Defending The Bank of The Bahamas

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viagra usa buy cialis times;”>boband times;”>The Bank of The Bahamas held is annual general meeting on Thursday 18th December.  The usual suspects showed up to challenge the results of the Bank.  We say challenge charitably but what they probably intended to do was to disrupt the meeting.  One of the main challengers of the infamous Dionysio D’Aguilar and his cohort Dr

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. Jonny Rodgers, buy viagra who are all things to all men and who know every answer to every problem.  What concerns us is this about the present state of affairs at the Bank of The Bahamas:  the opponents of the government, read PLP, have one thing in mind and that is to bring the Bank to its knees and drive it into collapse ala Gulf Union Style.  They think that by doing this they will bring the PLP down.  Now why would they want to do something that will bring economic ruin to thousands of small Bahamian depositors and shareholders throughout the country?  This can only hurt the country. Yet the Leader of the Opposition persisted with one foolish question after the next which questions are designed to undermine confidence in the bank and talk it into failure.  The general critics have the same object it appears by talking drivel about who got loans and why they got loans.  The Bank of the Bahamas is suffering losses and write-downs from the same issues all the Banks are suffering from in this region: the general contraction of the economy and high unemployment.  Nothing more or less.  It certainly is not for reasons similar to the stupidity of the management of Commonwealth Bank when the Central Bank had to rescue them from making too many consumer loans.  That is not the issue here.  The loans granted  were loans to help develop business, commercial loans to Bahamians that no other Bank would give.  Kudos to the BOB’s management.  Then the demands about firing.  We say again the Board under the FNM that made these decisions was fired in 2012.  They are no longer there.  The manager who made the decision is no longer there.  The Board Members who tried to their credit to help rescue the loans are no longer there.  The Managing Director Paul McWeeney who remains there had no decision-making authority in granting loans.  Bottom line is  the Leader of the Opposition Dr. Hubert Minnis,  Darron B Cash, the former FNM Chair who everyone was wondering how he got in the meeting, Dionysio D’Aguilar and Johnny Rodgers need to go find something else to chew on.  The Ministry of Finance and the PLP should start speaking more loudly for this Bank.