The Economist is correct. We need to sign on to internationally accepted automatic tax and criminal related banking exchange information agreements where ever possible. If not we will eventually loose even more correspondent banking relationships. If you think international banks are leaving the Bahamas rather quickly due to bone headed offshore banking through backs, just watch this space. Citibank has stopped correspondent banking with Venezuela, no official reason given.
This guy Davies couldn't be serious? A stock price hasn't moved in 2 years and he says the exchange is being proactive and is promoting price discovery?
BISX is complictos in this BoB gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.
However BISX is financed by the government so it is not truly independent, it is in the same position as the NIB Investment Board, BoB and Resolve.
With the stock price cut in half the government will be unable to the raise the capital to bail out the exclusive bankers for the web boys.
Further NI funds will need to be injected.
BISX is complictos in this gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.
However BISX is financed by the government so it is not independent, it is in the same position as the NIB Investment Board, BoB, Resolve, the Executive and the Legislature.
This will all end very badly for the Bahamian people as their pension funds are squandered.
We need to give this bank and all of its real estate to the Chinese as a Baha Mar side deal.
Agreed Banker. BISX is complictos in this gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.
However BISX is financed by the government so it is not independent, it is in the same position as the NIB Investment Board, BoB, Resolve, the Executive and the Legislature.
This will all end very badly for the Bahamian people as their pension funds are squandered.
We should expect the 65% of BoB's shares owned by the Bahamas Government and Quasi Government Corporations to subscribe for their shares for $26 million ($40m x 65%). These funds will either come from National Insurance or the Governments General Fund.
All functions of the BoB can be handled by privately held retail commercial banks except for providing banking services to the web-shop industry.
Therefore it would not be unreasonable to conclude that the $100 million guarantee provided by Resolve Inc. in exchange for large defaulted loans and the current $40 million rights issue is made to provide banking services to the $400 million web shop business.
BoB should be liquidated and liquidated immediately.
The investment of National Insurance Pension Funds into a bank that does not meet minimum Central Bank capital requirements can be considered at best gross negligence on those that have a fiduciary responsibility to the Bahamian Public. This includes the Big4 accounting firm managing Resolve and the Directors of Resolve.
However, due to the non separation of powers between the legislature and the executive nothing will happen. We have been sold out by our professional class for "30 pieces of silver".
Similar dereliction of fiduciary duties is having a different result in Brazil where the President was recently removed from power. See Bloomberg article below:
Brazil Police Carry Out 127 Court Orders in Pension Probe (Bloomberg 9/5/16)
Monday, September 05, 2016 06:42 AM by Giulia Camillo (Bloomberg) -- Brazil federal police actions based on 10 cases revealed as a result of probes of pension fund deficits, according to e-mailed statement.
Of those 10 cases, 8 are related to fraudulent or reckless investments by pension funds that were made through private equity investment funds
Says there’s evidence of organized criminal groups among business leaders, pension fund managers, companies that rated assets and private equity investment fund managers
Operation targets frauds in Funcef, Petros, Previ and Postalis
Police are carrying out court orders for 7 temporary arrests, 106 searches and 34 testimonies Court orders being conducted in Sao Paulo, Rio de Janeiro, Bahia, Espirito Santo, Rio Grande do Sul, Parana, Santa Catarina and Amazonas states and Federal District Court also ordered seizure and freezing of assets of 103 targeted people and firms, estimated at 8b reais
This is a wonderful idea. Get a government house from the PLP, paid for by the Bahamian people through the issuance of bonds and simply stop paying the mortgage.
Once the mortgages go into default, just transfer them to Resolve Inc. which is kept afloat by NI.
NI rates will need to increase to pay for the mortgage defaults. Worry about pension payouts later.
No need to reinvent this scheme. A perfect model is available in the Bank of the Bahamas.
The government can start with the additional 2,000 to 3,000 homes just before the elections, coupled with the $100 million Baha Mar payout and the legalization of webshops, the PLP should be able to win the next elections. Also the FNM is in a mess...no one wants to be around dumb and dumber....if Bay St pull dey cash.
Once the people, banks and pension funds have loaded up government debt the PLP can simply devalue the currency to 80 cents on the US dollar. This will lower their debt in US dollar terms. But you can't talk about devaluation.
observer2 says...
The Economist is correct. We need to sign on to internationally accepted automatic tax and criminal related banking exchange information agreements where ever possible. If not we will eventually loose even more correspondent banking relationships. If you think international banks are leaving the Bahamas rather quickly due to bone headed offshore banking through backs, just watch this space. Citibank has stopped correspondent banking with Venezuela, no official reason given.
On Bahamas urged: ‘Resist’ new global tax pressure
Posted 13 September 2016, 4:43 p.m. Suggest removal
observer2 says...
So, no local Zeka testing, Zeka workers on vacation, 3 week turn around for test results, 83 tests we don't know the results
=
We have no idea how bad Zeka is in the Bahamad
=
So our tourist industry will be fine with our lip service to fighting Zeka
On Govt to spend $2.5m monthly on fighting Zika
Posted 6 September 2016, 9:43 p.m. Suggest removal
observer2 says...
This guy Davies couldn't be serious? A stock price hasn't moved in 2 years and he says the exchange is being proactive and is promoting price discovery?
BISX is complictos in this BoB gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.
However BISX is financed by the government so it is not truly independent, it is in the same position as the NIB Investment Board, BoB and Resolve.
With the stock price cut in half the government will be unable to the raise the capital to bail out the exclusive bankers for the web boys.
Further NI funds will need to be injected.
BISX is complictos in this gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.
However BISX is financed by the government so it is not independent, it is in the same position as the NIB Investment Board, BoB, Resolve, the Executive and the Legislature.
This will all end very badly for the Bahamian people as their pension funds are squandered.
We need to give this bank and all of its real estate to the Chinese as a Baha Mar side deal.
On BISX targets ‘more proactive’ approach on price discovery
Posted 6 September 2016, 4:04 p.m. Suggest removal
observer2 says...
Agreed Banker. BISX is complictos in this gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.
However BISX is financed by the government so it is not independent, it is in the same position as the NIB Investment Board, BoB, Resolve, the Executive and the Legislature.
This will all end very badly for the Bahamian people as their pension funds are squandered.
On BOB trading bandwidth is increased 54%
Posted 6 September 2016, 7:04 a.m. Suggest removal
observer2 says...
Important points DonAnthony.
On BOB trading bandwidth is increased 54%
Posted 5 September 2016, 7:41 p.m. Suggest removal
observer2 says...
We should expect the 65% of BoB's shares owned by the Bahamas Government and Quasi Government Corporations to subscribe for their shares for $26 million ($40m x 65%). These funds will either come from National Insurance or the Governments General Fund.
All functions of the BoB can be handled by privately held retail commercial banks except for providing banking services to the web-shop industry.
Therefore it would not be unreasonable to conclude that the $100 million guarantee provided by Resolve Inc. in exchange for large defaulted loans and the current $40 million rights issue is made to provide banking services to the $400 million web shop business.
BoB should be liquidated and liquidated immediately.
The investment of National Insurance Pension Funds into a bank that does not meet minimum Central Bank capital requirements can be considered at best gross negligence on those that have a fiduciary responsibility to the Bahamian Public. This includes the Big4 accounting firm managing Resolve and the Directors of Resolve.
However, due to the non separation of powers between the legislature and the executive nothing will happen. We have been sold out by our professional class for "30 pieces of silver".
Similar dereliction of fiduciary duties is having a different result in Brazil where the President was recently removed from power. See Bloomberg article below:
Brazil Police Carry Out 127 Court Orders in Pension Probe (Bloomberg 9/5/16)
Monday, September 05, 2016 06:42 AM
by Giulia Camillo
(Bloomberg) -- Brazil federal police actions based on 10 cases revealed as a result of probes of pension fund deficits, according to e-mailed statement.
Of those 10 cases, 8 are related to fraudulent or reckless investments by pension funds that were made through private equity investment funds
Says there’s evidence of organized criminal groups among business leaders, pension fund managers, companies that rated assets and private equity investment fund managers
Operation targets frauds in Funcef, Petros, Previ and Postalis
Police are carrying out court orders for 7 temporary arrests, 106 searches and 34 testimonies
Court orders being conducted in Sao Paulo, Rio de Janeiro, Bahia, Espirito Santo, Rio Grande do Sul, Parana, Santa Catarina and Amazonas states and Federal District
Court also ordered seizure and freezing of assets of 103 targeted people and firms, estimated at 8b reais
Operation called Greenfield
On BOB trading bandwidth is increased 54%
Posted 5 September 2016, 3:05 p.m. Suggest removal
observer2 says...
the car rent people needs to pay more because some people don't pay millions in rent to NAD
On Rental cars hit at ‘too high’ NAD fees
Posted 1 September 2016, 8:34 p.m. Suggest removal
observer2 says...
What time today will da new cases be revealed by the PLP?
Hope they don't seal it up like da Baha Mar deal.
On Further update expected today on confirmed Zika virus cases
Posted 1 September 2016, 8:28 p.m. Suggest removal
observer2 says...
This is a wonderful idea. Get a government house from the PLP, paid for by the Bahamian people through the issuance of bonds and simply stop paying the mortgage.
Once the mortgages go into default, just transfer them to Resolve Inc. which is kept afloat by NI.
NI rates will need to increase to pay for the mortgage defaults. Worry about pension payouts later.
No need to reinvent this scheme. A perfect model is available in the Bank of the Bahamas.
The government can start with the additional 2,000 to 3,000 homes just before the elections, coupled with the $100 million Baha Mar payout and the legalization of webshops, the PLP should be able to win the next elections. Also the FNM is in a mess...no one wants to be around dumb and dumber....if Bay St pull dey cash.
On Mortgage Corp bonds eyed to address 2-3k housing waiting list
Posted 1 September 2016, 4:03 p.m. Suggest removal
observer2 says...
Once the people, banks and pension funds have loaded up government debt the PLP can simply devalue the currency to 80 cents on the US dollar. This will lower their debt in US dollar terms. But you can't talk about devaluation.
On Central Bank, NIB urged to ‘stand firm’ over Mortgage Corp
Posted 1 September 2016, 3:59 p.m. Suggest removal