I would like to analyze Brucie's

[Jawge]

proposal on offshore banking:
We all agree that the fundamental principle of banking is trust. It's also safe to say that the present govt. was setting the groundwork for offshore banking (by setting attractive interest rates, which lured many far and wide). I see a problem with Brucie's plan. What's the problem? We all know that all (and I mean all) major corporations have done some underhanded deals or set some way influenceing outcomes in their favour (one can research this as it would take volumes to present it here). Most money in offshore banks depends on strict privacy. I can't see how this is going to fly when the leader of the opposition had copies of checks from an INT'l corporation on national TV. Who is going to really trust Brucie's govt.? They will always think he has his gestapo like agents looking at their banking info waiting to release or do bidding at a moment's notice.

In the info age having prior knowledge of finanical assets is a huge advantage. One can know when a corporate sale is going to be made(ahead of time) or many other financial chess moves. Information security cannot be taken lightly in this day and age. The JLP has demonstrated that they have no regard for information security or they just don't understand the magnitude of info security. Either way this is a huge problem going into offshore banking.

Willi, Ben, Lazie and othe JLP supporters please give some response on the above arguments (let's confine them within reason and logic), thanks.

[Muadib]

proposal on offshore banking:
We all agree that the fundamental principle of banking is trust. It's also safe to say that the present govt. was setting the groundwork for offshore banking (by setting attractive interest rates, which lured many far and wide). I see a problem with Brucie's plan. What's the problem? We all know that all (and I mean all) major corporations have done some underhanded deals or set some way influenceing outcomes in their favour (one can research this as it would take volumes to present it here). Most money in offshore banks depends on strict privacy. I can't see how this is going to fly when the leader of the opposition had copies of checks from an INT'l corporation on national TV. Who is going to really trust Brucie's govt.? They will always think he has his gestapo like agents looking at their banking info waiting to release or do bidding at a moment's notice.

In the info age having prior knowledge of finanical assets is a huge advantage. One can know when a corporate sale is going to be made(ahead of time) or many other financial chess moves. Information security cannot be taken lightly in this day and age. The JLP has demonstrated that they have no regard for information security or they just don't understand the magnitude of info security. Either way this is a huge problem going into offshore banking.

Willi, Ben, Lazie and othe JLP supporters please give some response on the above arguments (let's confine them within reason and logic), thanks.

You are either an idiot or a clown. Your statement demonstrates a clear lack of understanding of the multitude of issues involved in positioning as an offshore banking location...

If you want to question activities that might discourage the viability examine the attacks on OLINT....Di man haffi run go Turks and Caicos...

Stap waste time... 4 weeks to go.. get serious....

[Lazie]

You said you would be analyzing. Haven't seen an analysis as yet. All you're doing is acting like a typical unthinking comrade. Ali Babba .. sorry Portia is yet to explain Trafigura ... you tell me you trust she and har gov't?

[Jawge]

lazie everytime mi put up a
post an ask fi answers within Logic and reason, unnuh trace mi off. Tek mi post line by line an tear it apart nuh, instead fi juss trace mi. Mi cyaan trace, mi nuh know wha fi call unnuh If mi wrong show mi, whey mi wrong. So the world ignore the the fact that the opposition had someone inside the banking system who actually made copies of sensitive info, which ended up on national TV? Willi come talk to mi cause dis ah no rum an curry goat argument.

[Muadib]

lazie everytime mi put up a
post an ask fi answers within Logic and reason, unnuh trace mi off. Tek mi post line by line an tear it apart nuh, instead fi juss trace mi. Mi cyaan trace, mi nuh know wha fi call unnuh If mi wrong show mi, whey mi wrong. So the world ignore the the fact that the opposition had someone inside the banking system who actually made copies of sensitive info, which ended up on national TV? Willi come talk to mi cause dis ah no rum an curry goat argument.

It is a non-issue. It will not be the basis of positioning Jamaica as an Financial Off-shore site. It is only relevant in the World of Political Spin..

You cannot be taken seriously trying to mix the two.

[Jawge]

So the only basis is a change
of political party for offshore banking to come rushing in? All INT'L corps w ill just forget the incident with the Dutch company, saying it won't happen to us. Correct?

[Jawge]

I guess I asked too tough
of a question. I wish one of the more brilliant labourites could come and take my post apart (line by line) ah well. Ah mean it could start like this: Jawge yuh talking utter garbage;look at the first paragraph ............and so on. Instead I get a weak response saying information security is not a basis for offshore banking (goes to show how much in touch these guys are) then i get some rant about an investment club/crap shoot. Do you guys really understand what is offshore banking set up by a govt.? The thing is I have another follow up question.

[Lazie]

I guess I asked too tough
of a question. I wish one of the more brilliant labourites could come and take my post apart (line by line) ah well. Ah mean it could start like this: Jawge yuh talking utter garbage;look at the first paragraph ............and so on. Instead I get a weak response saying information security is not a basis for offshore banking (goes to show how much in touch these guys are) then i get some rant about an investment club/crap shoot. Do you guys really understand what is offshore banking set up by a govt.? The thing is I have another follow up question.

Bwoy ... you can stoke your ego away! Jawge ... except for the subject, yuh posts isn't seen as a serious post.

[Jawge]

okay treat my posts lightly and give some
answers.

[Lazie]

okay treat my posts lightly and give some
answers.

After the 9-11 attacks didn't various gov'ts seized Swiss accounts of those who were accussed of funding terrorists? Has the banking sector in Switzerland been affected?

Mek sense Jawge?

[Jawge]

Now yuh see why the PNP keep
running rings around you guys? Lazie didn't I say the fundamental principle of banking is trust! Was Swizterland ever involved in any world wars? I can't believe that after these guys built an isntitution over the years, you are quick to compare JA. That was my question who will trust Brucie's Govt.? Yeah they seized money but people still bank with the swiss. Will they do the same, considering that we are starting on a bad footing? I tell you bwoy. Is who put yuh up to dis Lazie? try again (an come correct next time).

[Muadib]

So the only basis is a change
of political party for offshore banking to come rushing in? All INT'L corps w ill just forget the incident with the Dutch company, saying it won't happen to us. Correct?

International companies plan to pervert our democratic process and break laws via Offshore Banking ?

[Muadib]

Now yuh see why the PNP keep
running rings around you guys? Lazie didn't I say the fundamental principle of banking is trust! Was Swizterland ever involved in any world wars? I can't believe that after these guys built an isntitution over the years, you are quick to compare JA. That was my question who will trust Brucie's Govt.? Yeah they seized money but people still bank with the swiss. Will they do the same, considering that we are starting on a bad footing? I tell you bwoy. Is who put yuh up to dis Lazie? try again (an come correct next time).

Are you really as stupid as you sound ?

How has the Banking sector in Jamaica been affected by the Trafigura incident ?

Yuh have sense ?

Obviously yuh have nutting to talk bout.. don't worry.. is only 4 more weeks..

[Willi]

Now yuh see why the PNP keep
running rings around you guys? Lazie didn't I say the fundamental principle of banking is trust! Was Swizterland ever involved in any world wars? I can't believe that after these guys built an isntitution over the years, you are quick to compare JA. That was my question who will trust Brucie's Govt.? Yeah they seized money but people still bank with the swiss. Will they do the same, considering that we are starting on a bad footing? I tell you bwoy. Is who put yuh up to dis Lazie? try again (an come correct next time).

G,

Several things.

1) I resent being called Labourite or PNP for that matter. I consider myself ABOVE the monkey business I see portrayed. However, like everyone, I have the right to choose what Karl calls the lesser evil. Given the record of the PNP Govt in the last 18 years, it is a no-brainer...despite coming from long time Daddy Manley PNP roots. Daddy Manley on balance was the best politician we have had in our history.

What is best for JAMAICA is what I crave...I have no undying loyalty to any.

2) Off-shore banking and financial centres are not necessarily the same things. We could develop a hedge fund centre, and insurance centre, a private banking centre, a mutual funds centre and many other flavors or combinations thereof.

3) The Trafigura scandal DOES have the potential to hurt this development, but an even bigger threat is Jamaican's propensity to gossip and NOT keep secrets. The raiding of Olint, the politicized Central Bank and general financial mismanagement are even greater deterrents. Regarding the Trafigura incident and the red herring of banking secrets broken, I can only give a telling analogy.

Is it not true that in almost ALL Financial centres, there exists an obligation to REPORT suspected money laundering?? Where does one find ABSOLUTE banking secrecy?? Certainly NOT in Switzerland! They have treaties with the US. Maybe Austria as banking secrecy is embedded in their CONSTITUTION. Did you know that UBS Private banking employees have been recently found to be ripping off their clients, who are now suing the Bank? There is a $200K fine for leaking banking scerets in Switz, along with jail time, so legislation and enforcement does go a long way.

Finally, there is the MORAL question. Does banking secrecy trump whistle-blowing? In the UK, the Trafigura scandal would probably be viewed as HIGH TREASON!! This is an exceedingly serious matter, if the Govt is seen to be in the pocket of a foreign entity. An ABSOLUTE breach of trust and sovereignty. This perfidy trumps secrecy in my books. This alone should have brought down the Govt and tells me that our system is broken.

Addendum,
Though Switz was officially neutral in WW2, there was complicity. Proof of this is that UBS and other Swiss Banks had to repay $1.5B to a pot to compensate Jewish depositors. Their money was stolen by the banks. Dont think that Off shore banking equals purity, very often the opposite is true.

[Willi]

International companies plan to pervert our democratic process and break laws via Offshore Banking ?

That is the salient point.

In all jurisdictions, National security and sovereignty trumps banking secrecy.