Public asset sale essential
(CNS): Although no one has yet signed on the dotted line to purchase the government’s new administration building, the premier has said that there have been some expressions of interest and that the Central Tenders Committee will be looking into those offers. McKeeva Bush has confirmed that government must sell public assets before the middle of April to raise the cash needed to be compliant with the legal requirements of the budget. Bush hit back at the opposition this week for its recent criticisms that government should not be divesting assets, saying they had not put forward any viable solutions to the country’s dire financial circumstances.
“I have listened to the PPM’s criticisms on the sale of assets,” Bush said at this week’s post-Cabinet media briefing, adding that all his government was doing is what other countries have done. “The United Kingdom is doing it as well as the United States and other major industrialized nations. My main objective is to put the country in the best direction possible, and not have to lay off droves of civil servants. We support the policy to where possible, allow for the Cayman Islands Government to have some ownership in any asset.”
He said the PPM had only offered the idea of solving public finance problem by balancing the budget over a 4-year period. “The fact is this shows how little they understand, or accept, about the dire and dangerous situation they left the country in,” the premier added.
Blaming them for the problems in the first place, he reminded Leader of the Opposition Kurt Tibbetts about his response when Bush had warned him of the impending financial crisis as he planned the PPM’s capital projects. When Tibbetts had said “not on the kindest of mornings” would he bend to him, the premier had said the PPM’s plans wouldn’t work.
Bush admitted that government revenues were down but said spending had been controlled, although not as much as he would like, but the budget forecast was on track. “However, it is imperative that the revenues from the sale of the GOAP – the Glass House – and the sewerage system are realized prior to the start of the next financial year, and in fact by mid April, in order to ensure that we are in compliance with the 2009/10 budget,” he explained. Bush said the revenues for the sale of the assets had to be in the financials before mid-April, as he intended to bring down the new budget for 2010/11 on the 30th of that month.
He said the PPM idea to take a longer period to balance the budget as opposed to selling assets would have serious ramifications. “It would mean that right now we would have to either lay off droves of civil servants or implement the income or property tax, which the UK was advocating. It would probably even lead to letting the UK take away the financial management responsibility from our elected officials, which would lead to all the above happening. I wasn’t prepared to allow that then and I am not prepared to do that now,” he exclaimed.
The premier said he had been telling the PPM from 2005 that their plan to run away good business was not sustainable. “Mouthing off about foreign investment – and changing immigration to run away everyone, as they did, is not sustainable,” Bush criticised. “The PPM had no plan to get additional investment, and now the country is left with a high debt level due to their exorbitant spending and lack of plans to increase revenues. They can blame the international economic crisis all they want, but the country has not seen any failures of banks or other financial institutions to affect us, none have closed, theonly thing that we have seen is the loss of jobs and revenues, and the loss of good business for people. “
Once again he blamed the former administration for the current economic ills and said they had put the country in an untenable state. “The PPM is to be squarely blamed for this,” Bush accused. “They are criticizing the divestment and the investment programme and other suggestions that the government has made. What I can say to the country is that we are not going to develop or implement any of these programmes without using the proper checks and balances.”
Bush said he would listen to the country, take advice, and consult with proper expertise but he would not listen to the PPM or any newspaper who can’t manage their own business.
“We will thoroughly analyse these initiatives from environmental, economical and social impact perspectives, and if the conclusion is that these initiatives are not good for these islands overall, then they will simply not be done,” he stated.
If any of the initiatives he has spoken about, such as the north sound channel, an oil refinery, a new cargo dock and cargo transhipment, had been put in place in 2003, he said, “the country would have seen by now lower transportation cost, new revenue streams, there would be no unemployment today, and businesses would be more successful.”
He said the people who write the bad news in the paper and the blogs had no commitment to these islands – except to sell their so-called newspapers or have their internet news service survive. “Rather than feed the people a pot of nonsense, these services should strive to educate the people and bring about awareness of the issues, truthfully and unbiased, instead of cursing me,” Bush added.
Category: Headline News
does any one know what the previous government did with all the money that they got? and yet you see them here calling for referendumns etc
can the auditor general let the public know where the money went and why fiscal discpline was abondon in favour of silence.
at least the mack is putting everything on the table rather than just coming up one day and advising that the tin Can was empty.
every soceity gets a government they deserve and usually the chaps than can make a difference will not get in while those that cant do anything usually win and then find that the job is not as easy as they thought.
before wasting more of our money on stupid referendums, can we resolve how we will pay for these, – what you thought it was as easy has meeting at you nanny house and counting hands?
Hey banana, what money are you talking about? Do not make stupid comments or ask silly questions if you do not know what you are talking about! I know with a name like Joe (for God’s sake) bananas we can’t expect much better, but can you tell us what money the PPM got that you do not know what they did with it. All the PPM’s transactions was above board. Can the mack say that? Did you check what you wrote? Unbelievably you said "…..rather than just coming up one day and advising that the tin Can was empty." Did you really mean to say that? Did you ever hear the PPM say that "the tin Can was empty" when they were the government? NO! NO! It was the mack that said that the country was bankrupt after the UDP became the government. Please do not prove to us that you are bananas, we already suspected as much. The PPM were never suspected of any form of corruption. We had nothing but suspected corruption between 2001 & ’05, then we went four years between 2005 & 2009 with no talk of corruption at all. Amazingly in just 9 months we are hearing constant talk of dirty corruption again. Will we ever learn? I know for sure bananas did not learn! Did you Joe?
…..and yet the current Administration still seees fit to employ the same Financial Secretary who one can only presume gave the previous advice. Now why could that be I wonder? Hmmm
That is a very desparate partisan attempt to distract attention from the current debacle.
Everyone knows how the previous govt. spent the money since it is all around us – new schools, new roads, new govt. administration building etc. Were you insinuating that there was misappropriation of funds by the Ministers?
If you are unsure about the accounting the person you should be directing your queries to is the Financial Secretary. That is the guy in charge of the books and of the financial forecasts. You can also ask him and the Deputy Governor why there was no 6% reduction in civil service costs as mandated and why his forecasts were so inaccurate.
Oh yes, no one disputes that they spent money – MONEY THAT THEY DIDN’T HAVE, money that we now have to try and find before the UK comes in and takes over our financial affairs. THANKS A LOT PPM!
That’s right create a sense of panic so we will all fall in line. NOT!
Richard Kalfus’ comments are poignant! We need to pay more attention to his generation and those younger. Seemingly, he has been raised with a sense of morals, ethics and self-pride, enough to contain his FRUSTRATIONS to words, but there are many of his age and younger who are the perpetrators of the crime we are now expriencing who either don’t have the basic morals or are so disenfranchised that they simply couldn’t care. They are living by example. But he speaks for them all when he says that all they know of the ‘iron men, wooden ships’ era is stories. They have not witnessed anything in their lifetime but Caymanian greed (both public and private) and ineptness (in the public sector), selling their birthright in the name of development, playing politics with their education, successive Governments passing blame but doing the same crap, etc., etc.
I posted a couple months ago on how the politics and policies of Jim Bodden’s Unity Team have brought us to this point and I spoke of the children who were raised in homes where they heard that ‘poisonous’ rhetoric being re-gurgitated (of course, it wasn’t recognized and ‘poison’ by many then – sadly). I also said in a follow-up post that no Government since has had the foresight to depart from that direction; indeed some Governments have used Big Jim’s politics as a template. That generation of children is now Richard Kalfus’ generation of twentysomethings and his comments vindicate my assertion. He speaks of the diviseness, the fear of victimization, the loss of true national pride (largely replaced by blind xenophobia), everything I identified in my post.
I hope his frustration is recognized!! There are a good many like Richard Kalfus. Many of that generation are lost and let’s not forget that many of them are now parents…….. get my drift?
It could well be possible that there is no hope that anyone in the current political arena has the will, ability, individuality or support to take us in a completely new and more beneficial (holistically) direction. The younger active politicians are mentored by the older active ones (and some older retirees) who have not done anything different. One or two of the older active ones do not have enough support internally to make a difference. But if they so chose, they could direct their attention to leading a youth-inspired movement to enter a new era. With that view, it is doubtless that we are dependent on Richard Kalfus’ generation to make the difference.
Let’s hope that more like him are politically aware, educationally qualified, morally and ethically sound and socially committted to take us in the right direction. Let’s hope they do it with their pens and their words and not their guns.
As for me, I’m ready to put my efforts and little sociopolitical knowledge behind someone like that.
Mr Travers events are on the 21st of February i believe, can someone then explain to me why certain elected ministers and their entourages have to be their and entire week before his event running up bills and expenses cause you know they ain’t living at the Olympic Village. When the government is allegedly struggling and having to sell off its assets. The same old game different players thats all. The mere fact the island runs without them being here is a indication how much we need them.
Here’s BUSH-O-NOMICS at work
The person who was responsible for the above post has my vote! You are so right! Folks .. go read it.
the Cayman government is bankrupt. The Tin Can is empty.
Ask yourself what can i do for my country at its time of need. send him idea’s to the premier and offer to help. I do not believe he will turn down a good idea that will give him peace as well.
I care not much for who is premier, but only ask that s/he does their job. This country needs leadership. Somone who will give us our medicine no matter how unacceptable it is when we need it.
this premier is doing just that.
People the Government is broke.
Generally all stats point to a drop in all numbers, the number of permits and licenses is down, Importers use these numbers to forecast imports of goods, so duties will eventually follow trend. vicious cycle this.
Other than fact that 80 – 90% of government employee are caymanians, ask them if there should be summary dismisals on the front lawn of the Glass House? so how do we cut costs without affecting services delivery? this needs to be tackled carefully and not for political reason.
On selling public assets and buying them back over time, this will solve the short term cashflow needs but it also creates obligations which now must be met otherwise you can get liquidated and if you have no assets or guarnteed sources of revenue, you see where i am going?
So if we are going to sale the assets, lets sale them to the the local pension funds who will have huge cashflow need in the future which can easily be matched with givernement inflows.
the Pension funds should be more sympathetic to government cashflow needs and i doubt they would want to liquidat their main guaranter any way.
The pension fund gains some hard assets instead of loosing our money on the NY stock exchange (most pension funds lost 30+ when markets tanked in 2007 same as teh stock exchange- that means they are not managed by competent individuals, Win win situation. Same can happen for the schools, we stop a wastage of resources. so if tehy can guarantee CUC 10 – 20% returns, they can definately exceed the long term expected capital growth of 5 – 8% for pension funds. The Pension Funds can diversify by selling an interest in the asset to other parties that want a stake of the 5 – 8% guarnteed funds.
Problem solved.
[People should show some restraint in calling for unconstitution change – removal of an elected official, because once you get into this vicious cycle, it can not be stopped, just a few years ago Italy was ungovernable, because of votes of no confidence and no one benefited from teh crises other than teh prophets of doom]
Also sounds like we got the shot end of most paper caymanians, they brought nothing in terms of assets and have even less to offer in terms of ideas and that i think is where the real status grant crime was, they did not make us better other than make us a bigger crowd.
If government broke how can Bush create a job for a housekeeper? If government broke how can they pay for Julianna to stay in The Alexander Hotel every time she in Cayman Brac? What about the bodyguards? Bush trips all over the world? etc,
Does he need these funds to pay for his and marks VIP trip to Vancouver?
Why should a government invest in businesses/markets that the private sector is invested in or will invest in?
Should the purpose of a government be to provide the required infrastructure and services that are not provided by private enterprises adequately and efficiently? Excluding strategic assets of course.
If we agree to this, then why is the government invested in the Water Authority, the central sewer system,etc? If regulated and taxed effectively, private enterpise can purchase these assets and the government can maintain its revenue from such assets while reducing its debt and the size of the civil service.
The Water Authority is one of the very few Gov Authorities that is making a profit! The premier better not sell that one. I would like him to try expain to the Cayman people why he would sell a company that is actually making money! But I suppose, as someone has said, that is Bush-onomics at it’s best!
ever thought that is why he will be able to sell it for a good price.
You actually think any one wants to buy something that consistently delivers huge losses year on year
BUT 19:43 you silly little thing, that is exactly why we should not sell the WA, you twit! Would you sell your company if it is making money? I agree that no one "wants to buy something that consistently delivers huge losses year on year" but does anyone want to sell something that consistently delivers profits year on year?
why would you sell your company if it is making money?
It’s pretty obvious, think about it for a minute
Cayman has to reduce it’s debt with in the next 6 months to prevent us going to the UK again to avoid implementing direct taxes.
Unfortunately a little profit made in a year will not even touch the debt, but a large capital sale will produce cash to reduce the debt to more acceptable levels, thus avoiding Cayman going to back to the UK in a Kneeling postion.
Comprende? you are too funny and dumb
Dear 22:16, my guess is that you have not tried to sell too many companies in your time. Would that be right?
Cayman, stop blowing hot air and just talking about these issues that are important for this country. You voted this dictator into office, now step up and do something about it. Politicians work for the people, are employed by the people and MUST follow the peoples wishes.
Good responsible governance is management by consensus NOT a dictatorship. The country did not learn from the last time he was in power and now the second term is going to be worse to the point that he will ruin the country for his own self interests.
You now have a referendum law under the new constitution so use it.
All the issues could be listed on a single form with a yes/no vote.
The people of the Cayman Islands have every right to determine their own future and not let Mr. Bush determine the future for them. Rise up and demand a referendum on all the issues currently on the table and send a clear message to Mr. Bush that the people run this country and not him. He was only elected into office to administer ourwishes and not just his wishes.
A very concerned and nervous Caymanian.
I am100% in support of the above post on Sat, 02/13/2010 – 09:54. The Referandum Law is there and I am calling on our "opposition" representatives to do as suggested:
"Rise up and demand a referendum [on behalf of the Caymanian people] on all the issues currently on the table and send a clear message to Mr. Bush that the people run this country and not him. He was only elected into office to administer our wishes and not just his wishes".
You the opposition have been elected to represent us and we are paying you a good salary to do so. Many of us who would love to step up and do this are not in a position to do so for fear of victimisation but be reminded that you are being paid to do so on our behalf! You can be sure that we are also observing you and assessing your actions or lack thereof.
Oh yeah McKeeva, Your people, Your Country, our Government..remember them. Listen to the Michael Jackson Earth Song, Lyrics and learn from it. http://www.lyrics007.com/Michael%20Jackson%20Lyrics/Earth%20Song%20Lyrics.html What about US…your people, their land? Think of their future, what are you doing to protect them…. YOUR Cayman people?
McKeeva when you sell off CIG assets, what are you going to do with the money? Are you going to pay off the loan which was taken out for the building and schools or are you going to spend it? The CIG building is for the people of the Cayman Islands, the land is for the people, so why do you want to sell the people’s property? If you sell the CIG building, then what? Did you come up with a sustainable plan? The Glass house is rottening from within and is a danger to the Government workers, Can’t you see we need that new building? Why will you want to continue paying rent and never own anything? If you pay on the loan every month, you will eventually own something for the people. Think McKeeva these projects were long overdue and were yes neglected over the years by your UDP Government and only the PPM saw the need to build these offices, schools and hurricane shelters for the people, albeit I agree, the recession came upon us during the time, but it was for long term planning. What is going to happen when not if another hurricane should come? Where are we going to take shelter? Stop the ranting about PPM this and PPM that, get on with the job and finish the projects, before starting up any others. Hurricane season will soon be upon us and we are not prepared. McKeeva, please see beyond PPM and start doing something like selling Boatswaine, seperate the turtle farm from that fiasco, sell that unnecessary land in West Bay, downsize the Civil Servants, Privatize the hospital, privatize the Waste Management and see where we go from there, but don’t sell the Water Authority nor the CIG Building. Cayman needs something sustainable for Cayman. Only in the Caymans will Gov’t offices be rented from the Private Sector, if you should go ahead and sell this building. Only in Cayman, everywhere else the Government owns their buildings. McKeeva for once, listen to your people and remember YOU do not speak for ALL of us, the majority of US do not agree with your ideas. Remember the meaning of the word sustainable.
Sometimes I almost wish that the PPM were still in power just to see what they would be doing to get us out of this financial mess, the one the country is in now and that they largely created. My guess is that we’d already be under direct control of the UK. For the PPM supporters, this government can do not good, and for them, never will. I for one am happy that the PPM is not in power and I’ll give the UDP a chance to fix the mess they found when they were elected.
WHAT A BUNCH OF HYPOCRITES & PARACITES!!@!!@!!
It is funny that while the PPM was in power we did not have the problems we have now. Of course times were tough because the WHOLE WORLD was suffering because of a world wide recession. But never did we have the problems we have now. The PPM spent money on necessary projects, not on themselves, & the UK government did not pressure the PPM government because they knew that the situation was under control, & there was no corruption & waste of money taking place. We are under alot of pressure now because the UDP is wasting the countrys money, especially on unnecessary personal things, & the UK government does not like this & does not trust the UDP. A blind man can see this.
Try & remember back to 2005 when the PPM took over from the UDP. The Cayman people voted the ridiculous UDP out of power in a huge landslide. The PPM inherited a mess, but the PPM did what any good government would do, they got about fixing the problem & cleaning up the mess left by the UDP.
Now, the UDP would do well if they did the same, instead of wasting money & making the situation worse & then continue to blame the PPM. They should try & get on with doing some work, instead of wasting money & then selling off assets that belong to the Cayman people!
Why is the UDP wasting more money by ministers & their large entourages going to the Olympics to watch Travers ski ONE WHOLE week before the event? I wonder if they are all staying in $5000 per night hotels like they did in Dubai? Now talk about a terrible waste of money, especially for a country that is BANKRUPT & having to sell our assets. What a bunch of HYPOCRITES & PARASITES!
Are you serious? The PPM got about fixing the problem and cleaning up the mess from the UDP? Well, that’s the exact same thing that the UDP is having to do now – clean up the mess from the PPM, and that’s why the PPM was voted out in a landslide this time around. It is they who spent us into this mess and have us with the threat of the UK coming in and taking over our financies. I guess we’ll go through this every 4 years from now on – UDP – PPM – UDP – PPM…
It’s funny how the government is begging for investments into the country, while i am ready to build a house, yet get rolled over in 6 months. Not really enticing me to put up all my money into their country……i do agree with the rollover to an extent, but there must be a better way?
There is a better way. It is called a Key employee application.
That joker will first have to prove that he/she is a "Key employee" and that is obviously unlikely .. if they were Key they would know it and would also be aware of that option.
If you are so ready to invest you can do so, have your house built during the year that you are away (you can visit and inspect the project as it is being constructed you know) and when you return … whoola! .. you have a house to live in! Pretty simple when you step away from self luv.
Our country is probably more lenient than your country and many others in these matters my dear guest. I own a house in another man’s country too – that was my chosen investment – but it gives me no rights to remain and I do not sit around feeling victimised, it is their law and I respect it.
On the other hand, if the idiot calling the shots has his way there may no longer be a rollover in the near future … no doubt he is listening to the whiners like you and has little interest in representing the wishes of me and my countrymen.
Go away and have your house built? It’ll never get finished. Duh. You’ll call and say "how’s the house going??" "yeah mon, it’s fine." "are the walls up yet?" "soon come." "is the foundation in??" "soon come." "is the water in yet??" "soon come." "how about the hydro??" "soon come." "huh???" do you need more money??" "yeah mon."
Here’s BUSH-O-NOMICS at work for you. Sell your asset and rent it back to pay someone else’s loan who bought it from you. You continue paying long after they have repaid the loan on the building, whereas if you had kept it, when the loan was over, you owned it and paid nothing more than maintenance and utilities. The glass house is at the end of its useful life and is now unsafe to be really working in. Gov’t is paying rent now and without the new building, will be payingeven more rent when they have to depart the Glass House. Don’t you realize that selling it isn’t even a short term fix?
Here’s more BUSH-O-NOMICS.
Cayman is one big aquarium of fish and coral set in crystal clear water that anyone can access for free. Which dummy would come up with the colorful idea that people would pay $100 to swim in an artifical pool at Boatswains Beach, when just up the road and around the corner is the free aquarium aforementioned?
Who was the steward of our resources that would pay two to three times the going rate for a piece of property on the corner of Northwest Point Road? Money that would have been better spent on schools?
Who is the steward at the helm of government that allowed the threefold increase in sale price of Turtle meat, thinking that the sales would remain the same and they would earn three times more money?
That’s BUSH-O-NOMICS – increase the price and demand increases, when ECONOMICS 101 teaches you that as the price of a good increases, the demand for the good decreases. Somewhere, somehow, someone doesn’t learn.
The solution is simple. Sell off the assets that are not making money and let the private sector improve them. Sell assets like the garbage dump, Boatswain’s Beach, the house on the corner of Northwest Point Road, the shares in Sagicor that government got in exchange for the millions it couldn’t recoup from Cayman General insurance. Maybe Cayman National shareholders might buy those shares back. Keep the assets that earn you money, like the Water Authority, or will save you money, like the new Gov’t Admin Bldg.
I’d like to see government’s income versus their expenditure for the last 8 months. Then we’ll know how prudent they’ve really been and whether they know what they’re doing financially, or not. But that probably will take us into the realm of KEN-NO-NOMICS.
This is the same issue and the same game throughout the world. Here’s how it works:
We aren’t told how the country’s finances are doing.
It is kept from us like a big dark secret.
We’re too ignorant to understand.
When finances get too bad an election is called. Because they don’t want the gun to go off in their hand.
During the campaign promises are made. Lots of promises. Anything we will swallow.
When the new guys take over. They say "OH NO!!! WE KNEW THINGS WERE BAD BUT WE HAD NO IDEA THINGS WERE THIS BAD!!" Even though… they were the opposition for four years and unless they were asleep. They should have had some idea. But hey…the paycheques cleared.
Then the bad news from the new guys. They simply can’t afford all the promises. Actually none of them.
Then we’re told we’ll have to tighten our belts, dig in, and all those other quaint phrases. Because they realize it’s their turn and the gun is loaded.
Will they then tell us the real state of our finances? Not a chance!
You see it’s a big dark secret one that the belt-tighteners are not allowed to be part of. We just have to "dig-in". While they sort this mess out. Usually accompanied by increases in everything. But their paycheques still clear so it ain’t too bad. Yet.
Four years later. It’s still a mess. Or a worse mess.
But the gun hasn’t gone off. Yet.
So they pass it back to the other guys. Who have made all kinds of promises. Lots of them.
That won’t be kept… because they actually know the sad state of affairs. It’s the same as when they left it. Or worse. But that’s a big dark secret.
Is there something wrong with telling us exactly how we’re doing??? Sometime??? Preferably before an election. So we know how you did??? Or what you did??
Or is it more preferable to keep playing this game. Ad nauseum.
It’s called politricks. And we buy it everytime.
Good request though: How have we done the past eight months? Or how about the eight months prior?
Cayman really needs to get past the blame game, it really does Cayman no good in the future or at least the near future.
Both parties have made mistakes, but does it really matter who is to blame for the Cayman’s problem? all it does is divide the people and prevent solutions.
The past is there to learn from and not to repeat mistakes.
The facts are:
1) Cayman is in debt beyond it’s agreements wth the UK. The UK wants to use this as leverage to push direct taxes on Cayman.
2) Bush managed to negociate a year to drop the debt to more manageable levels and to perform an analysis of bringing in direct taxes.
3) It is likely Labour wll be removed from power in the UK and the Tories will be more Cayman friendly (but this is no certainty)
4) Cayman must raise cash fast to pay off these debts and sale of CIG assets is one of the key ways to do it.
5) The longer it is left the more likely it is that it will become a fire slae with a reduced price
6) None is really interested in buying the assets that make a loss for obvious reasons.
7) The civil service over the years has become almost Cayman’s welfare where many Caymanians are employed that found difficulty finding other work due to a mix of cheaper expat labour and experience and droppinf of Cayman schools education standards.
8) Cutting the civil service will mean reducing the deficit, but over the long term and I doubt it will help much in the short term.
9) Any cut in the civil service will lead to a large increase in unemployed Caymanians, who with out any welfare will have great difficulty living in their own country as such social stability will be lost and amnosity to working expats will increase greatly.
Cutting the civil service will lead to hardships for everyone
So please lets stop the blaming and antagonism and work for solutions to the above problems
1. Do we believe, if sold, the private sector can better control operating and maintenance costs?
2. If government rents the building from the purchaser(s), will the cost be significantly less than what we are currently paying for other accommodations?
3. Might the asset be needed later?
4. Will this government or the next generation have to construct a new office building in the near future because of inflated and/or soaring accommodation cost?
5. What are the long term benefits?
6. If sold, is the money going to assist with short term budget constraint only?
7. Is it better to lease instead of selling?
8. What new revenue measures are in place to prevent us from having to sell or lease off theIslands primary assets?
9. Is this a short term solution for political gain?
If the government is unable to adequately prove much of the above perhaps it’s a bad idea to sell the GOAP. Any assets being soldought to be carefully and professionally asses by “professional” with experience in negotiating and selling off Government Assets.
Inmy opinion, keeping the GOAP is prudent. If I had sufficient funds I would negotiate and purchase the building with a government guaranteed 25 year least. Private sector will be eager to purchase the GOAP especially since it is being built to high standards and should be one of the most energy efficient buildings in theseIslands . You do not have to be a rocket scientist to know why”there have been some expressions of interest”.
Careful consider must be given prior to selling any public assets.
Answers:
1) Absolutely. Private sector entities are more efficient than the public sector the world over.
2) Maybe not, but the government no longer has to shell out the cash to build it. Given Cayman’s government’s track record of enormous cost overruns and other problems (eg the schools) there could be actual cost savings. Having someone else administer and maintain the building will also prevent the need of hiring even more civil servants to do that job.
3) The government is actually trading one asset for another, i.e. a building for cash. The building will cost, once it’s fitted out, about $100 million. Right now, the government needs the cash asset more.
4) I would bet that any sale includes a provision that government will own the building after a determined period of time, probably 25 or 30 years. This will probably be a PFI/PPP deal effected mid-stream. Regardless, given the probable population growth of the Cayman Islands over the next 25-30 years, this building will not suit government’s need indefinitely in any case.
5) The avoidance of direct taxation. If Cayman can’t come close to balancing its budget – by whatever means – then the UK is going to step in and demand taxation. That would have very detrimental to Cayman’s long-term interests.
6) Yes, but it’s the short-term benefits that will leadto the long-term benefits.
7) If you can’t afford to own, yes. Interesting though, home ownership is not always better than renting either. With home ownership comes other responsibilities like insurance, maintenance and risk. It can also tie you down and prevent you from doing other things you might want to do.
8) Well, the government just passed a slew of new revenue measures, but the budget isn’t going to get balanced without either a) many more revenue measures or b) a reduction of government expenditure. If "b" doesn’t happen the Cayman Islands are in big trouble regardless of what they do with the government administration building
9) There might be an element of political gain here, but I think the government is just trying to what it was elected to do: get Cayman out of this financial mess. If this situation were facing a large business, the board of directors would probably decide on a very similar course of action. However, the people of this country, especially the voters, are so politically divided and displaced from the government’s economic reality that every decision is seen as political. Those against Bush would not give him credit no matter what he did. The fact is that Cayman is in a situation that requires very difficult choices that aren’t going to please everyone. The PPM chose to basically ignore the problems in hope they would go away. They didn’t, and in fact got worse. If Bush travelled the same road, Cayman would be sunk for sure.
If only we could convice the UK to assist us with cost cutting measures (i.e. cutting the Civil Service down to size) instead of trying to force us to increase revenues…
"My main objective is to put the country in the best direction possible, and not have to lay off droves of civil servants."
A freudian slip? He is admitting there are droves? Not "invaluable" or "necessary" or "dedicated". I heard it. He said Droves.
“The fact is this shows how little they understand, or accept, about the dire and dangerous situation they left the country in,”
"but said spending had been controlled, although not as much as he would like,"
The PPM may not understand, and he might be right. But we understand that over 50% of the government’s expenditure is for Civil Service salaries and benefits.
If you’re going to go about cutting spending and trying to manage the budget. Don’t you think a logical place to start would be with your LARGEST expenditure? THEN consider selling publicly owned assets?
The premier said he had been telling the PPM from 2005 that their plan to run away good business was not sustainable. “Mouthing off about foreign investment – and changing immigration to run away everyone, as they did, is not sustainable,”
And telling the whole wide-world we’re broke is better?
“The PPM is to be squarely blamed for this,”
And the PPM said the same thing about the UDP! For us this is sounding like a tape loop.
If any of the initiatives he has spoken about, such as the north sound channel, an oil refinery, a new cargo dock and cargo transhipment, had been put in place in 2003, he said, “the country would have seen by now lower transportation cost, new revenue streams, there would be no unemployment today, and businesses would be more successful.”
And I have a bridge I’d like you to buy.
“Rather than feed the people a pot of nonsense, these services should strive to educate the people and bring about awareness of the issues, truthfully and unbiased,"
We knew it was coming. Ignore the message. Shoot the messenger.
Didn’t he mean "I would much prefer a pliable electorate who’s votes can be bought with refrigerators and turtle meat." Or. "If I had my way everyone who votes for me would get a job in the civil service. Droves of them."
Then of course… I would leave and the UDP would blame me. Then I would come back and blame the PPM. Then…I would leave…
Good grief
Lets put the issue of the civil service into perspective for everyone.
Counting the total number of Govt employees including all the authorities that they love to omit from the true count, Cayman has approximately 110 civil servant per 1000 population and the UK, I believe has 8.7 per 1000. Cayman is becoming a social state whereby the largest single employer is Govt and the conditions are so great that everyone now wants to work for Govt for the high salaries and all the life time benefits. It is time Govt cleans up its act and does its own house cleaning in an effort to reduce spending and balance the budget WITHOUT selling off the country’s assets which belong to the people.
Sell Boatswains Beach to Mr Bushfor the $65.0m it cost to build it. He has amassed the personal assets to afford this purchase. Talk about wasteful spending, this an absolute waste of the peoples money and cannot be classed as an infrastructural investment at all. The PPM was the first Govt since the mid 1970s to invest in rebuilding the country’s infrastructure which we will reap the benefits for the next 50 years or more. Why are they being crucified for this fact.
Cayman cannot see the forest for the trees. The PPM planted the trees and now Mr. Premier wants to cut down the trees so he can sell the lumber for himself and his personal benefit.
A very concerned Caymanian
U started off about puuting the civil service in perspective and then went off tangent about selling turtle farm. On the first subject – the fact of the matter is that the PPM caused the civil servivce to grow by about 30% during their term.
The PPM planted these civil servant trees all right, now they want the UDP to cut them down so they can get those votes in the next election.
The PPM are using the civil servants as a political football.
Do you know if he understands the meaning of "droves"? Find that out firs Joe.
MacKeeva stop trying to undo everything the PPM has done and stop blaming the PPM for spending money to build schools, new roads and CIG Residences, just before a worldwide recession. What made you think Cayman was going to be spared from this worldwide recession? The PPM did what you and other governments would not do before, they made that move for the people. The PPM yes can take some of the blame and yes they spent on things that were badly needed for Cayman. Other governments didn’t have the courage to do what the PPM did. When the PPM was embarking on their mission to build the Government building they got offers from Dart to residence at Caymana, but they did not yeild to that temptation to suffice the people’s building to Dart, they decided to build the people’s building on their own peoperty, so they can have a home to call their own, now you want to sell it out to Dart now, because PPM built the building? for what Mac? short term gain….Let me ask you Mackeeva, when you collect the $50 million, don’t you have to pay the loan back for the building or will you use that money to support Boatswaine, channel for Mega Yatch, and other pet projects, XXXXXX? Tell us MacKeeva, why would you want to continue paying rent for the Government offices, Why MacKeeva? It is so ironic that others easily forgot that MacKeeva and the UDP spent millions of dollars on projects like family land, Boatswain Beach, a private dock in West Bay,XXXXXXXXX and now you got the gall to say…… "financial situation we find ourselves as a result of the PPM stewardship" . Let alone speak of their most recent spending, it bare asking the question….Are we really as bankrupt as he went out to the world and said? If we are bankrupt we should be looking at ways to cut daily costs not spending more. He can start by reducing the non producing Civil Servants, Sell Boatswaine, keep the turtle farm section, yes sell the Waste Management, but for God sake keep the Government Building and the Water Authority. Mackeeva you have got to stop this blame game stupidness, you and the UDP were and are very much to blame for most of our financial situations of today, all you have to do is to admit to it. MacKeeva please stop selling out our Country’s birthright and your Soul, to please the rich and to gain the world, it is not pleasing in the eyes of God. Your people are suffering and you cannot see that, because you are too busy blaming PPM XXXXXXX. Can’t you see what wrong you have done and is still doing? Are you that gullible? I am not a PPM supporter, as a matter of fact I supported you, but everyday I hear you open your mouth, I am pulling farther and farther away from you and UDP. You guys are scary!!!
Please, please, please, Mr. Bush, don’t sell the Government administration building; don’t sell any permanent residencies; don’t sell the cruise berthing facilities to any nasty foreigners; don’t sell any cargo docks or oil refineries in East End; don’t sell the sewere system; don’t give away any more status or permanent residencies; and don’t cut any of the poor civil servants’ jobs. But please, can you build us some new schools, build us some new roads, throw some big parties for us and make sure all Caymanians have good-paying jobs. In other words, please resume the PPM’s policy of spend, spend, spend. Don’t worry about the budget; you can just put an income tax and property tax on expats only. And don’t take those threats that the expats will leave Cayman seriously; we all know Cayman is the best place in the world and there’s nowhere else for them to go.
You have set up a false choice: either we do it Bush’s reckless irresponsible way or we will disintegrate. Rubbish. When Bush was wasting $65m on Boatswain’s Beach as a huge loss-making venture you should count that into "spend, spend, spend". You are for building a new port we don’t need but are against buildings schools and a govt. admin bldg?! You are just a McKeeva crony.
Where is the report from the Republican consultant to tell us about sustainable sources of revenue?
I think it is time for us as caymanian whether born or status holders to stand up and petition for Bush to get out of office. it is time that we take back our country and have it run properly. Bush is not a educated man and yet it is the man who says what goes on in the country. I blame we as caymanian for this mess we are in. we put these guys in office and now have to deal with this.
it really doesnt matter what anyone says on this or any site because nothing will come from it. we can only blow hot air. its a sad situation.
I’m a believer in God and i hope and pray that cayman people will continue to live ok. we all know that we cant go back in times but lets keep our heads up and be friendly open armed caymanian like we were before.
for the record Bush – all countries live in debt. if things are so bad here, why have we continued to pay our government servants and contractors? if things are that bad, we can not pay them but I still see them getting paid and work continue. you wanna know why – it is because it was budgeted for and we have the monies to pay them. as far as getting more monies in – yes we haven’t but that is where marketing comes into play. something you were trying but lets face it, investors would listen to a MAN (you) that can’t speak properly or who dont have a open mind. this is the uneducated person you are. if you were educated then good business will come like before when we had educated men running the country. only one person have you and we all know that is the Dart brothers.
they have their plan and it is working great for them. a man (you) that can give them a country for dollar amount.
to all tru caymanian please lets get up and walk to petition for teh removal of Bush. it can happen. if the UK govt want to it will happen. remember Turks…….
Hey Anon 13:14, the poster below you is absolutely correct, you are nothing but a mckeeva bush clone! You mention nothing about the millions given away by the udp to colleagues, friends & family on inflated construction contracts, inflated land costs, consultant contracts etc etc, & you don’t mention the $16 to $18 million per year to operate the failing Boatswain Beach attraction (waste of money), yet you talk about the’spend, spend, spend’ by the PPM on much needed new schools that will benefit our youth, & much needed new roads that everyone is very happy to use.
You are so full of it, & so blinded by your support of bush that you would rather bush sell our country, sell our assets, & worst of all SELL OUR BIRTHRIGHT to anyone who wants it, than for the PPM to ‘spend, spend, spend’ our money on much needed projects; projects that BELONG to the Cayman people! Honestly, I DO NOT GET IT! Don’t you understand that when bush sells our assets there is no way in hell we can get them back, they are gone for good? If bush wants to sell government assets, for the love of GOD & country (Cayman) he better not sell CAL, the new government building, or our birthright Cayman Permanent Residency!
Bush says that we must realise that we are not the only woman on the corner. What a XXXX stupid thing to say, but at least he is admitting that he has finally dragged us down into the gutters of prostitution, because as far as I know it is only prostitutes that are known to "stand on the corner"!!! Cayman is not for sale!
As far as I know, the "We’re not the only girl at the ball anymore" quote was first uttered by Tony Travers and Bush is now repeating a version of it. It’s a metaphor (a figure of speech in which a term or phrase is applied to something to which it is not literally applicable in order to suggest a resemblance, as in “A mighty fortress is our God.”) which is an essential tool in literature and art. It’s depressing that the nuances of language are lost on so many here, but let me translate the Travers/Bush metaphor for you: "Cayman is no longer the only or most attractive offshore jurisdiction where companies and investors can go anymore." See, it’s not about prostitution at all.
No need to be pedantic. I think the point the poster was making concerned the nuance of that metaphor, and it is a poor metaphor because of the unsavoury nuance. ‘We are not the only girl at the ball anymore’ is less tacky than ‘we are not the only girl at the street corner’ which does, unfortunately, carry the nuance of prostitution, and low class hooker prostitution at that. It reminds me of when Kurt Tibbetts gave the unfortunate metaphor re the Bill fo Rights that half a loaf was better than none. Sara Collins capitalized on the fact that bread symbolizes something vital to life, and seized upon the unintended nuance,ie, that we are missing out on something valuable. Did Ms. Collins not understand that he was using a metaphor? Of course she did. She simply used the unintended nuance of the metaphor to her advantage. The lesson is that we must choose our metaphors carefully.
Must sell by mid-April. Does this mean that no inward investment whatsover resulted from the must-do world tour?
I think it is "must do everything unpopular" that they want to do before April/May because the political strategy is to do it early in the game and the "fool fool" voters will forget by the next election!
First of all I wish you all a good morning. Please allow me a moment to openly express my views in such a forum while it is still possible.
Being a young Caymanian in this era is for the most part dis-hearting and de-moralizing. There is no sense of pride for our own country or for who we are as a people. For whatever reason it may be we wont stand together! And what really scares me is that everyone knows this young and old alike!
Dont get me wrong, I am as guilty as anyone else, and for me it is because of fear, fear of the unknown and fear for being singled out by those in powerful positions. But I know I am not alone when I say that it is time I shed my fear and time for everyone with a voice to overcome whatever it is that inhibits us from uniting and standing together for the common good!
I’ve always heard stories of what Caymanians were known for, and that was for tough skilled seamen. Iron men and wooden ships was the saying, and now it is nothing more than just that, a saying! My Country was built by these iron men yet ironically it’s being pulled apart by men hiding behind fancy suits and neck ties.
I guess the point I’m trying to make here is that the youth of our country have no sense of patriotism or alleagance and all we hear is that our youth (my peers) are the future of this country. We (the youth) are not going to be able to serve our country if we are not prepared to and have a mess to contend with.
Am I the only person who remembers the fiascos committed by our political parties? (And I am only 28!) Neither have untarnished resumes yet every four years they play musical chairs pointing fingers and casting blame. We (the youth) are constantly told to get along and work together yet our leaders squabble and blame each other for everything. Bottom line, lead by example! (Especially in times like these when we need as many ideas and as much help as possible).
It’s time we all stand together and let those in whatever high chair know that we dont have to just grin and bare it, we can be heard as one voice. Afterall their positions were made to serve us, our country, and not just the priveleged.
Thank you.
Richard Kalfus you make me proud! Although you have said that you are only 28 and I do not know who you are, it is obvious from your comments that you are "an old soul" full of wisdom and the kind of personality that, if given the chance and support you need, could make a real difference in this country.
Richard although I do not know you I admire your input. You hit it right on the head. Just tell us that your name is correct and that you are not hiding behind Kalfus. So many people are not willing to put forward their identities.
Hi Chris. You and I have been friends since the 70’s and I look forward to your contributions to this forum. Sometimes the amount of posts are so great that I have to skip over a lot of them, but when I see your name I do take the time to read the post carefully as I acknowledge you as a man of integrity with no axe to grind.
Like yourself, I had never heard the name Kalfus before, but whether that is his real name or not is immaterial. For various reasons many of us have to assume the cloak of anonymity, but I do see positives in that anonymous posts can be judged solely on their content uninfluenced by any preconceived opinion one might have of the author.
Concerned Caymanian (remember those days?)
ppm created the mess and udp have not got the ability to fix it….
Direct rule from London for 2 years please…. save us duncan taylor, you are only hope
The PPM did not create the mess. The mess has been in the making under successive govts. for decades. The mess has been created by (a) failure to engage in any long term planning that takes account of infrastructural needs and addresses them on a phased basis; (b) the failure to develop a sustainable revenue base and not overtax existing sources that make us especially vulnerable to economic downturns in our two pillar industries – tourism and financial services; (c) the failure to streamline the public service and cut recurrent expenditure; (d) overinvestment in pet projects that make no economic sense but play well politically. It lets other govts off the hook too easily to suggest that this was singlehandedly done by the PPM. They were the ones who got caught.
Right about the 2nd point though. The UDP have got no idea how to fix this mess.
Direct rule would finish us off altogether.
So mac wants to sell the country’s assetts to protect lazy, overpaid, underworked, underperforming civil servant??????
alice in wonderland stuff…. another day in cayman
Mac is firm in what he wants to do, but his reasons are constantly changing so don’t put too much store in this one. Remember all the reasons put forward for the Status grants or changing the name of Pirate’s Week?
He is on a quest to sell assets, but I doubt that the welfare of Civil Servants has anything to do with it.
For what its worth I believe the Premier when he says that we are in a serious financial position and I agree that the previous administration is at fault for this. I am however skeptical about selling the Government building. We could do a way with the Turtle farm, the dump and perhaps we should privatize the health services…either way we slice this bread we have some very dificult choices to make. I am one who feels that Government should reduce the civil service but that probably is the hardest thing for a government to do specially when you know it would mean laying off hundreds of Caymanians in an environment where there are no jobs to get…the best thing Caymanians can do right now is to unite, come together and stop the political squabling…this political thing has gotten so bad that one half of the country is actually hoping that the current government faills just so that their party can return to power and vice versa….we are on a path which leads to self destruction.
Beware people. With Mac it’s never really a case of “either or”.
Open letter to Premier Mckeeva Bush:
Please do not sell the new Government Administration building. That will be one of your biggest mistakes, & will hurt our Cayman Islands forever. It will cost us hundreds of millions. Please DO NOT sell that building, PLEASE!
A very concerned Caymanian
The building that has not yet been completed? If that is the one you are talking about, selling and leasing the space may not be such a bad idea. One, gov’t will recoup most of the cost, or the buyer will finance the completion, I’m not quite sure of the present state of play. This will free up $$ to balance the budget in the short term which is what the gov’t is desperate to do. Second, lease payments will be lesser and an easier nut to come up with compared to loan payments (assuming government has to borrow $$ to build and own). Third, there is the possibility of negotiating a buyback when the economy recovers.
Would you elaborate on how selling the building will be a big mistake, how it will cost Cayman millions of dollars, and how it will harm Cayman forever? I’m not being a smart-ass, have no vested interest in the building or government for that matter. I just want to know the rationale behind your position.
Presently the CI government is paying out between $8 & $10 million per year on rent. Within 10 years we will have paid off the new government building by paying OUR mortage instead of wasted rent. After 10 years we will own OUR OWN office building & not have to pay the $8 to $10 million per year on rent. In fact that rental figure will increase over the years. And we will own our own building! Have you ever heard of any country that rents it’s office building? I repeat, within 10 years we will own our building & not have to pay rent, saving $10 million or more wasted in rent. Do you understand now? The Glass House in about to be demolished because it is delapidated & unhealthy. We need a new home & we must own it, not rent it! It just makes more sense, & saves millions
I agree that it makes more sense and is economically beneficial to own rather than rent. What the government is faced with is coming up with $100mil without borrowing. They don’t have 8-10 years to balance this year’s budget, time is not on our side. Negotiate a buy-back option and get your asset back in 10 years.
I strongly disagree with selling this particular government asset. However, if politricks have decided that this is done XXXXX, then at least the Central Tenders Committee could insist that the "Lease back" on the Government building has a buy-out option which would allow a future responsible government to get this asset back. That way those intended to get more rich at our expense could get their payout and there would be a possible limit to the decimation of our country’s assets.
BTW – Is it a coincidence that the new anti-corruption legislation has not been provided with any enforcement mechanism as yet?
I have not seen any indication that the Central Tenders Committee has been involved in this at all. To comply with the law, any sale of assets needs to be dealt with by Central Tenders. That is, advertisments need to be put in the press, bids need to be opened at a CTC meeting, a qualified assessment team needs to recommend to CTC which bid is the best value for money. Ask how much Govt currently pays in rent for those departments which were scheduled to be housed in GOAP. The huge cost savings in rent, utilities etc….. will not be recouped if this building is sold. It would be like a family selling their house to "save money" and then renting. Stupid idea.
You only have to look at how England has treated the Isle of Man and the Channel Islands in the last year to see their intent towards the CD’s and OT"S.
None of it is good. The UK is in great debt and is actively seeking ways of cutting costs and pulling in money.
Remember back to when Mr Bush was in the UK and the UK was playing serious hard ball trying to push direct taxes, well that has not gone away.
The Prem effectively managed to get an extra year on Cayman’s tax death sentence. The UK will simply not allow the PPM’s 3 year extension.
Cayman needs to reduce it’s debt now, and it has limited resources to raise these funds in time.
The selling of assets seems the only way for Cayman to raise the funds sufficient to the UK’s demands.
Mr Ezzards idea may work and provide a larger community benefit, but does Cayman have the time to put this together?
It appears that Cayman’s choices are now limited amd stark
Let me guess, it will be Mr Bush’s real estate company that will handle these transactions.
How You Know!!!!
fact of the matter is, no one is going to do anything! caymanians will continue to sit on their lazy butts while the Premier sells our souls to the devil… so deal with it! or pretend to do something! (everyone can talk a big game and in the end you do nothing)
sry if this is too harsh buts its reality… and its too late!
I think they most of padded that room with RED pads and pushed him over the edge!
Yes, there is still something he can’t control… freedom of speech. What he doesn’t seem to understand is that these blogs/comments are being made by his Caymanian people – not the newspapers.
So here’s the bottom line – You are obviously in over you head and have noidea how to solve the problems and these school yard blame games may amuse your constituents but it is not going to solve this problem ! Financial management has never been you forte (ie turtle farm) so why don’t you do the right thing , step aside and let someone who is qualified to lead us through these troubled times do so before it’s too late !
Oh by the way red is just as color and is part of our national flag… no need to take it out of sunsets, remove the red carpet, red chairs etc.
Mac, Please do what needs to be done. Its regrettable its come to this but what choices exist at this time. Once were back in the black we have other options of reducing CIG debt, with plenty of time left for the brighter aspiring minds to look at means of increasing our CIG assets portfolio. Just get it done!
Let me guess. The font you use for your post is a code. Am I correct that you need someone to know who you are?
Selling the assets will not really solve anything, just postpone it! the cost of operating the government still exceeds what it is taking in and the national debt has to be serviced.
If we only had to address a temporary cash-flow crunch i could see were selling government assets would help, but as it stands it would really only bring us in to compliance with the current debt servicing constraints.
The choices will be even more restricted six months down the road if the economy (tourism and finance industry for us) does not miraculously improves.
Yes we need to address the immediate problem, at least 50% of that solution has to come from cost cutting.
As a Leader, the Premier and his cabinet should take the first step to suspend their pensions and cut their pay by whatever percentage that they need from the rest of the Civil Service in real terms
But that is probably asking too much.
Is this why impartial and independant members of central tenders were just removed?
it is such shame to see this building leave the hands of our government..i am deeply sadden
I call on KT, ALDEN, and the rest of the PPM to stand up against this and do whatever possible not to make this building be sold! this is your test now PPM, start a petition and present it to the Governor, and Cayman we need to stand behind PPM %100, because right now all we have to protect Cayman is PPM and Ezzard, if PPM sit back and do nothing i will be deeply disappointed in them…and i don’t mean go on a talk show and oppose i want to see action from you PPM!
if we didn’t have the building we wouldn’t have a part of the huge debt fool!
XXXXXX we needed th building whether we got in debt or not/ besides not having our own building is costing us millions for rent spaces! If UDP were n 2005 we would still be in debt and have nothing to show!
By the time your KT is finished "thinking" about what to do everything will be sold so don’t waste your breath, or exercise your fingers here too much, while waiting for action from him and his crew. What is happening now is the result of the last election and it can only be stopped by Caymanians coming together as one body, with one voice against it.
"PPM TIME" let’s get the wagon rolling on this PPM…… start a petition!!We were behind you all these years and we be still. "PPM TIME, PPM TIME"
Mac felt that he was a wizard so he made a deal with the UK to balance within one year doing so he put the country under pressure to sell assets, raise taxes/ introduce new taxes….
a beautiful building PPM out of love for country and Mac is going to sell it, i have a feeling its mostly because PPM built it, if we didn’t have this what would he sell?
when he sells this what are we going to do continue to pay rent?
CAYMANIANS/Status holders/Residents take a stand against this idiot
What do you expect of Mac. The only business he knows to operate is his Real estate business. Selling Property is where he made his millions.
For sure but his company only made money selling Government property while he was in Government – whatever happened to the gardening company?
He’ll sell seashells on the seashore…oh, wait! Sorry, run out of shells….and shore!
NOTICE/WARNING!
Private property NO TRESPASSING
No public beach access.
(think upside-down smiley here)
Anyone who studies history of other caribbean countries could have easily predicted this ‘sale of our country’s assets’. First Bush and his croanies fuel the flames to take us into dire financial straits, don’t cut expenses, spend lavishly on themselves …. then say seems the only way to meet expenses is to sell our assets (oh look, my friends are interested in buying them….surprise, surprise!)
Mckeeva Bush says that he will be selling PR for $1 million to anyone worth $10 million or more!
There is no good than come out of this, selling oneself is not the answer!
BUT the worst part about this is our image! Do the Cayman people remember all the time & millions of dollars that were spent by the PPM & the UDP to get Cayman off the black & grey list?
Have we forgotten how the President of the US attacked us during the election campaigns & continues to do? Have we forgotten how much hell the Prime Minister of England has given us? Are our memories so short?
What will this look like to our detractors? The US president is going to have a field day with this one, thanks to Mckeeva Bush! If a person buys his/her PR they will no doubt intend to take advantage of our tax free status! They will bring their $10 million or more & put it into our banks! What does this look like to the rest of the world? TAX EVASION, that’s what! It is saying "you can pay $1 million to put the remainder of your millions in our banks, TAX FREE"!!!
Mckeeva Bush can put it how he wants, but all those countries that we have just signed agreements with IN GOOD FAITH to get off the black & grey lists, will now say that we are doing this as another way (back door) for rich people to avoid paying taxes in their own country!
No one is going to pay $1 million for Cayman PR & leave their money in the country they are from, they will bank it in Cayman. Mckeeva Bush has just opened the door for rich people to avoid paying taxes in their own country while giving the Cayman Islands a black eye again, as well as UNDOING all the good work previously done by both Alden & himself.
This man must be stopped. Everyday it is something new, & everyday it gets worse! Cayman, we must do something now, before it is too late. Remember, we have children, grandchildren & much more to save Cayman for! Let us save Cayman TODAY for future generations!
could this be a wing of the 2000 bed hospital? Huh, could it?
CNS, did you get a rather vague feeling he might be talking about you?
Be more positive! What’s so bad about an oil refinery?? c’mon. They’re going to analyse it first.
How about dredging the North Sound?? What’s wrong with that??? As long as it’s done sensitively?? Listen. …. You don’t hear any complaints from the birds or the fish. Right??
If only we had listened instead of asking questions!! Dumb citizens. Dumb media. We should ban the internet. And cell phones. And newspapers. And there should be a tax on different opinions.
Mostly we should be ashamed of ourselves for not seeing this plan for what really is.
A panic attack with absolutely no idea what we’re going to do.
"Shock and Awe", you sound "fool fool" just like your leader when you make a statement like: "you dont hear any complaints from the birds or the fish.Right??"
Give us a break and take your leader with you please for the future good of Cayman!
CNS: Shock and Awe was being ironic.
Thanks CNS – i see that now!
While I remain unconvinced that there is a need to sell Government assets like the office building and the sewage system and that such sale will lead to a long term solution to the Governments financial situation that we find ourselves as a result of the PPM’s stewardship, I would offer an alternative to the UDP.
Since the UDP and its advisers have determined that the sale of Governments assets is necessary I would like to ensure that these assets are sold to Caymanians and that Government retains a substantial holding in both these assest so I propose the following as an alternative.
1. Amend the local stock exchange law to allow trading of local companies
2. Goverment prepare a proper IPO on the sale of these assets
3. Do not allow any one entity other than Government to own more that 10%.
This would allow Caymanians to purchase and own shares and benifit form the profit made on the Government lease back of the Administrative Building and the profit made by the sewage company on treatment and disposal of sewage.
This would also provide a safe investment in the local economy for the pensionplans to invest and keep the money in Cayman.
This would alow Government to get the necessary cash injection while retaing an interest in these facilities whose value should increase over time.
My main concern with the outright sale of these assets are that they will be gone forever and I fear the day will soon come when the Government will be paying more in lease payments for the Admin Building than would be paid on a laon and we will loose any control over the price of sewage treatment.
Remeber what happend with CUC in which Government at one time had substantial holdings that were sold for quick cash.
Ezzard miller
Yes Mr. Miller, the PPM spent money to build schools & new roads, & yes a worldwide recession added to the problems. Did you think that the rest of the world would suffer from the recession but Cayman would not be affected? Don’t be silly. The schools & road developments started before the recession started. The PPM did what you & other governments would not do! But yes, the recession hit us hard & as a result we have suffered, but so has the rest of the world. The PPM takes some of the blame because the PPM spent the money, even though it was on things that were badly needed, & other governments didn’t have the courage to do! BUT PLEASE Mr. Miller, do not leavethe udp out of the equation! The udp between 2001 & 2005 "overspent" millions of $’s on pet projects, family land, Boatswain Beach, port, friends for consulting, pockets, & much more. Then add to that the udp of today, Oh LORD, where do I begin? If you talk about the "financial situation we find ourselves as a result of the PPM stewardship" I wonder why you do not include "as a result of the UDP stewardship SO FAR"??? You cannot agree with all the spending that the udp has done in the past 9 months? Are we really bankrupt, or was that just typical udp politics & lies? If we are bankrupt we should be looking at ways to cut costs, not true Mr. Miller? Check out the unnecessaary perks that Bush & O’connor are wasting our money on, & then talk about our financial situation. It has been 9 months since the election & the PPM is still being blamed. My GOD, the udp is now the government, stop the blame game. Do the udp think that by blaming the PPM, money is going to miraculously appear from somewhere? The blame game must stop, & government must do what they were elected to do, & that does not include selling our country, or selling our birthright (& I know you agree with me on that)
I don’t agree with many of Mr. Miller’s views, but on this subject he is correct and I hope that Government listens to him. I would also encourage him to push this idea as hard as he can. Allowing the Caymanian public to buy these government assets would be far better than carrying out a rushed sail to a bunch of cronies at fire sale prices.
It is ridiculous that this government is planning to sell some of its most valuable assets in only 8 weeks with no public access to the relevant information. If an asset sale is what was negotiated by the Government many months ago then it should have prepared months ago for the sale by the offering of proper documentation to allow citizen groups and others to acquire these assets. Even if this was only one possible option aresponsible government would have organised to carry out the sale properly for the benefit of the people. Obviously this is not a responsible government.
Can someone please start a petition?
I have no experience in this area, but I am willing to sign it and encourage others to sign it as well.
The Governor has only been here for a short while, but it will give him a true picture of the real sentiments of Caymanians if he is presented with a petition asking him to veto the sale of the new Government Administration Building.
If only a few of us are willing to sign the petition, then I will abide by the will of the majority and let the building be sold. However, it sure would be nice to know that my name would be preserved for posterity as having oppossed this madness.
It would be great for the Premier to advise everyone to vote their conscience on this matter, as he advised them to do in regards to the new Constitution. But if not, I’m sure that a few brave Civil Servants would be willing to take the risk on an issue as important as this.
I would offer advice, but it appears as if Maximum Leader is not in the mood for advice since his mind is already made up.
He said the PPM had only offered the idea of solving public finance problem by balancing the budget over a 4-year period. “The fact is this shows how little they understand, or accept, about the dire and dangerous situation they left the country in,” the premier added.
What’s wrong with balancing the budget over four years? Isn’t that the normal amount of time most of us take to pay for a car?
Have you made some promise to your puppet masters that have to be fulfilled within a certain period of time, or was it a pact with the devil?
It would probably even lead to letting the UK take away the financial management responsibility from our elected officials, which would lead to all the above happening. I wasn’t prepared to allow that then and I am not prepared to do that now,” he exclaimed.
Actually, most of us who are not rabid supporters of either party or any personality wouldreally be in favour of that. All we have seen for the last 20 years is financial management "irresponsibility", and it would be nice to get a break from that.
Look people, we can talk all we want but this is a done deal UNLESS we get up NOW and do something to stop this man in his tracks.
It is plainly obvious that the buyer is already known to Mac and the New Government Admin building will be in the hands of a private investor who will have Caymans "cohonies" in his hands and will be able to squeeze them as he pleases.
Tell me please Cayman, does this man have any common sense as this building will pay for itself within 6 years and after that all the rent that is being paid now will no longer be.
For our children and grandchildrens sake, PLEASE PLEASE people of Cayman, we have to march to the glass house and DEMAND that this sale does not go through, and believe me, the reason this is being pushed through is for the sales commission and we all know whos Real Estate company will be doing the sale and collecting a very Large commission.
This man is a train wreck coming down the track – $1million sale of Cayman Residency and the sale of Government assets, has gone too far and we have to take back control of OUR Island before its too late.
What the heck are the rest of the UDP doing just sitting there like stuffed dummies and letting this train run riot – UDP WAKE, its all our Country so dont push us. Act like you love Cayman Please!!!!!!!!!!!!
But Mac, you HAVE to lay off civil servants or-better- just let the Service contract naturally by attrition, which can happen quite painlessly. You simply cant keep coming up with things to compensate for the spending on the civil service which is just horrendous. But I am hearing from trusted friends in the Service that posts are still being created and that the moratorium is a farce.