EDITOR, The Tribune.
If the sip-sip is even near to correct, with respect to the Prime Minister “ordering”, “suggesting”, “cajoling” the National Insurance Board to “invest/loan/give” $200m to Bank of Bahamas, one has to wonder if the Prime Minister has taken leave of his senses.
If he has the lawful ability to do such a thing then he also must have a trustee responsibility to the Bahamian people to safeguard their money, and the money in NIB unquestionably belongs to the people of this country. And others who have worked in this country.
If the Prime Minister does not have the lawful authority to do this, then those who have done it, have breached the trust that they have to the people. Or made piss-poor judgments about the safety of that investment and that too is a breach of trust.
If any other player in the financial services sector pulled such a caper with client funds, there would be serious charges emanating therefrom, and that sector of our economy would soon be over. The Prime Minister is a trained lawyer and should know what would happen if a lawyer were to misappropriate a client’s funds or assets, that he holds essentially “IN TRUST” for the client.
Unfortunately, the Prime Minister — if these suggestions have even an element of truth — must believe that being so (Prime Minister), allows him to do this kind of stuff. When he asked FCIB what he could do about Ishmael Lightbourne’s Mortgage foreclosure, the question suggested that he was asking them to write it off and just let their shareholders suffer the loss. But the Bank management also has a fiduciary (TRUST) responsibility to their shareholders, and such an action as the prime minister seemed to have proposed would have caused them to breach that trust.
The Prime Minister recently said that he would need a compelling reason to lead the party into another election. Well Prime Minister, there is none, BUT there are a great many COMPELLING REASONS why you should resign now, and as Sir Lynden used to say, “Get the Hell Out of the Boat” cuz you ain’t fishin and you can’t cut bait.
BRUCE G RAINE
January 12, 2015.