Any decent banker will agree with you. And I know there are many fine senior people in Canada who will, I trust, hear what you have so bravely said. And then take the necessary steps to reverse all of this. A more prosperous Bahamian society can only be good for the banks, but they have to change to deliver policies that help create that rather than thwart it.
PM & local MP's must support an "Out island Police Task Force" to seriously clamp down and impose much stiffer penalties on such crime, especially crime that includes home invasion & boat theft. It will risk killing local businesses that depend on 2nd home owners otherwise.
Good. How a country chooses to raise taxation revenue is its own business. Notable also that Ireland and now UK are almost seen as tax havens for corporations, especially when US corporation tax remains at 40%.
The PM says "All of these things we do and many times we have to sit and watch jurisdictions that are imposing these standards on us. They don’t have the same strict adherence to these things that they are asking us to have.”
...and the support for the Spicer case and his Advisor's proposal for a Bank Ombudsman is now closing in on 1,000 people. (one thousand)
that is a lot of frustrated customers - 1,000 !!!
No matter which way you cut it...
Genuine praise to Neil Hartnell for having the courage to speak up and begin to take the lid off these types of cases. The allegations go against every tenet of a civil society.
If cibc fcib, even at the 11th hour take responsibility, and if the Ombudsman plan takes off this could be the most welcome start of a new era of accountability in the Bahamas, which could only help both the banks and the consumers.
As one intelligent colleague said today, given the petitioners' efforts have only been based from one small island SO FAR - if say 700 or so are from that Island what % is that of bank customers on that island that are really upset about the Spicer case and the need for an Ombudsman?
It's a relatively significant % in a very short period of time.
Once word gets spreading through Nassau we would not be surprised to see this number grow even more...
But we need the outcry - one lady today who signed the petition was complaining about her 19% interest rate with a Canadian bank on a $5,000 loan!!
For her, like most Bahamians on a modest salary, no matter how much she pays each month because of the interest, the loan never really seems to go down she says!!
19%??? - when the Canadian central bank is lending to the Canadian banks here at what? 0.5%?
Bahamians deserve to be treated like Canadians, not institutionally taken advantage of!
I heard from a colleague who has read the publicly available affidavits that the bank's affidavit allegedly borders on the surreal for many reasons. Such as the "collateral security" was allegedly approximately double the loan amount, and it was only after the best part of a year of the bank not replying to any correspondence or undertaking any of its duties professionally once the money ran out (while still extracting thousands of dollars in interest each month from the Spicers), that the loans only then fell into default.
Nice business if you can get it - bankrupt the client and then say he's in difficult and grab assets worth double the loan while the Ritz Carlton stood close by ready to develop the site with you.
Under the circumstances I've heard many find the bank's affidavit hard to believe.
Entrepreneur says...
Well said Mr. Gomez!
Any decent banker will agree with you. And I know there are many fine senior people in Canada who will, I trust, hear what you have so bravely said. And then take the necessary steps to reverse all of this. A more prosperous Bahamian society can only be good for the banks, but they have to change to deliver policies that help create that rather than thwart it.
On Consumers ‘totally naked’ against banking practices
Posted 2 August 2016, 3:25 p.m. Suggest removal
Entrepreneur says...
How can CCA still be trusted? It's nuts
On Sarkis: Am I the ‘stalking horse’?
Posted 6 May 2016, 1:13 p.m. Suggest removal
Entrepreneur says...
Terrible.
PM & local MP's must support an "Out island Police Task Force" to seriously clamp down and impose much stiffer penalties on such crime, especially crime that includes home invasion & boat theft. It will risk killing local businesses that depend on 2nd home owners otherwise.
Full support to Mrs DeGregory-Miaoulis !
On Abaco developer downsizing due to crime spike
Posted 22 April 2016, 4:21 p.m. Suggest removal
Entrepreneur says...
Good. How a country chooses to raise taxation revenue is its own business. Notable also that Ireland and now UK are almost seen as tax havens for corporations, especially when US corporation tax remains at 40%.
No hypocrisy then... :-)
On S&P: Bahamas will avoid ‘grey listing’ from Panama Papers
Posted 21 April 2016, 2:08 p.m. Suggest removal
Entrepreneur says...
The penny is dropping...
I know who I would be trusting... and who caused most of this catastrophe.
On PM is urged: ‘Flex muscles’ for Sarkis
Posted 12 April 2016, 3:12 p.m. Suggest removal
Entrepreneur says...
Why has no one filed a "conspiracy to injure" law suit?
I will not say on behalf of who....
Pain sometimes creates the greatest change
On Baha Mar bidders barred from talking to Sarkis and CCA
Posted 12 April 2016, 3:09 p.m. Suggest removal
Entrepreneur says...
The PM says "All of these things we do and many times we have to sit and watch jurisdictions that are imposing these standards on us. They don’t have the same strict adherence to these things that they are asking us to have.”
He's right.
On PM says ‘The truth will come out’ after ‘Panama Papers’ leak
Posted 8 April 2016, 12:08 p.m. Suggest removal
Entrepreneur says...
Only 5 days later...
...and the support for the Spicer case and his Advisor's proposal for a Bank Ombudsman is now closing in on 1,000 people. (one thousand)
that is a lot of frustrated customers - 1,000 !!!
No matter which way you cut it...
Genuine praise to Neil Hartnell for having the courage to speak up and begin to take the lid off these types of cases. The allegations go against every tenet of a civil society.
If cibc fcib, even at the 11th hour take responsibility, and if the Ombudsman plan takes off this could be the most welcome start of a new era of accountability in the Bahamas, which could only help both the banks and the consumers.
On ‘Terrified’ of outcome in CIBC loan dispute
Posted 16 March 2016, 10:03 p.m. Suggest removal
Entrepreneur says...
The petition is already getting closer to 1,000!
As one intelligent colleague said today, given the petitioners' efforts have only been based from one small island SO FAR - if say 700 or so are from that Island what % is that of bank customers on that island that are really upset about the Spicer case and the need for an Ombudsman?
It's a relatively significant % in a very short period of time.
Once word gets spreading through Nassau we would not be surprised to see this number grow even more...
But we need the outcry - one lady today who signed the petition was complaining about her 19% interest rate with a Canadian bank on a $5,000 loan!!
For her, like most Bahamians on a modest salary, no matter how much she pays each month because of the interest, the loan never really seems to go down she says!!
19%??? - when the Canadian central bank is lending to the Canadian banks here at what? 0.5%?
Bahamians deserve to be treated like Canadians, not institutionally taken advantage of!
On Ombudsman urged to resolve bank disputes
Posted 16 March 2016, 5:44 p.m. Suggest removal
Entrepreneur says...
I heard from a colleague who has read the publicly available affidavits that the bank's affidavit allegedly borders on the surreal for many reasons. Such as the "collateral security" was allegedly approximately double the loan amount, and it was only after the best part of a year of the bank not replying to any correspondence or undertaking any of its duties professionally once the money ran out (while still extracting thousands of dollars in interest each month from the Spicers), that the loans only then fell into default.
Nice business if you can get it - bankrupt the client and then say he's in difficult and grab assets worth double the loan while the Ritz Carlton stood close by ready to develop the site with you.
Under the circumstances I've heard many find the bank's affidavit hard to believe.
Couldn't happen if we had a Bank Ombudsman...
On Ombudsman urged to resolve bank disputes
Posted 15 March 2016, 2:06 a.m. Suggest removal