CLICO stupid question #1 “Where were the politicians and business leaders when this was happening?”

Peter N. Boos asks “Where were the politicians and business leaders when this (Clico mess) was happening?”

That’s easy to answer in the case of now Barbados Prime Minister David Thompson…

Barbados Prime Minister Thompson was lawyer for CLICO when they failed to file financials for 13 years! Then as Prime Minister he bailed them out with your tax dollars.

While CLICO and its associated companies cooked the books and failed to file legally-required financial statements for 13 years, David Thompson was CLICO’s lawyer. Mr. Thompson and his law firm represented Clico and Leroy Parris in many of the transactions that are rightly questioned by the poor victims.

There. That was pretty simple, wasn’t it?

This excerpt is from The Nation newspaper article The Rise and Fall of Clico by Peter N. Boos

“To simplify it, the post Cyril Duprey leadership of CLICO took the company on a journey that no well-regulated and properly managed insurance company ever can or would take.

Investments of insurance companies funds are regulated by law and are there to protect the people to whom the funds are owed.

In CLICO’s case, insurance funds, held in a fiduciary relationship for pensioners, policyholders and depositors, were used to invest in high risk asset purchases, many of which made little or no returns.

Sugar plantations and other distressed real estate in Barbados being glaring examples.

Interest rates promised to depositors were well above normal commercial rates offered by banks or other insurance companies.

This financial model is not a viable equation for any business far less for an insurance company. Policyholders, depositors and pensioners of insurance companies expect prudence, low risk, high security and integrity from their insurers and their managers.

They also should be able to place confidence in regulators to ensure compliance.

Yet this was allowed to happen right under the noses of the financial regulators across the Caribbean. Why did this happen? We must find out.

Where were the politicians and business leaders when this was happening?”

Also see…

The Nation – Mia Mottley: Leroy Parris should repay CLICO


Filed under Barbados, Consumer Issues, Corruption

13 responses to “CLICO stupid question #1 “Where were the politicians and business leaders when this was happening?”

  1. reality check

    “Where were the politicians and business leaders when this was happening?””

    With no ethical background, understanding or integrity of their long term obligations to society and the rights of the average Joe they were simply helping themselves.

    Those businesss and social leaders who still have discipline and integrity must become active and support new people who have the education and background to move the country forward.

  2. Donald Duck Esq

    When will our Minister of finance update us on the current situation with clico. What has happened to the promised post cabinet press sessions?

  3. Donald Duck Esq

    Remember this manifesto pledge!!!!!

    Under a DLP government, the people will be kept informed of what the government is doing on their behalf through:

     Regular press briefings following meetings of the Cabinet of Barbados

  4. rasta man

    Can anyone tell me what is the situation wih BRITISH AMERICAN LIFE ?Ihave an annuity there and had asked to be paid but was told that this could not be done!s

  5. Donald Duck Esq

    Rasta man

    I gotta join the queue or get jah to intervene!!!!

  6. Donald Duck Esq

    Remember this dlp manifesto pledge to immediately introduce integrity legislation requiring

     a declaration of assets by public officials,
     a Code of Conduct for Ministers,
     a new Freedom of Information law,
     amendments to the Defamation laws and
     new constitutional provisions to rationalize the powers of the Prime Minister.

    Will we ever see this????

  7. Donald Duck Esq

    Why not have a discussion on the electoral reform now promised in the UK where the election date of 5 years from the last will be set. Will that work here???????

    Are we courageous enough to change????

    What about proportional representation??????

  8. Donald Duck Esq

    Remember this extract from the DLP manifesto

    “As a matter of urgency, the new DLP Government will:
     Provide better remuneration for Police Officers
     Improve and/or build new police stations in designated areas
     Increase the ranks in the police force creating more promotion opportunities
     Upgrade the Government Forensic Sciences Centre to help solve outstanding crimes and restore confidence in law enforcement agencies
     Permit the police force to function free of political interference
     Convert Glendairy Prison into a publicly funded modern drug treatment and rehabilitation centre.”

    Can the dlp define “urgency”?

  9. 226

    The problem with our politicians and officials is that many of them, including the former PM pretended to know more than they actually knew. So it was easy to fool them. I am not surprised.

    Many of the advisers and the policy makers believe that degrees from low ranked universities along with power and high level jobs( in many cases acquired by connections) made them very wise.

    Incidentally this attitude is precisely why we cannot solve the big problems. Our leaders are simply not very bright. When compared to people like me they seem bright, but they really do not have the ability to solve complex problems. It is like coming first in a class of average students. Our brightest for the most part are ” better than average “but not bright.

    If they were so smart it would not have taken power and friendship and lodge connections for them to make a comfortable living.

  10. Donald Duck Esq

    where is the minister of finance these days?

  11. Gladiator Gong

    Troubled really about his absence from TV and radio. Just hoping and praying that he comes back soon. I saw Owen See-Tru recently and he looks rejuvenated, looks like he has a lot more shelf life and expiry date.

  12. Donald Duck Esq

    May he has nothing to say!!! Surely someone in his party knows why he has been so quiet. Not a word in parliament these days. Is parliament meeting???

  13. David G. Brooks

    Well, we all should know by now …

    Ah boy, STRESS, it can manifest itself in so many ways, and it is well known for producing symptoms that are hard to diagnose – sound familiar?

    The ‘kitchen’ get real, real, real hot recently so he had to get out – literally.

    Anyway, I wish him well – I know what stress can do, it ain’t nice!