Archive for November, 2010
PPM: Mac ignoring crime
(CNS): The opposition took aim at the premier in the wake of his Strategic Policy Statement presentation on Thursday when it said he had failed to address the crucial issue of crime. During the almost two hour speech in which McKeeva Bush had outlined government’s broad strategic policy goals for the next budget year Alden McLaughlin said he was “astounded” that the premier had not said one word about the growing problem of violent crime. The George Town opposition member told the House that he did not think there was an issue which was more important than the impact violent crime was having on the country.
He said all of the efforts government claimed it was making to try and attract new business would be thwarted unless this key issue was addressed.
While McLaughlin was at pains to say he was not blaming government for the increase in criminal activity he said that he believed it had responsibility to do something about it. He pointed out that the premier never lost a single opportunity to tell the previous administration when he was leader of the opposition that government had a responsibility to tackle crime even when at that time elected officials had a lot less influence than they did now in the wake of constitutional changes.
Under the constitution the government has three ministers on the national Security Council and is in a better position than any previous government to influence the police strategies for dealing with crime. McLaughlin stated that as the members squabbled with each other yesterday the Bank of Butterfield was robbed, shots fired and people terrified.
The PPM member also questioned why a private member’s motion he had spent considerable time preparing and filed with the Legislative Assembly calling for a full national strategy to deal with crime back in February, had still not even seen the light of day.
Given that the SPS is an important milestone in the political calendar McLaughlin said he found it unbelievable he was silent on the issue of crime. “For the premier to deliver the SPS and not say one word about crime is astounding,’ McLaughlin said. “I don’t believe there is an issue that is more serious.”
Not only was the crime problem going to impact the efforts to attract business and tourism, McLaughlin noted how it was also changing the culture and way of life of Caymanians. He said there were certain areas of George Town now where when he visited local teens would ask him for ten dollars to watch his car. “The sense of safety that was part of our lives, and our country is being lost,” he said. While he accepted that rime was complex and there would never be enough money to do the things needed to address the fundamental causes of crime the country had to find a way to stem the siege through a comprehensive strategy.
“I can’t say that government isn’t doing anything about crime, but we don’t know as it hasn’t said anything about it,” he said, adding that it was very worrying to see such an important issue omitted from the SPS. “Government appears not to be giving crime the attention it deserves. “Improving the fiscal position will all be for naught if we are all forced to walk around with a police guard as the premier does,” he said. “Government has a responsibility to do something…but the silence is deafening.”
In his response the premier criticised the opposition for what he said were “wild allegations” he said it was easy fodder for the opposition to criticise government over crime and it was merely political tactics that the opposition member knew would score points with the public. He said there was not a single member in the Legislative Assembly not concerned about crime but despite the National Security Council government still had no power over policing.
Bush also noted that revealing the country’s strategy for dealing with crime was a security risk before he said that his government was doing all it could to deal with the issue and the opposition member was misleading the public.
Abandoned cash timeframe increased by 12 months
(CNS): Following the controversies surrounding the passage of the Dormant Accounts Law 2010 the government has amended the law after consultation with the private sector. The law which was originally passed in July of this year was designed to give government a legal mechanism through which it could seize, cash, valuables and property which has been genuinely abandoned. However, the original draft of the law was seen as being two broad and the dormancy period too short. Government has now increased the period from six to seven years and limited which financial institutions are included.
Go to CNS Business to read the full story, to comment and to read other business news.
Premier ignores crime in policy statement
(CNS): The opposition took aim at the premier in the wake of his Strategic Policy Statement presentation on Thursday when it said he had failed to address the crucial issue of crime. During the almost two hour speech, in which McKeeva Bush had outlined government’s broad strategic policy goals for the next budget year, Alden McLaughlin said he was “astounded” that the premier had not said one word about the growing problem of violent crime. The George Town opposition member told the House that he did not think there was an issue which was more important than the impact violent crime was having on the country.
He said all of the efforts government claimed it was making to try and attract new business would be thwarted unless this key issue was addressed.
While McLaughlin was at pains to say he was not blaming government for the increase in criminal activity, he said that he believed it had responsibility to do something about it. He pointed out that the premier never lost a single opportunity to tell the previous administration when he was leader of the opposition that government had a responsibility to tackle crime, even when at that time elected officials had a lot less influence than they did now in the wake of constitutional changes.
Under the constitution, the government has three ministers on the National Security Council and is in a better position than any previous government to influence the police strategies for dealing with crime. McLaughlin noted that while the members squabbled with each other yesterday, the Bank of Butterfield was robbed, shots fired and people terrified.
The PPM member also questioned why a private member’s motion he had spent considerable time preparing and filed with the Legislative Assembly calling for a full national strategy to deal with crime back in February, had still not even seen the light of day.
Given that the SPS is an important milestone in the political calendar, McLaughlin said he found it unbelievable he was silent on the issue of crime. “For the premier to deliver the SPS and not say one word about crime is astounding," McLaughlin said. “I don’t believe there is an issue that is more serious.”
Not only was the crime problem going to impact the efforts to attract business and tourism, McLaughlin noted how it was also changing the culture and way of life of Caymanians. He said there were certain areas of George Town now where, when he visited, local teens would ask him for ten dollars to watch his car. “The sense of safety that was part of our lives and our country is being lost,” he said. While he accepted that crime was complex and there would never be enough money to do the things needed to address the fundamental causes of crime, the country had to find a way to stem the siege through a comprehensive strategy.
“I can’t say that government isn’t doing anything about crime, but we don’t know as it hasn’t said anything about it,” he said, adding that it was very worrying to see such an important issue omitted from the SPS. “Government appearsnot to be giving crime the attention it deserves. “Improving the fiscal position will all be for naught if we are all forced to walk around with a police guard as the premier does,” he said. “Government has a responsibility to do something … but the silence is deafening.”
In his response the premier criticised the opposition for what he said were “wild allegations”. He said it was easy fodder for the opposition to criticise government over crime and it was merely political tactics that the opposition member knew would score points with the public. He said there was not a single member in the Legislative Assembly not concerned about crime, but despite the National Security Council, government still had no power over policing.
Noting that revealing the country’s strategy for dealing with crime was a security risk, Bush said that his government was doing all it could to deal with the issue and the opposition member was misleading the public.
Bermuda Premier ditches bodyguards
(Royal Gazette): Premier Paula Cox has confirmed she has not retained the bodyguards that were a prominent feature of her predecessor Ewart Brown’s regime. Cox also said she does not engage police escorts, while underlining that an audit of contracts is being carried out to ensure no consultancies are being inadvertently continued. The Premier has repeatedly stated she wants to trim unnecessary spending to make savings of $150 million in her first year in office. Brown was accused of trying to look important by insisting on travelling with personal bodyguards at home and overseas at the taxpayers’ expense.
Teen arrested for bank heist
(CNS): A 17-year-old boy has been arrested in connection with an armed robbery at the Compass Centre branch of the Butterfield Bank yesterday, when three masked men who held up staff and customers. The teen was arrested during a police operation in the West Bay area last night on suspicion of robbery, police said Thursday afternoon. George Town police officers are currently interviewing witnesses and reviewing the CCTV footage obtained from the bank in an effort to track down all three men responsible, the RCIPS revealed. Despite the quick arrest, Detective Sergeant Richard Scott (left) is stressing that the enquiry is still at a very early stage.(Photo courtesy of Cayman 27)
“The faces of the men involved in the robbery were hidden by the Halloween masks,” he said. “At the moment officersare re-interviewing witnesses and viewing the CCTV footage. We will, when it is appropriate in terms of the investigative lines of enquiry, release the footage to the media and the public. Today, I would like to ask anyone who was in the area at the time of the incident, who has not yet spoken to police to come forward. The bank sits on a busy junction – if you saw anyone running away or even a vehicle driving off at speed, please let us know. It has been extensively reported that one of the robbers was wearing an Obama mask. If you know of anyone who has one of these masks please get in contact with the enquiry team at George Town police station.”
Anyone with any information about this crime should call George Town police station on 949-
4222 or the confidential Crime Stoppers number 800-8477(TIPS).
Cops arrest 7 in 4 month drug bust investigation
(CNS): Following a four month long drug operation which police say is sill continuing seven people were arrested yesterday in the Seven Mile Beach and West Bay areas. Police say they have recovered a quantity of ganja and cocaine in the operation but have not disclosed the amount of drugs seized. A police spokesperson said that threewomen and four men are now in custody after raidson Wednesday 24 November. Although police have not divulged the locations of the arrest one is believed to have been at Treasure Island. Police did confirmed that officers from various departments of the RCIPS were involved in the operations along Seven Mile Beach and West Bay.
The seven people who currently in police custody are said to be aged between 22 and 49 years old but police have not revealed the details of the suspected of offences. “Enquiries are still actively ongoing and it would be inappropriate to divulge any further details of the operation at this time,” a police spokesperson stated.
Anyone who has any information which could assist the RCIPS in detecting and disrupting drug
activity within our communities is asked to contact their local police station or Crime Stoppers on
800-8477 (TIPS).
Madoff trustee goes after UBS
(CNS): The trustee on the liquidation of Bernie Madoff’s investment firm is looking to recover some $2billion from UBS AG and related entities as a result of their participation in the Madoff Ponzi scheme. Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC announced yesterday that a complaint had been filed in the United States Bankruptcy Court Southern District of New York alleging 23 counts of financial fraud and misconduct against UBS and others for their collaboration in the fraud. The Trustee seeks to recover the money to redistribute to BLMIS victims with valid claims, Picard said in a release.
“The recoveries sought include BLMIS related redemptions, UBS’s fees, as well as all damages, including but not limited to compensatory and punitive damages caused by the Defendants’ misconduct, and the disgorgement of all funds by which the Defendants were unjustly enriched at the expense of BLMIS’s customers,” Picard stated.
According to the complaint, UBS actively assisted the Madoff Ponzi scheme, by, among other things, serving as the sponsor, custodian and administrator of various affiliated international feeder funds, including Luxalpha SICAV and Groupement Financier Ltd. As purported sponsor of Luxalpha, UBS lent an aura of legitimacy to it, but at the same time, disavowed any liability through indemnity agreements that were not disclosed to the public.
Even though UBS’s due diligence revealed indicia of fraud, UBS made Madoff the sub custodian of the assets of Luxalpha and Groupement Financier, enabling Madoff to run an operation with no checks and balances. As administrator of these funds, UBS allowed Madoff to be the only source of information for valuing the funds.
The full complaint was filed with the Bankruptcy Court under seal and only a redacted version is currently available in the public domain.
“We have battled with UBS regarding disclosure of information about the bank’s knowledge of Madoff. Unfortunately, they are still trying to shield this information from the public by designating all of their information as confidential. We intend to move to have that designation removed and the complaint made public as soon as possible,” said Picard.
“As we allege in the complaint, Madoff’s scheme could not have been accomplished unless UBS had agreed not only to look the other way, but also to pretend that they were truly ensuring the existence of assets and trades when in fact they were not and never did,” said David J. Sheehan, counsel for the Trustee and a partner at Baker & Hostetler LLP, the appointed counsel for Picard.
As further alleged, UBS knowingly set up an operation that accommodated Madoff, even though UBS was well aware of indicia of fraud surrounding BLMIS. “Without UBS’s serving as promoter, custodian, manager and administrator for the Feeder Funds, BLMIS would have been deprived of more than a billion dollars in investments, and Madoff’s fraud would have been diminished in both scope and duration.”
Rich Americans call on president to tax them
(AFP): With the US Congress hurtling toward a deadline on expiring tax cuts, a growing number of wealthy people are calling for higher taxes on the rich to help restore America’s fiscal health. One effort gathered over 45 millionaires who signed an open petition calling for the end of the tax cuts adopted since 2001 on those with annual incomes exceeding one million dollars. Tax breaks for the wealthy should expire "for the fiscal health of our nation and the well-being of our fellow citizens," the letter said. It was signed by Ben & Jerry’s ice cream founder Ben Cohen, hedge fund manager Michael Steinhardt and others.
Guy Saperstein, a retired California trial lawyer who organized the effort, said he was "frustrated" that President Barack Obama appeared to be wavering on his pledge to end tax cuts for the wealthy. "I think the country’s in trouble," Saperstein told AFP. "In hard times, the top strata who have done fabulously well need to sacrifice a bit, and it’s not much of a sacrifice… We have among the lowest tax rates of any industrialized democracy."
Volleyball action kicks off this weekend
(CIVF): Miss Cayman, Cristin Alexander, will be making an appearance as a Cayman Islands National team player in the Cayman Airways Spike Fest, a 3-day international (indoor) volleyball event, which kicks off at 5pm tomorrow evening at the Sir Vassell Johnson Hall, UCCI Gymnasium, beside the Truman Bodden Stadium. The Cayman Islands teams are scheduled to play at 7:00pm on the initial day of competition. This free-to–the-public event is organised and hosted by the Cayman Islands Volley Ball Federation (CIVF). The games will attract six male teams and four female teams from across the Caribbean, including Trinidad & Tobago, Bahamas, Jamaica, St Lucia and the United States.
The Cayman Islands will be active competitors while hosting Cayman Airways SpikeFest.
Two international volley ball specialists (pictured above), Barry Miller, Chairperson of the Manitoba Volley Ball Officials Association, and Azad Hosein of Volley Ball Canada, a certified FIVB (Federation International de Volley Ball) referee will be attending. Miller and Azad have conducted three clinics, where upwards of 20 individuals will have received primary certification as national referees and officials.
Spikefest, which is sanctioned by regional volley ball governing body,North, Central America and Caribbean Volleyball Federation (NORCECA), is a sprout off the success of International Beach Volley Ball Tournaments held here in March of this year and in 2009.
Games commence at 5:00pm this evening under the direction of CIVF International Games Director, Fareed Hosein, and an army of CIVF members and volunteers. LIME will be giving away six mobile phones during the three day event.
This is a free admission event sponsored by Gold sponsors Cayman Airways and The Ministry of Health, Environment, Youth, Sports & Culture, along with Cayman National, LIME, Calico Jack’s, Acqua Penna, Heineken, Coconut Car Rental, Vibe 98.9, Vison Marketing, Andy’s Car Rental and the Cayman Islands Red Cross, without whom this would not have been possible. For further information on the tournament, please contact CIVF Public Relations Director, Carl Brown at 916-2057.
Thanksgiving dinner goes up 56 cents
(American Farm Bureau): Menu items for a classic Thanksgiving dinner including turkey, stuffing, cranberries, pumpkin pie and all the basic trimmings increased in price by about 1.3 percent this year, according to the American Farm Bureau Federation. AFBF’s 25th annual informal price survey of classic items found on the Thanksgiving Day dinner table indicates the average cost of this year’s feast for 10 is $43.47, a 56-cent price increase from last year’s average of $42.91. This year’s meal is actually $1.14 cheaper than what shoppers paid two years ago, when the total was $44.61.
“While this year’s meal remains a bargain, at less than $4.35 per person, America’s farmers and ranchers are perhaps most proud of the quality and variety of the food they produce for America’s dinner table,” said AFBF President Bob Stallman, a rice and cattle producer from Texas. “Our farm and ranch families are honored knowing that again this year Americans will celebrate Thanksgiving by gathering with their families around the traditional feast. It is fitting that the food we produce from our land is a focal point of our nation’s thankful celebration of its collective bounty.”
The AFBF survey shopping list includes turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray of carrots and celery, pumpkin pie with whipped cream, and beverages of coffee and milk, all in quantities sufficient to serve a family of 10. There is also plenty for leftovers.
The big ticket item – a 16-pound turkey – was actually cheaper this year, at $17.66. That was roughly $1.10 per pound, actually a decrease of about 6 cents per pound, or a total of 99 cents per whole turkey, compared to 2009. While the whole bird was the biggest contributor to the final total, it was also the largest price decline compared to last year.