under the proposed Stop Tax Haven Abuse Act, Sens. Carl Levin (D-Mich.), Barack Obama (D-Ill.) and Norm Coleman (R-Minn.) have labeled 34 countries or territories as “offshore secrecy jurisdictions.” Under their bill, the Internal Revenue Service would gain several powerful tools to scrutinize the offshore financial dealings of U.S. citizens. Similar legislation, introduced in the House earlier this month, has 40 co-sponsors, all Democrats.

    “There is an estimated $100 billion gap between taxes owed by taxpayers and the nonpayment of those taxes due to offshore abuses,” Levin said. “If this bill collects even 5 percent of that offshore tax gap and stems what is now a growing abuse, its impact will be significant.”

    Neither Levin nor his fellow sponsors are members of the Senate Finance Committee, which has jurisdiction. But judging by their comments at a May 3 hearing, both Sens. Max Baucus (D-Mont.), the committee chairman, and Chuck Grassley (R-Iowa), its ranking member, favor a crackdown.

    “As international trade becomes more complex, it is becoming more and more difficult to track transactions legally subject to taxation,” Baucus said. “As a result, offshore tax evasion has become a large and growing element of the tax gap, that share of taxes (that is) legally owed and is not paid.”

  3. It’s not just how Barbados treats the foreigners but also how it treats the locals who work overseas and come back to Barbados every now and again. I have a friend of mine who works in MA (Massachusetts) and it is like whenever he goes back to Barbados, he either finds immigration or customs simply not treating him very well. If it isn’t immigration not saying hello or good morning or even trying to put a smile on their face, it is the customs people trying to tax you for things you already own. Do they not realize that it is also the locals who are overseas interacting with people from other countries who sometimes sway conversation about Barbados, whether it is positive or negative?

  4. Rumplestilskin

    Citizen First said it right. Neverthless, even now under the Republicans these actions have already started, so do not think it is just the Democrats.

    While it may be no consolation, Obama and Levin are viewing the issue simplistically.

    There are many jurisdictions that offer tax incentives, which Barbados does.

    There are also several that offer secrecy in banking, which Barbados does not.

    My question to Obama and Levin is, are they also going to change Federal legislation to force Vermont, Delaware especially and other states to also impose taxation on the current tax free status of companies in those jurisdictions?

    Or is this just another ‘destroy all industry except America’s’ action.

    I am told that one can open a company in Delaware with a suitcase of cash. In any other country that would be severely questioned.

    I am now convinced that this is more about modern day ‘economic advantage under the guise of globalisation’ than any thing else.

    If one wishes to be altruistic as to motives of companies and countries, then are Obama and Levin going to launch an investigation as to the monies that Halliburton has made from the Iraq conflict?

    If one is being altruistic, should such action be limited to specific areas, or engenered in all areas of business and government activity in North America?

    What exactly is this thing called ‘lobbying’ in Washington?

    Where an industry or company desiring specific Federal actions pays lobbyists for pressuring Congress etc to vote in their favour?

    In Barbados and most other Nations, this would be frowned upon and we have another word for it.

    So, Barbados acts in no less a ‘manner’ than USA or any other nation, give me a break.

    The thing is, North America is much better versed in ‘smoke and mirrors’, unlike our politicians who are rather blatant.

    Can you say that any world leader today really has altruistic motives?

    It is a game, a tough game, a vicious game.

    Played with smiles and talk. Nevertheless, undertones and actions always disclose the reality.

    When Obama mentions Barbados, counter with Vermont and Delaware and the real intent will be exposed.

    Repatriation of all industry and business, not just taxes.

    But we still buy their goods, because we respond to their own sales pitches and are mentally ‘trained’ to follow their way.

    Sure, US business is in China and India. But then, only so long as it is cheap to operate there.

    The irony is that the Chinese and Indians, like the Japanese before them, master the methods and beat them at their own game of industry.

    Then the problem, such as the US is experiencing now in this economic downturn, comes home to roost.

    And they asked for it.

    Peace.

  5. Linchh

    BFP:

    Once again you are opening a can of worms, but I suppose that if you plan to go fishing you have to cut bait. I hope for your sake that the little wrigglies aren’t intestinal. It they are, then you will have to call on both your intestinal and your testicular (which I suspect is very limited) fortitude.
    ##################################
    #
    Citizen First
    March 20, 2008 at 5:22 am

    Hilary Clinton will probably do the same thing (if her husband’s record is any indicator of how things will go)!

    Ironic but the Caribbean tends to get more favourable treatment under Republican administrations.
    ###################################
    I too have found, while living in the USA, that political affiliation is no indicator of genuine friendship.

  6. Thistle

    BFP: Don’t get your knickers in a twist – Obama will NOT be President of the United States. The Rev. Jeremiah Wright has seen to that.

  7. rumboy

    Thistle, you are so right. But not only the Rev, those good ole boys in the deep south will also have something to say.

  8. asouljam

    BFP says,

    Racist Hate-filled post removed. Try it again and we’ll ban this IP and name.

  9. Hants

    In the same vein Canadian Minister of Finance, Mr. James Flaherty has promised that Canada is going to crack down on the financial and banking services our country offers.

    The PC party used this on a political platform to attack the former Liberal party PM Paul Martin whose shipping company CLS uses Barbados as a Tax Haven.

    Now that they are in power, Mr.Flaherty has found that a lot of their Corporate sponsors are also using Barbados as a Tax Haven.

    Therefore he continues to threaten but does nothing because the Progressive Conservative Party cannot afford to “offend” their party supporters.

    Smoke and mirrors.

  10. John

    The first legally blind, black Governor of New York recently got sworn in.

    I thought it was great and enjoyed seeing the picture of him with his hand on the Bible and his wife looking on with pride.

    He replaces Elliot Spitzer who resigned after he got caught paying a call girl/prostitute tens of thousands of dollars.

    The first legally blind, black governor then proceeds to announce he has had affairs, I think it was three he mentioned.

    I know that nobody is perfect but for the life of me I will never understand politics in America.

    Maybe it is a Democrat thing, remember Bill, or the Republicans are just better at hiding it.

    Makes me think about the situation here.

    Owen never got caught with a call girl or admitted to affairs …… at least not in as many words. I suppose it could be argued that in his case, actions speak louder than words.

    Relatively speaking, maybe he was a saint after all.

    Wonder how he would have got thru in the US?

  11. All the cases of messing with young boys and men seem to have been Republican recently, so maybe that’s the political divide?

    Homosexuals – Republican; Hooker-favourers – Democrat.

    Has it been established that affairs with same gender constitute Adultery in a marriage?

  12. asouljam

    Firstly, I’d like Barbadians ESPECIALLY to keep a close watch on individuals such as Dr. George Griffith, SCM,MS,JP and practicing physician in Barbados. He is currently functioning as the Executive Director of the largest abortion provider in Barbados and was a BLP candidate for St. Phillip North in Barbados’ 2008 General Elections as well as a member of the Barbados Family Planning Association.

    This suspected Racist/White Supremacist Genocidal Maniac is also pushing for the inoculation of Barbadian females as young as nine years of age against the so called HPV (Human Papilloma Virus)

    Read this article exposing HPV as another medical fraud (no more legitimate than the HIV virus)

    http://www.naturalnews.com/Report_HPV_Vaccine_0.html

    Read about George Griffith here:

    https://barbadosfreepress.wordpress.com/2006/10/24/abortions-provider-george-griffith-is-barbados-labour-party-candidate-for-st-philip-north/

    In the Daily Nation dated January 2006, an article complicating him in this HPV medical fraud was published. I will post the exact date of this issue in a follow-up response tomorrow, but in the meantime you may also go to http://www.nationnews.com and do a general search for “HPV” (no photos or interviews in the online version)

    All efforts must be made to expose individuals engaged in fertility reduction and population control amongst the world’s darker peoples. This agenda is real and must not be taken lightly! The agenda is clearly outlined in Henry Kissinger’s National Security Study Memorandum 200 (NSSM 200) report to congress in 1974.

    You might also be interested in visiting

    http://www.blackgenocide.org/sanger.html

    where you can learn about Margret Sanger – noted eugenicist and founder of Planned Parenthood/Family Planning Institute.

    as well as

    http://www.blackgenocide.org/abortion.html

    where a comparison between Abortions and other traditional forms of historical genocide is made.

    Two MUST READ BOOKS are:

    An American Dilemma: The Negro Problem and Modern Democracy – by Gunnar Myrdal

    and

    Busted, The Latex Condom Conspiracy by Keidi Obi Awadu (outlines how the Latex condom and spermacide is complicated in causing cervical cancers and other chronic medical conditions)

    Other important articles

    THE AZT LABEL
    http://www.oldamericancentury.org/azt.htm

    GENOCIDE, AIDS and THE FDA – AZT Forced Treatment of Kids – Healing AIDS: no drugs/
    http://www.shirleys-wellness-cafe.com/aids.htm

    AIDS in Africa: lies and deceptions
    http://www.shirleys-wellness-cafe.com/aids_part2.htm

    THE GREAT HIV / AIDS HOAX
    http://worcester.indymedia.org/news/2005/04/1119.php

    (National Security Study Memorandum 200) NSSM 200: blueprint for de-population
    http://www.population-security.org/28-APP2.html
    and
    http://www.theinterim.com/july98/20nssm.html

    Keep the faith!

  13. Richard

    yawn. this site is getting predictable.

  14. Brutus

    Barbados is included on a list of “Offshore Secrecy Jurisdictions” in the Act, but it seems to me that this Act will have no significant impact on Barbados. Barbados has a double taxation treaty with the US which already limits benefits for US companies of setting up in Barbados and which surely includes information exchange provisions so that US authorities will have access to the information they need. This will not be the first such list that incorrectly included Barbados.

    It would be strange indeed if Obama did not support a bill that would prevent companies and individuals from cheating the IRS.

  15. Babaloo

    Probably you don’t know but Barbados is already on a black list in several European Coutries.
    Barbados is listed as “Tax heaven” and “money laundering heaven”.
    Are those Countries unfair or they have some evidence to do so? You BFP should know…

  16. Maat

    Interesting that the 3 Caribbean countries that have fixed rates with or direct trade in US dollars, had a sit down with Pres Bush. The Official press conference didn’t mention anything about the poor state of the US currency or economy, but then again Bush has been living in denial for most of his tenure.
    Did anyone see the look on David Thompson’s face when Bush was talking about mutual assistance, security..blah..blah.?
    Quite a few countries are considering dropping the US dollar as the preferred global trading currency, especially with the Euro and Sterling at their strongest ever against the worthless paper printed by the privately owned Federal Reserve.
    One would imagine that concerns about the European partnership agreement (EPA) may have been discussed and any Prime Minister worth their salt would have sought assurances regarding their use of or link to the diving greenback.
    All George wants to hear is that we are with him in the fight against AlciaQEDA and he’ll give us some more bullets, bullet proof vests (without holes) and agents to enforce drugs (DEA)

    Peace

  17. With all due respects, is this view expressed not similar to marginal sidelines that were banned, and that I removed in solidarity with BFP?

    Then I take it you support John McCain who thinks that the SURGE into Iraq is not enough?

    You are also implying that the GOP supports cloudy political integrity, and if Clinton/Obama cannot accept reality, then to remain with the corrupt USA system of the last near-decade?? Quo Vadis?

  18. Rumplestilskin

    Sharp Ian. Additionally, even if one accepted the assertion that Obama differed from the GOP candidate in assessing offshore jurisdictions, what good is winning one point but having the US and rest of the world economy falling apart due to GOP policies? Not to mention world diplomacy being at an all time low?

    To counter a point made above, the OECD removed Barbados from the blacklist sometime ago.

    As I noted, that is more about repatriation of business than anything else?

    Why do they not deal with Switzerland, Lichenstein?

    Those places you actually have secrecy in banking and can launder money much more effectively than in Barbados.

    But no, thopse states are located in Europe!

    This is about businesws grabbing, not any altruistic motives. The tax equality position is merely an ostensible ‘reason’ for the whole ‘argument.

    The litmus test is…have they also dealt with their own states which have tax beneficial arrangements and bank secrecy laws???

    It is a game!

  19. Kadri

    another distraction from the real issues, BFP in my opinion this is crazy and stupid, america is in a recession as we all know, these tax breaks are to help american citizens not us. are we an american state? pay attention to the facts and dont twist em, it seems to me like you dont really understand the tax policy from the democrats.

    its about serving the people who you represent, and thats what hillary and obama about, people losing jobs in the us everyday and the said companies opening on foreign soil where wages are lower. i wonder if you would have done the same thing or allow the companies to do as they wish.

    its about managing your company, not your competitors department

    our thompson administration, suppose to manage our rock the same way the bush administration and de next one manage their own, this is why we so far behind, because we look to see what we can benefit from others instead of making a way for our own.

    google search images of Dubai, thats what i am talking about.

  20. Just asking

    To Asouljam,

    Who is this Dr. George Griffith SCM, MS, JP? A
    —-
    practicing physician who ran in the 2008 campaign under the BLP banner?

  21. ILLUMINATOR

    Asouljam,
    very interesting websites . Many would be very shocked at the information presented. This world is not much like what most of us think it is. A rotten MSM has done very much to assist in that department.

  22. ILLUMINATOR

    To my thinking , the majority of entities that benefit from offshore banking are the same large corporations that fund candidates . I think this is just whole lot of hotair and rhetoric. The c.e.o.’s of these corporations are looking for people that will make it easier for them to escape paying taxes not the other way around.

    We assume big companies are somehow are more ethical and saintly when the truth is they just know how to appear that way better.

  23. J. Payne

    Just give it time… The “special interests” and lobbyists in the US will tell them to back off their turf and to stop trying to sock them with higher taxes…. If the president doesn’t come around they’ll railroad the U.S. economy until the citizenry forces them out of power….

  24. J. Payne

    If you remember back the current Prime Minister of Canada also said he was going to clamp down on Barbados but just as I predicted he would rock Canada’s economy if he closed it down and saddled all those Canadians companies overnight with higher taxes. No party wants to actually be responsible for causing the fall off in economic growth that would come from destroying tax breaks for your own nation’s businesses.

  25. Bimbro

    An interesting article, ‘Grape Hall’, and although I can’t claim to be an expert on offshore-banking, it’s an area deserving of greater attention!

    Another facet for the milieu, is that Obama, as you know is semi-african, who have no goodwill for us, anyway!

    It’s a pity that black, american reverends don’t know when to keep their mouths shut, a penalty for which we may all pay, eventually!

    The under-performance of afro american needs to be addressed but none of them seem sensible enough to do so! It may be left to the Obamas and Dr Griffiths of this world, to deal with this issue. Then, god help them!

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  28. The picture you should have in this post is of Bush instead of Obama. Barbados is tied to the U.S. dollar, and Bush & Co have literally destroyed the U.S. dollar and economy – along with too many other negatives to even mention here.

    Do you honestly think this administration has been good for the U.S., Barbados and the rest of the world for the past eight years?

    No one is going to destroy offshore banking of the rich and powerful around the globe – much less offshore banking in Barbados. The real truth is there are many corporations that have been, and continue to operate in avoiding U.S. taxes offshore. And these same companies will try to pay off your politicians, and avoid your tax structure if they can get away with it.

  29. priscilla

    The “Messiah” is coming!

  30. Thomas Gresham

    Lets enjoy the first black presidential candidate from a major party in the US and not overly worry about our off-shore banking sector.

    Our offshore banking sector, which I gather provides over 60% of our corporate tax receipts, is driven by the Canadian-Barbados tax treaty and has very little to do with Americans. This treaty provides benefits to Canadians who are investing internationally and in return we get some tax receipts. Their savings are far greater than our tax revenues.

    I would discount stuff said in an election campaign for domestic political effect, but Caymans and Bermuda are more vulnerable to a US crackdown on offshore tax-efficient locations than we are. But it is true that to protect these tax revenues at a time of economic slowdown we need to diversify and strengthen our off-shore offering so that we are not vulnerable to a change of political winds in Canada or the US.

    I recall that the previous government had a strategy related to making Barbados an attractive wealth management centre for Europeans and Latins and a training centre for those working in the Caribbean banking sector, which is the fourth largest in the world if you were to add up all the Caribbean jurisdictions. It will be interesting to see what the new government’s strategy will be.

  31. Anonymous

    its good he’ll be the first african america but to put a stop to off shore companies its not cool

  32. my name is your name

    Go Barack Obama you can do it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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  34. Don’t you mean JOHN MCCAIN will destroy your Offshore Banking? That’s why he did NOT win. GET OVER IT!

  35. charles wills

    barak obama rules

  36. clarisse

    why do you have to say that he will destroy it??
    well,you really don’t know him well do you??
    well just shut up your mouth..ok??

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  39. David Gittens

    David Gittens
    Fellow readers,
    If the president of the United States decides to slap Barbados, that would serve the purpose to show them that no matter how much little England they may believe themselves to be sitting in the House of Assembly or under the coconut tree, one thing is for sure Britain would not want to know.
    The so called bajans are selfish and ungodly pretenders that may be classified as follows:
    1 The type that pretend that they are something- Big – when returning to the Island
    2 The type that are home with contempt who regard genuine returning nationals as if they born barbadians in the first place. They should not be returning at all because they either have something belonging to them or coming to take it away from them. Like the one next to me, owing the Banks money, now tells me I have 3 feet of her land after I have been within the said boundary for over 20 years of her getting the loan to build. And part of it is rented. Is she paying tax on rental income?
    3 The best of the lot, are those Barbadians who could not care less as to what the President may or may not do because they have nothing to lose.
    .
    Thank you.

    PS: A slap from the President will make them the ones with all the mouth realise and appreciate their own better. Some of us have to take those slaps in other ways living in another man’s country in order to send back Foreign Exchange.

  40. Mark Fenty

    It must not be forgotten, that the tentative economies within the Caribbean archipelago, life-blood springs from that of the United States of America for the most part. And if the United States decides to remove her feeding- hands, in no time Barbados would probably experience the same conditions that Haiti has been experiencing.