Before you judge Mr. Rolle, please explain to me what are the primary roles/functions that commercial banks should perform in a society and economy and what has been the historical role/functions of the commercial banks in the Bahamas to date? Some Bahamians act as if e-payment solutions were invented by webshops in the Bahamas when in fact they have only fulfilled a financial service market need due to the abysmal under servicing of the individual and business financial services needs of Bahamians by traditional service providers. Similar to the slave that effusively praises his good master for choosing him to do housework, we praise these commercial banks for the privilege of giving us a loan or overdraft, charging exorbitant fees and then repatriating our money back to their citizens in their home country.
Are you suggesting that the fact that a commercial bank provided loan facilities you and your father is newsworthy? The primary role of a commercial bank is to accept deposits and lend money. That is their identity, that is what they do. There is no breaking news there. Should I applaud them for lending Bahamians like you and your father your own money back to you at some of the largest spreads in the Caribbean. The issue is not the loan they may give to you or your father or some other Bahamian to buy a gold chain or other trinket. The issue is their collusive business model and practices at the macro level and its impact on our economic and social development as a country.
The reason why we do not have an up-to-date banking infrastructure is that the business practices of RBC and the other foreign commercial banks have been more akin to a self-perpetuating colluding cartel than actual competitors. It is a totally rigged system against the Bahamian consumer and to the detriment of the Bahamian economy. Next to the incompetence of successive PLP and FNM governments in managing our economy, the historical business practices of these commercial banks is arguably one of the other major reasons why the historical growth rate of our economy has been so unimpressive. I am not saying that they have not done anything positive, however, the negatives in my view are jugular.
Why are these discussions always viewed through political lenses. Mr. Turnquest what is happening with RBC has been going on with all of these foreign commercial banks under both the PLP and the FNM. Both parties have failed the Bahamian people in relation to how they have negotiated with these disguised foreign white collar criminals calling themselves commercial banks. Over many decades they have shamelessly taken from average Bahamians and repatriated those funds to their Canadian citizens with little investments in this country compared to those profits so that on short notice they can pull up stakes and move along.
What an incredibly naive statement for a potential leader to make. This statement underscores LBT's total unfamiliarity with sound leadership principles. Assembling a credible team is the hallmark of good leadership unlike the unfit misfits she appointed to the senate. This lady is absolutely clueless, all sound and fury signifying absolutely nothing. A true empty barrel making silly noise.
It not only said "pilot" one must asks how successful the current approach has been. I don't know whether or not it will work, however, I do know with certainty what the outcome would be if we do not "pilot" it at all. Further, the out of the box thinking is exactly what is necessary at this critical juncture as we move closer to the abyss.
Your memory must be very short. Before this latest debacle, HAI orchestrated the greatest fracture in the history of FNM before the 2002 elections in the manner in which he handled the leadership transition. Therefore, not quite sure holding the Party together while being the government is the same as holding it together while in opposition. In addition, let us not forget that HAI never really served as Opposition leader before the 2007 elections. He allowed Tommy to do the heavy lifting and then took over just before the election which he was trying to do to Minnis this time again. HAI has done some positive things for the country and I am by no means anti-HAI but let us not make him out to be what he clearly is not.
JohnDoe says...
Before you judge Mr. Rolle, please explain to me what are the primary roles/functions that commercial banks should perform in a society and economy and what has been the historical role/functions of the commercial banks in the Bahamas to date? Some Bahamians act as if e-payment solutions were invented by webshops in the Bahamas when in fact they have only fulfilled a financial service market need due to the abysmal under servicing of the individual and business financial services needs of Bahamians by traditional service providers. Similar to the slave that effusively praises his good master for choosing him to do housework, we praise these commercial banks for the privilege of giving us a loan or overdraft, charging exorbitant fees and then repatriating our money back to their citizens in their home country.
On Central Bank targets non-bank e-payment rules by mid-year ‘17
Posted 14 March 2017, 4:25 a.m. Suggest removal
JohnDoe says...
Are you suggesting that the fact that a commercial bank provided loan facilities you and your father is newsworthy? The primary role of a commercial bank is to accept deposits and lend money. That is their identity, that is what they do. There is no breaking news there. Should I applaud them for lending Bahamians like you and your father your own money back to you at some of the largest spreads in the Caribbean. The issue is not the loan they may give to you or your father or some other Bahamian to buy a gold chain or other trinket. The issue is their collusive business model and practices at the macro level and its impact on our economic and social development as a country.
On Out Island ‘uproar’ over RBC closures
Posted 5 March 2017, 1:43 p.m. Suggest removal
JohnDoe says...
The reason why we do not have an up-to-date banking infrastructure is that the business practices of RBC and the other foreign commercial banks have been more akin to a self-perpetuating colluding cartel than actual competitors. It is a totally rigged system against the Bahamian consumer and to the detriment of the Bahamian economy. Next to the incompetence of successive PLP and FNM governments in managing our economy, the historical business practices of these commercial banks is arguably one of the other major reasons why the historical growth rate of our economy has been so unimpressive. I am not saying that they have not done anything positive, however, the negatives in my view are jugular.
On Out Island ‘uproar’ over RBC closures
Posted 4 March 2017, 9:19 p.m. Suggest removal
JohnDoe says...
Why are these discussions always viewed through political lenses. Mr. Turnquest what is happening with RBC has been going on with all of these foreign commercial banks under both the PLP and the FNM. Both parties have failed the Bahamian people in relation to how they have negotiated with these disguised foreign white collar criminals calling themselves commercial banks. Over many decades they have shamelessly taken from average Bahamians and repatriated those funds to their Canadian citizens with little investments in this country compared to those profits so that on short notice they can pull up stakes and move along.
On Out Island ‘uproar’ over RBC closures
Posted 4 March 2017, 5:51 p.m. Suggest removal
JohnDoe says...
Nonsense
On Loretta: Credible candidates prop up ‘weak’ Minnis
Posted 3 March 2017, 1:17 p.m. Suggest removal
JohnDoe says...
What an incredibly naive statement for a potential leader to make. This statement underscores LBT's total unfamiliarity with sound leadership principles. Assembling a credible team is the hallmark of good leadership unlike the unfit misfits she appointed to the senate. This lady is absolutely clueless, all sound and fury signifying absolutely nothing. A true empty barrel making silly noise.
On Loretta: Credible candidates prop up ‘weak’ Minnis
Posted 2 March 2017, 11:02 p.m. Suggest removal
JohnDoe says...
What about your due diligence in building a nursery and primary school right on top of the dump?
On Bran: Landfill could be Baha Mar ‘deal breaker’
Posted 22 February 2017, 9:02 p.m. Suggest removal
JohnDoe says...
Not keeping up, bias, delusional and dead wrong.
On Minnis’ ship is sinking
Posted 22 February 2017, 9 p.m. Suggest removal
JohnDoe says...
It not only said "pilot" one must asks how successful the current approach has been. I don't know whether or not it will work, however, I do know with certainty what the outcome would be if we do not "pilot" it at all. Further, the out of the box thinking is exactly what is necessary at this critical juncture as we move closer to the abyss.
On Lloyd aims to introduce single-sex schools pilot
Posted 7 February 2017, 4:13 p.m. Suggest removal
JohnDoe says...
Your memory must be very short. Before this latest debacle, HAI orchestrated the greatest fracture in the history of FNM before the 2002 elections in the manner in which he handled the leadership transition. Therefore, not quite sure holding the Party together while being the government is the same as holding it together while in opposition. In addition, let us not forget that HAI never really served as Opposition leader before the 2007 elections. He allowed Tommy to do the heavy lifting and then took over just before the election which he was trying to do to Minnis this time again. HAI has done some positive things for the country and I am by no means anti-HAI but let us not make him out to be what he clearly is not.
On Ingraham: FNMs unite or face loss to the PLP
Posted 5 February 2017, 1:16 p.m. Suggest removal