'Why let bank chief linger another six months?'

As of Thursday, January 8, 2015

FNM Chairman Darron Cash

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

FORMER Free National Movement Chairman Darron Cash said yesterday that Paul McWeeney’s impending departure from the Bank of the Bahamas will be good for the institution, but criticised the government for allowing the managing director to “linger” at BOB for another six months.

Last night, during a nationally televised address FNM Leader Dr Hubert Minnis said Mr McWeeney should, with the bank’s entire board of directors, resign immediately.

He and Mr Cash were responding to the news that Mr McWeeney has submitted a letter giving the institution six month’s notice of his resignation.

Prime Minister Perry Christie made the announcement of Mr McWeeney’s resignation during an interview on State of Affairs broadcast by ZNS on Monday night. However, when contacted on Tuesday, Mr McWeeney told The Tribune that he has neither resigned, nor put in his resignation letter.

When contacted again yesterday and asked about the matter, he declined to comment.

Said Mr Cash: “We can put a good bet on the fact that McWeeney’s ‘get lost’ deal will be mind blowing just as Ryan Pinder’s was. But even as McWeeney and the prime minister plot his exit, they still cannot talk the truth to the people. Mr Christie says the man has sent a letter of resignation and Paul says no. Someone is not telling the truth.”

Mr Cash, who first raised concerns last year over issues relating to the bank’s management, added: “I am not impressed with (Mr Christie’s) announcement that Paul McWeeney will be leaving BOB in six months. He should have been gone years ago. The fact that McWeeney has chosen to linger ... says a lot about him but it says a lot more about Prime Minister Perry Christie.”

Mr Cash said “it is a joke” that Mr McWeeney has been asked to present a plan for the bank on the way forward, considering he presided over BOB during the past two years, when the bank saw financial problems. “That is so like Perry Christie. This situation is like Mr Magoo asking to be led by a completely blind person. From a public policy standpoint, Mr McWeeney’s departure will be good for the bank and good for the Bahamas.”

Mr Cash spent much of last year raising concerns about BOB’s management. In May, police seized laptops and a cell phone from him during a search of his home connected with a probe into a reported leak of sensitive information about the bank. His wife, a former human resources manager, was fired from the bank about a month later.

Meanwhile, Dr Minnis said: “It should not be any six months delay, (Mr McWeeney) should be fired now. He must be fired now as the bank continues to deteriorate. The question must be asked, why the delay? Under ordinary circumstances, in any first world country in the private sector, this is dealt with immediately; why the delay when the board director and members should be fired immediately?”

Those defending the performance of BOB in recent years argue that although all banks in the country have suffered from the recent global recession, BOB has been disproportionately criticised.

However, FNM Deputy Leader Peter Turnquest emphasised yesterday that unlike other banks in the country, taxpayer funds have been used to help BOB.

This, he noted, was done through the formation of Bahamas Resolve, a government owned company designed to take $100m in toxic commercial loans off BOB’s books and to go after the overdue payments.

BoopaDoop 9 years, 3 months ago

BOB has been bailed out so now there is more money in the cookie jar.

BoopaDoop 9 years, 3 months ago

Central Bank doesn't mind. They couldn't see that tiefin was going on before, why stop now?

John 9 years, 3 months ago

he needs more time to finish cooking the books!

B_I_D___ 9 years, 3 months ago

BINGO!!! Give that man a prize!!

TruthHurts 9 years, 3 months ago

"Prime Minister Perry Christie made the announcement of Mr McWeeney’s resignation during an interview on State of Affairs broadcast by ZNS on Monday night. However, when contacted on Tuesday, Mr McWeeney told The Tribune that he has neither resigned, nor put in his resignation letter.

When contacted again yesterday and asked about the matter, he declined to comment."

And obviously they're clueless! Don't know what the right-hand doing! Jokes!!

watcher 9 years, 3 months ago

Six months is how long it will take for him to tell his successor all the tricks and dodges that are needed to keep raping the country's finances. These bank accounts don't empty themselves you know !!

birdiestrachan 9 years, 3 months ago

Mr. Cash we do know you have issues with the BOB and the Manager. so what ever you say must be taken with much salt. Now as we all know DR> Minnis got rid of you. that was his right. But he can not decided what to do about the BOB. He is not in charge. As you know he is barely in charge of the FNM Party. He is hanging by a very thin thread.

realfreethinker 9 years, 3 months ago

Birdie ? is there a little birdie in your head " cuckoo". How can you defend this type of behavior ?

asiseeit 9 years, 3 months ago

Birdie, are you really that ignorant. These people have stolen from you and you defend them. Mr. Cash is a whistle blower that is looking out for the nation and you want to vilify him. You my dear are EXACTLY what is so wrong with this country. Party over country, disgusting! This is about $100 million BAHAMIAN dollars, not PLP or FNM dollars.

TruthHurts 9 years, 3 months ago

No Comment

ED 9 years, 3 months ago

What a warped mentality you have. In plain sight with no shame these theives hold their head high as if they've done nothing wrong. Wake up...they are robbing the Bahamian people from every direction, there is no question about that. For you, dare i say a "Bahamian"?, to continue to defer attention from the real issues (our politicians robbing us blind and mismanagement of the country's affairs), only shows how blinded you are by them already. This blind acceptance of all things PLP, reflects very badly on you. The corrupt are blind to the corruption. Don't worry though, there are many like you, who are oblivious to the harm their ignorance is causing. So much beauty and potential that God gave us and after 40 years of FNM/PLP, it doesn't matter because people are becoming afraid to visit and many Bahamian family are looking for a way out.

Honestman 9 years, 3 months ago

Stupid comment from a mindless apologist for a party that has zero credibility. Every right thinking Bahamian should be appalled at how BoB has robbed this Nation. Disgraceful.

themessenger 9 years, 3 months ago

Birdie, I see you still swallowin' them road apples dey feedin' you. 230million of OUR pension money gone to bail out that tiefin set an you still think das as cool as PC.

stillwaters 9 years, 3 months ago

My goodness! The PLP came down so hard on Cash and his wife, sending the law to his house and seizing stuff and all the while they themselves were the culprits driving this bank into the ground. That was soooo wrong!!!!! Now the truth is OUT! What a corrupt government!

I am so afraid of what is going to happen to all the VAT money they are getting from us.

ThisIsOurs 9 years, 3 months ago

A clue would be whatever happened to the 5 million from the illegal gambling back taxes.

TruthHurts 9 years, 3 months ago

I chuckled when I read your comment initially, but it was followed by grief of the sad reality of it! Tsk! Tsk! Tsk!

birdiestrachan 9 years, 3 months ago

Call me anything you wish if it makes you feel better and superior. But the truth is to many are quick to call people thieves when they have no proof. No one knows who borrowed the money and when the money was borrowed. and who has not paid back.

There is that perception out there that if you are BLACK you are a thief. Apparently you all buy into that . I do not.

asiseeit 9 years, 3 months ago

OK now you are showing your true colors. It is all about black and white with you, nothing to do with RIGHT and WRONG. In your 1960's thinking mind the PLP is the black mans party that can do not wrong (no matter they have mismanaged the country in epic terms). Also in your warped thinking the FNM is the white mans party (which is a joke because whitey is only 10% of the population so there can be no such thing in this day and age). Birdie, you my dear are a racist, stuck in yesteryear and quite frankly unwanted in this day and age of dealing with people for WHO they are not WHAT they are. I truely believe that is the PLP came to your house and shot your healthy dog, you would say, the dog had rabbis and needed to be shot. If the FNM did the same, it would be some evil plot to rid the Bahamas of poor black peoples dogs by sinister whitey. Right!

Greentea 9 years, 3 months ago

Birdie Birdie Birdie. There are thieves of every color and creed- but the ones we see in this BOB case seem to be black. I applaud Mr. Cash for continuing the fight- He is black too Birdie- in case you ain't notice. It is not about black and white, PLP or FNM. Its about right and wrong, honour and corruption. We have had our fill as a country of wrong and corruption and those of us will come down as hard on the FNM with the BEC board scandal and the silent board member Mr. McDonald (Sir we have yet to hear from you) as we will on this BOB scandal. This is a disgrace and the political class should know that we are fed up and we will not be silent until heads roll.

read sometimes (Madea voice)

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