Bush says ‘no’ to more regulation
(CNS): Premier McKeeva Bush slammed the tide of regulation coming from overseas, both from Europe and the United States, which was threatening the financial services community, stating that regulation such as America’s Dodd- Frank Act that makes sweeping changes to the industry was not needed and would only push up costs for industry practitioners. The funds industry had kept Cayman afloat during difficult economic times and his government was proud of the work fund practitioners did, he said.
Providing the welcoming remarks at the Cayman Alternative Investment Summit held this week at The Ritz-Carlton, Bush said that governments in major international markets were pointing towards increasing regulation that would have “significant implications” across jurisdictions.
These implications would be on how investment funds should be structured and domiciled, what tools investment managers would use to achieve capital preservation and growth and how corporate and individual assets would be reported.
“Undoubtedly the time to find improved approaches to impact investors, court new ones and address impending change is now,” he said.
Following a demonstration of the vast amount of paperwork that now made up the Dodd-Frank Act, which stands at 8,843 pages and only 30 per cent complete, Bush said the demonstration highlighted that he shouldn’t listen to those people who told him Cayman needed more regulation.
“Look at Europe and look at our administering power itself, he said. “Prime Minister David Cameron has just cut out 1,000 pages of planning regulation and here they want me to put in more and more. They tell me I must cope; I must do what internationals do in these things. I think it’s time to be practical and do practical things.”
Bush went on to say that he had entities such as KPMG to assist him with business planning and he did not need international bodies in this regard.
“I like to work with KPMG, they can give me good business models; they can check my value for money. I don’t need to go to the United Nations. I don’t need Dodd-Frank. I hope you agree with me,” he said. “Too much is too much.”
With regard to how the Cayman Islands fared since the global economic crisis Bush said that Cayman fared well because of the good governance in place and the likes of good investment managers.
“That’s how we survived,” he confirmed. “We had just enough regulation. Too much is too much – it slows you down, cramps your style and causes governments like mine to have to increase your fees.”
Bush said that thankfully the funds industry had weathered the storm with 10,950 funds approved by the Cayman Islands Monetary Authority as at the end of the third quarter of this year.
“My government is appreciative of the work that is done by the business community for these islands – it has kept these islands afloat. It has given us the standard of living we have and my government is proud of the work you do,” he stated.
Category: Politics
The scary thing is that the nutter that feeds him those lines on financial issues remains out of control and on the loose. Wonder who that could be?
KeKe – and how's that working out for ya? UK just tied your hands.
…and we say NO to more Bush… how about that Cayman?
The UK just did!!!
That photo should form a caption competition.
My opening suggestion is:
"AbraMacabra, I have made the heavy plant machinery completely disappear".
It looks like another West Bayer who stood on the election platform with him, holding up three fingers and asking for four more years. lol.
"My education is theeesse tiny"
"I" this and "I" that …. so damn self-important Mr. 'Forever Honorable'.
The FACT is that you and your administration CANNOT BE TRUSTED !
You will say anything to achieve your political agenda, but as you have proven so many times (this year alone), you and your administration don't keep your word, and have no integrity.
Nothing you say is to be trusted.
Yes folks this is what happens to you when you simply travel too much Travel dementia otherwise known as TDSD Travel Dramatic Stress Disorder most person suffer from being totally out of touch with the reality in which you live in "Cayman" symptoms are signing so many deals you forget who they are really for Me or the people and talking off the top of your head about stuff you know nothing about and listening to people who are in the same position as you….Verbal Diarrhea. There is no cure known to man for this deadly illness Only remedy Cayman is not to elect him or his clones to continue spreading this disease and that includes his opposition who suffer from Cronyitis Impotentence. That one i will leave to explain at a later date during election time!
He needs to go back to what he knows. Mowing the lawn. Caymanians have totally failed in their quest to self govern. UK please save us and them from themselves.
Save yourself. Go back to the country you ran from because things were so much better there.
I iknow truth hurts right? Take it like a man. Or take it like Bush. Your choice.
Are you sure you I iknow the truth hurts?
Hello, British Territory, British Citizen, not that difficult to work out really.
They do not have a choice by the looks of things.
Here's what I heard"…blah blah blah…no to more regulation….blah blah blah..and you bloggers should say nice things..". He embarrassed us by using an international conference on a sophisticated industry to rant like a child. I'll bet he didn't have much to say when the other Mr. Bush that spoke that evening referred to the corruption inherent in China.
Everyone knows the reason for Mac's delay tactics on FFR…to ensure CHEC deal gets through before any transparency or tendering or UK approval process is required.
Should this director of a failed Cayman Bank, initiator of the failed Cohen deal, liar who told us the island would not pay the GLF settlement, be making decisions for Cayman?
KPMG invite the Premier to speak at their conference than effectively blames them for his mis-management of the economy…priceless!
“regulation such as America’s Dodd- Frank Act that makes sweeping changes to the industry was not needed and would only push up costs for industry practitioners.”
What about the costs you’ve pushed up for the rest of us? With your pointless, lavish trips all over the world to gamble, talk utter garbage and basically make yourself look like a fool with your complete lack of education.
Go away Mac. Please just go away.
More regulations from the USA and Europe is not what we want or need but this is just the way of the world. Our leader needs to understand that the world's financials are in a decline and each and every country is trying to make it difficult for corporations within their borders to take business offshore. We saw it the the OECD and FATF regulations, back in the late 1980 or early 1990 the OECD and FATF would have been a big joke if someone had come to Cayman and told us that this was about to happen and it would have ruined our banking. We would have asked the person what drug they were on but today it is a reality.
We had better brace ourselves for drastic changes that will soon happen in the financial industry. The Dodd-Frank act is just one of them also google the many regulations that will come in effect soon within the USA. These will make it very difficult for US Corporations to do business here, and Europe is doing the same. The Cayman Islands arms are just too short to box with the USA or Europe. We need them more than they need us and the sooner we realise that the better. We had better stop believing that we are indespensible and the Mecca of the financial world that no one can do without. Our Premier should understand by now that KPMG can only advise us on financial matters they cannot make the USA or Europe not administer any laws. Cayman had better stop pinning all its hopes on the financial industry and start to revive tourism in a meaningful way because this just might be our only redemption.
Revive tourism as a financial alternative to the financial sector???? LOL!!!!!
Amazing…
That's right let's aim to grow the 6.00 an hour jobs to insure Cayman stays economically viable on the world markets.
Yes, revive tourism as an alternative to the financial sector; aim to grow the 6.00 an hour jobs… This just goes to show how much you know about the Cayman Islands prior to the 15 or less years that you have been here newbie.
Let me give you a lesson about Cayman its tourism and the financial industry. Long, ago before you knew anything about these islands, before you heard about these three little isalnds somewhere in the Caribbean that you could not find on a map if you tried. About 10,000 or less people lived on an idyllic island with 98% natives and 2% non natives who considered themselves Caymanians and by their deeds and actions they were nothing less; we embraced them and likewise. We shared everything and everyone was very contented.
Our main industries were tourism and living of the sea either as a seaman or fisherman. Our way of life was simple but we owned everything and the super rich and vip's of the world visited and made this country their play ground. Men and women that made the Forbes list of millionaires year after year, founders of giant USA corporations that are still around today, women and men who got personal invitation to the coronation of the queen, world famous astronauts and more. This was prior to the flight of the financial industry from the Bahamas to Cayman. Back then we did not sell our lands and owned from sea to shining sea and by the way we owned our own homes outright not bank financed.
A time when 99.8 percent of the population worked in the tourism industry. We were paid very well, then along came the 70's the growth of the banking and financial industry and thus began the decline of our way of life. In the mid 1970s to the late 1980 every hotel, restaurant and tourism operated business was made up of Caymanians 99.9% of the employees and we earned excellent salaries much more than the financial industry paid us. The financial industry was no big deal to Caymanians back them we had the goose that laid the golden egg the tourism industry but because of listening to people like you our young people abandoned the tourism industry to go work in banks who recruited and promised the world because they were not allowed to bring inexpats like the can today to do jobs that Caymanians were able to do then but are not able to do now (that was a time when the politician of the day had steel balls).
The financial industry would give our young people loans at discounted rates to buy cars but gave them nothing to buy property because their plans were already being laid to kill the golden goose and fool the young because it would be a day that they would rule when the lands were all in the hands of their people. Cayman's tourism industry made many millionaires out of expat and local Maitre'D, Waiters and Waitresses than the financial industry made out of expat Secretaries and local Receptionists, why? The development of the financial industry has had less impact on the local population in terms of social and economical growth for the mass of natives than the tourism industry. Again 99.9% of Caymanians that own a house in the 70s to 90s did so by working in the tourism industry and did not get a mortgage to get it either. I cannot say the same today. I will not say the financial industry did not bring some benefits to these islands but in my opinion I see more contribution to real wealth to our natives by the tourism industry than what was derived from the financial industry. I have facts to back this up now tell me about yours and let the Caymanian people be the judge of this.
As for Cayman being financially viable on the world markets that is a crock of you know what; we areonly useful because of our lack of direct taxation. If the financial industry was contributing so much why is our government so broke when trillions of dollars are held here or pass thru daily? This relationship reminds me of a wife and a mistress at the end of the day….. one walks away with everything and the other nothing but the good times to reminicse about.
You can fool some of the people some of the times and some people all the time but you can't fool all the people all the time! enough said.
Mmmmmm, some good points, if a little arrogant and condesending.
First of all, there are no such people as 'native' Caymanians as there has never been an indiginous population on these islands as all human life has been imported since the first British settlers.
Secondly, Cayman is only a base for international banks, pure and simple.
Thirdly, I agree that tourism is the proper route in these days of financial instability. But you've taken too long getting your act together and your business and immigration policies have stunted a potential gold mine. The market must be opened up to international and Caribbean hotel chains and a halt called to the condo market which does nothing to encourage visitors who seek inclusive packages or fully serviced accommodation. The super rich are no longer the ones who pump money into your tourism sector, it is the growing middle classes from around the world who are spending.
And finally, there could be enough work for all who wish to be here if the tourist sector could be handled properly. But remember, high wage demands only stiffle economies, Cayman has to learnthat the 'good old day's' have gone and with it, the entitlement attitude of years gone by. The cost of living will continue to grow all the time high wage's are paid, that's just a fact of life, as is the reality of Caymanians having to work in the service sector instead of pretending to be high flying bankers.
I don't care if anyone believes there are "Native Caymanians" or not we know who we are and that settle that. We know which names are native and those that are not. We know who can go and dig up generational bone buried here and who cannot so that settles the case for me. Science has proven that Africa was the cradle of civilization so we all came from some where and a few people landed on Cayman from England, Africa or Mar and settled this land when no one else was here. Like the American Indians who were the first to settle America they and their generations have the honour of being "Natives". Cayman is a base for international banks so, what do you think NY, London, Switzerland and any financial center is? Cayman's tourism industry went up in smoke when the government removed the moritorium of building more hotels on 7 mile beach, it ended when the entitled Native Caymanians were removed forcefully but deceptively and retired from the industry and replaced by people who knows nothing about Cayman our culture and way of life. Cayman was never like the rest of the "Caribbean" we have never encouraged all inclusive resort and in my opinion we still don't need them here. Our population is still relatively small, Cayman does not have the population and infrastructure to support all inclusive hotels and major hotel chains. We have over developed our islands and we are no longer attractive to the super rich, they have traded us in a long time ago for quaint destinations like the BVI that is where you will find them on the exclusive Necker Island or at Little Dix Bay, Peter Island or just hanging out at Bomba Shack in Tortola or any of the famous non discript places hanging out with the locals like they did back in the good ole days in Cayman at Galleon Beach. Let me remind you there are lots of work in the tourism industry to employ every unemployed Caymanian shouldour government have the guts to do what they have to do and our young Caymanians would dare to return to the first love of their ancestors (tourism). High wages is not what has stiffled the Cayman economy this country was always a high wage country until 2003. In 1980 and up until 1992 when I worked in the tourism industry I made more money there than when I left to go into the financial industry and this is a fact. On average my part time job in tourism I took home as much as $2,000 every two weeks and some customers would leave tips. My primary job was at the front desk and I make a monthly salary of any where from $2,500 to $3,500 including grats. Do your calculations; from the tourism industry I was able to made $5,000 and more per month and expenses were less then than now. The financial industry paid a measly $2,500 at that time. Today for a Native Caymanian to command $5,000 in the tourism industry is almost impossible because of the importation of cheap labour. Caymanians have regressed and we are sliding down fast because of greed and listening to people who came here solely to exploit the "Natives". As for Caymanians entitlement attitude, sure why not? I cannot go to the Canada, USA or Europe and expected to be entitled to anything let alone get a job. I am a Caymanian and by extension a citizen of the UK and believe me I am not entitled to free medical, education or social programs until I have lived there for 2 years or more and contribute to their economy by paying my taxes. So PLEASE, don't go telling me about entitlement . I have traveled all over the world and have seen the entitlement of many people of the world especially those of the first world. In countries such as Sweden, France, Austria and Germany. Again Cayman was never a low wage jurisdiction we don't do third world, never had it and never will. As for Caymanians pretending to be high flying banker most Caymanian between the ages of 65 and 35 have been there and done that. So I would agree with you it is now time for our great hotel managers who are still viable to help revive the industry and steer our young people back to the tourism industry and the type of service that once made us great. I await that day with great anticipation and will personally welcome the day when our financial industry is no more than what it was in the 1980 back office operations with lots of companies and just enough Caymanians to ensure full employment. When tourism was king and tourists mingled and spent money like the still do in the BVI who's government control their country. Oh how I loved to hear the tourists back in 1980 say this island is so beautiful and the natives are so friendly. My friend remember you did not come here and found a blank easel.
I think I undersand what your loooongwinded reply was seeking to say but your biggest problem is within not without. Stop blaming expats who come and work like slaves for low wages and live under deplorable condiitons but look at who hire them … that would be YOUR Native Caymanian people I guess! while you are at it try to find out which one of your so called native idiots is out there circulating a petiiton of some kind under the guise of being native Caymanians but all the time attempting to alter the laws to allow ANY child born her to be given Caymanian status. Now what would that do to future Native Caymanian children? How contradictory .. or lunacy perhaps… lolol You poor native caymanian people .. idiots like that will always be your traitors.
Thank goodness the loooongwinded reply made sense, unlike the short incoherent ramblings of a loony tune. Every expat that came here and worked like slaves for low wages and lived under deplorable conditions choose to do so on their own accord. Cayman has never had a slave ship or plantation. I know of no Native Caymanian that has left this rock to go work for slave wages in any country, we stay in our own country with our own expectations. I have a suggestion for any expat that is working like slaves in this country, do not allow it leave and go back to your country no one is holding you hostage here. The few Native Caymanians that are willing to sell their country for political reason will get their due rewards in time. As for those with petitions to give ANY child born here Caymanian Status that will never happen. Native Caymanians will take it to the world courts to uphold our natural rights. Real Caymanians are not prepared to allow persons with births of opportunity to come here and displace Native Caymanians.
"Native Caymanians" are as real to these Islands as are the populace of many other countries. There are but few that have truly "native" people. at least in the terms that you suggest, however, there are those of us who have been here for more generations than we can count and, yes, we dare to call ourselves native. I resent your reference to "the entitlement attitude". I do not consider myself "entitled" for anything, rather, I took the time and paid the funds to educate myself and return expecting that I would be given a fair chance to compete for a job in my country. Instead what I have found are a bunch of foreign paranias swimming in my pond and trying to eat every "native" (yes I used that word again!) in sight. I am sick and tired of people like you who have come here with the sole intent of raping my conuntry and insulting my people. It will be a happy day when the likes of you depart these shores. Please let me know when you are going and I will purchase a bottle of champagne and toast you on the airport!
Good history lesson, but it's the same in all developed countries. Neither Caymanians nor Americans nor Brits will go back to lower-income, harder-working, better-educated generations of the past. Our culture is gone. We're all American wannabes and so proud of our dual and triple citizenships yet pay no taxes in the US or UK.
Invisilbe Daddy speak for yourself. We don' want to go back to lower-income but that is a fact it is now happening. I know an educated Caymanian that was out of a job from 2 years and when they were able to get a job they was offered wages that was paid to them 10 years ago explain that? I agree our culture is gone as long as we allow it. I thought it was gone too until hurricane Ivan came around and I was a witness to its instant revival. This is one that is not an American wannabe, I love some facets of the American lifestyle but not all. I am not one that is apposed to paying my fair share of taxes, direct or indirect.
"……… it slows you down, cramps your style and causes governments like mine to have to increase your fees."
It's not YOUR government, Mr. Premier, it's OURS. It's YOUR administration. It is the poor, unvetted choices made by your administration and lack of accountability that has put us all in this dismal place we are in. Value for money? How can you tell? We sure can't, because we need accountability for the money spent, as you well know.
I hope a strategic and bold correction to OUR government is forthcoming in May. Until then, I pray that your influence is minimised, because none of us can afford any more of your whims.
I wish you the best, Mr. Permier. I wish you felt the same.
No its his! Given to him by the Caymanian voters. He gets to keep it because the ratio of educated vs uneducated voters is not high enough. He is still the boss because he pays well and knows all the dirt on the rest of Caymans leadership. Now he is pissed because he can't promise free driveway paving to his tribe on Grand Cayman. Juju beat him to it.
NOTHING in either Europe or The United States can ever out genius our eternally honorable fifth grade financial expert folks. Just ask Mr. Stan Thomas or GLF or CHEC or Cohen or the auditor general or the PPM or Mr. Bellingham or that church in West Bay or for that matter any West Bayer you come across or JuJu or Helium or captain Eugene. Or hell just ask anyone you see that pays a utility bill in Cayman.
Or anyone that goes to the supermarket or gas station…or takes a shower.
I like your Comment, and I know what everybody is going thru.
However, it would be interesting to find out what People would think about Prices in our SUPERMARKET in LITTLE CAYMAN.
I am talking at least 3 (THREE) Times of Prices in Grand Cayman, and twice that of Cayman Brac.
If there is any justified Reason, I am sure that all of us living would like to know about it.
And please don't give me the lame Excuse about FREIGHT. Checked it out,does not make any Sense.
One Example, $2.99 for one POUND of shriveled up POTATOES????
Sort of like the $8.00 gallons of milk in the Brac. You should checkFacebook for the pictures of the empty shelves due to the weather. If they fly in milk, it'll be $10.00.
Is Mr Bush in any position to talk about regulation? I think not. However if he suggests a Directors Disqualification Act then I agree with him. Then directors of banks such as First Cayman Bank can receive their just deserts. What goes around ……………..
Tell me he's joking……PLEASE tell me he's joking.
If he isn't can someone please look up the meaning of delusional
While you are at it think of a combination of in undoubted self belief, drive to (and beileif in ability and right to) ride straight through all opposition, serial impulsiveness in decision making and look up the definition of mania.
Having done that can we find a panel of individuals to confirm if there may be a prima facie case that this guy is not only apparently out of control put quite possibly clinically NUTS (forgive the lack of a suitable technical term here – we all understand this one without a medical dictionary!)
So is he now saying that it was KPMG's idea to consider the expat tax?
There are some intelligent people at this conference. I wonder what they thought of this buffoon and his nonsense speech.
If I was there I would have slowly slipped under the table and hid from the utter embarassment of this re-tard.
Yes by all means lets just get ride of pesky regulations that hinder the ability to plunder. Take all you can and give nothing back. The pirate code is Caymans real code to live by. Plan accourdingly.
Bush has his head so far up his a$$ he still doesn't realize just how much he has srewed over most of the people living here. Maybe if he spent more time here doing his job and less time figureing out how to spend more of the public purse on himself and his friends but that would be like asking a dog to stop barking. As long as he is in charge Grand Cayman is becomeing a great place for the Bushits and a difficult if not impossible place for people who work for a living and callthis place home.