Category Archives: Corruption

Code of Silence in effect over CL Financial Bailout

by Afra Raymond

by Afra Raymond

Sad to say, this CL Financial bailout is resembling a situation in which well-connected persons are getting what they can, any way they can, but making sure not to get caught. Who were the beneficiaries of this lavish payout? What is this reluctance to release details?

That is the Code of Silence in effect.

I was not at all surprised at the reported statements of the Minister of Finance, Larry Howai, on the 22 July 2015 High Court judgment ordering him to provide the detailed information I had requested on the CL Financial bailout. The High Court granted a 28-day stay of execution and the Ministry is reportedly in consultation with its lawyers, claiming that “A decision will be made within the period of time allowed by the court,”. The article closed with this quote –

“…Finance Minister Larry Howai said in the statement it should be noted, none of the requests refer to “how over $25b was spent in the Clico bailout”…”

Given that the very request was for the detailed financial information which has been deliberately suppressed since 2009, it is of course impossible to say with any certainty just how much Public Money was actually spent on this CL Financial bailout. That is the inescapable fact at the center of this scandal. The Minister’s tautology is really a powerful explanation of this point.

The fundamentals are that Public Money must be managed and accounted for to a higher standard than that which applies to private money. That is the accepted position in terms of good practice in public administration. Larry Howai is a qualified accountant and was a career banker before his appointment as Minister of Finance & the Economy. I do not accept that Howai is unaware of these standards. We are entitled to a full and detailed accounting of how this vast sum of Public Money was spent…

… continue reading this article at Afra Raymond’s blog: CL Financial Bailout – The Hidden Truth

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Filed under Barbados, Consumer Issues, Corruption, Economy, Trinidad and Tobago

Pat Hoyos: Plasma gasification will bring economic and environmental disaster to Barbados

“The Government of Barbados has given up all of the country’s future rights to determine its waste to energy management to an unknown company, whose plan is to build a plant using highly dangerous technology that has failed in every attempt made so far to turn garbage into electricity.”

Welcome to Corruption Unlimited

“Barbados has given up all future rights to an Unknown Company…”

Oh yes my childrens… Gather ’round and I’ll spin you a tale of how each Barbados government for the last 30 years has promised to implement integrity legislation and conflict of interest standards, but never did. Never will without serious international pressure.

Owen Arthur promised integrity legislation, but never delivered. Then, on a politician’s salary, PM Owen Arthur donated US$150,000 in after tax dollars to a cricket charity! What a great man!

Then “Goin’ wid Owen” was caught putting campaign donations from corporations into his personal bank account!

No charges though because Barbados doesn’t care about corruption.

PM Thompson Says His Use Of CLICO's Business Jet Is None Of Your Business

PM Thompson Says His Use Of CLICO’s Business Jet Is None Of Your Business

Then the next Prime Minister, David Thompson, through his law firm money laundered $3.3 Million Dollars for his friend Leroy Parris.

And David Thompson and the DLP promised Integrity Legislation.

But they never delivered.

Now Freundel Stuart says “Trust me, trust your government” about the garbage-to-electricity plant.

And Bajans are not allowed to know if any politicians have shares in the companies that will benefit from the Barbados Government contract. 

So… to all the Bajan politicians who aren’t standing up and demanding that the people be allowed to know who is profiting from government contracts… (Censored)

Take it away, Pat Hoyos…

THE HOYOS FILE: Tipping Cahill deal into the dumpster

YOU KNOW THAT A POLICY is dead on arrival when the usually accommodative local chamber of commerce breaks its silence to say so. That, to me, was the big game changer last week.  Continue reading

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Filed under Barbados, Corruption, Crime & Law, Energy, Environment, Ethics, Political Corruption, Politics & Corruption

Currency trader illegally made US$300 million for UBS Swiss Bank – He goes to jail, the big-shots keep their jobs and bonuses!!

UBS Swiss Bank Fraud

“But so far, no senior executives have been prosecuted in a scandal that helped shred public faith in an industry and has cost some of the world’s biggest banks and brokerages $9 billion in fines and seen 21 people charged…”

Oh my children; gather round and Daddy will tell you a story of how the world really works…

In 2006 Tom Hayes was an intelligent nice young man of 25 years old who loved the numbers of finance; so much so that UBS Swiss Bank hired him to be a yen derivatives trader for their Tokyo office.

And Tom did an excellent job for UBS – earning the Swiss bank over US$300 million dollars in three years and 45,000 trades. YIKES!

Excellent job except for one thing… Tom was conspiring with other people to rig the markets, and he sent out thousands of emails to do it.

Did his bosses know? Ha! Does cheese go well on toast?

Now Tom and a few other low level people will probably be going to jail.

But the bosses? Everything be so fine, just fine. UBS and Citigroup paid fines, but none of those bosses will go to jail or lose their jobs.

Children… this is the way the world is.

Same same in Barbados. Everywhere.

Say… do we have branches of UBS or Citigroup in Barbados? Really? Well…

Insight – How Libor whiz Rain Man became ‘the guy everyone was going to blame’

He was so obsessed with the numbers that he did not see his downfall coming.

The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed “Rain Man”, who slept as an adult under a superhero duvet cover he had owned since he was eight.  Continue reading

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments

Caribbean justice: Bank collapse settles after 30 years

Pennies on the Dollar

Joke of the Day – Pennies on the Dollar…

“… tremendous relief to the many suffering depositors”

BASSETERRE – Clients who lost money when the Bank of Commerce closed some 30 years ago were put on alert by Prime Minister Dr Timothy Harris that a legal settlement had been arrived at that allowed for the payment of $15 million.

Prime Minister Harris made the revelation during today’s sitting of National Assembly.  He noted that the court settlement will bring “tremendous relief to the many suffering depositors in the Bank of Commerce,” noting that “a fresh start has now come to the depositors.”

… read the entire sad tale at the Nation News

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Filed under Business & Banking, Consumer Issues, Corruption

Opinion: Freundel Stuart and his DLP are the real destroyers of Barbados

by David Comissiong, President of Clement Payne Movement

by David Comissiong, President of Clement Payne Movement

If there is a group of inexperienced and irresponsible “leaders” who have done serious damage to our country that group is not to be found in the trade unions of Barbados! Rather, they are to be found in the Freundel Stuart-led Democratic Labour Party administration.

Who – after all – is responsible for the dismissal of close to 5,000 Barbadians from their jobs in the public service of our country?

Who – for the first time in our history – imposed tuition fees on Barbadian students at the University of the West Indies, thereby causing some 4,200 Barbadians to drop out of UWI?

Who is it that recently imposed an additional $200 million in taxes on an already over-taxed and over-burdened Barbadian people?

Who is it that has taken virtually every Governmental contract of any worth and conferred them upon a small select group of elite business people?

Who is it that has entered into contractual arrangements that obligate the masses of Barbadian taxpayers to literally pay hundreds of millions of dollars to a small group of privileged elite business people over the next two or three decades ?

The record is clear! Barbados is being destroyed – not by young Toni Moore and Akanni Mc Dowall – but by Prime Minister Stuart and his band of Ministers, the majority of whom may legitimately be described an immature, callous, irresponsible and rudderless.

How comic it is to hear Stuart complaining that the new President of the NUPW does more talking on behalf of the Union than the General Secretary, when he (Stuart) has absolutely no control over no less than 5 of his Ministers; Donville Inniss, Chris Sinckler, David Estwick, Ronald Jones and Denis Kellman!

Furthermore, if Stuart wants to talk about new wine in old wine skins then we need to tell him that his Administration constitutes a “new wine” that we, the citizens of Barbados, do not recognize!

We all recall and recognize the late Errol Barrow and the Democratic Labour Party that he established. But we do not recognize Mr Stuart’s Democratic Labour Party! The Freundel Stuart – led DLP administration is something totally new in our political culture! Where Mr Barrow’s DLP constructed and nurtured Mr Stuart’s DLP attacks and destroys!

Submitted by David Comissiong, President, Clement Payne Movement

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Filed under Politics & Corruption, Barbados, Politics, Political Corruption, Corruption

Outrageous, corrupt government contracts are killing Barbados

barbados-flag.jpg

by David Comissiong, President of Clement Payne Movement

by David Comissiong, President of Clement Payne Movement

As we approach Barbados’ 50th year of Independence, I am calling on all patriotic Barbadians to join together and make a determined effort to uproot and eradicate the destructive remnants of the “Old Colonial System” that still exist in our supposedly independent nation.

And one particularly odious remnant is that aspect of the “Old Colonial System” that traditionally permitted the social and business elite of Barbados to have compliant members of the political directorate grant them outrageously preferential business and commercial arrangements that allowed them to feed on the substance of the Barbadian State and on the mass of predominantly black labourers, consumers, and – in more recent times- taxpayers!

Just take a cursory look at Barbados’ history and you will see exactly what I mean. From the earliest colonial days, the planter/merchant elite utilized a compliant House of Assembly to, inter alia:- supply themselves with cheap labour by legislating the enslavement of Blacks; grant themselves legal title to the lands they had occupied; give themselves a commercial advantage by prohibiting free Blacks and Coloureds from being able to give evidence in Court against them; control Black labour by enacting a Post- Emancipation “Masters and Servants Act”; prohibit the migration of Black labourers from Barbados; transfer the burden of falling international sugar prices unto the backs of the large black labouring class; use legislation and the Court system to ensure that the lands of bankrupt plantations did not fall into the hands of Blacks; use grant money from the British Government exclusively for the elite sugar planter class; and the list goes on and on.

In more recent “Independence times”, this old colonial phenomenon has been manifesting itself in the practice of predominantly black Parliamentarians and Ministers of Government granting amazingly preferential taxpayer- funded or guaranteed contracts to elite white Barbadian and foreign business-people – contracts that they would never dream of conferring upon black Barbadian business-people!

One such contract is the so-called “Take or Pay Contract” that the current Democratic Labour Party (DLP) administration granted to Mr Bizzy Williams’ Sustainable (Barbados) Recycling Centre Inc (SBRC) in June 2009. Under that contract, we, the taxpayers of Barbados, are obliged to underwrite a guaranteed minimum payment of $22.6 Million per year over a 20 year period to SBRC for the processing or managing of so-called municipal solid waste, whether or not the company is actually called upon to carry out work of the requisite minimum quantity! Thus, under this contract alone, we taxpayers are saddled with a minimum payment of $45 Million over the 20 year period.   Continue reading

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Filed under Barbados, Corruption, Crime & Law, Economy, Political Corruption, Politics & Corruption

Banking executive from CIBC’s FirstCaribbean International Bank carried FIFA bribe!

Why would a CIBC FirstCaribbean International Bank executive travel from the Bahamas to New York to personally pick up a US$250,000 cheque?

Why not just wire the funds? Why not send the cheque via courier?

The answer appears to be that the US$250,000 was being money-laundered by one of FIFA’s top officials, Chuck Blazer. After picking up the cheque in New York, the banking executive returned to the Bahamas and deposited the cheque into Blazer’s personal offshore account.

I didn’t really catch onto this at first. I thought it was a situation where the CIBC had been unknowningly duped or had a client misuse the bank. But that isn’t what happened according to the articles in the press – the CIBC FirstCaribbean International Bank was directly and knowingly involved in money-laundering.

Surprised? You shouldn’t be. Anyone who has seen the award-winning documentary about the 2008 meltdown – Inside Job – knows that the banks are rotten to the core, and in conjunction with bribed elected and appointed officials ensure that the motto of the inside crowd remains “Profits are private. Losses are public.”

Closer to home just look at Clico and the Barbados DLP government.

But for you and me though, just miss a mortgage payment or don’t pay taxes and see what happens. Wuhloss!

FIFA scandal exacerbates Canadian banks’ Caribbean troubles

An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the Bahamas.

This unusual courier service, which reduced the electronic trail on a $250,000 payment to former FIFA official Chuck Blazer in May 2011, was provided by an unnamed officer of Barbados-based CIBC FirstCaribbean International Bank, the indictment shows. CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank.

That cheque, U.S. prosecutors allege, was part of a $10 million bribe paid in return for the votes of then FIFA vice president Jack Warner, Blazer and another FIFA official in support of South Africa being granted the rights to host the 2010 World Cup.   Continue reading

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Filed under Barbados, Business & Banking, Corruption, Offshore Investments