Avinash D. Persaud working on Barbados Four Seasons Financial Rescue?

Potential Investment Management Fraud in Barbados?

The following was received anonymously. Is it an actual Facebook entry or faked? What does it mean?

And this with (I think) a comment from Dennis Jones of Living in Barbados blog…

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34 Comments

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34 responses to “Avinash D. Persaud working on Barbados Four Seasons Financial Rescue?

  1. Love

    BFP,

    Your story should have been titled…” .Avinash Persuad in Barbados putting the finishing touches to his Masters & Phd. studies ”

    This neemakaram masquerading around as a “PROFESSOR” and has no qualifications beyond a Bachelors degree.

    Just disgusting !

  2. Thomas Gresham

    I notice a couple people – perhaps the same person, suggesting that Professor Persaud is not who he says he is. Its part of the “bring down” culture we have I guess. Cant have a successful Barbadian. Thing is, its not exactly easy to pretend to be an Emeritus Professor of Gresham College, because they have a website. Check out

    http://www.gresham.ac.uk/events.asp?frmAllDates=1&frmKeyword=Avinash+Persaud&frmPeriod=future&PageId=45&x=38&y=5

    For Persaud’s lectures.

    Persaud’s wikipedia entry has him as a Member of Council of the Royal Economics Society. I am a member of the RES and our Council is elected by the members, largely university professors and yes Persaud was elected a couple years back and is listed there on the Council list:

    http://www.res.org.uk/society/about.asp#council

    Persaud has been introduced as Chairman of the Warwick Commission, whose report is in the Main Economics section of this week’s Economist.

    http://www2.warwick.ac.uk/research/warwickcommission/

    I recall when he was on the UN Commission of Experts with Nobel Laureate Joe Stiglitz.

    http://www.un.org/ga/president/63/commission/members.shtml

    This one has him as a Bajan. Pity some Bajans just interested in spreading Lies rather than a bit of Love.

  3. John Da Silva

    It seems a little inappropriate and unprofessional to be implying fraud via his Facebook status update when he is stressing the importance of trust.

  4. Thomas Gresham

    I am on facebook and always struggling to write what I am up to in a few words, the way I read it is that he is doing two separate things, working as an expert witness in a fraud case concerning an investment management firm and also working on the refinancing of the Four Seasons resort…..but I feel a little uncomfortable speculating about the wider significance of a snippet of an informal conversation with friends.

    More importantly, if he is helping to refinance the 4S, I just hope he manages to do it. Would be great for Barbados and a shot in the arm for confidence at a time like now. The PM mentioned in his Ilaro Court interview that there was much work behind the scenes on the project with “young Barbadians from London”. Perhaps its him.

  5. Dennis Jones (aka Living in Barbados)

    Professor Persaud mentioned his involvement with the Four Seasons project when he was a guest on Brass Tacks about 2-3 weeks ago. Most of the details of the projects financial problems have been reported extensively in the English press, given the involvement of UK banks and creditors. Local Bajan papers picked this up once If my memory is correct) but did nothing else except report comments made by the former management about possible restart dates and that that old management had changed.

  6. Dennis Jones (aka Living in Barbados)

    @Love,

    With due deference to Shakespeare:

    “But love is blind and lovers cannot see
    The pretty follies that themselves commit”

  7. HA HA HA

    @BFP what was the significance of posting Professor Persaud’ s Facebook Pages? Prof. Persaud as far as I know is still a private citizen and I am uncertain of what public interest or news his FB postings are?

    @Love. Are you for real? You need some serious therapy. You are either a pathological liar or you crave attention. Either way your post is such a bore.

  8. Sing-a-song

    Is Thomas Gresham, Avinash Persaud’s doppelganger?

    For the record, does Mr Persaud hold either a Masters or Doctorate in any field? None of the websites proffered as proof of Mr Persauds ‘s status as a economist of note (which is not disputed by me) indicate his credential level of academic attainment as holding either a Masters or a Doctorate.

    Gresham College is not an educational institution in the same way as say UWI. Interested persons can view its website. It appears to me to be more of a “think tank”.

    Notably, the Warwick Commission does not refer to him as “Professor” as it does others on the commission.

  9. Love

    Avinash Persuad is just that…..a man without letters to a Masters or Phd qualification .

    I do not care who he chose to pose as under this blog….to dispute what I have stated let him come to the site and declare which institution he got his Masters and Phd qualification from .

    His father one taught at UWI Cave Hill….I just hope he is not confusing his father’s qualifications with what he (Avinash) has not accomplished as yet…!

    Sing-a-song, your points are spot on.

  10. My Bajan two coppers – Mr Persaud is definitely listed in the last 2 links provided by TG but not in others provided…

    In the se links, there is no reference to him having a Professor or Doctorate in either…

    Nevertheless – How does that stop him from offering excellent financial or investment advice?

    Thomas Edison never finished High School and yet invented what we use so handily at night (lightbulbs) and what eventually evolved into the iPod (aka – phonograph, symbol used in Grammys as in in disk’s name… PhonoGram)

    Richard Branson never had an ‘O’ level to his name yet created mobile, rail and air transport empires

    Winston Spenser Churchill had one ‘O’ level, barely, yet led a whole nation under war at an age when most would quietly count their pension shekels, all under the influence of brandy and a perennial cigar

    So should these folk be denied their stories of success simply because they eschewed what many consider as traditional academia?

  11. PS? Uh, Bill Gates – need I say more??

  12. Love

    Ian Bourne the way you have presented your arguments is not the issue here.

    The story of Bill Gates , Thomas Edison, Winston Churchhill , Richard Branson et al speak for themselves.

    The case about ” Professor ” Avinash is that he CLANDESTINELY allows himself to be foisted on an unsuspecting public as a PROFESSOR…to which he has yet to produce the requisite qualifications to justify such EMMINENCE !

    Ian….would you wish your DENTIST and PERSONAL PHYSICIAN to attend to you on the grounds that he /she possess the requisite qualifications to render such attention to you….only to find out they are FAKES ?

    Such is the case with this ECONOMIC hogwash that AVINASH spews around !

    A FAKE and illogical argument….without any academic substance !

    That is the ISSUE with this AVINASH !

    I repeat without fear of contradiction….that Avinash Persuad has no qualifications beyond a Bachelors Degree…and therefore he should NOT allow himself to be referred to as PROFESSOR.

    He or any other person who wishes to prove me wrong bring the evidence and Institute that he gained a Masters or Phd. qualification from.

    I rest my case until such time…!

  13. Observation

    Well, ‘Love’ you certainly have your knickers in a stitch over Professor Persaud. You sound awfully jealous. Not to mention bitter & malicious. What is this to you?

  14. Love

    Hello Observation,

    When it comes to Persuad….there is nothing to be jealous about .

    The man just do not have the credentials to which he lays claim.

  15. Thomas Gresham

    What a bore, Love’s obsession is,

    Persaud lays claim to being an Emeritus Professor of Gresham College as well as being a financial practitioner and he gets interviewed about Commissions he says he is on. Less than five minutes of research on google will show that he is what he claims.

    I am interested in defending a fellow economist.

    I recall he was one of a handful of leading monetary policy experts who spoke at the annual conference at the British Academic of Science (Economics Section) in Surrey in September. And you can check this on.

    http://www.sbe.co.uk/SBENews/tabid/80/articleType/ArticleView/articleId/203/August-News.aspx

    I remembered seeing a joint piece he wrote in the FT with the leading monetary economist, Professor Charles Goodhart and I found it on google,

    http://www.global-economic-symposium.org/solutions/the-global-economy/balancing-risk-taking-and-financial-regulation/strategyperspectivefolder/a-party-pooper-s-guide-to-financial-stability

    And he must have been asked by Nobel Laureate, Joe Stiglitz who chaired the UN Commission to me a Commissioner – but of course Love knows more than Stiglitz.

    According to google, Persaud’s background was originally as a practitioner not an academic – he was a senior exec at some banks including J. P. Morgan and State Street and it seems he became academically honoured later by Gresham College, perhaps as a result of research he did as a practitioner. He seems to have penned Liquidity Black Holes Theory – before the financial crisis and he won first prize for an academic award for an essay on the failure of bank risk management etc with an interesting title of “sending the herd off the cliff edge” – its all on google. Originally starting off as a practitioner he probably didn’t have a Ph.D or a MSc.

    But dont look at google, because Love knows far more than the Royal Economics Society, the British Academy of Sciences, prize winning bodies, Professor Goodhart and Professor Stiglitz about the credentials of Professor Persaud.

    Yes of course, I buy that. Lorrrrd!

  16. dismanhey

    Oh but “love”, in your first post on this topic you refer to Persaud as being a neemakaram.. which did caught my attention… for those unaware, this word has its origin in hindi and is used in Trinidad and Guyana where there is a sizable indian population, and it refers to one who is ungrateful. Now “love” unless you used the word incorrectly, one can only be ungrateful if they did not fulfill an obligation or expectation for someone…maybe a bit of sour grapes.. or why was there even some connection to a supposed fake

  17. Love

    Thomas Gresham…posing as AVINASH without the requisite qualifications .

    Try as hard as you might….this so called PROFESSOR you speak of does not possess the qualifications he claim to have.

    So you cop out sentence below…

    ” Originally starting off as a practitioner he probably didn’t have a Ph.D or a MSc. ”

    JUST DO NOT CUT IT !!

    Bring the evidence and Institute that this so called PROFESSOR gained his Masters & Phd from.

  18. Thomas Gresham

    Now it has clicked. Professor Persaud is a member of the Barbados National Council of Economic Advisors.

    I suspect Love is jealous of that.

    According to the Warwick Commission website, last Friday, Professor Persaud had his “Warwick Commission” highlighted in “The Economist”, “Wall Street Journal”, “Reuters” and he had a personal editorial in the FT, reprinted on BusinessBarbados where I saw it. I must have seen over half a dozen editorials form Professor Persaud in recent months in the Financial Times, all with the reference to Emeritus Professor. Enough to make a jilted economist or commentator feel so intensely jealous to evade the man’s facebook page and plot against him.

    As far as I have seen, Professor Persaud does not claim to have an MSc. or Ph.D. What I have seen is that he signs his pieces on BusinessBarbados or the FT, not as Dr. or followed by MSc, but as Emeritus Professor of Gresham College. The blurb on the Warwick Commission under his name has him as Emeritus Professor of Gresham College, not as Dr. or MSc.

    So we can settle this once and all, instead of everyone having to send in all their credentials to Love for him to determine whether they have the necessary credentials, Love should call up Gresham College and ask (1) do they know that Persaud refers to himself as Emeritus Professor of Gresham College and (2) is this correct? and if they answer no, Love should ask them to put something on their website informing people that Persaud is not an Emeritus Professor there, given that he is so often quoted as being an Emeritus Professor of the College.

    Interestingly, on the Gresham website, Persaud is listed as Professor Avinash Persaud, so they will need to correct their own website too if Love is right. He is also in a pdf file on google entitled Portraits of Gresham Professors – so they had better scrub that while they are at it.

    http://www.gresham.ac.uk/eventsresults.asp?PageId=4&frmSubject=2&frmPeriod=past&curPage=3

    I know Gresham College and attended lectures there several years ago when I was living in London. It is a typically maverick British institution. It normally confers a Gresham Professorship on famous people who are generally already professors already and asks them to disseminate their knowledge though lectures that are free and open to the public. Sir Christopher Wren and Robert Hooke were some of the more famous Gresham Professors.

    Enough said. Let us leave poor Love to wallow in his jealous self-pity and home that someone considers his ideas interesting one day. But I suggest that this is not the way to go about it.

  19. Dennis Jones (aka Living in Barbados)

    @Love, I must admit to having pondered for a few days why the absence of a Masters or Doctorate has a bearing on whether or not someone is a Professor. The latter is a title and position in a university (or place of higher learning). It is obtained by competition through application. It is not a position to which one graduates via other qualifications.

    To make you happy, let’s call the person Mr. Persaud. He does not ‘masquarade’ around as a professor: he’s not doing much teaching. He’s a financial sector practitioner in various areas. He professes to know a lot about what he does. He actually masters the financial sector issues well, and he does not need to doctor his advice very much.

    For the love of me, I wonder what the fuss is and perhaps I am wishing in vain for some clarification.

  20. Wrong tree, Dennis – love your clue, but wrong personality! Be it day or night, you have to cut through the hype, so move in darkness and use the right implement… You may end up like Christian Slater’s off duty temper and be a Knight of the Long Knife

  21. Crusoe

    Funnily enough, very few PHD’s and Msc’s in economics or any discipline, predicted the last three years of economic crisis.

    But, as usual many are now willing to expound verily on the issue.

    Including a certain head of a local institution who until early last year was reported as saying that the crisis would not affect us.

    Remember, Msc’s and Phd’s are based on termwork and papers, but do not give anyone additional inherent ability or sense.

    So, everything is with a pinch of salt, even Msc & Phd’s.

    Having said that, I note that the economic crisis WAS however discussed on this BFP site, over three to four years ago, before the crisis hit, before it was common discussion worldwide or had even entered discussion in international papers.

    BFP should have the records to prove it.

    How many of these bloggers have Msc & Phd’s?

  22. Dennis Jones (aka Living in Barbados)

    @Ian Bourne,
    Wrong tree, or right tree wrong branch? I’m not much of a movie buff and generally better at word play than many other aspects of literary art, and I love crossword puzzles. So, with that affliction, I have to first wonder if it is ‘Christians later’, or ‘Christian slater’, or really Christian Slater. Then the night the knight used the knife to cut to the chase, he left me his sword…or was it his word? I’m no longer in the dark, that’s clear.

    As riddles go this one has life./
    I was sharp but not as sharp as your knife./
    I said love was blind, and now I see better./
    Borne, by your words, you missed no letter./
    As day follows night, the path is easier to see./
    Cutting through the branches, I now know my tree./

  23. Hope Springs Eternal

    “For the love of me, I wonder what the fuss is and perhaps I am wishing in vain for some clarification.”

    As astute as always, Dennis. This is one of many monikers used by this individual.

  24. Dennis Jones (aka Living in Barbados)

    @ Crusoe
    December 8, 2009 at 9:19 am

    “Funnily enough, very few PHD’s and Msc’s in economics or any discipline, predicted the last three years of economic crisis. But, as usual many are now willing to expound verily on the issue.” [Why should an inability to predict something preclude one from discussing the issue?]

    “Remember, Msc’s and Phd’s are based on termwork and papers, but do not give anyone additional inherent ability or sense.” [Misleading. PhDs are based on doing ‘original research’; they may not involve many papers, but do have to end with a written thesis. Sorry, to be pedantic, but one cannot get ‘additional inherent ability or sense’. However, study can increase ability and sense, which is why countries and individuals value education, not least for the choices and opportunities that it should open. But higher education alone does not give you better people or better countries. Given the choice, though, I would rather be well educated than not.]

    “Having said that, I note that the economic crisis WAS however discussed on this BFP site, over three to four years ago, before the crisis hit, before it was common discussion worldwide or had even entered discussion in international papers. BFP should have the records to prove it.” [Bravo, BFP! I look forward to the claim being proven but would not take away an ounce of kudos. But, what did this foresight do? It certainly did not prevent the crisis. I don’t know if the discussion offered solutions that are now being tried or if the solutions offered are amongst those not yet used. But, I would be interested to know.]

    “How many of these bloggers have Msc & Phd’s?”[Interesting question, but what will be do with the answer? The government is committed to one graduate in every household. Will the proposal come for no further graduate studies? I’m intrigued. If the argument is that not all knowledge resides in graduate or post graduate heads, then I would not argue with that.]

  25. Crusoe

    DJ,

    Quite right, that education is not only worthy for self development for knowledge but also increased skills, necessary for the collective improvement.

    However, my point was really aimed at the constant harping on in respect of the Professor’s ‘qualifications’ to analyse the situation.

    To wit, I am answering that, in accordance with your statement, he has a right and indeed as much right to analyse the situation as any other, no one else predicted the situation anyway.

    I repeat that education is worthy and further education an important part of a nations development.

    But, there are abilities that are not gained by education i.e. inherent abilities.

    As for the proving, only BFP can do that, I do not have the archives, but I believe that solutions were discussed, especially pertaining to the then level of Government spending and debt levels.

  26. Hants

    Is Persaud a University professor? yes or no?

    True or false?

    “He is an Emeritus Professor of Gresham College and Visiting Fellow at CFAP, Judge Institute, Cambridge. He was elected a Member of Council of the Royal Economics Society (2007), is a Governor and former Member of Council of the London School of Economics.”

  27. Love

    Hants,

    Dennis Jones and Thomas Gresham a.k.a Avinash Persuad…..are intentionally skirting the issue because they recognise full well that this PERSUAD is perpetuating a FRAUD.

    The “PROFESSORSHIP” title he masquerades around with was not achieved through any academic study…..it is akin to the Government of Barbados bestowing a Kinghthood on an individual !

    Where is the proof of academic study on the part of this Avinash Persuad to be postulating the views on anything of economic note ?

    Let him bring the evidence to support it…..!

  28. 198.1

    Love a duck! Even people who have honorary titles carry credentials that make the honarary title worthy of being bestowed. So, what is your point? That Persaud knows nothing about economics and cannot advise and practise in the field?

  29. Dennis Jones (aka Living in Barbados)

    @Love, I’m not sure what the issue is that you think is being skirted. Presumably all those organizations for whom Mr. Persaud performs are satisfied. If you are one of his employers and if you believe there is a fraud our legal systems gives you some options to seek redress. Carrying titles is not usually actionable, but I’m no lawyer, so there may be some arcane statute that may give you pleasure.

    But on knighthoods (assuming that’s what you mean), if that were the right example, he could use the title ‘Sir’, as Sir Allen Stanford did with his Antiguan knighthood, until they stripped him of it (http://www.telegraph.co.uk/finance/financetopics/sir-allen-stanford/6489156/Allen-Stanford-stripped-of-knighthood-in-Antigua.html).

    Not all professorships are equal, anyway. Grief!

  30. Caribbean Professional

    Love – I don’t know what your problem is. Universities do have Professors who do not have Masters degrees or PhD’s – indeed there was once a Professor at the LSE who did not even have a first degree!!

    Emeritus Professor is a an honorary designation – usually awarded to someone who has retired or made an extraordinary contribution to his field.

    There is no way that a Nobel Prize winning economist like Joseph Stiglitz (google him if you don’t know who he is) would work wih anyone who is less than brilliant. And certainly not on one of the most important reform projects in the world of finance…

    http://www.un.org/ga/president/63/commission/members.shtml

    You should be proud of this Bajan and what he has achieved instead of trying to pull him down. Shame on you!!

  31. Observation

    Love just sounds like a person with a personal axe to grind – something against the Persauds? or just plain jealosy. Why else harp on about this point of semantics.

  32. Victor

    Surprisingly not mentioned so far is that Avinash Persaud was awarded second place by an eminent panel set up by Prospect, a highly reputable British publication, among 25 international people selected who made the best contribution to the nternational discussion of the financial crisis. Avinash was placed ahead of two Nobel prize winners, the head of the Federal reserve and the Governor of the Bank of England– see December issue of Prospect. He was a professor at Gresham college for a few years and was made an Emeritus professor when he left. Sad to see such blatant vindictive comments when the true information is all in the internet.

  33. Sindh

    Prof Persuad is in all sense a big name in Economics. If Paris hilton can get reputation of such sort that I needn’t explain who she is, by just being!
    Where Jeremy Clarkson gets doctrate again for being, though have nothing against him and actually like Top Gear –
    Why do people have issue with a man who has actually done so much that he is honoured by universities, economists and international bodies for his contribution to human knowledge!
    He is a professor, he didn’t NEED to do more work to get this job, he is that good!
    Of course I would be jealous of the guy, if I were say in his field and finding hard to get a job.. .

  34. Lucius

    It is a fact that once your term is up as a Gresham Professor you have to relinqish your title of Professor.

    I know this as all other “professors” have done so before Persaud. And Persaud also admitted to knowing that himself when at Gresham.

    I may not be a globetrotting economist, but it would seem to me that “trust” is not derived from saying you are something you are not.