The story here is a very simple one.

The corrupt Christie-led PLP government and then the corrupt Minnis-led FNM government each directed Bahamas Resolve to pay grossly over-inflated prices for assets transferred from Bank of The Bahamas (BoB) to Bahamas Resolve Limited.

Bahamas Resolve Limited is the special purpose vehicle (SPV) that was formed to wrongfully prop up BoB, i.e. fraudulently delay the recognition of BoB's bankruptcy, as a result of its corrupt lending practices involving the FNM and PLP political elite, their family members, their financial backers and their business cronies, collectively known as PEPs.

Non-recoverable loans to non-PEPs, together with their inadequate collateral, were transferred from BoB to Bahamas Resolve (the SPV) as a means of avoiding public exposure of the corrupt loans made by BoB to PEPs, i.e. they were left on the balance sheet of BoB to cover up the scandalous lending practices of BoB involving PEPs of both the PLP or FNM persuasion.

Bahamas Resolve has since been fleeced of whatever valuable collateral (real estate assets) it may have received to support the loans removed from BoB's balance sheet at face value, leaving nothing but serious loan losses for the taxpayers to bear. James Smith was after all chairman of Bahamas Resolve under the PLP. Meanwhile BoB very deliberately kept on its balance sheet the millions and millions of dollars of fraudulent loans made to PEPs, which loans and advances are essentially worthless and will ultimately have to be borne by the taxpayers in one way or another.

By the time all is said and done the PEPs, i.e. the FNM and PLP political elite, their family members, their financial backers and their business cronies, will have bilked the taxpayers out of many mega millions of dollars without ever being named and shamed in one of our country's biggest scandals ever thanks to the politically motivated cover up by the last PLP government and the current FNM government alike. At the end of the day, this scandalous affair will have cost the non-government, non-preferred shareholders of BoB and the taxpayers upwards of $500 million ($500,000,000).

Hands down you win today's "glass half full" award for that very wishful thought!

Would be the death knell for auto insurance and new car loans - nobody would be able to afford the insurance premiums.

Including some of our parliamentarians.

This proposal is an absurdity. Why don't we just farm out our entire government to the corrupt politically connected select few in the private sector and be done with all of the Minnis-led FNM government deatments and agencies in one swell swoop?

Both the PLP and FNM alike have taken us to the precipice of the fiscal cliff......with the IMF waiting in the background to push us over it. LMAO

Louis Bacon at it again. Now there's a man who makes even the very dispicable Peter Nygard look like a saint. The Bahamas would be better off if both of them were somehow declared person non grata and made to leave our shores for good.

Smith could not have cared less about what happened to our country's finances while he was central bank governor and later minister of state for finance under the PLP, so there should be no expectation of him ever giving two hoots about our country's environment. This guy has always been bad news for our country and its people.