The Tribune

Editor, The Tribune.

Re: A Bahamian broker/dealer has admitted to using almost $4 million in client monies, without permission, to fund its own operating costs and business development initiatives, with regulators now moving to finally shut it down. Tribune Business January 3rd.

KUDOS to the Securities Commission of The Bahamas (SCB) for fearlessly doing its job.

Forgive me if I am unable to see the difference between this regulated Bahamian broker/dealer and our regulated Bahamian National Insurance Board (NIB). The broker/dealer says it felt at liberty to spend its client’s money as it saw fit, and I have no doubt at all that the NIB executives feel that they too are at liberty to spend their client’s ( Bahamian Pensioners ) money as they see fit.

I think that most NIB contributor’s will eagerly look forward now to (SCB) next move in shutting down NIB until it can be run professionally, as a TRUST ADMINISTRATOR of the Pension Funds that have been entrusted to it. It certainly “is in the public interest to do so”, if only to preserve what little is left of its assets. As a Scottish friend of mine is wont to say, “They inherited a small fortune and have made it smaller”.

MONKEEDOO

Nassau,

January 6, 2017.