The Central Bank has Banks Supervision Dept. they have, and have always had, the power to police the banks. We have laws in place, we just don't enforce anything. But they don't care as they still get paid.
Tal, this man has been doing questionable things for 30 odd years. He had some function for the Miss Bahamas contestants in the early nineties. A lot of unhappy families, and some were saying that they could not get the police to do anything.
He has no regard for Bahamians. He just uses them.
One has to consider the political climate, in many South American countries, in the 70's and 80's and even into the 90's to understand why people would wish to get assets away from dictator type governments. Political stability is a new phenomenon.
Many hard working people hid money. Sadly so did many crooks. It was usually fairly easy to distinguish between the two.
However, some financial institutions, and law firms, did not bother to make any distinction. They just wanted the fees.
Our Central Bank had the ability to sus much of this out but were either incompetent or chose not to.
Examples are Guardian Trust Company, Suisse Security Bank and the late Nigel Bowe.
Why did the Exchange Control Department allow someone to continue to operate foreign currency bank accounts? All lawyers and accountants had to file a monthly report showing their activities.
What did the Banks Supervision Department do? What information did they not act on? Why did they not do their job?
We are all suffering because of their failure to do their job.
Economist says...
The Central Bank has Banks Supervision Dept. they have, and have always had, the power to police the banks.
We have laws in place, we just don't enforce anything. But they don't care as they still get paid.
On Emphasise ‘robust regulation’ to halt correspondent loss
Posted 4 April 2016, 10:09 p.m. Suggest removal
Economist says...
Bluesky, what is it that you know? I am always keen to learn.
On Police ‘have not talked to Save the Bays directors’
Posted 4 April 2016, 10:03 p.m. Suggest removal
Economist says...
Tal, this man has been doing questionable things for 30 odd years. He had some function for the Miss Bahamas contestants in the early nineties. A lot of unhappy families, and some were saying that they could not get the police to do anything.
He has no regard for Bahamians. He just uses them.
On Police ‘have not talked to Save the Bays directors’
Posted 4 April 2016, 7:46 p.m. Suggest removal
Economist says...
Tal is correct, the FNM is a mess. What every country needs is a good, effective opposition.
To do that Opposition needs a leader.
For the last 4 years the post of Leader might just as well been vacant.
On Police ‘have not talked to Save the Bays directors’
Posted 4 April 2016, 4:10 p.m. Suggest removal
Economist says...
Minnis is a fool when it comes to national finance. He is unsuited for running this Country.
On FNM’s VAT plan ‘totally misguided’
Posted 4 April 2016, 4:07 p.m. Suggest removal
Economist says...
One has to consider the political climate, in many South American countries, in the 70's and 80's and even into the 90's to understand why people would wish to get assets away from dictator type governments. Political stability is a new phenomenon.
Many hard working people hid money. Sadly so did many crooks. It was usually fairly easy to distinguish between the two.
However, some financial institutions, and law firms, did not bother to make any distinction. They just wanted the fees.
Our Central Bank had the ability to sus much of this out but were either incompetent or chose not to.
Examples are Guardian Trust Company, Suisse Security Bank and the late Nigel Bowe.
Why did the Exchange Control Department allow someone to continue to operate foreign currency bank accounts? All lawyers and accountants had to file a monthly report showing their activities.
What did the Banks Supervision Department do? What information did they not act on? Why did they not do their job?
We are all suffering because of their failure to do their job.
On Foreign leader ‘hid money in the Bahamas’
Posted 4 April 2016, 1:54 p.m. Suggest removal
Economist says...
Another of the old guard! Looks like the PLP have it made.
On Sidney Collie nominated for FNM chairman position
Posted 4 April 2016, 12:27 p.m. Suggest removal
Economist says...
Give LBT the leadership.
On FNM to hold convention in November, chairman elections on April 14th
Posted 1 April 2016, 11:34 p.m. Suggest removal
Economist says...
Has anyone asked what programs STB has in place?
I understand that they have established some very good programs that educate our young on how to protect the environment.
And yes, they are holding the government accountable for the environment. Nothing wrong with that.
On Singer and activist slams govt actions against Save the Bays
Posted 1 April 2016, 3:57 p.m. Suggest removal
Economist says...
Well done Harveyann Newbold and LaShawn Dames. Nice to see, good initiative.
On Crowds turn out for drive-in movie night
Posted 1 April 2016, 12:28 p.m. Suggest removal