P.S.: One can only imagine what must be going on at Bank of The Bahamas (BoB) all over again. I almost forget about that favourite cookie jar still being under the control of government, more specifically our PM who also officially serves as minister of finance. Not good!
Most Bahamians would be shocked to know how successive central bank governors and ministers of finance have gone about effectively forcing the NIB fund to acquire (for cash) an immense holding of debt instruments issued by the government, i.e., an extraordinarily significant concentration of Bahamas government debt.
Put another way, successive corrupt ministers of finance and central bank governors have facilitated the government borrowing national insurance funds to keep itself propped up without regard to the fiduciary nature of the funds paid into NIB by contributing employers and employees.
And now the IMF is telling Davis and his fellow cabinet members that it is very concerned about the government's ability to repay the huge amount it has borrowed from the national insurance fund. Notice though how the IMF says nothing to the U.S. government about its raiding of the U.S. social security system, which is once again on the verge of bankruptcy. Talk about corruption!!
Retail investors were **not** able to invest directly in the 49% of the Nassau Cruise Port that the government had initially intended be directly offered to as many Bahamian investors as possible. Instead, retail investors had to buy shares in the Bahamas Investment Fund which acquired the government's 49% stake in the Nassau Cruise Port.
The Bahamas Investment Fund was created by the principals behind CFAL (Anthony Ferguson et al.) and branded as a kind of wealth fund to be used by government for all its so called '49-2-49' investment deals. Under these deals, 49% of the investment project ends up being held by the foreign investor along with a controlling majority of directorships; 2% is held by a government-controlled foundation, supposedly with charitable objectives; and the other 49% is acquired by government for an intended public offering to Bahamian retail investors.
But this '49-2-49' investment structure, which apparently works well for the controlling foreign investor in the investment project, leaves the Bahamian retail investors subject to every possible type of service fee imaginable that is charged by CFAL and its many affiliates to the Bahamas Investment Fund. And the governance of the Bahamas Investment Fund has been structured in such a way that the principals behind CFAL effectively have full control over it and its underlying investments, which currently includes a 49% stake in the Nassau Cruise Port.
Adrian White really should not be pressing for government to put anything else into the Bahamas Investment Fund as doing so only serves to greatly enrich CFAL and its affiliates at the expense of the Bahamian retail investor.
Any proposed solution would need to address two critical problems: (1) Corrupt politicians interfering in NIB's investment decision-making, and (2) the fact that at least 3 out of 5 of the persons employed by NIB are unproductive and unnecessary. Put another way, decades of corruption and bad investment decision-making, combined with extremely high administration costs, are responsible for government finding there are no longer many cookies in what wrongfully became one of its favourite cookie jars.
Anyone with a modicum of common sense knows that only a fool throws good money after bad money. We will all know the NIB fund is certifiably dead if Davis announces his government has hired Anthony Ferguson and James Smith as advisors and/or managers of what remains of it. LOL
Hardworking and successful businessmen did not squander our national insurance funds. You know full well that was done by the corrupt and incompetent leaders of successive governments who took it upon themselves to treat the NIB fund as their very own cookie jar.
tribanon says...
Frankly, some of us in the KVTZO- community find the constant 'noise' being made by a few in the LGBTQ+ community to be a little over-the-top.
On Push for reverse sexual orientation discrimination
Posted 18 July 2022, 10:04 p.m. Suggest removal
tribanon says...
P.S.: One can only imagine what must be going on at Bank of The Bahamas (BoB) all over again. I almost forget about that favourite cookie jar still being under the control of government, more specifically our PM who also officially serves as minister of finance. Not good!
On NEW FUNDS VITAL IN HEALTH CRISIS: Years of underfunding hospitals and staff has left system on its knees
Posted 18 July 2022, 9:39 p.m. Suggest removal
tribanon says...
More hot air. LOL
On Pintard reveals ‘five points’ to help progress of nation
Posted 18 July 2022, 9:31 p.m. Suggest removal
tribanon says...
Most Bahamians would be shocked to know how successive central bank governors and ministers of finance have gone about effectively forcing the NIB fund to acquire (for cash) an immense holding of debt instruments issued by the government, i.e., an extraordinarily significant concentration of Bahamas government debt.
Put another way, successive corrupt ministers of finance and central bank governors have facilitated the government borrowing national insurance funds to keep itself propped up without regard to the fiduciary nature of the funds paid into NIB by contributing employers and employees.
And now the IMF is telling Davis and his fellow cabinet members that it is very concerned about the government's ability to repay the huge amount it has borrowed from the national insurance fund. Notice though how the IMF says nothing to the U.S. government about its raiding of the U.S. social security system, which is once again on the verge of bankruptcy. Talk about corruption!!
On NIB rate hikes ‘totally impossible’ to absorb
Posted 18 July 2022, 9:13 p.m. Suggest removal
tribanon says...
Retail investors were **not** able to invest directly in the 49% of the Nassau Cruise Port that the government had initially intended be directly offered to as many Bahamian investors as possible. Instead, retail investors had to buy shares in the Bahamas Investment Fund which acquired the government's 49% stake in the Nassau Cruise Port.
The Bahamas Investment Fund was created by the principals behind CFAL (Anthony Ferguson et al.) and branded as a kind of wealth fund to be used by government for all its so called '49-2-49' investment deals. Under these deals, 49% of the investment project ends up being held by the foreign investor along with a controlling majority of directorships; 2% is held by a government-controlled foundation, supposedly with charitable objectives; and the other 49% is acquired by government for an intended public offering to Bahamian retail investors.
But this '49-2-49' investment structure, which apparently works well for the controlling foreign investor in the investment project, leaves the Bahamian retail investors subject to every possible type of service fee imaginable that is charged by CFAL and its many affiliates to the Bahamas Investment Fund. And the governance of the Bahamas Investment Fund has been structured in such a way that the principals behind CFAL effectively have full control over it and its underlying investments, which currently includes a 49% stake in the Nassau Cruise Port.
Adrian White really should not be pressing for government to put anything else into the Bahamas Investment Fund as doing so only serves to greatly enrich CFAL and its affiliates at the expense of the Bahamian retail investor.
On Give Bahamians ‘direct’ carbon manager equity
Posted 18 July 2022, 8:37 p.m. Suggest removal
tribanon says...
The bottomline is Cable Bahamas is without competent leadership, starting with the big man Butler himself.
On Cable pushes TV review after 11% subscriber fall
Posted 18 July 2022, 7:57 p.m. Suggest removal
tribanon says...
Any proposed solution would need to address two critical problems: (1) Corrupt politicians interfering in NIB's investment decision-making, and (2) the fact that at least 3 out of 5 of the persons employed by NIB are unproductive and unnecessary. Put another way, decades of corruption and bad investment decision-making, combined with extremely high administration costs, are responsible for government finding there are no longer many cookies in what wrongfully became one of its favourite cookie jars.
On NIB rate hikes ‘totally impossible’ to absorb
Posted 18 July 2022, 7:43 p.m. Suggest removal
tribanon says...
Hot air.
On Pintard reveals ‘five points’ to help progress of nation
Posted 18 July 2022, 7:23 p.m. Suggest removal
tribanon says...
Anyone with a modicum of common sense knows that only a fool throws good money after bad money. We will all know the NIB fund is certifiably dead if Davis announces his government has hired Anthony Ferguson and James Smith as advisors and/or managers of what remains of it. LOL
On INSIGHT: NIB’s woes sat on Brave’s desk in 2001 - what’s he going to do now the crisis is actually here?
Posted 18 July 2022, 7:10 p.m. Suggest removal
tribanon says...
Hardworking and successful businessmen did not squander our national insurance funds. You know full well that was done by the corrupt and incompetent leaders of successive governments who took it upon themselves to treat the NIB fund as their very own cookie jar.
On NIB rate hikes ‘totally impossible’ to absorb
Posted 18 July 2022, 6:20 p.m. Suggest removal