That almost sums it up…

June 29th, 2008 by De Onion

I don’t agree 100% with all the details, but nonetheless I wish I could write this well.

Link to a comment on the Catch a Fire blog.

The UBP need to grow a pair, take the PLP to task, overcome the big lie that they have allowed the PLP to tell about them for the past few years, and show that they have cleaned house, and are a viable alternative. “Winning the election on the doorstep.” and ignoring race have pretty much failed.

Real accountability.

June 28th, 2008 by De Onion

Just so we’re clear. If you’re a hedge fund manager and you lie to people about the prospects of your funds then you get prosecuted. Link

Cioffi, 52, and Tannin, 46, were charged by federal prosecutors with misleading investors about two hedge funds whose collapse last year helped ignite the subprime-mortgage crisis. A companion Securities and Exchange Commission civil suit accuses Cioffi of redeeming $2 million from the funds while Tannin mocked as “silly” at least one investor who wanted to get out.

“No one should be surprised that people on Wall Street talk out of both sides of their mouths,” Peter Henning, a former U.S. Justice Department prosecutor who teaches at Wayne State University Law School in Detroit, said in an interview. “Wall Street is in sales, and no one trusts everything a salesman says.”

In the Bear Stearns case, federal prosecutors allege that Tannin, in an April 2007 e-mail to Cioffi, wrote that the “subprime market looks pretty damn ugly” and could be “toast.” The SEC said they gave monthly reports that “consistently understated” the funds’ exposure to subprime mortgages.

If the accusations are true, “it shows a callousness toward their own investors,” said Theodore Sonde, a former SEC enforcement attorney now at Patton Boggs LLP in Washington. “You have an obligation to be honest with your investors about what’s going on.”

That’s accountability.

Building a new Bermuda

June 26th, 2008 by De Onion

“It is true — the Union has taken a 20 percent stake of Island Cement,” said Mr. Piper. “And that (Island Cement formally submitting a proposal to Government to lease and operate the Dockyard Cement Facility) is true as well.”

Looks to me like the BIU is being bought and paid for under Dr. Brown’s “Friends and Family” program. Funny to see the Union – which judging by the usurious interest rates (article in the RG the other day, which I can’t find) appears to have abdicated any responsibility for the quality of life of its membership – becoming an avowed crony capitalist.

Say it ain’t so.

Pillars. Again.

June 26th, 2008 by De Onion

From The online Royal Gazette.

“We talked about Bermuda. He was interested in how we were doing in tourism and understood our rationale for rebuilding tourism and not having a one-legged economy.

Essentially shows one thing: The Premier, the President, or both do not understand international business.

As I have said before, we do not have a one-pillar economy, not even close. We have insurance/reinsurance, investment management, trusts & fiduciary services, and a number of others. Each of them is a completely different industry and each of them is highly efficient at bringing in revenue from overseas into Bermuda and depositing it into our economy in the form of salaries, rental payments, services, taxes, tourists, etc.

Each of these international industries can offer Bermudians completely hilariously high salaries in comparison to competing jurisdictions and other industries. If we do things right then these salaries funnel through to the service sectors and keep our blue collar workforce enjoying a good standard of living and unlimited opportunity for their children. Why? Because Bermuda has a sustainable competitive advantage of being a historically stable, well-run country with a legislative framework far more nimble than large countries (although a number of countries are gunning to take us down).

All of our pillars are suffering from the bad behaviour of Dr. Ewart Brown and his cronies and the utter mismanagement and corruption that is their standard operating procedure.

Unknown to most voters, and despite the politician’s best efforts to derail international business, in the background the machinery of the Bermuda regulatory system continues to do an acceptable job of keeping legislation up to date without the clown show of some of our competing jurisdictions.

Everyone gets a pony!

June 22nd, 2008 by De Onion

So it looks like the government is going to start making good on some hastily thought out election promises. I have a sneaking suspicion that we, the Bermudian taxpayers, are about to find out that no matter how poorly managed, any project can be completed if given an unlimited budget. Again.

Not that we’ll be able to tell exactly what they’re spending our money on thanks to the 36 page embarrassment of a government budget… when the budget is shorter than the Auditor General’s Report we have a problem.

Rumours

June 18th, 2008 by De Onion

The rumours flying around now range from the mildly comical to terrifying. I can only imagine the riots if we come to find out that… you know… Beyonce Knowles is pregnant and due in October. If it’s true then a “splinter” is going to be the least of Dr. Brown’s worries..

Generally we should take rumours with a dash of salt… although they have a nasty habit of being based on truth here on the island.

Welcome to the camp…

June 12th, 2008 by De Onion

Looks like we can welcome Vexedbermoothes officially to the Order of the Shrill, joining Larry Burchall, Stuart Hayward, Phil Wells, and and a growing number of others.

For the uninitiated the Order of the Shrill (Bermuda Chapter) is: “those who were once sane, fair, and balanced, but who have been driven into shrill unholy madness by one or more of the mendacity, malevolence, incompetence, or simple disconnection from reality of the Bush (PLP/Brown) administration”.

Vexed has this to say:

Wake up Bermuda! The risk is not of being taken back to the past. The risk is having your future robbed from you.

Don’t talk to me about the New Bermuda. The list of broken and delayed promises is very long, and the only certainty is that there always seems to be a new outrage to eclipse last week’s one.

How far we have come.

June 10th, 2008 by De Onion

Over the weekend I read the old posts over at politics.bm, Catch a Fire, 21square.com, or IMHO.bm.

It’s amazing how the things that bloggers wrote about only a few years ago are now minor items that pass by unnoticed. For a real laugh go back to limeyinbermuda.com‘s early days.

Wow.

It takes me back and I realise just how much I personally have lost my innocence as every time I have tried to assume that things aren’t as bad as they look and give people the benefit of the doubt they have tended to be far, far worse.

From the department of “That’s Hilarious” Uncle Elvis (who along with the Kennel Boys provided the sound track to my generation’s nightlife) has taken his cartoon political…

The one I feed.

June 2nd, 2008 by De Onion

An elder Cherokee Native American was teaching his grandchildren about life. He said to them, “A fight is going on inside me…It is a terrible fight, and it is between two wolves. One wolf represents fear, anger, envy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, pride and superiority. The other wolf stands for joy, peace, love, hope, sharing, serenity, humility, kindness, benevolence, friendship, empathy, generosity, truth, compassion, and faith. This same fight is going on inside of you and every other person too.”

They thought about it for a minute and then one child asked his grandfather, “Which wolf will win?” The old Cherokee simply replied…”The one I feed.”

I think this parable says a great deal about the Big Conversation, the PLP’s use of racial language and symbolism, and its management by blame.