Is this suppose to be in lieu of Carnival ever compensating us for all of the shiit their cruise ships dumped in our pristine waters over the last three plus decades? If so, we Bahamians got the raw end of that deal.
As a result of decades of fraud and mismanagement, BEC was forced to borrow more and more.....BEC was only able to borrow more and more because the borrowings were guaranteed by the government (the taxpayers).....BEC's borrowings (the debt) finally reached the point where there was no possibility of it being repaid, even if it drastically increased the rates it charged its customers for electricity......BEC's lenders and creditors started threatening to call on the government as guarantor to repay the amounts owed to them by BEC.....under pressure from (and at the direction of) the international lending and credit rating agencies, the government renamed BEC to BPL a few years ago and similtaneously transferred BEC's debt to a special purpose vehicle (SPV).....this was done with the understanding the debt would remain guaranteed by the government pending the creation of a satisfactory scheme to restructure and refinance it, and also directly secure its repayment by means other than the government guarantee......the scheme created will result in new debt reduction bonds being issued to repay BEC's old debt.....the new debt reduction bonds are to be directly secured by an undertaking from BPL to charge its customers for electricity at rates high enough to generate whatever amount of revenue would be necessary to repay the interest and principal amounts as they fall due to the bondholders......meanwhile BPL as the new victim of the same types of fraud and corruption that went on at BEC for decades, is piling on new debt to its lenders and creditors that is of course guaranteed by the government.....and so round and round we go.....BPL's customers are about to be hit with outrageously high and unaffordable electricity bills in what will undoubtedly be a failed effort to repay not only the debts racked up by the old BEC, but also the new debts currently being racked up by BPL. My oh my....all of this costly nonsense and still no privitization of BPL in sight!
Picewell Forbes is a fine one to talk. He must think we've all forgotten about his great faux pas that contributed to John Travolta shutting down his secondary residence in Grand Bahama and leaving the Bahamas for good.
But Rolle too is clearly not the calibre of MP our legislative body should ever have....frankly, those in her constituency who voted for her should be scratching their heads.
Leave it to Turnquest to try defend the indefensible.
Nothing will ever work right within our customs department until such time that the crooked customs officers 'on the take' have been rooted out and sent home (or to prison) for good. I'm sure all of us, especially Turnquest, would be shocked to know the true annual leakages of government revenues caused by corrupt customs officers.
@jamaicaproud: Really...The Bahamas has "massive resources"? Now that's got to be the joke of the day! If the Bahamas had "massive resources" Frank Smith would not be walking around as a free man and Shane Gibson would surely be headed you know where.
Satellite photos show they have burned just about everything that could possibly be burned in Haiti so why should we not expect them to do the same here in the Bahamas as their numbers continue to increase.
As a result of decades of fraud and mismanagement, BEC was forced to borrow more and more.....BEC was only able to borrow more and more because the borrowings were guaranteed by the government (the taxpayers).....BEC's borrowings (the debt) finally reached the point where there was no possibility of it being repaid, even if it drastically increased the rates it charged its customers for electricity......BEC's lenders and creditors started threatening to call on the government as guarantor to repay the amounts owed to them by BEC.....under pressure from (and at the direction of) the international lending and credit rating agencies, the government renamed BEC to BPL a few years ago and similtaneously transferred BEC's debt to a special purpose vehicle (SPV).....this was done with the understanding the debt would remain guaranteed by the government pending the creation of a satisfactory scheme to restructure and refinance it, and also directly secure its repayment by means other than the government guarantee......the scheme created will result in new debt reduction bonds being issued to repay BEC's old debt.....the new debt reduction bonds are to be directly secured by an undertaking from BPL to charge its customers for electricity at rates high enough to generate whatever amount of revenue would be necessary to repay the interest and principal amounts as they fall due to the bondholders......meanwhile BPL as the new victim of the same types of fraud and corruption that went on at BEC for decades, is piling on new debt to its lenders and creditors that is of course guaranteed by the government.....and so round and round we go.....BPL's customers are about to be hit with outrageously high and unaffordable electricity bills in what will undoubtedly be a failed effort to repay not only the debts racked up by the old BEC, but also the new debts currently being racked up by BPL. My oh my!
Well_mudda_take_sic says...
Nothing but one big government cover up!
On Operator error blamed for BPL pier fire
Posted 8 November 2019, 9:16 a.m. Suggest removal
Well_mudda_take_sic says...
Is this suppose to be in lieu of Carnival ever compensating us for all of the shiit their cruise ships dumped in our pristine waters over the last three plus decades? If so, we Bahamians got the raw end of that deal.
On Carnival to help fund Rand rebuild
Posted 8 November 2019, 9:13 a.m. Suggest removal
Well_mudda_take_sic says...
*Repost:*
Let's try connect all of the dots here:
As a result of decades of fraud and mismanagement, BEC was forced to borrow more and more.....BEC was only able to borrow more and more because the borrowings were guaranteed by the government (the taxpayers).....BEC's borrowings (the debt) finally reached the point where there was no possibility of it being repaid, even if it drastically increased the rates it charged its customers for electricity......BEC's lenders and creditors started threatening to call on the government as guarantor to repay the amounts owed to them by BEC.....under pressure from (and at the direction of) the international lending and credit rating agencies, the government renamed BEC to BPL a few years ago and similtaneously transferred BEC's debt to a special purpose vehicle (SPV).....this was done with the understanding the debt would remain guaranteed by the government pending the creation of a satisfactory scheme to restructure and refinance it, and also directly secure its repayment by means other than the government guarantee......the scheme created will result in new debt reduction bonds being issued to repay BEC's old debt.....the new debt reduction bonds are to be directly secured by an undertaking from BPL to charge its customers for electricity at rates high enough to generate whatever amount of revenue would be necessary to repay the interest and principal amounts as they fall due to the bondholders......meanwhile BPL as the new victim of the same types of fraud and corruption that went on at BEC for decades, is piling on new debt to its lenders and creditors that is of course guaranteed by the government.....and so round and round we go.....BPL's customers are about to be hit with outrageously high and unaffordable electricity bills in what will undoubtedly be a failed effort to repay not only the debts racked up by the old BEC, but also the new debts currently being racked up by BPL. My oh my....all of this costly nonsense and still no privitization of BPL in sight!
On Customers anger over BPL new levy
Posted 8 November 2019, 9:09 a.m. Suggest removal
Well_mudda_take_sic says...
Picewell Forbes is a fine one to talk. He must think we've all forgotten about his great faux pas that contributed to John Travolta shutting down his secondary residence in Grand Bahama and leaving the Bahamas for good.
But Rolle too is clearly not the calibre of MP our legislative body should ever have....frankly, those in her constituency who voted for her should be scratching their heads.
On ‘It’s time to quit, Lanisha’
Posted 8 November 2019, 8:55 a.m. Suggest removal
Well_mudda_take_sic says...
It's actually about $500,000 when you add in all the benefits, allowances and other perks.
On WE WON’T PAY: University rejects lecturers’ 11th hour $3,500 wage claim
Posted 8 November 2019, 8:44 a.m. Suggest removal
Well_mudda_take_sic says...
Leave it to Turnquest to try defend the indefensible.
Nothing will ever work right within our customs department until such time that the crooked customs officers 'on the take' have been rooted out and sent home (or to prison) for good. I'm sure all of us, especially Turnquest, would be shocked to know the true annual leakages of government revenues caused by corrupt customs officers.
On Turnquest defends new customs system after user complaints
Posted 7 November 2019, 12:57 p.m. Suggest removal
Well_mudda_take_sic says...
And not pay a damn dime for it!
On Govt considering buying GB International Airport
Posted 7 November 2019, 12:04 p.m. Suggest removal
Well_mudda_take_sic says...
@jamaicaproud: Really...The Bahamas has "massive resources"? Now that's got to be the joke of the day! If the Bahamas had "massive resources" Frank Smith would not be walking around as a free man and Shane Gibson would surely be headed you know where.
On Davis blasts Bethel over Smith trial expenses
Posted 7 November 2019, 12:02 p.m. Suggest removal
Well_mudda_take_sic says...
Satellite photos show they have burned just about everything that could possibly be burned in Haiti so why should we not expect them to do the same here in the Bahamas as their numbers continue to increase.
On Fears raised over fires in Dorian’s debris fields
Posted 7 November 2019, 11:56 a.m. Suggest removal
Well_mudda_take_sic says...
Let's try connect all of the dots here:
As a result of decades of fraud and mismanagement, BEC was forced to borrow more and more.....BEC was only able to borrow more and more because the borrowings were guaranteed by the government (the taxpayers).....BEC's borrowings (the debt) finally reached the point where there was no possibility of it being repaid, even if it drastically increased the rates it charged its customers for electricity......BEC's lenders and creditors started threatening to call on the government as guarantor to repay the amounts owed to them by BEC.....under pressure from (and at the direction of) the international lending and credit rating agencies, the government renamed BEC to BPL a few years ago and similtaneously transferred BEC's debt to a special purpose vehicle (SPV).....this was done with the understanding the debt would remain guaranteed by the government pending the creation of a satisfactory scheme to restructure and refinance it, and also directly secure its repayment by means other than the government guarantee......the scheme created will result in new debt reduction bonds being issued to repay BEC's old debt.....the new debt reduction bonds are to be directly secured by an undertaking from BPL to charge its customers for electricity at rates high enough to generate whatever amount of revenue would be necessary to repay the interest and principal amounts as they fall due to the bondholders......meanwhile BPL as the new victim of the same types of fraud and corruption that went on at BEC for decades, is piling on new debt to its lenders and creditors that is of course guaranteed by the government.....and so round and round we go.....BPL's customers are about to be hit with outrageously high and unaffordable electricity bills in what will undoubtedly be a failed effort to repay not only the debts racked up by the old BEC, but also the new debts currently being racked up by BPL. My oh my!
On Consumers told to brace for ‘adjustment’ to BPL bills
Posted 7 November 2019, 11:47 a.m. Suggest removal