Consultant Hired To Take Barbados Stock Exchange International – But If The Chief Justice & Others Don’t Have To Obey Our Financial Laws, What Message Does That Send To The World?

Barbados has hired a Canadian company to transform the Barbados Stock Exchange into an international exchange. This might be possible because, unlike so many small islands, Barbados has so far escaped some of the huge public scandals that call attention to the lack of standards and contempt for the rule of law that is endemic in offshore financial centers.

Escaped so far, anyway.

david-thompson-piggy-smlOne has to wonder though, if Barbados international reputation is more a result of luck, hype and spin than a reflection of reality. Successive Barbados governments, including the current DLP Thompson government, have refused to pass any laws relating to integrity, conflicts of interest, accountability and freedom of information.

Laws regarding records keeping by businesses — even public companies — are all but ignored on this island. Even the Chief Justice, Sir David Simmons, has been caught out in a corporate scandal where business records disappeared or never existed.

Prime Minister David Thompson is likewise caught up in a scandal over the lack of financial records and failure to file records by CLICO when he acted as their lawyer for years. Oh, and coincidentally, Prime Minister Thompson just gave CLICO 10s of millions of dollars in guarantees, concessions and cold hard cash. Oh, did we also mention that Prime Minister Thompson and CLICO CEO Leroy Parris are godfathers to each other’s children?

Same old, same old ’bout hey!

Some day all these chickens gots to come home to roost, and when it happens Prime Minister Thompson and Chief Justice Simmons will say, “Barbados is acting to put in place additional oversight in our financial and corporate sectors. The government will soon introduce integrity legislation…”

Same old, same old ’bout hey!

Thompson’s plan for his friends: Privatize Profits, Socialize Losses

A great article at Keltruth: $10M for Clico Fund – Privatize Profits, Socialize Losses

14 Comments

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14 responses to “Consultant Hired To Take Barbados Stock Exchange International – But If The Chief Justice & Others Don’t Have To Obey Our Financial Laws, What Message Does That Send To The World?

  1. WildyCoyte.

    I feel sorry for Bajans….they are really nice people with a few bad apples just like any other developing country…but hearing and reading about the things that these crooks who “TRICKED” them especially the young people,to get into the political arena just to line their own pockets and bring nothing but tax burdens on the already poor is truly sickening,i hope each and every dishonest politician(oh lord that is nearly all on both sides) gets what they deserve,the next election the young people will not be nice to neither party..watch and see.

  2. crossroads

    I wish the chief justise would bring back the Hang Man. Barbados needs to pop some necks of these merciless murders who continue to destroy the peacefullness of this island.

  3. Sad To Say

    What the hell!!! After we pay this Canadian company millions in order to internationalize our stock market who is the foolish American, Canadian or Anyan who is going to buy CLICO or Cave Shepherd stocks. It may be a more worthwhile business venture investing in a snow making machine to sell snow to the Russians that live in Siberia. Easy come easy go, these politicians should be made to pay for each and every taxpayer dollar that they misspend.

  4. Sad To Say

    Was there a study carried out to determine if this was a feasable business venture? Was the proposed transformation process put out to tender? I am appaled. While Arthur did some crap on his shift this man that we got as PM is carrying this to a whole new level.

  5. Green Monkey

    Wunna think that Barbados got corruption problems? Take a look at this:

    A fraud that makes Madoff look small time

    Ron Smith

    According to the man who may be the leading expert on banking fraud, there is also no innocent explanation for the events leading to the current economic crisis. Last week on his PBS show, Bill Moyers interviewed William K. Black, the senior regulator during the savings and loan scandal in the late 1980s. Mr. Black, who wrote a book based on his experiences and called it The Best Way to Rob a Bank is to Own One, said the fraud and deceit that resulted in the world banking system’s dire distress makes Bernie Madoff look like a piker. In fact, says Mr. Black, who is the former director of the Institute for Fraud Prevention, what we have experienced was caused by “calculated dishonesty” on the part of corporate CEOs, aided and abetted by politicians and regulators who tore down the barriers to financial shenanigans – perhaps the most important example being the repeal of the Great Depression-inspired Glass-Steagall Act that separated commercial banking from investment banking. This cleared the stage for the fraudulent investments that made a lot of people very, very rich in what we can now see was an immense Ponzi scheme, many times the size and scope of the scam pulled off by Mr. Madoff.

    Full story here:
    http://www.baltimoresun.com/news/opinion/oped/bal-op.smith10apr10,0,4568204.column

  6. Sad To Say

    Someone robs ten people while his friend robs five who is the bigger thief? The answer is both are flipping thiefs. Putting it another way a small time Bajan crook is still a CROOK. Even though he may not thief as much the crook in the US. I suspect when our crooks (especially political) are judged using the economy of scale we are equal to or even “better” at crookery than a similar crook from any other part of the world.

  7. reality check

    “The management consulting firm, established in 2003, advises governments, development agencies and funding institutions around the world on ways to reform their legislative, regulatory and administrative systems to facilitate economic development.”

    “They’re looking for institutional strengthening”

    Boy does this woman have her work cut out for her. It all starts with a legislative framework of ITAL and stiff penalties plus honest elected politicians who fulfill their promises. Good Luck!!!

  8. Pontiac GTO

    Integrity Legislation? Doesn’t Barbados have that? You must because the DLP promised to do it within 100 days of being elected.

    You must be wrong!

  9. Rumplestilskin

    I am against opening up and transferring ownership of our companies and assets to foreign shareholders, especially at this time.

    Firstly, this brings implications in returns and corporate culture, as the same shareholders, as we have recently seen, will view profits above social fabric and national interest, hence be willing to cut expenses i.e. jobs, at the drop of a hat.

    This culture will also impact on working environment, overtime expectations and should only be taken on with a strenthened workers union.

    However, such a serious change will have serious implications and results.

    Secondly, our ‘fields and hills’ that are ‘our very own’ have already been depleted substantially by golf courses and concrete developments, which we can neither access nor have any hope of attaining.

    Errol Barrow was certainly right in proclaiming that we shall one day wake up to see that, while we have been sleeping, ‘these fields and hills are no longer our own’.

    Additionally, significant matters such as agricultural production and resource allocation will be taken from our hands.

    The expectation seems to be that a foreign owner will have funds to input, whereas I see that the opposite can also be true, that a foreign owner sees the potential for vast profits with minimal input.

    All potential benefactors may not have honourable intentions.

    A number of us have made the point previously on both preservation of agricultural capability and preservation of local ownership, especially in the current and foreseeable future.

    Alas, that our requests have fallen on deaf ears.

    Unfortunately, the economic re-colonisation of our nations that began over ten years ago, continues in earnest.

    I am not enthusiastic nor impressed by this trend.

    All, of our forebears worked for a better nation, for good things for us and our children, a nation self-determind, yet we see this legacy being thrown to the wind, either through blindness, carelessness or ruthlessness, or a mixture of these.

    Sadly, Errol Barrow’s words echo in the ethers, a haunting that becomes reality, while we average citizens sit by, despite having voted for change against such actions as this.

    Nevertheless, results sometimes are different than intended and some surprises could surface eventually, let us hope that these surprises are good, not otherwise.

    Peace & Live Strong

  10. reality check

    “Errol Barrow was certainly right in proclaiming that we shall one day wake up to see that, while we have been sleeping, ‘these fields and hills are no longer our own’.”

    CCB, BNB now gone and Clico soon to go in one form or another. NIS, GEMS and many others effectively bankrupt.The horse is already out of the barn.

    Leadership and good work ethics starting at home is what is needed. There are three solid Canadian Banks operating in Barbados. many solid businesses and many competent people.

    Barbados keeps electing people who are looking for short term gains over long term objectives. Everything starts at the top and works its way down. ITAL is just the first step in seeing that things change for the better. Capital which is desperately needed to create jobs will only happen when the citizens of Barbados demand better of their leaders and clean house.

  11. Sad To Say

    RC: Why do you say that the NIS is “effectively bankrupt”? This is a serious question.

  12. Crusty

    Anybody know how many different companies are listed on the Barbados Stock Exchange? At one time, some years ago, I thought it was twenty three companies. The exchange needs to trade a lot of shares to make any commission money if that’s all there are. And many evenings, the CBC News tells us there is no change in the index for the day – that probably means there were no trades on the day, but we don’t know since they stopped reporting the number of shares traded some years ago.

    Hard to see how going international will help.

  13. Pingback: » Chief Justice David Simmons Burned S.B.G. Files Amidst Ongoing Kingsland Litigation (Cross - XI) Keltruth Corp.: News Blog of Keltruth Corp. - Miami, Florida, USA.

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