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.
Does anyone know what they are holding them for? They did not commit any crime did they?
Even if they agreed to do a hit, they did not carry it out. The agreement is an illegal contract and an illegal contract is unenforceable. There is no crime known as an illegal contract crime.
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
Economist says...
Good article.
LBT would be a much better choice for FNM Leader.
In her budget speech, last year she reflected on the number of young people that she had on her team.
On A YOUNG MAN'S VIEW: Election outlook appears bleak for the FNM
Posted 31 March 2016, 9:17 p.m. Suggest removal
Economist says...
With Minnis as leader the FNM will loose again. Bran and his Green Machine must be waiting to pounce.
On Calls for early FNM convention
Posted 31 March 2016, 8:50 p.m. Suggest removal
Economist says...
After the, then government, engineered the closure of Bahamas Airways, Eddie Albury's "Out Island Airways did an excellent job of filling the void.
Yes there were two other airlines, Flamingo and Colony neither of which were reliable or properly run (always late and down for mechanical problems.
He managed to run a real airline in a very difficult political climate.
On Former Bahamasair pilot pays tribute to aviation pioneer Edward Franklin Albury Sr
Posted 31 March 2016, 8:47 p.m. Suggest removal
Economist says...
Glad to see that the PLP's promise, in 2012,to reduce the crime is being so effective.
On UPDATED: Two men shot dead by police
Posted 31 March 2016, 8:26 p.m. Suggest removal
Economist says...
Does anyone know what they are holding them for? They did not commit any crime did they?
Even if they agreed to do a hit, they did not carry it out. The agreement is an illegal contract and an illegal contract is unenforceable. There is no crime known as an illegal contract crime.
On 'Toggie' and 'Bobo' in police custody
Posted 31 March 2016, 4:55 p.m. Suggest removal