Oversees? You're kidding right? lol In Bermuda? oh that's rich. I guess its supposed to be the BMA. Enough said.
It sure wasn't Argus. Heard they've been doubling down as they load up on BNTB stock. Probably stuffing it into all the pension plans to make up for that little oops on the Madoff funds. Ahh well, not their problem.
Its no surprise they couldn't find any private investor willing to stump up a bunch of cash when Robert Mulderig is Chairman. What were they thinking when they elected him?? Maybe they were relying on his previous experience dealing with liquidity, credit and counterparty risk. how did that work out for all the Mutual Risk shareholders anyway?
No wonder Bermuda needed to raise its debt ceiling.
So the police budget has been cut by $2m, on top of a cut of $6.6m this year, but the Cabinet budget has been raised by $2.3m - does anyone know what this money is for?
um um ... extra security for our President and a new Presidential yacht? Note the drop in duty on boats. Wonder which model he has his eye on?
The cricket was just for show. Most of his bank's "investments" were of the penny stock variety so favoured by the 'pump and dump' operators. When they couldn't be liquidated (dumped) the cash started to run out quickly.
Reuters reports at least 600 people in line at The Bank of Antigua this morning to withdraw their funds. Good luck to numbers 51 through 600. Same story at related banks in Venezuela.
Allan Stanford is on the run. He tried to hire a private jet to take him to Antigua but the leasing company declined his credit card. Good move.
So if the charges are proven, and it was all a big ponzi scheme does the Bda Cricket Board have to repay the funds they received? I wonder if the funds can be considered a fraudulent conveyance and clawed back by the creditors?