Mac accuses STEP of politics
(CNS): The leader of government business has hit out at one of the Cayman Islands’ leading financial associations. Speaking in the Legislative Assembly on Thursday morning, McKeeva Bush accused the Society of Trust and Estate Practitioners (STEP) of playing politics with their criticisms of the government’s budget and fee increases. Bush said the organisation was “causing a racket”, which he believed came from the heart of the opposition. With what he said was wide consultation over the fee increases, for the group to now come out with their criticisms was nothing more than politics.
Responding to a letter he had received from the STEP chairman, Carlos de Serpa Pimentel, on behalf of the organisation which suggested the fee increases in the 2009/10 budget would harm the financial industry, the LoGB told the House that the organisation was now causing a “racket” after saying one thing during the consultation period but now “going behind backs” to create stumbling blocks.
In an impassioned delivery Bush made it clear he believed the criticisms and objections were being driven by the opposition with veiled references to Antony Duckworth the vice chairman of the organisation and the PPM party chairman. “No duck worth its salt would want to see the country go belly-up,” he said as he expressed his displeasure at what he suggested were STEP’s attempts to derail the government’s plans to get the country’s finances back on track. “We have never had so many politicians in the finance industry as exists today,” he declared.
Bush said that when his party was elected to government in May of this year the country’s finances were in an untenable situation and the UK was putting pressure on government to introduce direct taxation. The LoGB said he had worked tirelessly to find a common position in the financial services sector, which he said did not speak with one voice, to find a solution to avoid the introduction of payroll or property taxes.
“It is my job to get a unified position,” he said, adding that he had consulted widely and there were representatives from the organisation involved in the process. Bush said he was doing everything he could to grow Cayman’s economy again and build up international confidence. “We won’t get growth back with this attitude from STEP,” Bush exclaimed. “We don’t want this politics to undermine what we are doing. ”By building up business again Caymanians would get hired, but that did not seem to matter to STEP," Bush said, as it was “ready to step on people.”
Criticising the media as well as civil servants and others, he said the “twisting and antagonising” could also lead to bad governance and undermine future business. “All of us have to live here, it’s time to settle down,” he added.
The letter from STEP which caused the unplanned outpouring from Bush was sent to his office on 21 October and warned that business will be lost as a result of the significant increases in existing fees and the introduction of new ones. The organisation, which has several hundred members, also noted its concern about the impact of rising violent crime and questioned why government had done little to tackle operating expenses. They also agreed that they did not wish to see direct taxation but were worried what message the UK’s demand to introduce such taxes was having overseas.
“There is a substantial risk that a significant erosion of Cayman’s financial business will occur as a result of a combination of ill-considered and punitive budget measures and uncertainty about the possibility of direct taxation being introduced, all at a time when new business opportunities are hard to come by as a consequence of the global recession,” Pimentel wrote. STEP also asked for clarification on the rationale behind the revenue raising measures and a statement that government will not accept any proposal concerning direct taxation.
Speaking to CNS, Duckworth said that the letter was not a political position and that the points in it were agreed upon by the wider membership. The society would be offended, he said, by the suggestion that they just did what he told them. “The suggestion is rubbish,” Duckworth added. “It was the STEP committee that wrote the letter on behalf of the wider membership and I do not believe there were any dissenting voices at the meeting when the decision was made.”
Duckworth noted that the letter was written in the spirit of the consultation process, which meant when government questioned industry sectors about how certain things would impact their business, they offer a truthful assessment, and then with that knowledge government makes its decisions. He explained that in such circumstances the government needed to hear the unvarnished truth. The idea that the sector could speak with one voice was misplaced, he said, as different areas obviously have different positions on how their business would be impacted by certain measures.
Duckworth also noted that while most of the industry’s various associations saw Cayman Finance as a focal point for the wider PR campaign to dispel the myths about Cayman on the international stage, it could not speak for the entire industry in matters such as this. “It’s maybe handy to have CF to talk to but it does not necessarily speak on behalf of all the associations which make up the financial services industry, especially in matters directly affecting it,” Duckworth observed.
Bush lashed out at STEP as the House considered and passed a bill to amend the Building Societies Law to introduce a regulatory fee of $7,000 for societies registered under the law.
Category: Headline News
Thank God Mac does all the talking. It would be just another drain on our already overburdened Budget to have to set up a propaganda ministry.
This way we get two for the proce of one.
The troubling side effect of this misplaced personal attack is that it may lead to organisations avoiding having those associated with the PPM in positions in the organisation for fear it will reduce their effectiveness while this dictator is in power.
Another Mac Attack. It’s such a shame that a country such as Cayman seems to have only two choices; UDP or PPM…Mac or Kurt. Neither should be leading our country…neither have the intelligence or character to properly do so…this is not to insult them…(but those who blindly follow them as demi-gods are another mater).
Cayman needs High Calibre, intelligent leaders who respect proper research and appreciated real long term solutions. It is evident tht Mac (with his numerous pronouncements with little or no consultations with credible persons or sectors and the current budget…and Kurts lambasting the HRC) that these are people who will/do resort to Bullying tactics when anyone dares to stand and ask a question or give a solution that they don’t like.
We need leaders who will lead by honourable principles…not by who/what they like. And pray tell where is CMA in all this? CMA was so vocal last year and early this year about the new contitution…where are they now? Oh, they got what they wanted; minimal Human Rights…and continued tax free status…plus now tax proceeds from the people (through Govt.) to do "Nation Building"? Build a nation…with their prejudiced views…yeah right! Seems more like "Slush Fund" money to secure votes…kickback anyone?
Things na lookin well 🙁
The problem Cayman has is not where to get more money but what is the money being spent on. Everyone who does not work directly for the Goverment can easily agree that there is a lot of "jobs" that can be cut and not missed. There is a lot of spending (slush funds) That are unnessasary at this time. There are a lot of Areas in Goverment that should be at least temporarily by shut down until it can be figured out how to make them profitable (Tutle farm etc.) This is about Plus and Minus. 2+2 =4.
Hello Caymanian Voters. WAKE UP! The people YOU are in Charge of CANNOT Make it work without
A. Borrowing from our future. AND
B. Takeing more from Caymans infrastructure to the point of likely irreversible damage. Please listen to the experts! What they need to be successful is to let them do their jobs!
Following our leader is not a good thing if he is jumping off a cliff. We the people need to tell our leaders what we think WE should do if WE think they are wrong. I think they are wrong. What about YOU?
Yep. Me too.
A group of educated intelligent people vs. angry arrogant uneducated Mac. Obvious and predictable result the snide "Mac-attack". We have our own Missick in our midst.
The Society of Trust and Estate Practitioners (STEP) is the leading worldwide professional body for practitioners in the fields of trusts, estates and related issues. STEP members help families plan their long term financial future, facilitating good stewardship and financial planning across future generations. STEP members also help families comply with the often complex tax rules surrounding trusts, estates and inheritance.
STEP is not a Cayman-based group – it’s a worldwide association and Cayman has but a small local chapter trying to provide the local input Mac requested.
Had the ACCA (the Association of Chartered Certified Accountants, the global body for professional accountants) offered similar input, would they too be dismissed as PPMers?
What moronic garbage can we expect tomorrow…
For all of you Steppers whoreplied to my original post, thank you; the overwhelming response means i have your attention. Now that we have each others attention lets dialog shall we. Can anyone of you tell me, of all the stakeholders in the caymanian economy which one is better positioned to absorb the increase the tax increase??? yes I use 3 question marks so get over it. Lets get back to the question, is it the consumers who are dead in the water, the government itself who by the way is broke, is it the tourists? or the financial industry? lets see who the winner will be??? any ideas…
But Cayman’s financial industry has to compete. Against BVI, Bermuda, Bahamas, Jersey, IoM, HK…. The list goes on. If the costs of doing business here continue to increase more and more employers in the Cayman financial industry will leave, more outsoucing of positions will occur, clients will not keep going for the most expensive option, so will opt for other jurisdictions. It’s short-sighted to say "the financial industry is sucseessful they can pay". It didn’t take long for the financial industry to grow. Its shrinkage would be much, much quicker…
The consumers of our financial industry can choose where they want to go. Ask the Bahamas how quickly they can flee. Ask the Bahamas what happens next. Use three question marks if you really want.
What winner??? All will lose.
Troll!!!
Hahahahaha! Can you imagine "Mac" accusing anyone of being POLITICAL! Hahahaha. Give us a break Bushy! This one is so pathetically funny it is definitely one for "Rundown"!!! Put this joke in Rundown & there will be nothing funnier, this is hilarious
Mac is right. The industry is too fragmented. Why can’t they speak with one voice. Let us quit sowing seeds of discord by such divisive language, as this is clearly why the industry cannot speak with one voice.
The divide and conquer tactics serve no one these modern days – the people have awoken to this.
The voices are loud and the ideas clear. We just need an ear attached to a head that thinks, cares and plans for the future.
Mac is right, Mr. Duckworth is very influential in STEP and also happens to be the chairman of the PPM. What I find amazing is why STEP did not issue a single statement in regards to the reckless spending that is the root cause of this bugget in the first place???. I agree with them when they say that the civil service must be reduced but it goes without saying that these are also people with mortgages and children to feed; why Mr. Pimentel has not offered a single suggestion on where to allocate these once laid off proves to me that this is either politically motivated or they just don’t care that Caymanians would be out of work….
The message was from STEP not Mr. Duckworth. STEP membership includes many UDP supporters. Government needs to listen to the message not shoot the messenger or try to spin honest criticism in order to avoid the truth.
What world are you in? STEP are interested in protecting the interests of Cayman’s trust and estate planning business – an important source of local employment. It was not for STEP to challenge things other than that which jeopardised this business, which the new fees obviously do.
PS: One question mark will do the job. Three really is quite unnecessary.
"STEP did not issue a single statement in regards to the reckless spending that is the root cause of this bugget in the first place???. "
Hey, nor did they issue a statement on the dolphins or clearing the Ironwood forest.
Why? the clue is in the initials, Soceity of Trust and Estate Practisioners.
Their mandate is trying to protect that industry, pretty obvious stuff.
They are there to point out if it’s members believe something is going to adversely affect that business, which in this case it is.
It is up to government to decided if they want to act on this information or not.
This is not about Mr. Duckworth. It is about we are experiencing in the loss of clients in the financial industry as a result of the budget fee increases. Literally at the last moment hedge fuind clients are deciding against establishing in Cayman and moving elsewhere. This is the absolute truth.
STEP’s purpose is not to give statements about government spending or to give general advice about what to do with laid off civil servants. However, where the revenue is to be derived from fees that directly hits their businesses then obviously that is their busineses.
Focus on the merit on what is being said rather than attributing bad motives because you believe it hurts the government politically. What hurts the government politically (and the country economically) is for it to ignore the advice of STEP and other private sector organizations on the basis that Mr. Duckworth is the chairman of the PPM.
It was greed that killed Cayman’s financial services industry. Rather than pay a little direct tax or cut a few unnecessary government staff, we chose the coward’s route – trying to make other people pay for it. But in a costs sensitive world we should have been looking to cut fees not increase them. No doubt STEP have spoken to their customers. Trusts work and funds work both generate significant local employment in administrative functions. But are new funds coming to Cayman? Are new trusts being set up in Cayman? No, because at a time of uncertainty Mac has made it clear that foreigners using our offshore services are soft targets for increased taxation. The expats have an easy out as the business moves elsewhere, they can follow it. Do Caymanians have that option?
Did you have to sing the boogie-man story? I know it is Halloween tomorrow but try and contain yourself.
Many, like me, believe it is rubbish what you are suggesting. You are obviously behind on the truth, strength, robust competitive machinery we have in our FS industry.
Long live our beautiful CI. In God we trust.
The word is out of the bag. We will be just fine.
Stop trying to divide.
How is the view that far down in the sand?
Thankful,
Sorry to be sensationalist, but I am pretty much on the front-line of the FS industry’s attempts to keep the industry alive and employing as many peopel as possible in the future. With that in mind, I have no doubt that these fee increases will loses us a great deal of business and cost jobs that will never come back.
No amount of knowledge will make you smarter. Like your leader it would be better to remain silent and be thought of as a fool then to open your mouth and remove all doubt. They are not trying to divide but to survive on Cayman. Many hard working Caymanians will not survive without this industry. Time will tell who is right. If your wrong Cayman sinks all the way down to the swamp it started out as. If nothing positive changes in 1 year you can tell everyone you were right. Or if your wrong you can tell it to whoever is still here.
If we sink…we sink on our terms; However, I am not going to wallow in your slum mindset because I believe we will be just fine.
So much so, II am not going to wait for a year. I am going to tell you now, ahead of time: I am right!
As for knowledge and me smarter: well sorry you feel that way. People are not stupid because they share a different opinion or seem things through different lenses. But given your comments, i suspect you are a guest worker. So I will answer by saying: the secrets out of teh bag – we will be just fine and you ARE replaceable withcaymanian. I know that bothers you, but when you degrade others you should be prepared for a lil tatse of your own medicine.
Now thanks for working in Cayman. Do a good job for your boss and the country you have decided to come to and one more thing…make sure to train the caymanians under you. This is important and honestly we will be most grateful for your cooperation and honourable deed. Can you do it? Will you do it? 🙂
There is no bigger divider in our history than McKeeva Bush! Try as hard as anyone would like, they will NEVER equal McKeeva Bush as a "divider"!!
McKeeva Bush runs his life, political, business & personal on the "divide & conquer" premise!
So true, he is definately an expert at dividing Cayman and he is working so hard also for us to go independent even if he not saying it out loud and I think he also believe he is some kind of ruler of us all… Which measures up to a Dictator, i just can’t stand that kind of mentallity…
Here we go. Gordon Brown, Obama and the likes can sit back, relax and just wait for McKeeva to finish destroying Cayman’s financial industry. No need for them to waste their time trying when Mac is doing such a great job all on his own! XXXX
"You are absolutely wrong. there was another choice, reduce governement employees and services. Mac chose not to rock the Cayman nanny state mentality. When you have Mark Scotland saying they couldn’t reduce government head count because they wouldn’t be absorbed into the private economy that tells me all is well in the nanny state. Until someone makes the hard choices of less government Cayman is doomed to further tax increases."
Normally posts start like this one are dodgy, but hats off to you sir! The real problems at the heart of the Cayman economy in one paragraph. Mr. Watler’s militantism is going to cost everyone their futures.
YOU are absolutely wrong. If Mac did this it would be like cutting of his head. The 20% of the population of Cayman that voted him in would be mad instead of the other 80%. Things that work for Cayman don’t work for Mac. Macs job is to please only the ones that gave him the job of running the country. As long as they have a job and don’t have to pay any more fees he is doing his job. If I was one of them then I would say "Way to tell them Mac" Show them who is Boss. Oh and thanks for takeing care of me.
But I’m not one of the tribe so my plan is to leave ASAP.
Bye bye and good luck.
P.S. I’m takeing all of my money, skill and experiance with me.
b
Well I, for one, am quite thankful you’ll be taking your "experiance" with you and didn’t pass it on to those seeking experience. Ciao amigo!
Those who are full of experiance can not get more experiance. Good luck.
good riddance. Hate to say it, but you are out of order with that. Maybe we should wish you well. The CI is strong and vibrant and will continue to set the pace. As the winds of change blow, with our seafaring heritage, we will re-position and tack or even take a jibe (because we are that good) and catch the winds again.
So bye bye.
Good luck with that.
Hey, enough of that Mckeeva! Do not talk to other people who post comments on CNS like that, that is rude, especially those that are threatening to leave our country & take everything! We need them. Anyway Mac, what are you doing posting comments on CNS, aren’t you meant to be in your office working, doing what you were elected to do? Now run along back to your office & do some work, & leave the good people who post comments on CNS alone!
Does your experiance extend to spelling? Good look in takeing that with you. I doubt it will be of much benefit to you elsewhere.
Mr Watler? If you are referring to James Watler, the President of the CICSA, you misunderstand the man’s role which is to look after the rights of his membership, which, yes, he has been very ably doing. Don’t forget, however, that the government has the ability to make its own decisions regarding reduction of numbers in the civil service etc, which is what elected membes are required to do. So, please don’t lay blame on James Watler’s "militant style but instead decide on reasons for government not acting.
The 07:30 poster has hit on a brilliant idea – why do we not threaten to develop nuclear weapons capability and back down in return for substantial economic aid? It works wonders for Pakistan, India and North Korea.
For all of you that think the U.K. is trying to kill Caymans financial industry. Think again. When it fails beyone fixing can you still put the blame on the U.K.?
If the U.K. really wanted Cayman to fail all they would have to do is stop trying to help. The next poll should be :How many months before Cayman goes belly up?
They’ve been trying to help? How? The only efforts I have seen appear to have been calculated to do harm.
Open your other eye.
They’re both open which seem to bet the reason we disagree. Explain to me what you think I am missing.
Better yet and more to the point just wait and watch what happens to your country in the next year. Then ask yourself why.
Next mac will be telling the finacial sector that they can’t leave. Watch.
Caymanians better start thinking for themselves soon.
What will you do when the Goverment is broke.
those of you that will have a plan will do much better than all those who don’t.
"Mac accuses STEP of politics"
Title should be "Pot calling the kettle the black"
Every time this man opens his mouth and every day we get closer to Nov 6th, the more fearful I am of what more will happen once he holds the title of premier.
It can only get worse! Unless of course you are one of the Special ones. But even then it will only last until the money and businesses are gone.
Exactly…
I want to know where I can sign up to boycott this leader who I didn’t vote for, and who is ruining my country. He will obviously never learn that leader doesen’t equate to dictator.
McDinejad !!!…….need I say more ? Yes why not. The extra holiday will only hurt the economy more, particularly small businesses.
What makes this man think the the majority of the people in our country is going to attend his swaering in as Premier. They are too ashamed of his behavior and lack of intellect and even those who voted for him and his puppets are now too ashamed to say that they did.
Cayman we need to get rid of McDinejad before its too late.
The UDP must find a way to remove him before the 6th November !!!!
Try again Rollie and if its doesn’t work this time walk the floor and others will follow. We only need 3 from the UDP to walk !!!!!!!!!!!!!!!!!!!!!!!!
Talk about being thin skinned.
This Guy dont even appear to have skin.
What if these people are correct in their concerns???
I think it is time to look for greener pastures.
If he wont take peoples concerns seriously now, what will he do after November 6th. He is certainly sounding like another Hugo Chavez.
A game that Kim Jong Bush knows only too well. Lets just hope that the nuclear weapons plant in Barkers will create jobs for Caymanians.
To 22:09 and the other critics:
You are absolutely wrong.
Everyone knows that Mac consulted with the financial sector before the fee increases were sought and all agreed that there was no other possible way (other than direct taxation which would harm us all) to possibly proceed out the mess that Mac inherited.
What would you like, get the one who can’t sell pencils to make a profit, to man the helm once again. ???
I don’t think so.
You are absolutely wrong. there was another choice, reduce governement employees and services. Mac chose not to rock the Cayman nanny state mentaility. When you have Mark Scotland saying they couldn’t reduce government head count because they wouldn’t be absorbed into the private economy that tells me all is well in the nanny state.
Until someone makes the hard choices of less government Cayman is doomed to further tax increases.
I asked my grandson this morning why he was not at work.
He replied that he had time off because his girl friend had a baby.
I was so dumbfounded by his reply that I asked if his employer was paying him for the time off to which he replied, "YES" . I asked if his girlfriend was being paid and he said she had 3 months off with pay. Plus the health insurance provided by her employer was paying the medical bills.
It then occured to me why the Government is broke and why no one wants to employ caymanians.
I could understand this happening to a married couple who had a reason to go through the child producing process, but to extend this to single individuals, encouraging them to produce more children and adding to the burden is beyond me.
I will be watching to see how long it will be before they both show up at Social Services for Government to bear the burden of raising the child.
As opposed to the guy who ran a bank into the ground during a booming economic period? Because that’s who you’re putting your faith with to solve our financial woes. Forgive me if I think that’s insane.
No darlin, you are absolutely wrong (01.40) if you believe Mac is the right person to be leading this Country. You need to come out of the wilderness and stop following blindly behind an incompetent ‘leader’.
Hopefully like the dianosaurs that also had brains the size of peas, people with your type of blindness will soon become extinct.
At least the one that can’t sell pencils does not sell his soul. The one that can’t sell pencils is not a thief, & he is not a prostitute! Give me the one that can’t sell pencils anyday!
I agree with the previous comments. You can t criticise the mighty Mac or he gets angry and defensive. How pathetic! But remember this Cayman: YOU put him in power!
Only 23% can vote remember so only 1out of 4 people voted period. The other 3 out of 4 don’t have the right to vote or carry any responsibility other than paying the fees and duty that pays him. Or choosing not to and takeing their business somewhere else. So they are going to excercise their only right which is to leave and take their business with them. Bye bye Cayman. Have fun without us.
You’re not leaving – you just like to announce it because you think it will give you power and attention. If you were really going to leave, you would just up and go do it and be done with it, sans some "big" announcement of your supposed intentions.
We left a year and a half ago with the intention to return for the long run. We would now like to be "done" with it but we have a home there. I wish we had sold it before all this happened but now we have to HOPE that things get better so we can go back. So yes we payed into Cayman and like everyone there would like to live there without fear and hope there is a future for us there. It wasn’t supposed to be a" BIG" announcement. But if there are many like you that don’t seem to want "others" to live there then tell it like it is so more people don’t get in this situation.
Everybody wants government services and strong infrastructure but dont want to pay for it!
In the proposed budget everyone has received an increase in fees. STEP needs to accept these fees just like the rest of us.
Who are this "everyone" that you speak of? I saw no burden for civil servants, no talks of them paying their own insurance and pension like the rest of us!
Why would the Civil disService contribute to the support? They are the ones being supported.
From their perspective, the whole FS and tourism industry exists (i.e. are tolerated) to fund jobs for Caymanians who cannot otherwise be hired into the FS and tourism industries. Since these industries only exist to fund the salaries of the Civil disService, why take from them only to give back to them, right? That would be inefficient (though that inefficiency would be VERY far from being alone).
Well… Anton Duckworth, the Chairman of the PPM, is a major force in STEP, so I don’t discount the politics claim entirely.
It’s true too that Mac shouldn’t try to stifle free speech.
What is lost in this argument is the merit of STEP’s position. They, like others, say the burden of the budget should fall on everyone other than what effects their business. No one wants direct taxation. No one wants fees. Yet the government is in a hole first dug by the PPM that it needs to get out of. The UK is coming with serious pressure. This business of "tax the other guy but not me" just doesn’t work. So, while Mac might be in the wrong, for STEP to come out an say the budget is crap without offering a viable alternative does smell of either politics or self interest in my opinion.
Of course STEP and others do make a valid point about the government’s failure to tackle its operating expenses problem. Does any Cayman government have the political will to take on civil service. I think not. Maybe STEP should send a letter to Governor about that.
It’s not only STEP – other financial industry bodies are complaining privately to Govt. We are literally losing clients as a result of the budgeted fee increases in that. This is not politics; this is reality.
Is he is gonna be our first Premier? But this is purely an act of a Dictatorship, you can’t say or criticise anything they say or do, telling me if i’m wrong?
All the financial service industry will be hurt by these charges but the trust business in Cayman could be killed off by Mac’s posturing.
Cayman, please just listen to your leader in any of his responses or his debates in the house and tell me if he is a "born-again" christian, as there ispure hatred coming out of his mouth to anyone who slightly disagrees with him. Can we be proud to say that this man will be our first Premier? Well I cant and Wont!
Me thinks Mac doth protest too much. He is so consumed with playing politrix that all he can think to do with legitimate comment is rant against it. How pathetic.
Here we go again, this man just cannot take constructive criticism and now he will spend time that he should be using to do work for Cayman, tearing STEP apart as is his usual strategy, what a shame and can you imagine this is OUR leader! I know for sure I wont be at "his" unnecessary holiday for SELF-PRAISE – its pityful!
Agree; and as for me on Nov 6th – I will be off island wearing all black!
Mac is brilliant…….at misdirection!
Not even his right hand knows what his right hand is doing!