From the Wall Street Journal today - “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Mr. Ray said in the court filing. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” - The key phrase being "faulty regulatory oversight abroad".
First mistake was allowing these kind of companies in. Now government WANTS to be the lead in the bankruptcy proceedings instead of stepping back and letting the US courts handle this clusterf**k. Arrogance and stupidity never dies.
"There has been a considerable amount of training undertaken by staff at the Securities Commission in the area of digital assets." - like what? FTX did not even have a real board of directors. This is a self inflicted wound by government and our international reputation is suffering because of it.
Government (FNM & PLP) do not understand the crypto world and only saw a way to make a quick dollar by allowing these kind of companies to set up shop here. Now, because of government's stupidity, our country again looks bad in the international press for hosting fraud.
"...government’s efforts to bring relief to the Bahamian people." - what a joke. Real relief is bringing fiscal order and moral leadership to government.
"So, if you deploy men in Haiti that could stop Haitian hitting the water - wouldn’t that relieve the pressure on the people who are guarding the southern regions of The Bahamas." - answer: no!
KapunkleUp says...
From the Wall Street Journal today - “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Mr. Ray said in the court filing. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” - The key phrase being "faulty regulatory oversight abroad".
On FTX INVESTIGATION ‘OF HIGHEST ORDER’: PM says effort will be coordinated with authorities in other jurisdictions
Posted 17 November 2022, 12:35 p.m. Suggest removal
KapunkleUp says...
First mistake was allowing these kind of companies in. Now government WANTS to be the lead in the bankruptcy proceedings instead of stepping back and letting the US courts handle this clusterf**k. Arrogance and stupidity never dies.
On FTX INVESTIGATION ‘OF HIGHEST ORDER’: PM says effort will be coordinated with authorities in other jurisdictions
Posted 17 November 2022, 9:12 a.m. Suggest removal
KapunkleUp says...
"There has been a considerable amount of training undertaken by staff at the Securities Commission in the area of digital assets." - like what? FTX did not even have a real board of directors. This is a self inflicted wound by government and our international reputation is suffering because of it.
On FTX implosion threatens perfect ‘40 of 40’ in financial crime fight
Posted 15 November 2022, 9:30 a.m. Suggest removal
KapunkleUp says...
Happy to hear that there is at least a kernel of common sense left in government.
On GOVT WON’T APPROVE EVENT FOR ‘FUGITIVE’: Deputy PM responds to reports of event planned by Fyre Festival organiser
Posted 15 November 2022, 8:52 a.m. Suggest removal
KapunkleUp says...
Government (FNM & PLP) do not understand the crypto world and only saw a way to make a quick dollar by allowing these kind of companies to set up shop here. Now, because of government's stupidity, our country again looks bad in the international press for hosting fraud.
On CRIMINAL PROBE OF FTX LAUNCHED...while FNM wants to know if government was left exposed
Posted 14 November 2022, 11:55 a.m. Suggest removal
KapunkleUp says...
This speaks mountains. If the ruling party cannot even keep their own accounting in order, how are they going to manage the whole country?!
On BERMUDA COSTS ‘WILL BE’ PAID UP: PM admits PLP cheque did not cover full costs
Posted 27 October 2022, 10:09 a.m. Suggest removal
KapunkleUp says...
I noticed that too. I guess they recon some stories are too controversial to comment on.
On BERMUDA COSTS ‘WILL BE’ PAID UP: PM admits PLP cheque did not cover full costs
Posted 27 October 2022, 10:08 a.m. Suggest removal
KapunkleUp says...
"...government’s efforts to bring relief to the Bahamian people." - what a joke. Real relief is bringing fiscal order and moral leadership to government.
On Retailers granted extension on new price controls
Posted 22 October 2022, 9:39 a.m. Suggest removal
KapunkleUp says...
"So, if you deploy men in Haiti that could stop Haitian hitting the water - wouldn’t that relieve the pressure on the people who are guarding the southern regions of The Bahamas." - answer: no!
On TROOPS READY TO GO TO HAITI – PM: Bahamas will abide by CARICOM deployment decision
Posted 19 October 2022, 9:41 a.m. Suggest removal
KapunkleUp says...
You make an interesting point. I wonder what percentage of the workforce is actually being paid minimum wage right now?
On EXTRA PAY IN YOUR POCKET: $260 minimum wage from January
Posted 12 October 2022, 1:44 p.m. Suggest removal