stupid ass

Fire Moody's...LMAO...as if that won't raise alarm bells around the world that this government can't manage sh!t

Oh man ... why does he say those stupid things? Doesn't he know that sovereign debt is not extended by many institutions without a Moody's rating? It is a huge red flag to international lenders.

So because we don't like the message we should fire the messenger. ..and this guy was governor of the central bank....no wonder we in trouble stupid just plain stupid

This man is an absolute and immaculate a$$

Then hire whom? Or someone took his statement out of context. . .or really did one of them press interpretation "switcher-roo"! I remember one time in collage I gave a news paper interview about my college president and I was so surprised to what the paper quoted me as saying the next morning!! I called the reporter and asked her how the heck she wrote that nonsense in the paper and said that that's what I said. . ."you lie, that's not what I told you". . . "that's how I understood what you said". . she replied! So I can really understand how the press will "twist" what you say to make conform to their "thinking"! Mr. Smith can't be that naïve!

You can't "fire" Moody's. They are not hired by the Bahamas in the first place.

What a dick - terrifying he was Minister of Finance!

>They are not hired by the Bahamas in the first place.

Actually they are. Credit rating agencies are a necessary evil if you are a sovereign state and you want to contract external debt denominated in a "hard" fiat currency like the American dollar.

There is a near duopoly of credit rating agencies. Moody's and Standard & Poor's own about 78 -80% of the credit rating market.

If a country or a company wants to apply for credit, they must pay a "recognised" credit rating agency to get the funds. The Bahamas, I believe, pays both Moody's and Standard & Poors to do economics research to create a credit report. You simply cannot float a non-domestic bond or borrow money without it.

Standard & Poor's owns 42% of the ratings market. If you want to float some debt, they charge 4.95% of the bond offering or loan or if the fee is below $80,000, you must pay the $80,000.

Moody's owns 37% of the market. They charge 5% or $73,000 which ever is greater.

So Smith is saying that we should fire Moody's. Unfortunately for debt denominated in the millions (amounts over $20 million) a lot of lenders or bond market makers require credit rating research and reports from both of them, or one of them and Fitch's which is another player. Many of them trust only Moody's or S&P, so you can't get away from not having Moody's rate you.

None of you "fools" knows Mr. James Smith. You can only recognize the caucasian "professional:. Shame on yinner.

Actually I do "knows" Mr. James Smith, and in spite of his holding the governorship of the Central Bank, his grasp of economics is ... shall we say ... deficient?

I recall listening in to a friendly but spirited argument between him and another ex-Central Bank governor. Mr. Smith was having his clock cleaned by the other individual, realised it, and still didn't know when to quit. It was a sad display of dogma over facts, but I have since come to realise myself that this is a PLP trait. The PLP hate to be confused and contradicted by the Truth.

Only a Greek would hire James Smith....he should be heading up The Central Bank of Greece...if you know what I mean.

A foolish statement is just that no matter whom the "foible" comes from. . .skin color has nothing to do with this. . .Lol!

22 years ago I had a scholarship offer to attend Harvard University to study Economics and Statistics, MBA style. Family circumstances prevented me from accepting that scholarship.but today I think, would I have returned to the Bahamas if I had taken that scholarship and the job potentials that would come with it? Would I be here trying to make things better for myself and my family and Bahamians in general?

Comrades how many of you would like to see Moody's being asked to examine the finances over at The Bank of Bahamaland (BOB)?
I have to ask, what was the this man's publicly aroused opinion, if any, in questioning political loans matters that were going on over at BOB, during his political appointments as a state minister and as the Governor of the Central Bank?
This possibly international credit downgrading around the corner are the negative results originating from both this PLP administration that that of the former regime of Papa Hubert.

It's not Moody's job to look at BoB. BoB was in violation of capital requirements set forth by the Central Bank, and the culprits who should go to jail are Paul McWeeney and ex-Governor Wendy Craigg who were PLP shills who had their hands in the till handing out monies to PLP cronies. She totally abandoned her fiduciary duty to insure that BoB was on the straight and narrow as the regulatory agency of record. You can't spin it any other way, even though the PLP (P1ss-poor Lowlife People) will try.

Comrade Banker, were there no politically induced loan approvals at BOB during the regimes of Papa Hubert?
Rolled-up in a Moody's possible downgrade has to also be the billions included under the Red Shirts Movement's out of control spending, and on borrowed moneys?

Or you call it economic stimulation by infrastructure renewal, rather than a PLP kleptocracy where public monies line the pockets of PLP cabinet ministers. I like new roads that were neglected by years of PLP plundering. The roads have something that the PLP government needs to have done to it -- being driven over by Bahamians.

What you don't understand my dear Tal, is that infrastructure plays a huge component of economic advancement and forward motion. Have you seen the streets of failed African states?

I truly admire your sophistry and ability to turn a partial truth into a political argument. You're the best. The only victim is the Truth when you do that, but you are slick and quick at it.

Mr: James Smith is a very brilliant man, who knows this subject well. I had no idea they paid so much money to these agencies. Banker wishes to pass himself off as some one in a high position in some bank. I have my doubts.

You don't like the news? Shoot the messenger. Brilliant indeed.

what a fucking dumb ass - just when you thought it couldn't get stupider here.....