Guyana's President expresses dissapointment with Ingraham's Gov't over CLICO Collapse

37
1808

CLICO (Guyana) policyholders protected

-President restates

Even in the aftermath of Monday’s announcement by Bahamian Prime Minister Hubert Ingraham that there currently appears to be no record of CLICO (Guyana)’s investment in CLICO (Bahamas), President Bharrat Jagdeo says that all customers of the local firm are protected.

Lone skeptic... President Bharrat Jagdeo in Barbados recently

President Bharrat Jagdeo

The Head of State emphasized that government is implementing measures that will ensure that the investments of all the policyholders are protected and stated that this includes the $6B in funds invested by the National Insurance Scheme (NIS). He was speaking at the Timehri airport yesterday prior to leaving for the US. The President’s assurance would amount to a bail-out by the government if CLICO (Guyana) is unable to retrieve its US$34M investments from The Bahamas.

In relation to the statement made by Ingraham, Jagdeo said that the statement needed to be carefully examined and he noted that Ingraham had not said that there were no records but he had been very specific in saying “at this time”.  Jagdeo said that he has been assured by the local management of the CLICO that they have documentation of various transactions conducted with CLICO (Bahamas) and the Head of State expressed confidence that the matter will be resolved in time.

However, the President said that if it is discovered that the information given by the management of CLICO (Guyana) was inaccurate, the local directors and management will be prosecuted.

Meanwhile, the President asked the policyholders for some time for proper verification to be made of the current situation facing the local CLICO company.

Jagdeo stated that Finance Minister Dr Ashni Singh will issue a full statement in relation to the Government’s handling of the matter with CLICO (Guyana) to the National Assembly.

Meanwhile the President said that it is important that the Heads of State of the various territories which have CLICO operations meet. He said as soon as he heard of the woes of the CL Financial Group – CLICO’s parent company – in Trinidad at the end of January and the government’s action there he felt that such a meeting was necessary.

He said that even though he was in Switzerland at the time, he made efforts to contact the Heads of State of Trinidad and Tobago, Barbados and Bahamas. He was only able to communicate with the Bahamian Prime Minster at the time.

But Jagdeo added what is perhaps more integral at this particular time is the meeting of various regulators and Governors of Central Banks, which he said should occur even before the Heads of State meet.  He expressed concern that the local regulators of the various territories seemed to be operating in isolation.

He also expressed his disappointment at the manner in which The Bahamas handled the issue with the liquidation of CLICO (Bahamas).

He said that the Bahamian regulator had failed to contact Guyana before making the decision to do so, although that person was instructed by the Bahamian Prime Minister to do so.   Jagdeo said last week that the sudden move by the authorities in Bahamas had forced the government to place the local CLICO Company under judicial management. Guyana has invested the $6.9 billion (US$ 34 million) in CLICO (Bahamas) which represented 53 percent of the firm’s assets.

The suddenness of the Bahamanian move might indicate that the authorities in the two countries had not been in frequent and detailed consultation on how to stave off the collapse of both companies.

Meanwhile, the C L Financial fallout spread to another Caricom country last week.

CLICO (Belize) has now been placed under the supervision of the Supervisor of Insurance following the liquidation of CLICO (Bahamas).  Following the decision made in The Bahamas last week Tuesday, the Supervisor of Insurance in Belize moved the next day to have the company come under her control.   According to a report, the Supervisor “exercised her power of intervention pursuant to section 53 of the Belize Insurance Act, Act No.11 of 2004 and placed restrictions on the company under section 55 of the said Act.”

The restrictions restrict the company from: (1) issuing any new insurance contract but allows the company to continue servicing existing insurance contracts (which were in effect prior to 25th February); (2) from varying any existing contract; (3) from repatriating any funds out of Belize; (4) from disposing any of its assets without the prior written consent of the Supervisor of Insurance”. Further, the Supervisor of Insurance has secured the assets of the company in Belize and is in full control of the statutory reserves of the Company.

According to the report, the Supervisor of Insurance is in constant dialogue with the Registrar of Insurance Companies of the Bahamas and will be meeting with the appointed Liquidator next week.

37 COMMENTS

  1. Media,

    Please keep an eye on Colina Imperial. I have had insurance with them from 1976 and with retirement approaching, I dont know what I will do if they close with my $200,000 insurance policy.

  2. Thank you Mr. Blow and MIss Sands.

    The CLICO issue is a very serious one where over $70M was repatriated from The Bahamas. What is so disappointing is (so I have been told) LIfe of Barbados did the same thing several years ago and I can remember
    American Life and Crown Life closing their doors on many persons. Some persons had never made claims but loss hugh sums of money when these companies were allowed to just close shop and move on. What can be done or what should be put in place to halt this kind of “rape” in our Country.

  3. Fern :Media
    You go to great lenghts to keep us informed and your research are always right on.
    What I cant seem to understand that no matter what is being conveyed, the response is always centered around PLP/FNM and who did or did not do. Can we just discuss the issues and leave politics out?
    [Reply]

    Fern, Bahamians have so much to be grateful for, I have been fortunate to visit many countries and each time I could not wait to return home to the Bahamas. I love my country and its people. I realize we are not a perfect nation, but I don’t think a perfect nation exists. It bothers me too when people gets so caught up with their political party to a point it affects their reasoning skills. When I look at the whole picture at hand, whoever is in charge of governing our country, if they make a wrong the decision it will affect all of us. So, I agree with you wholeheartedly that we should move away from debating politics and focus on the real issues.

  4. Fern: Sometimes in order to debate issues we must come to grips with the outside forces, or opinions if you will, that, unconsciously, divide us and impinge on our abilities to really listen to each other. I believe that in our dialogue ( rb75, Connie, Joe Blow) we have reached a point where we can put aside or accept our differences and begin to honestly discuss issues, problems and their solutions. We have, I hope, set up certain parameters; one being that we will not allow our political philosophy to colour our debate. Secondly that we will restrict derogatory remarks whether directed toward each other or any other person who wishes to join in the debate. Thirdly that we will keep in mind that we each will put the good of our Country at the forefront of our contributions. Fourth that we will continue to agree to disagree on some issues, without taking it as an affront to us, personally. While, to some, it might appear to be an exercise in futility, we are mindful that this site has developed into a vehicle to which many person turn, both lay persons and professionals. And as others join in, our governing people just might receive the message that they too can conduct themselves in a manner more acceptable to those of us who have voted them into office. With that in mind Fern, how about joining us? Suggest an issue that you feel is most vital to the welfare of the Country and begin the debate!

  5. Media

    You go to great lenghts to keep us informed and your research are always right on.

    What I cant seem to understand that no matter what is being conveyed, the response is always centered around PLP/FNM and who did or did not do. Can we just discuss the issues and leave politics out?

  6. Joe Blow :Connie: It was absolutely essential that the 25 year government be removed. Throughout history it appears that those who serve too long not only become complacent but corruption begins to seep into play. Familiarity does indeed breed contempt. The 10 years of FNM power were not all bad and I believe that they lost the election because there was a force (not necessarily a Party source) that was bent on keeping our female population subservient to that forces preceived needs. If that referendum were introduced today I believe it would pass. The naysayers’objectives were meant only to confuse the voting population which was not politically or socially savy. That is no longer the case and this kind of foolishness won’t be accepted any more. Mr. Ingraham was correct when he said if a leader cannot accomplish his goals within a ten year span they probably will not be accomplished. Another thing that put them (FNM) out of power was that there really was no one ready to assume the leadership of the FNM Party. One of HAI tasks to-day is to prepare someone for that position. There are several potential leaders amongst the FNM elected officers. They just need a little more maturity and must strive to keep their noses clean. Therein lies P.C.’s problem. He should be preparing an heir apparent but he can’t or won’t because he cannot give up the reigns. And unfortumately those who might have potential are also carrying unwelcomed baggage.The FNM will win the 2012 election because they will enact some new programs that should have been introduced years ago. They will continue to investigate and remove those senior bureaucratic persons who are corrupt to the core,(There I’ve said it) and the economy will turn around just at the precise time. Add to this the inability of so many of the PLP supporters to reign in their negativity and their “die-hard” position plus their leaders’(plural) inability to step into the background. Just my take on it! Here’s a quote for you. “It’s what you learn after you know it all that counts.”
    [Reply]

    Joe I see some good points and I see some that does not point out logic …you are right when you state that after years in power Men tend to get corrupt but in our structure of government the Prime Minister and those that hold the reigns of power has absolute power and as the saying goes absolute power corrupts absolutely……now this said yes during the first reign of HAI it was not all bad except that after the first five years the country was headed deeper into debt and the false economy that the 1997-2002 FNM administration had us living under began to crumble so yes the best years was from 92-95 but the FNM began to get arrogant and their focus turned to the rich and wealthy ….fast forward to 2002 the PLP was a political machine that captured the minds and hearts of the people the only thing that tripped the PLP up was an old saying the only way to make someone listen to what you have to say is to capture their attention the PLP of 2002 captured our attention but had little or nothing much to communicate to us after they had our focus ……Yes Joe the FNM might win an election but only if the PLP does not get it’s political house in order and yes Perry Christie must ensure the leadership succession but the problem is that the only man that stands out right now that is fresh enough and that has experience (which rally does not matter) is Alfred Sears but the question is does he have the political fortitude

  7. It funny I agree with you on alot of what you said but can it not be the PC is having the same problem that HAI is having when it ocmes to handing over the reigns to someone else. I like this conversation because without all of the one liners and zingers we are actually having a good conversation, if only that can happen in the House of Assembly because right at this present moment I really do not care what party you support you are making sense and that is what is important. Which is my point. We have some seriously overlooked problems in the Bahamas socially and in the realm of fair play and the protection of children etc. Joe this is what I was trying it and in the frame of mind of common sense you should be able to conquer that the state of the press and the SEEMING bias toward the PLP at the moment is not doing the nation any favours. Also I agree that the PLP is trying to play the part of the victim instead of making lemonade out of lemons. But I will tell you this, the same way the you and I and other can speak to one another and agree to disagree is the same way the the government and the opposition should be working but it does not work. The referendum although a sound one packaged wrongly by the them PM. By saying whoever won the referendum would win the election was not good. Referendum should be above politics. I think that reason that alot of the problems in the Bahamas are not being attended to is because they are above politics and the two parties will not get together.

    As far as corruption is concerned there is a plague of it on the ENTIRE country, removing a few here and there will not solve the problem because we have tolerated it too long, both governments, both parties and it is festering. Also we should be able to agree that Mr. Ingraham is a polarizing figure and that is not what we need in the 21st century. We have to put our heads together as Bahamians unless we all will sink with the ship. Politics used to be fun, it used to be exciting, it has over the years gotten out of hand to the point where is is in every facet of our society.

  8. Connie: It was absolutely essential that the 25 year government be removed. Throughout history it appears that those who serve too long not only become complacent but corruption begins to seep into play. Familiarity does indeed breed contempt. The 10 years of FNM power were not all bad and I believe that they lost the election because there was a force (not necessarily a Party source) that was bent on keeping our female population subservient to that forces preceived needs. If that referendum were introduced today I believe it would pass. The naysayers’objectives were meant only to confuse the voting population which was not politically or socially savy. That is no longer the case and this kind of foolishness won’t be accepted any more. Mr. Ingraham was correct when he said if a leader cannot accomplish his goals within a ten year span they probably will not be accomplished. Another thing that put them (FNM) out of power was that there really was no one ready to assume the leadership of the FNM Party. One of HAI tasks to-day is to prepare someone for that position. There are several potential leaders amongst the FNM elected officers. They just need a little more maturity and must strive to keep their noses clean. Therein lies P.C.’s problem. He should be preparing an heir apparent but he can’t or won’t because he cannot give up the reigns. And unfortumately those who might have potential are also carrying unwelcomed baggage.
    The FNM will win the 2012 election because they will enact some new programs that should have been introduced years ago. They will continue to investigate and remove those senior bureaucratic persons who are corrupt to the core,(There I’ve said it) and the economy will turn around just at the precise time. Add to this the inability of so many of the PLP supporters to reign in their negativity and their “die-hard” position plus their leaders'(plural) inability to step into the background. Just my take on it! Here’s a quote for you. “It’s what you learn after you know it all that counts.”

  9. @Joe Blow

    I will give you this much the problems that you described in the PLP I think that you are right. However it is not always a good thing to never hear about what is going on in the governing party. I would like to know what exactly would cause of the FNM winning or is it the PLP who will lose if they don’t get themselves together because some of the decisions that are bring made are pragmatic but are not the smartest ones. That is where we have the prob because the PLP does SEEM to be pragmatic and the FNM does SEEM to be smart.

  10. You are right morehands so we must beat the drums for the PM to resign since he is the Minister of Finance.He is probably somewhere wetting his pants in fear.Being in over his head which is easy since his confidence level is so low.This one is not going away any time soon since other countries are involved.Resignations must come as the integrity of the Bahamas could be called into question by our Caricom neighbors.

    @morehands

    morehands :@Russell JohnsonRussell, it is not the policy of the Bahamas for civil servants to resign after making a big mess.
    Our practice is either to stay where we are, shift the blame or pretend like nothing happen at all. Or the worst would be to get reassigned to another portfolio so we can make a big mess there as well. Its called working for the government – you straight no matter what.
    Sydney Collie was a rare gem and perhaps shocked the rest of his HOA colleagues as most have them made worse direct mistakes and didn’t resign.
    [Reply]

  11. @Russell Johnson
    Russell, it is not the policy of the Bahamas for civil servants to resign after making a big mess.

    Our practice is either to stay where we are, shift the blame or pretend like nothing happen at all. Or the worst would be to get reassigned to another portfolio so we can make a big mess there as well. Its called working for the government – you straight no matter what.

    Sydney Collie was a rare gem and perhaps shocked the rest of his HOA colleagues as most have them made worse direct mistakes and didn’t resign.

  12. Ther has bveen much small talk and no resolution to this debacle which has left many policy holders in desperate straits.We the people of the have not gotten any answers from the Govt or any authority.Does the Bahamian Govt know what is happening in nay financial institution in our country?The minister of Finance must resign and all of this casting blame is bull shit.We know who is at the Finance wheel,Mutt and Jeff”.Resign when asked to.The Govt bcos of heartlessness is now reaping what it sowed by victimising anyone who they perceived to be opposition.I agree with the Guyanese President a Govt cannot exiast in isolation.The stupid suggestion by the Minister of Finance is a sign of panic by7 someone who is in over his head.To add insult to injury little Tommy Tucker Turnquest forgot to read where Calsey Johnsopn said he was no longer employed at Clico when the board of ZNS agreed to pursue the great interest that Clico offered.He makes this stupid statement about conflict of interrest when even his party member Kay Smith said otherwise in the Senate.Tommy Tucker no political talk will exonerate the Govt for failing to take stock of the Clico debacle.Mr know it all PM tell us what you know,When you knew it and What action you took to protect policyholders?

  13. Impartially I have to agree with Joe’s assessment… the PLP cannot get themselves together fast enough to wage a stronger enough battle. And the reality is that this financial crisis will top out before the end of this year and once things get on the upswing, the FNM will automatically get (take) credit for it. And that will be all that is needed to keep the masses.

    CLICO’s headquarters (and presiding country) is looking for a scapegoat to blame for the poor administration of the parent company; the Bahamas is the easiest target. If it wasn’t for the swift actions of the Bahamas (whether it was the right or wrong approach to the situation) immediately shook the other CLICO countries and perhaps saved their investors the lost that Bahamian clients now face. They should “thank” us.

  14. Now Connie you are talking more like a centerist. Since coming to this site I have been calling for persons of all political persuasions to address the issues facing this country and then suggest their solutions to these identifiable problems. Furthermore I see no reason to use derogatory name-calling no matter how much passion one might have for the Party of their choice. Negativity will never allow for change. I well agree with you that the PLP stated philosophy is best for certain times. Not now, however, as it is time for pragmatism to take the fore. Each party and by extention its leader has a role to play. In my opinion, the Opposition is as important as the Party in power for it is that entity that should be the check and balance. But it cannot be seen as devisive and self serving. Unfortunately,and it is my opinion, that too many in the Opposition are still wounded by the loss of the election and are letting that influence their actions and rhetoric. The 2017 was not an error. The present economic pressures, the proliferation of scandals, the lack of Party unity, the tenacity of the Old Guard to hang on, the negativity that pervades all segments of the ranks, all contribute to my opinion that the PLP will not be successful in the 2012 elections. And it will take more than the next 2&1/2 years to change. It will take the younger believers in the Party, who do not adhere to a “die-hard” philosophy, to make the necessary changes to bring back a once-great Party to the forefront. “We often hark back to the past in order to understand our present circumstance and use that knowledge to make the necessary changes to secure our future.” You see, though we are of a different generation and philosophy, we probably have much more in common than differences. Thank you for the opportunity to debate.

  15. @JR

    JR I know that I am going to catch alot of flack from this crew for this but I agree with you being “decisive and dumb” and that goes for anyone. It was all about who was the “decisive one” last election and look where we are because of it. I think that the FNM has some intelligent people in it but Mr. Ingraham I think is out of his league this time around.

  16. Kim

    @Kim Sands

    I appreciate what you said ,I direct anyone to the governments sight that has the liquidation act posted and the act clearly states that before liquidation there should have been receivership and the creditors of the company was the ones that should if needed appointed the liquidator as the old saying is something is rotten in Denmark this stinks and once the company is in liquidation it cannot receive or payout any funds until the wind up process is done under the law the only person that can and should receive funds would off been a receiver …but this was not done This scandal involves persons from both parties and it stinks to high heaven that is why nobody is addressing this at this time and yes I have stop paying because I ain’t no fool.

  17. I hear Hubert catching all kind of blows in Caricom. Thats good for his behind. He acted decisively alright, decisively after knowing that Clico was blowing up for six months and did nothing. Decisively in making a decision to shut down the Bahamas branch, not knowing or caring about what it will do to the rest of the region. yeah Hubert, good one. Decisive yes, but dumb also. So much for being Decisive. It only makes sense when you are making the right decision. Any jack ninny can be decisive. And wrong. I hope they buss his tail good over there because the decisive big man made a fine mess out of an already messed up situation by not speaking to his his colleagues in the region.

  18. Yeah Connie, i’m with you. When since the Pindling story is going to change the state of the economy or any of the deflection stories that always come up when it appears the FNM is about to be shown up as the wutless lousy government they are? What does a PLP so called scandal going to do about the cost of living, the lack of jobs, the rising crime rate and the state of hopelessness in this country? When they should be working on these things, they are busy making up scandals, looking for dirt and figuring out how to keep sites like BP from exposing them. They are a bunch of worthless, wutless, vutless bastards in coat suits who are no brighter than a monkey flinging poop. Its time to call that spade a spade Joe Blow and stop blowing hot air.

  19. @Joe Blow

    Sir, common sense is something that should be able to cross party lines. There are things that the FNM has done that I agree with but just not lately. NO government that I know of have gotten it 100% wrong, 100% of the time. But when I said is that I think that the philosophies of the PLP are better for the country. Please enlighten me about the philosophies of the FNM party. You post implied alot more than what you said and you are saying 2017, so either that is a mistake or you think that the FNM will win again in 2012. I was trying to get the point across that we all seem to be more interested in PR stunts and the superficial stories that we hear instead of analyzing the real issues that confront ALL of us no matter what color we support. In some way ALL of our preceeding governments have failed us in some ways.

  20. rb75 :Kim Sands,
    I have an annuity with Clico and had invested a small amount of monies so far into it …this is the AIG of the Bahamas and yet nobody has come forward from any party be it the FNM or PLP this has both parties involved in it this is a scandal of major proportions how in the world 70 million dollars can walk out of the Bahamas and both the past and present governors of the Central Bank have no idea when and how it left and then the Prime Minister has the Gaul to stand up in the HOA and say that people should continue to pay into a liquidated company when the liquidation laws of this country clearly state that when a company is liquidated all business is put on hold …again the think that the bahamian people are crazy and stupid .
    [Reply]

    Hi rb75, I am sorry to hear that you had policies with Clico. Right now everything is at a stand still; you are just being encouraged to keep up with your premium payments. If you don’t keep up with your payments and another company buys out Clico, they could very well say you are not entitled to any benefits because you were not making your payments. Then I know a lot of customers may be having a hard time continuing with payments because they believe they have gotten swindle already and they do not want to lose any additional monies, it’s like being between a rock and a hard place. They should have put a hold on accepting payments until they got this mess completely sorted out.

  21. Connie I have no idea how you can think yourself a centrist. Your rhetoric certainly belies this. Have you ever given the FNM credit for anything they have accomplished? My contribution did not focus on Mr. Pindling except to say he will always be known as the “Father” of our country. My response was to rb75 and to let him know how I feel the PLP must change NOW if they want someone like me to consider voting for them in 2017.

  22. Everyone keeps talking about the failures of the PLP. But as Connie said, the FNM is in power. The only thing is, they are the ones abusing their power. The FNM has fired people based on partisanship. The FNM has forced people into early retirement in these uncertain times. The FNM stand in the HOA and their focus seems to always be the failures of the opposition. Any one with a stitch of common sense would agree that they are worthless from the top down!

  23. @Joe Blow

    Obviously these articles are geared toward people like you that would rather focus on a man that has been dead for almost 10 years and the OPPOSITION while the government does what it wants to do. I can care less about colors Sir. Believe it or not we live in a nation where there are prostitutes as young as 10 years old and that is a fact. So please do not tell me anything about INSIGHT into Sir Lynden (RIP) he is dead. The FNM and the Tribune need to step into the present and they need to report the actual news that goes in this country. Do you know that the Bahamas was at least the RAPE capital of the world per capita. Do you know that there are children in the Bahamas living worse the those you see on TV on those “Feed the Children” infomercials and you want to talk about INSIGHT. Sir you need insight into the present if what Sir lynden did or did not do TWENTY years ago has any bearing on today for you.

    Let me say this unequivocally THE FNM IS THE GOVERNMENT, THE PLP DON’T RUN NOTHING, so why is what going on in the PLP so important to anyone beside them WATCH THE GOVERNMENT, they are the one in charge and the things that they are doing ARE NOT MAKING COMMON SENSE, they are the ones in charge of your money and if you are comfortable and think that they are doing a good job fine.

  24. Mr. In graham is not just a tyrant in my view. Mr. In graham is out of his league as PM of the country in the times that we live in and the FNM have too many favours to repay to all the well to do benefactors and cronies to do anything in the best interest of the people, just look at how the are going to wreck Arawak Cay.

    Connie this sums it up 1000%….you are correct the PLP has to get it’s act together….If the PLP wants to capture the hearts and minds of the people the PLP must reorganized itself and take the steps that are needed to remake itself as a serious and up to date Party the remake must come from the inner circle and the old faces must take a backseat and there must be a mix of youth in the leadership of the party which means that if the Part was serious candidates for the next general election would have to be chosen from persons with an average background to those of a not so average one this is where the mix must come in so that the people can identify more with the candidates….and there must be made clear a leadership succession with a clear choice after P.C. again in my opinion if this does not happen then the FNM can pull of a win when the next election is called

  25. The loss of the 2007 election has been a tramatic experience that the PLP officials and their supporters seemingly can not get over. Their whole focus has remained on negativity and devisiveness. It is for that reason that they will lose the next election. There is no one, of consequence, in their Party at the moment that the majority of the population can trust to lead this country. As we watch their actions, listen to their verbage in and out of the House, try to keep up with their scandals, we hear no clear message of any plan they have to move the country forward. If the PLP continues in this vein more and more voters will cease listening to what they have to say because no one can for long put up with the toxicity that they and their supporters continually mouth.
    Mr. Pindling will always be the “Father” of this country and not because he was a PLP, but because he was the one who led those who had the courage of their conviction that the time was ripe to break away and lead the nation to become a sovereign nation in its own right with its own constitution. Yet as we examine history we accept that he made mistakes and some that were very serious. No one is all good just as no one is all bad.
    As to Mr. Marquis’ recent article , I have no doubt it is a prelude to another book about the Bahamas-this time about the 25 year “Pindling” era. He will write the good and the bad as Bahamians share their knowledge of that time with him. Think on the following quote from his article:
    ” As disclosures about Pindling and his motives flow into INSIGHT from more and more inside sources, it becomes clear just how personally responsible he was for what the Bahamas became during the drug ravaged years.”

  26. @rb75
    I totally agree with you about the FNM not be ready for the blogging explosion and I think that some of the bloggers need to take it a step further and actually start an online newspaper such as the huffington post. I also agree with you the they are trying to demonize the PLP when must of them used to be PLPs themselves. Although I think of myself as a centrist I do think that the philosophies of the PLP are better for the country, but right now I think that the PLP needs to get its act together and get out in the communities and stop playing the roll of the victim all the time, “they don’t like us”, “the media biased”. Well if you know that then is it not high time that they do something about it.

    Just by the article from Guyana’s President you can see the we as Bahamians are getting the short end of the stick where governance is concerned. Other governments in the region saw fit to protect their citizens and our just stood on the shore and watched the CLICO ship sink with the money of almost 40,000 Bahamians.

    Mr. Ingraham is not just a tyrant in my view. Mr. Ingraham is out of his league as PM of the country in the times that we live in and the FNM have too many favours to repay to all the well to do benefactors and cronies to do anything in the best interest of the people, just look at how the are going to wreck Arawak Cay.

  27. Folks when a government that has been elected by the democratic vote has turned to tyranny then that government has cancelled the contract with it’s people and therefore must be removed .

    All who blogs here by now know that Iam a PLP and probably know that I really don’t have much more patience for this FNM government but from Monday when I read the deliberate and malicious article by one John Marquis and I then put one and one together; that article was put together for one thing and one thing only to smear Sir Lyndon and by extension the PLP…This is the first salvo across the bow in preparation for an early general election the gist of it all is that Hubert Ingraham has to know that at this time they cannot win in 2012 and so if he calls an early election and they somehow pull it off then that will overshoot the economic downturn and by 2014 the country will be in good shape for we will have passed the depression that we are in..

    What the spoiler in all of this is that it shows that Hubert and the FNM smear and fear mongers did not count on the Internet and blogging explosion that is going on in the country and around the world so the same dirty old tricks and scar tactics will not work …the tactic that they have started to take is first shame and blame the PLP in Parliament aka Laing with the now shameless btc false hood and then Marquis in the Sir Lyndon beyond the grave fiasco…

    Folks Ingraham is nothing more that a tyrant I said this in 1997,2002 AND 2007 this man is not worthy to be our Prime Minister and I pray that he calls an early election and that the Bahamian people send In graham and his worthless group of mindless freaks with their cancerous paws back to hell from where they came from and never,no NEVER AGAIN THEY SHOULD BE ALLOWED TO GET THEIR HANDS ON POWER IN THIS COUNTRY OF OURS ;ENOUGH IS ENOUGH AND WE CANNOT TAKE ANITHER HATE FILLED ,VICTIMISED RIDDEN AGENDA OF THE FNM NO,NO,NO, NO TO INGRAHM AND NO TO THE FNM

  28. media :@Drama King
    Unemployment benefit? That’s for them who crazy to believe Hubert. You mean to tell me Bahamians already forget how he had Sharon Tuner send that press statement out from Washington saying he has a Mortgage relief coming. WHERE THAT IS? Well the fact is People House in Foreclosure! You hear anything about that yet? People does forget DRED!
    BP/Editor
    [Reply]

    BP you so right!! I talking fart bout Unemployment Assistance when the Mortgage Assistance aint come through yet. Hubert is a liar, eh? But Bahamian people forget so quick.

  29. BP you are absolutely correct. Hubert Ingraham does NOT care about the Bahamian people. He has terminated countless projects that would have allowed many Bahamian to obtain gainful employment. I told everyone that would listen in 2007 that the “trust agenda” was nonsense. Look at us now Bahamas!!! Well, look at you! In GOD I TRUST! The Bible says, He will keep HIS own in perfect peace. Hubert Ingraham is a mere politician, that had the right swagger at the right time. Unfortunately, that is what won him votes. I refuse to believe otherwise.

    It saddens me that my fellow Bahamians were tricked into believing that the Prime Minister cares about the Bahamian people. How could one man be so cold and callous with people’s livelihood? He along with his administation are beyond worthless. Why else would they when gather in the HOA and discuss everything but how the economic situation can be made better, or how crime can be better combatted, what to do about making a major stump on immigration, or how perhaps we will compete with Cuba who may soon open its doors to Americans thus affecting our badly beaten tourism industry. Instead we have to hear about the Juiceman talking crap and other nonsense. I could go on for days about the things that should be addressed, but are not because most of our politicians lack principles.

    BP, do you realize that the only people benefitting under the Ingraham administration are people that are wealthy anyways. What about the average Bahamian? Hubert Ingraham has no new ideas. Let’s just be real. He had his shining moments and they are long gone. Maybe Boozy can find them again at the bottom of a bottle. Change is what we need. Send those old heads home. We need to incorporate fresh ideas from other sources in order to regain our competitiveness in major industries. Our politicians thrive when the challenges are few and far between. We are stunted as a nation because we have politicians chasing their own tails because they haven’t a clue on how to effectively inculcate any change in their respective areas.

  30. @Drama King

    Unemployment benefit? That’s for them who crazy to believe Hubert. You mean to tell me Bahamians already forget how he had Sharon Tuner send that press statement out from Washington saying he has a Mortgage relief coming. WHERE THAT IS? Well the fact is People House in Foreclosure! You hear anything about that yet? People does forget DRED!

    BP/Editor

  31. Media you said it all whereas Hubert Ingraham is concerned. He is SATAN himself as far as I am concerned. Nothing but SATAN! He has fooled the people of this country who he cares absolutely NOTHING about.

    The man even LOOKS wicked!! Did you all see the sly, smug look on his face when he spoke of the unemployment package his government plans on presenting to parliament? I am sure some clause will be in it that reads “Only men with no legs and right middle fingers missing and one wisdom tooth out can benefit”.

  32. Another Financial Fraud Leads Back to Bahamas

    Armed FBI agents rousted embattled entrepreneur Peter Pocklington out of bed yesterday morning in Palm Desert, Calif., and arrested him on charges of fraud, a woman identifying herself as Pocklington’s mother told Canwest News Service.

    Pocklington, 67, former owner of the Edmonton Oilers, was arrested at his Palm Springs-area home for allegedly concealing assets during bankruptcy proceedings, U.S. authorities say.

    A discrepancy between Pocklington’s claimed assets and his liabilities in his bankruptcy filing triggered an FBI investigation into his business dealings, which found the former Oiler owner formed or was associated with a “number of offshore companies” since 2000 for “the purpose of holding his assets,” an affidavit filed in support of the FBI search warrants alleged.

    Two of the companies named were Quincy Investment Corp. and Dempsey Investment Corp., which were incorporated in Nassau, Bahamas. The affidavit alleged that Dempsey was created with the assets of Quincy. The affidavit alleged that Pocklington claimed Quincy was a charitable trust “set up for his grandchildren and that neither he nor his wife were beneficiaries or directors of the trust.”

  33. The people of this country will soon discover what Bahamas Press knew about Hubert ‘Bald Head Monk’ Ingraham LONG, LONG AGO!

    Hubert does not believe Bahamians have a right to advance in this country.

    He does not believe in the cultures of this country, MAINLY JUNKANOO. That’s why he canceled CARIFESTA and sent all artisans into a frenzy.

    He and NO ONE ELSE after advocating to build a straw market, STOPPED the Straw Market and left the vendor for dead.

    He does not believe in the empowerment of Bahamians. He looked for a foreigner to setup Cable Bahamas, and rejected the Bahamians group.

    He terminated and axed over 1,200 sons and daughters of this land OUT of the public service after May 2, 2007. He told them they need not fear for their JOBs under an FNM government, but kicked them out as fast as he came in office.

    He dragged 55 year old Police officers into retirement, and sent scores more home at Immigration, Customs and across the civil service.

    He Ingraham approved in his Cabinet room the supply cut of 6,000 electricity customers. Ingraham did that. He said after we broke the story, came up with a relief plan. But just months later the light began cutting off again. mama only getting 200 and can afford $100 on light, but why is Hubert forcing her to pay her entire bill?

    He has allowed the elderly and sick to slave on long lines waiting for medication at PMH. Some with tears streaming crying for help with their heart conditions. All to be turned away day after day. Because Hubert Refuse to Buy medicine.

    Ingraham and no one else has Cancelled/Terminated Million of dollars in anchor projects air-marked for the steady growth and development of this country. Cancelling opportunity for THOUSANDS of YOUNG BAHAMAS! And then had the GAUL to turn-a-round and say He did not do it.

    And now he says NOT A WORD as THOUSANDS of Policyholders wait in the failed CLICO debacle. The Trinidadian government protected their Clico company, but not INGRAHAM he looking out for COLINAIMPERIAL. And so now the lives of old mothers are left holding an empty bag and are now affected forever!

    And to sum up all this, He told the people of this country “I AM ASHAMED!” of you!

    That what ya get when ya tired a what you had. Boy Bahamians must be a sucker for punishment!

    Bahamas Press

  34. BP,

    When I read the smug and drag article in the wutless toilet newspaper and by that bigot racist writer I say that yes we have freedom of the press and yes everyone has a right to his/her opinion but when we have a foreign source that has enshrined itself into our society and begin to wage a legacy war against the father of our Nation ….I cry no this has to be stopped and crushed at all levels and that writer be ran out of town for ever.

  35. Kim Sands,

    I have an annuity with Clico and had invested a small amount of monies so far into it …this is the AIG of the Bahamas and yet nobody has come forward from any party be it the FNM or PLP this has both parties involved in it this is a scandal of major proportions how in the world 70 million dollars can walk out of the Bahamas and both the past and present governors of the Central Bank have no idea when and how it left and then the Prime Minister has the Gaul to stand up in the HOA and say that people should continue to pay into a liquidated company when the liquidation laws of this country clearly state that when a company is liquidated all business is put on hold …again the think that the bahamian people are crazy and stupid .

  36. I have heard all kind of reasoning why the Bahamian Government is not responsible for this Clico thing and call me uneducated or stupid, I don’t care. I still believe the government is supposed to protect its people from being robbed and raped. Don’t care how educated those policyholders was there was no way they could have detected this was going to happen to them. They even manage to fool a manager who worked at the company. I really feel for those people and I pray for a Knight in shinning armor to come along and rescue them. If they don’t get a buyer soon, dog eat their lunch!

Comments are closed.