Still trying to throw the election

Concerned that the recent opinion column by Limey in Bermuda Phillip Wells may have actually galvanised support for independence, last night a desperate Alex Scott instructed Bishop Vernon Lambe, chairman of the Bermuda Independence Commission, to use what he called "the nuclear option"_i

In a secret phone call, a transcript of which has been obtained by this site, the Premier instructed Bishop Lambe to release the transcript of a meeting between the BIC and the Association of Bermuda International Companies earlier this year, at which BIC consultant Dame Lois Browne Evans suggested that the Privy Council might be replaced with the fledgling Caribbean Court of Justice in a post-independence Bermuda.

"I thought our suggestions about the Auditor General would be enough to scare people off the idea of independence," says a clearly worried Mr. Scott at one point. "And if it wasn't for that pesky Limey it might have been. But now I'm worried his stupid column might have actually persuaded more people to vote for us at the next election."

"What do you want me to do?" a calm Bishop Lambe asks.

"I don't think we have any choice, Vernon," replies Mr. Scott. "We need to use the nuclear option. Release those comments by Lois hinting that we're going to get rid of the Privy Council. We have to make sure we lose that election!"

Comments

[ace on 09.09.05 at 13:48]

hehe

Ummmm....Jake, Guilden.

Perhaps you can now see why I have been going on and on about this particular point relating to Independence in previous posts.

Do you guys still trust that the PLP intend to keep the Privy Council appeal? If so...WHY?

[Tiger Bay on 09.09.05 at 13:59]

BIC <cough>screwjob!<cough>

[loki on 09.09.05 at 14:03]

With due respect to Dame Lois, her behaviour and public statements have become increasingly erratic and, frankly, embarrassing over the past ten years. Not sure why, but it's undeniable.

If Dame Lois thinks that the Carribean Court of Justice has as much authority and respect as the Privy Council, she is truly living in cloud-cuckoo land.

[Cancundreaming on 09.09.05 at 14:14]

DLBE said

"now and it’s gotten under the skin of some attorney generals and some of those islands who believe like Bermudians, bring back the whip, bring back the cat-o-9-tails, bring back hanging'

Daddy, please make it stop...

[Big Bad Wolf ^..^ on 09.09.05 at 15:09]

Since when could anyone believe that men wearing whigs and long robes would know anything about Bermudian Justice....Its time for the JUMP option just to escape those pompous cross dressers. Yep Lois wants to take us all to perdition.

[Guilden M. Gilbert, Jr. on 09.09.05 at 15:34]

ACE,

I have read the transcript and I do not see where Lois Brown-Evans or anyone else said that Privy Council will be replaced by the Caribbean Court of Justice.

I think a very good point was made by Janet Smith-Bradshaw when she raised the point that just because it is Caribbean does not mean it is not of a high quality. Further, she pointed out that the same persons who sit of the proposed CCJ also serve on the Privy Council.

I see nothing wrong with taking a look at it as one alternative to the Privy Council. After all we should want the est for Bermuda and the International Business sector. How do we knwo the CCJ wouldn't be better? I am in no way saying Bermuda should switch but it seems to me they many people turn their noses up at the notion of the CCJ simply because it is Caribbean.

Some of the best and brightest minds on Common Law were born and raised in the Caribbean. So why should we cancel it out for consideration simply because it is Caribbean?

Lois Brown-Evans pointed out two things, (1) the Privy COuncil is not the final Court of Appeal for Britain and (2) as far as she is aware there has not been a need for the International Business sector to seek out the Privy Council. Gavin Arton acknowledge that the BF&M case was handled in Bermuda and legally it was handled very well. From an International Business perspective the Privy Concil has not been tested so how do we know that it is indeed the best court for final appeal for this sector?

Is there really something wrong with keeping an open-mind?

I have been trying to figure out why people in Bermuda so readily turn their noses up at the Caribbean. It is said that many of the countries are poor. So, does having more money than someone else make you better than them?

[ace on 09.09.05 at 15:46]

I'm not turning up my nose. My clients are. They pay for the food I eat. This has been my point since we first started to discuss the matter.

You look at it as a bias against the Carribean...I look at the whole issue with respect to my ability (and the ability of many others in Bermuda) to make a living.

Call the Privy Council "old fogies" is hardly keeping an open mind btw.

[Tiger Bay on 09.09.05 at 15:56]

The old battleax should be reminded that she herself is considered by many to have "fogie-like" properties these days.

[loki on 09.09.05 at 15:57]

Anyone who has had a career in litigation in Bermuda, or anywhere else in the Commonwealth where common law and equitable principles are derived from English law, will almost certainly agree that English caselaw forms the basis for virtually all law not derived from statute. There is no substitute for having a Privy Council comprised of some of the greatest legal minds in the Commonwealth. Believe me, there's nothing quite like arguing a case in the Privy and realising that half of the cases your relying on were written by the very gentlemen sitting in front of you. From a perception standpoint alone, international businesses based in Bermuda will be getting quite nervous by any suggestion of getting rid of the Privy Council as Bermuda's highest court of appeal (OK, technically, it's not a court, but anyway.....).

[loki on 09.09.05 at 16:02]

Guilden - not an attack on you, but rather one on Lois Browne-Evans' disengenuous statements:

"the Privy COuncil is not the final Court of Appeal for Britain."

Laughable. Simply laugable. The House of Lords is the highest court of appeal for Britain. Unless she's going senile, she is well aware that the Privy Council and the House of Lords are comprised of the same individuals.

"as far as she is aware there has not been a need for the International Business."

Frankly, this is bollocks and she needs to get out more if she seriously believes this garbage.

As I said, her behaviour is getting increasingly erratic.

[loki on 09.09.05 at 16:07]

"Gavin Arton acknowledge that the BF&M case was handled in Bermuda and legally it was handled very well."

Not sure that's relevant to a consideration of whether the CCJ is a good thing but, in any event, it was not handled well legally at all. The judge - a man who has sadly now passed, and who was very adept at other types of cases - was completely out of his depth in the case. It was for this reason, as well as the incredible expense involved, that the case was settled.

[Bill Cook on 09.09.05 at 16:59]

I do not know if any posters read or subscribe to Private Capital Journal ?

There is a vey informative article on how International business based in Bermuda would view the CCJ as an alternative to the Privy Council related to Independence etc.

Basically it said that many International companies are based in Bermuda on the basis that the UK's Privy Council, with its many years of experience in dealing with complex commercial cases, will remain the court of final appeal for Bermuda.

I guess therefore it all depends on confidence which is probably based on trust.

How much trust or confidence would be for the International companies to decide.

The date of the issue of PCJ was Nov 2004
It is a very prestigious journal @ $400 PA 12 issues.

[Lois on 09.09.05 at 20:35]

One should keep one's own counsel in the privy...:)

[ilduro on 09.09.05 at 22:14]

If it is age, geographical and ethnic (?) proximity before experience, then this proposal fits the limited palate of the administration. After all, the dainty Dame does not even deem it appropriate to do her crashes while in possession of a valid driver's license. In some First World countries she could have looked at a jail sentence for that, at least a temporary driving ban. In Bermuda, ex senior officials run into tourists and giggle. We may be witnessing the beginning of a long march into obscurity.

[Slowhand on 10.09.05 at 09:47]

"So why should we cancel it out for consideration simply because it is Caribbean?" (Guilden M. Gilbert, Jr.)

But it's ok to change it just because it's British?!

"I'm not turning up my nose. My clients are." (ace)

This is the MAIN point! We offer a service, and the service includes the Privey Council. (the customer has expressed its preference) Change it, and you give another reason why to consider another service.

It is my opinion that we did this in Tourism.... offered less of what our Client wanted and more of what we wanted.

We are swimming in very dangerous waters!

[Red Riding Hood(.)(.) on 10.09.05 at 09:58]

Axcusemee! Vot de hell is de Privy Council! never herd of it! I vant to be a memba of de Superfriends Hall of Justice bye!!!!

[jake on 10.09.05 at 11:37]

loki,

I disagree that the case was not handled well.

The judge moved the case on at the pace the parties set. It was always going to settle because the defendants did not want to lose the company, and the plaintiffs were simply being commercial. Something is better than nothing.

I am surprised that you would blame the judge who was well received by the QC's on both sides, many of whom I heard giving their private comments. Lawyers bicker during a case, but no one blamed the judge for the result in that case. The Thyssen case was an entirely different matter where the judge let Crystal QC spend a year opening his case before the judge attempted to extort a raise or quit - he quit.

All in all though I am a strong supporter of the Privy Council for the simple reason that the commercial bar practices in the UK and the judges hear the cases there, after some 15 - 20 years of practice. They are without a doubt the best at what they do. More so because the specialized independent bar is so focused and small.

Anyone who knows the space will know the players and the up and comers.

It would serve no purpose to change to a Court in the Caribbean, as we are no more in the Caribbean than we are in the UK. Our case law however, and the Lloyd's market is in the UK, as are our clients (the companies) and their clients.

We are part of the Western World - a triangle as it were of London, New York and Bermuda. We are attractive because of that, commercially and we should not seek to change it.

[loki on 10.09.05 at 11:56]

"I am surprised that you would blame the judge who was well received by the QC's on both sides, many of whom I heard giving their private comments."

We'll have to agree to disagree on this as, I too, was privy to comments made by the legal teams. Based on everything that I heard and saw, I remain of the opinion that the case settled as a result of the parties' lack of faith in the judge and, of course, the cost. From my own observations, I would have to say that the judge did appear out of his depth in this particular case. Up until the BF&M case, no judge in Bermuda had ever had to deal with such a lengthy, complex commerical dispute with multiple parties, so this is hardly surprising. He was a good judge, but not for this type of case. I don't think that any of the judges that we had at that time could have done a better job, mind, but this doesn't mean it was handled well. It just means that it was handled as well as Bermuda could have done at the time.

[Big Bad Wolf ^..^ on 10.09.05 at 12:26]

Well why in the world would she bend on a knee to become a dame and then turn around and think the carribean court of justice is the best for our legal future....I like the idea of this process LOCAL COURTS-APPEALS COURT-CARRIBEAN COURT-PRIVY COUNCIL-EUOPEAN COURT OF JUSTICE-WORLD COURT OF JUSTICE. There that should make everybody happy except the litigants.

[Guilden M. Gilbert, Jr. on 10.09.05 at 13:47]

Ace,

"Call the Privy Council "old fogies" is hardly keeping an open mind btw."

I am not responsible for the thought process of anyone else. I never call the Privy Council anything.

I have not, nor will I suggest we move away from the Privy Councl but it also does not hurt to look at the CCJ as a possible option. One never knows what the future holds.

You actualy highlight a ery pertinent issue. ermuda is so heavily relaint on the international business sector that any decision we make have to be "approved" by the sector. This is why I was so against David Saul's ermuda Inc. concept. ermuda as put all its eggs in one basket and realy has very little say aout its own future. The future of Bermuda is dictate by what the international business sector says and does. We are forced to pandie to their wishes and desires or we face threats of them picking up and leaving.

The Bermuda Inc. concept was sold as such a great idea but what person who claims to have a full understanding of economics would build an economy with one pillar supporting it? Bermuda is in such a precarious position that one hiccup can destroy the entire economy. I don't know about the rest of you but that fact concerns me because we cannot truly control the future of our country.

Every decision made in Bermuda includes a discussion on how the international business sector will be impacted. We cannot elect a PLP Government because we will lose international business, we cannot consider Independence because we will lose international business, we cannot consider a alternative to the Privy Council because we will lose international business, the list goes on and on.

In the not too distant future, Bermuda needs to take a very serious look at the make up of the economy and find ways to diversify by creating additional pillars. There seems to be zero focus in trying to diversify te Bermuda economy.

Loki,

Gavin Arton made the comment that the case was handled well from a legal perspective, even though they lost. Is it up to other attorneys to make the decision as to the handling of the case or it is the clients that make that determination? From Mr. Arton's perspective it went well.

Bill,

That article would be very interesting reading. Is it available on-line?

[loki on 10.09.05 at 15:44]

"Is it up to other attorneys to make the decision as to the handling of the case or it is the clients that make that determination?"

The attorneys. Clients generally have very little idea of whether a case is being handled well by a judge, because they have little understanding of the legal issues involved. Clients' views of litigation are generally reward based - they are pleased when rulings are made in their favour, displeased when the contrary is the case. Most litigation attorneys do not share their clients' approach - many times you know that you are on the losing side of an argument, and that the weight of the law is against you, but you have to try for the sake of your client. You have to find SOMETHING to hang your hat on, so to speak. Indeed, I have won trials before judges of the Supreme Court and practically had my jaw hit the floor that the judge could possibly have ruled in favour of my client. These occasions do nothing to inpire confidence in the legal system, despite the fact that your client may be very pleased, indeed.

[jake on 10.09.05 at 19:15]

loki,

The only lawyers I can imagine you are referring to are one's representing one of the various defendants. Perhaps they felt it was going badly because they were losing. The issues in BF&M were not so complex that they were above the judge. Ground had done well in the interlocutory stage , and Meerbux did well in the trial. The fact is that he had little to do except listen because it was the substantial case - he had not given any view of his take on the facts! What determined it was the obvious way in which the defendants were being portrayed where CEO's could not remember basic facts that made their obvious conduct apparent. It was embarrassing.

To blame it on a judge who had but to listen at that stage of the trial and then to conclude that he caused the case to collapse suggests that those on whom you base your views did not have a full grasp of the case.

Also, in my experience, professional clients have an excellent grasp on court proceedings. Accountants as Provisional Liquidators or Instructing Attorneys/Solicitors from NY or Lon or even experienced insurance executives are well informed of the legal issues and read courts quite well.

That is at the crux of why they support Bermuda and a Privy Council. They can indeed tell the difference. I am not sure of your client base, but it sounds more like local business folk or lay people. CEO's in particular are even familiar with the leading case developments and how they impact their business. That is why the insurance regulation in the UK is preferred to the US where (as you will soon see) contracts are often re-written to suit the political climate so that perils not insured will be said to be covered. It is not the practice of the English judiciary to do this, and as such the certainty allows the business community to price their business appropriately.

As for the general level of commercial litigation in Bermuda it is very high. See the work done by Kesseram, Hargun, Woloniecki, Attride-Stirling, Elkinson, Froomkin QC. Particularly if you get a Hargun/Woloniecki matter the judgments are spot on. At the end of the day, it is the lawyers who write the judgments in the skeleton's as they are direct quotes depending on how the court was persuaded often.

Ellefson Trust matter comes to mind as well where Diel was superb. I am not sure how long you have practiced, but it seems like you have not been back too far in the judgments if you do not see the complex cases that are fought in Bermuda all the time with judges and lawyers who practice locally.

All that in defence of a good judge who now lays at rest. I guess in short (or long) I simply disagree with your assessment.

[Big Bad Wolf ^..^ on 10.09.05 at 19:19]

Jake a lot of cases are won and lost on the results of past case law....having a clever lawyer is not going to unlock the past!

[ace on 10.09.05 at 19:44]

Guilden,

No disagreement here at all. We are hopelessly reliant on IB.

[Bill Cook on 10.09.05 at 20:47]

Guilden,
PCJ is a private journal that does not permit any use or repro. of contents.

That is without permission of ISI Publications.

Try www.isipublications.com

Centurion trust group based in the channel islands ie Jersey seem to be the producers

It is a very probing well thought of publication used by very high level business leaders internationally.

I am not an authority on legal matters but then neither have the many incompetent lawyers I have been forced to become aquainted with in Bermuda over the last 40 yrs which has cost me probably millions of dollars.

I have crossed paths with most of every law firm in Bermuda have been to litagation bankruptcies and law suits and in my opinion most lawyers performance's were far beneath mere stupidity and I have the cheque books to prove it.

Would I put my faith in any lawyer or legal Eagles in this part of the world inc. the Carribean? thats like asking me if I would put my trust in Air Jamaica or British Airways.

I have used both often and I will say no more.

Would I trust Lois BrowneEvans.

I basically do not recognise Royalty and it would be a frosty Friday before I ever got on my knees for any member of that bunch of inbred cretons, so for one of the most virulent anti British proponents to end up grovelling at the feet of her Queen that cancels her credibility in my book for eternity.

[Bill Cook on 10.09.05 at 20:49]

Guilden,
PCJ is a private journal that does not permit any use or repro. of contents.

That is without permission of ISI Publications.

Try www.isipublications.com

Centurion trust group based in the channel islands ie Jersey seem to be the producers

It is a very probing well thought of publication used by very high level business leaders internationally.

I am not an authority on legal matters but then neither have the many incompetent lawyers I have been forced to become aquainted with in Bermuda over the last 40 yrs which has cost me probably millions of dollars.

I have crossed paths with most of every law firm in Bermuda have been to litagation bankruptcies and law suits and in my opinion most lawyers performance's were far beneath mere stupidity and I have the cheque books to prove it.

Would I put my faith in any lawyer or legal Eagles in this part of the world inc. the Carribean? thats like asking me if I would put my trust in Air Jamaica or British Airways.

I have used both often and I will say no more.

Would I trust Lois BrowneEvans.

I basically do not recognise Royalty and it would be a frosty Friday before I ever got on my knees for any member of that bunch of inbred cretons, so for one of the most virulent anti British proponents to end up grovelling at the feet of her Queen that cancels her credibility in my book for eternity.

[loki on 10.09.05 at 23:21]

"All that in defence of a good judge who now lays at rest. I guess in short (or long) I simply disagree with your assessment."

As I say, we'll have to agree to disagree. Also, I don't blame the judge one bit. As I mentioned, I don't think that anyone in Bermuda could have done a better job at the time. I am sorry that you feel the need to defend the judge - my comments are not in any way meant to be a slight against him. On the contrary, I was extremely fond of him and, indeed, I cherish the memory of being called to the Bar by him. He was a fantastic judge and a brilliant mind and, above all, probably the most human and compassionate judge I have ever come across.

Incidentally, I agree wholeheartedly with the list of names that you have put forth as being good commercial litigators in Bermuda, all of whom deserve a great deal of respect from the Bermuda bar. First class litigators all.

[Guilden M. Gilbert, Jr. on 10.09.05 at 23:34]

Bill,

"Would I put my faith in any lawyer or legal Eagles in this part of the world inc. the Carribean? thats like asking me if I would put my trust in Air Jamaica or British Airways."

If lawyers from the Caribbean region sit on the Privy Council now, why would you not have faith in their abilities?

Just as there are good and not so good attorneys in the U.S., U.K., Canada, etc., there are good and not so good attorneys throughout the Caribbean. Just because an attorney is not American, British, Canadian, etc. does not mean that he/she is not a good attorney. Again, we need to move beyond this thought process that because its Caribbean (Bermuda and the Bahamas included) it is not as good.

Comparing Air Jamaica to British Airways is not a fair comparison. Air Jamaica is a regional airline with 20 aircraft and British Airways is a major international airline. They are two different animals.

[Bill Cook on 11.09.05 at 00:38]

Guilden,

I have only been involved with the Judiciary in its totality in Bermuda over the last 47 yrs and I have been very far from impressed esp with some very prominent criminal cases inc brutal murders all the way to simple fraud and incomprehensible sentencing by in my opinion legal lunatics and egotistical posturing by same.

Possibly thats the same everywhere I dont know I dont live everywhere I live in Bermuda and I have grave doubts that we the public are well served by our legal systems and judging by the constant comments on talk radio and the letters to the editor I am not alone.

The comparison between Air Jamaica and BA is self explanatory and in a way proves my point.

[Bill Cook on 11.09.05 at 00:50]

Guilden,

I have only been involved with the Judiciary in its totality in Bermuda over the last 47 yrs and I have been very far from impressed esp with some very prominent criminal cases inc brutal murders all the way to simple fraud and incomprehensible sentencing by in my opinion legal lunatics and egotistical posturing by same.

Possibly thats the same everywhere I dont know I dont live everywhere I live in Bermuda and I have grave doubts that we the public are well served by our legal systems and judging by the constant comments on talk radio and the letters to the editor I am not alone.

The comparison between Air Jamaica and BA is self explanatory and in a way proves my point.

[It Doesn't Matter on 11.09.05 at 16:16]

The English must be real shining-stars in law school besides the likes of persons from the Carribean.

*holds head in shame*

Taste the sarcasm?

[peter j on 12.09.05 at 22:28]

Guilden please tell me you understand the excellent simliy drawn between Air Jamaica and BA. If not try a Fiat vs a Rolls Royce!

The point here is sooooooooo simple- we have all our eggs in the IB basket which is owned and managed by non bermudian capital - both interlectual AND finanicial capital! We need to work with our populus (resources) to educate them to decent (= acceptable standards) so that we can grow our economy from within with our own home grown assets.

I work for a very succesful IB as a senior manager and it breaks my heart that successive governments have been negligent in running the pub lic education sysytem. If only you could all see the appalling (yes appalling) standard of Bermudian candidates that I get to interview for roles we advertise for. We desperately want to recruit from our own workforce here but we just CANT!!! The public education programme has no accedpatble international standards and the output they create is no use to the country. They simply are on a conveyor belt to their lomg awaited 'graduation' day and have been deluded from day one that they will be 'ready' for the outside world. God help them from the lack of quality in general teaching and the non accountability that we see in the schools.

Privatise them and give the parents an 'education voucher' to select their own schools .......... the only way to radicalise and shake up the unionisation in those appalling govt schools in many peoples view in IB here i suspect.

Apologies for getting on my 'education soap box' but it is so obvious to my mind that almost all of the issues here (= problems in Bda), come back to this in the long term. If you dont educate your populus and develop the general level of educatiuon (= bring it at least in line with othe international standards) then by definition you are creating an unskilled workforce relative to other locales worldwide which in turn ensures that businesses here will recruit from overseas.

In this way year on year within the diverging populus, Bda builds more and more 'resentment', disparity in wealth, and social dislocation for the future.

A question for bloggers here .......... if you accept this argument then by definition each year it gets worse with 100's of young uneducated adults coming onto the 'streets' ( = low skilled labour) and in time tension gets to such a point that this mass of unconnected adults simply 'revolts'. Most IB's that make this logical progression fear this nightmare scenario down the line but most businesses here probably think that 'down the line' there is a certainty of it happening. They may not be 'race riots' as we knew them before but to be sure, riots they will be and it will be the end of our current way of life as we know it.

A disaster ?......... then again, if the Bermuda that then evolves, whilst being a step backwards in a pure 'economical' sense is actually then able to house and accomodate the bulk of the remaining poulation then who is to say it will be a bad thing in time? Perhaps better to turn over the land and assets to the bulk of the population and we all know that our dearly beloved IB's will simply resurface elsewhere and whilst my heart will go out to the property owning strata of population here........they will still have some sort of roof over their head - they just wont have massively inflated rents coming in from over paid IB employees!!!

Utopia ............or Jamaica?

[Big Bad Wolf ^..^ on 12.09.05 at 22:51]

Peter J what a lovely simplistic story.Nice scare tactics though.

[Guilden M. Gilbert, Jr. on 13.09.05 at 09:51]

Peter,

Not withstanding that there needs to be some diversity in the Bermuda economy, I think you hit the nail on the head. The education system in Bermuda does not match the needs of the economy and it is sad that successive governments have missed this.

I think we are in agreement that Bermuda is too heavily reliant on IB but right now that is how the economy is structured. That being the case our kids should be grasping the importance of IB from a very early age. Our education system should be structured so that those that have the aptitude should be studying subjects that relate to the economic environment. They may not end up directly in IB but at least the foundation is there if they do choose that route.

The importance of a more diverse economy is significant because those that do not have the aptitude still need an economic channel in order to succeed.

By the way I do see the simily :)

[Nicolette on 14.09.05 at 19:53]

Well it's real easy to talk about needing a more diverse economy Guilden while working in IB... simple fact is we are always going to be reliant on whatever industry, be it local or foreign, creates the jobs and government revenue. Are we worse off than when Front Street ruled the businesses and government - I think not... the balance of power shifted...albeit spread with the influx of IB at the end of the last century.

One other comment on the statement that Gavin Arton acknowledged that the BF&M case was handled in Bermuda and legally it was handled very well. Have you ever heard of out-of-court settlements? Most of the huge issues facing out international businesses in Bermuda have been multi-jurisdictional – i.e. other nation’s legal systems were involved in areas pertaining to subsidiaries and branch offices located outside of Bermuda. Decisions reached in certain overseas courts often had a major impact on related ongoing litigation here – i.e. arbitration was commenced or resolved and lawsuits settled out of court. The Bermuda, Fire & Marine (not BF&M, which is a local going concern) likewise had multi-jurisdictional involvement, for one thing and for other reasons, settled out of court – having worked for the Liquidators and on the liquidation team for a spell, I can say no more other than it’s laughable that anyone cite that case as an example of things handled very well within the Bermuda legal system. I would very much have liked to seen that case go to the Privy Council – unfortunately cost-benefit analyses must be done for any liquidation, and the lawyers and liquidators costs are paid first at 100% from the assets of the company (with legal fees typically double the amount of the liquidator’s) – if things drag on long enough…well, no-one else (the innocent stakeholders) will see a red cent… capisce?

[Big Bad Wolf ^..^ on 14.09.05 at 20:25]

I think we are running a really short sighted economy in Bermuda.Bringing in over 10,000 foreign workers really pushes Bermuda way beyond our Island carrying capicity. The knock on enviromental impact of cars and housing this group of people means that a significant group of working class Bermudians are left behind.Why are we creating an economy that will destroy so much of what is special about Bermuda?There is no balance in our approach and we are heading for economic and social trouble.

[SmokingGun on 14.09.05 at 20:56]

^..^ - Sometimes you remind me of a "birdie" on the golf course. Most times you're hitting bogeys and want to give up for good and then that elusive birdie just drops in late in the game. It keeps you interested enough to come back again the following week-end.

You make a fair comment. What can Bermuda do to make sure it's future doesn't leave too many of it's own people behind? Improve and expand education? Tighten labour laws? Enforce stronger child support laws? Invest in youth programs? Expand the role of the regiment to make it a career opportunity?

My biggest concern is that too many Bermudians have gotten so used to a certain lifestyle that they simply expect to be handed everything without having to put much effort into it. After all, as one 80 year old man said when I asked why he'd never left the island in his life; "What for?, I live in paradise and everyone comes to visit us."

Have we become so soft that we cannot get out of our own way?

[Guilden M. Gilbert, Jr. on 15.09.05 at 09:22]

Nicolette,

Firstly, if you find the fact that someone woudl use the Bermuda Fire & Marine case as an example laughable then made you should direct those laughs toward Gavin Arton. I simply pointed out his comment.

Secondly. Are we worse off than when Front Street ruled? To some degree we are becase as Wolf points out the current economy puts a severe strain on our environment and infrastruture.

Say what you will but the fact remains that less than 10% of the Bermuda workforce is employed in the IB sector. You say its easy to talk about diversification, sure its easy to talk about but it is not beyond the capacity of Bermuda to diversify its economy. I hae a number of ideas as to how Bermuda can diversify.

I do not disagree that we will rely on any industry that creates economic pillars for Bermuda but if there continues to be only one pillar that we will always be at the mercy, so to speak of that one pillar because any disruption of tat pillar disrupts the entire economy. You may be happy with that but I and many others are not. The fact that Bermdua only has one economic pillar in and of itself creates some instability. Woudl it not be best to diversify, even if only one more pilar was created so that if there is an impact on one the other can lend support? Basic economics to me.

Imagine if there are more hurricanes causing devastation to the same degree as Katrina or further events like 9/11. Its morbid to think of these situations but they are possibilities. These events have an impact on the Bermuda insurers and it is not impossible for back to back to back events to have a detrimental impact on the financials of some of the Bermuda based insurers which could create a situation where liabilities exceed assets. All it takes is this situation to occur with one Bermuda based insurer to cause a lowering of confidence in the Bermuda market. If that happened what does Bermuda, economically, have to fall back on? Nothing. The economy will simply follow what transpires within that one pillar.

[Nicolette on 19.09.05 at 12:28]

Guilden - why point out a comment if you don't agree with him - your highlighting of his comment in the context you did implied heavily of your concurrence.

We have more than one type of international buiness here - the offshore investment market/ hedge funds are not going anywhere because of Acts of God. And if the majority of Bermuda insurers go technically insolvent due to more world cats - be they man or God - made - then the entire civilise world is in trouble due to unprecedented weather conditions and / or unsafe living conditons whose effects will far outreach our little island. As I said before, who would you prefer to serve... relatively benevolent IB interests of those of an unfettered Front Street Gang or renegade government (IB employs as many as government per last statistics released within the last month)- I've made my choice.