Brian Duperreault: “Let’s Take A Big, Bold Step”

May 15, 2014

brian Duperreault bermudaWe have an unsustainable debt that no amount of cost-cutting will resolve and a more open immigration policy could help create jobs and jump-start our economy, Brian Duperreault said this evening  [May 15].

Mr. Duperreault — the CEO of the Hamilton Insurance Group and former Chairman of the SAGE Commission  – was speaking at the 16th Annual Insurance Awards at the Fairmont Hamilton Princess.

Hosted by the Bermuda Insurance Institute, the Insurance Industry Awards recognize outstanding individuals and companies whose leadership skills, contributions to the industry, and/or Bermuda community set them apart from their peers.

Industry veteran Robin Spencer-Arscott received the Lifetime Achievement Award, Julia Henderson received the Young Industry Leader of the Year Award, while Catlin Insurance received the Corporate Social Responsibility Award.

Mr. Duperreault said, “We have one healthy industry in Bermuda – insurance – and one – tourism – that’s still on life support. Insurance is subject to natural fluctuations, too, so it’s dangerous to rely on it to prop up our economy while tourism recovers.

“I’m not telling you anything new when I say we need a more diversified economy. We’ve been talking about this in Bermuda for years. But we haven’t made much progress.

“Two things have changed since we started looking at how to create new revenue streams: our economic situation has profoundly deteriorated, and technology has redefined how business is done.

“In this second decade of the 21st century, business is much more cerebral and much less manual. In our industry, it’s much less transactional.

Calling us “the incredible shrinking country”, Mr. Duperreault continued, “But let’s look at immigration, where I think there’s a unique opportunity to move Bermuda forward.

“It’s not the only answer, but it has the potential to be the type of game-changing move that we must make.

“The SAGE Commission called for a more open immigration policy, and I still believe this is the right solution for creating the numbers of jobs we need and to jump-start our economy.

“I also think it’s the most effective way to inject an entrepreneurial spirit into the way we do business.

“Done in consultation with the right stakeholders, modifying our immigration policies doesn’t have to represent a threat to Bermudians’ birthrights.

“The reason the SAGE Commission highlighted immigration was because of Bermuda’s declining population and the urgent need to generate inward investment.

“In the last five years, we’ve lost thousands of residents. We can’t reproduce ourselves out of this problem. And we have an unsustainable debt that no amount of cost-cutting will resolve.

Mr. Duperreault continued, “We need a more open policy of inviting people with money and ideas to live in Bermuda.

“We’ve been a pretty exclusive club up until now. I think it’s time to loosen the rules so others can join. Residence in Bermuda is still coveted. People who are discerning about where to live still put a value on living in Bermuda.

“Let’s give others a chance to help us. We don’t have all the answers.

“We can make sure the quid pro quo protects Bermudians. We can make it clear that people can come, but they have to create a specified number of jobs in a specified period of time. If their company succeeds and thrives, they can stay. If not, they have to leave.

“We can enact legislation that provides for what I’ll call economic citizenship. It may not include voting rights, but it would represent a stability in employment and residence that would be very appealing to the type of people we want to attract.

“Who knows what businesses might result from creating an incubator of intellectual capital here in Bermuda?

“I know talk of changing immigration laws alarms people, particularly when things are as difficult as they are right now. When you don’t have a job, it’s hard to support making it easier for non Bermudians to come here and work.

The world has changed, and it’s going to keep on changing. We have to accept that. We also need to accept that we don’t have a God given right to anything.

“My suggestions about immigration aren’t the only answer to our problems. Yes, let’s protect what we consider the essence of Bermuda, but let’s enable meaningful change to take place.

“In reality, we’ve never been content with the status quo. Tourism and international business were game changers for Bermuda.

“Let’s take a big, bold step. Let’s not be tentative, or scared, or lose our confidence.”

Mr. Duperreault’s full speech follows below:

Mr. Premier, Members of the Board of the BII, and invited guests,

It’s a pleasure to be here tonight, and to feel the optimism and energy in Bermuda’s insurance industry. The conversations I’ve had over drinks have reinforced my belief that the Bermuda market is strong, and viable, and competitive.

The Bermuda Insurance Institute deserves a lot of credit for that energy and optimism. The opportunities you provide to Bermuda’s insurance professionals make a very real difference in the manner in which our industry stays current and on top of developing trends.

You help us keep our skills honed and our focus sharp. You help keep Bermuda competitive. So thank you to Dawnelle and her team, as well as the BII Board, for all that you do to support an aspect of Bermuda’s economy that is critical to the Island’s financial health.

Before I start my formal remarks, I want to add my voice to the commendations given to Robin Spencer-Arscott, Julia Henderson and Catlin.

Robin was one of the first people I met when I came back to Bermuda 20 years ago. He went out of his way to introduce me to people, and help me get my feet wet. I’ve never forgotten your assistance, Robin, and I’ve always been grateful. Thank you.

Congratulations to Julia. Your achievements are impressive. It’s clear you’re making a real contribution, both to our industry and to our community.

And congratulations to Catlin. You continue to set the gold standard for corporate social responsibility in Bermuda.

I think this is the first time I’ve spoken since I finished working on the SAGE Commission’s analysis of the Bermuda Government.

Most of you know that since then, I’ve started a new company – Hamilton Insurance Group.

Given all the dire comments I made about the state of Bermuda’s economy when I was chairman of SAGE, the question I’m often asked now is:

Why?

When things are so hard in Bermuda, and when the market cycle is so bad, why are you starting a new company? Why don’t you just enjoy your retirement?

There are two reasons. The first is that I love insurance. I know many of you do, too. I love its dynamics, and the variables that affect it, and the protection it represents for communities and countries.

I entered the industry almost by accident. When I was finishing my stint in the US Army, I was looking for a job and saw an ad for actuaries at AIG.

I didn’t know what an actuary was and didn’t know anything about insurance, but I needed a job.

I applied and was offered a training position, and that was that. I was hooked. And I’ve stayed hooked ever since.

Even though I’ve “retired” twice – once from ACE and once from Marsh – the opportunity to work with the team at Hamilton was too good to pass up.

The second reason for starting a company now is that I don’t believe there’s any advantage to waiting until market conditions are just right. They never are. Something is always out of whack: a glut of capital, too many events, low interest rates – you know the list.

In hard markets and in soft, there will always be a reason to wait.

But if you wait, you get nowhere. And when markets turn, you’re caught flat-footed.

If you’ve got the right fundamentals in place – good people, good products, good management, and I have all of those at Hamilton – you can succeed in any market. It’s not always easy, but it’s eminently doable.

You just have to be creative, innovative and nimble.

That question of Why? – why take on this challenge now, when things are so difficult – is also facing Bermuda, and that’s what I’d like to talk to you about tonight.

While there are some indications that Bermuda’s economy is beginning to turn around, the shoots of recovery are tender and green.

Like other countries, we have social challenges and polarized politics. We can’t ignore these realities in our eagerness to get the economy back on an even keel.

However, as we discovered in the work we did on the SAGE Commission, the status quo isn’t going to work. The way things used to be done won’t support Bermuda’s recovery.

As a country, we have to be creative, innovative, and nimble.

Google Chairman Eric Schmidt spoke at the Kennedy Business School about a week ago and said:

“The successful entrepreneur doubles down, fights harder, leads harder, challenges harder, and eventually wins.

“The unsuccessful entrepreneur gets scared, gets tentative, loses confidence, falls apart.

“That’s the difference between $1 billion and zero.”

Bermuda’s insurance and reinsurance sectors have been pretty good at being entrepreneurial. We’ve got a great pool of talent, and we receive world-class support from the BMA, our regulatory body. That combination enables progress.

Bermuda needs to figure out how to get that entrepreneurial model embedded in the DNA of the country. This is not the time to be tentative and lose our confidence.

I know we can do this. If we get the right people around the table, talk honestly about the issues and listen to each other, we can do this.

I’m not suggesting an endless loop of consultation. I’m saying that, as a community, let’s define what needs to be done, discuss solutions and make decisions – in a timeframe that respects the process but has the momentum that a crisis requires.

Because we are still in a state of crisis. And we’re still in decline. We’re the incredible shrinking country.

We have one healthy industry in Bermuda – insurance – and one – tourism – that’s still on life support. Insurance is subject to natural fluctuations, too, so it’s dangerous to rely on it to prop up our economy while tourism recovers.

When I came to Bermuda in 1994, I was invited to sit on a sustainable development committee. We collected data and statistics and noted the declining workforce in the insurance business. It continued to decline in ‘95 and ‘96 as the days of naïve capital came to an end.

The work that was being done was run-off work. Jobs were being lost as people were no longer needed.

The difference in 1994 was that the insurance business wasn’t Bermuda’s only healthy industry. Tourism was still pretty strong 20 years ago, employing thousands of Bermudians.

I’m not telling you anything new when I say we need a more diversified economy. We’ve been talking about this in Bermuda for years. But we haven’t made much progress.

Two things have changed since we started looking at how to create new revenue streams: our economic situation has profoundly deteriorated, and technology has redefined how business is done.

In this second decade of the 21st century, business is much more cerebral and much less manual. In our industry, it’s much less transactional.

To adapt to a cerebral world, we need to do two things:

  • Educate our children so they have the technological skills they need, no matter what career they choose, and
  • Attract entrepreneurs who will stimulate the innovation and creativity needed to diversify our economy.

I’m not going to address the education issue. It’s a mammoth task, and it must be tackled.

But let’s look at immigration, where I think there’s a unique opportunity to move Bermuda forward.

It’s not the only answer, but it has the potential to be the type of game-changing move that we must make.

The SAGE Commission called for a more open immigration policy, and I still believe this is the right solution for creating the numbers of jobs we need and to jump-start our economy.

I also think it’s the most effective way to inject an entrepreneurial spirit into the way we do business.

Done in consultation with the right stakeholders, modifying our immigration policies doesn’t have to represent a threat to Bermudians’ birthrights.

The reason the SAGE Commission highlighted immigration was because of Bermuda’s declining population and the urgent need to generate inward investment.

In the last five years, we’ve lost thousands of residents. We can’t reproduce ourselves out of this problem. And we have an unsustainable debt that no amount of cost-cutting will resolve.

We need a more open policy of inviting people with money and ideas to live in Bermuda.

We’ve been a pretty exclusive club up until now. I think it’s time to loosen the rules so others can join. Residence in Bermuda is still coveted. People who are discerning about where to live still put a value on living in Bermuda.

Let’s give others a chance to help us. We don’t have all the answers.

We can make sure the quid pro quo protects Bermudians. We can make it clear that people can come, but they have to create a specified number of jobs in a specified period of time. If their company succeeds and thrives, they can stay. If not, they have to leave.

We can enact legislation that provides for what I’ll call economic citizenship. It may not include voting rights, but it would represent a stability in employment and residence that would be very appealing to the type of people we want to attract.

Who knows what businesses might result from creating an incubator of intellectual capital here in Bermuda?

I know talk of changing immigration laws alarms people, particularly when things are as difficult as they are right now.

When you don’t have a job, it’s hard to support making it easier for non Bermudians to come here and work.

But here’s another thing Schmidt said at the Kennedy Business School: “A steady supply of very smart people flowing in and out” is a critical part of creating what Schmidt calls a hive of knowledge.

“The sense of being in the middle of something great is hugely motivating to people who want to start new things.”

The Bermuda insurance market is a good example of this. The intellectual capital that’s accessible within a few blocks in Hamilton feeds innovation and creativity. There’s a reason we’re called the risk capital of the world. I know we can be the capital of other sectors, too.

In closing, just a few more comments:

The world has changed, and it’s going to keep on changing. We have to accept that. We also need to accept that we don’t have a God given right to anything.

My suggestions about immigration aren’t the only answer to our problems.

Yes, let’s protect what we consider the essence of Bermuda, but let’s enable meaningful change to take place.

In reality, we’ve never been content with the status quo. Tourism and international business were game changers for Bermuda.

Let’s take a big, bold step. Let’s not be tentative, or scared, or lose our confidence.

Let’s show that we can make the difference between $1 billion and zero.

Thank you.

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Comments (149)

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  1. Maximus says:

    Great speech. A rallying call from a pretty clever fellow. I’m in. Where do we sign up?

    • Steve Biko says:

      I don’t trust him, um startin to feel like de Mexicans and de American Indians, there’s gold in them hills der.

      • jt says:

        Of course you don’t.

      • anon says:

        we would expect nothing less from you Steve B! We’d hate for you to have to broaden your horizons and think of the bigger picture. Please not carry on as we don’t have enough xenophobics.

        • Steve Biko says:

          Hey anal opps anon every Country who looks out for their natives is normal, only in Bermuda when you have a few Colonialist who still think that Black Bermudians are still subservient to their ideology and when they rebel against it their labeled as Xenophobics, and de Brits think de same way with West Indians, East Indians, Africans, etc, etc, who live in England, and de Americans think de same way towards Mexicans, etc, etc , but in Bermuda we’re XENOPHOBIC !!!!!
          Ya all full of s—t!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

          • Mike Hind says:

            “natives”?

            And you might want to look up what “xenophobic” means… You can’t do exactly what the word means, then pretend to be affronted when it’s pointed out!

      • Hmmm says:

        What are you offering Bermuda Biko?

    • Brian Gerard Rotchford says:

      Well said Brian Duperreault

      • Country boy says:

        Absolutely. Time to open up.

        Shame on the PLP for hanging onto the ideals of the past.

        • Better Dump says:

          The past is the only thing PLP has to hang on to. So what else do you expect?

          All they ever did was moan about the past – so they’re still doing it.

          Next…

  2. Hot Button says:

    Live off our year salaries and say that. Say that when you are 60 and can’t find a job as you watch others from abroad take them because they are so easy to get. Then come back and tell me if you feel the same way. If I had your salary and benefits I would say the same thing. Who cares about little old me and the average Bermudian. Don’t tell me the trickle down effect will help us. Yes, the debt is a big problem and it is Not unique to Bermuda. Live off our salary then talk to us again.

    • aceboy says:

      Ok…..what is YOUR solution?

      Did you not read the part about unsustainable debt levels and no amount of cost cutting will help?

      You think it will miraculously get better?

      Do you have ANY idea how bad it can really get? You ain’t seen nothing yet but yet appear to be determined to find out. The average Bermudian will suffer the most too.

    • Confused says:

      Welcome to the real world. Get employable and compete for jobs like EVERY OTHER PERSON IN THE WORLD or keep complaining about how hard done by you are…

    • CommonSensenBda says:

      Living off your salary isn’t difficult, it is your SPENDING HABITS that has kept you where you are. Did you attend that lady Susie’s talk last weekend? Oh right, she didn’t make any sense at all, did she?

      Ask your parents how they survived during WWII. Did they have to sacrifice? Did they have to pool resources? Did they have to work with friends, family, and neighbors to ACHIEVE success? Did they sometimes have to do without the latest gadget? Did they sometimes had to tell their children NO!? Did they teach those children the difference between what was IMPORTANT as a NEED was vastly different from a WANT/DESIRE?

      Probably not.

      • Steve Biko says:

        Did they organize and form a Union because of the injustice from de Oligarchy?
        Yes they did.

        • Hmmm says:

          PLP deflection …

          We have the Employment act and tribunals to protect in the 21st Century. Don’t give the credit to the Union for this…this was born from a need to bring Bermuda in line with international standards.

          • Steve Biko says:

            Hey Dreamer de Employment act is a protocol from de Collective Bargaining Agreement so it does not SUPERSEEDE it, if it wasn’t for the UNION you wouldn’t have de Employment Act.
            DREAMER

        • swing voter says:

          yur living in the past….the war is over….change yur mindset or die!

          • Toodle-oo says:

            He and others of his generation will eventually pass away but the indoctrination of hate is always taught and passed on to the newer ones to keep it alive .

      • Steve Biko says:

        @CommonSenceBda do you know the reason why our forparents had to do these wonderful things that you mentioned, its because they were denied the basic principle means of survival from the evil ideology of colonialism which was and still is controlled by greedy Capitalist.

    • anon says:

      But the “other from abroad” would be required to create a certain amount of jobs.

    • Redman says:

      @ Hot Button,

      So what should we do then? If we don’t have the people and $$$ locally that is needed what should we do? How about we just moan about not getting our share or not having enough to ‘get by’. How about we just tell those wealthy foreign folks to just ‘Create Jobs’ here but stay the H*ll out of here,oops that’s whats happening now. Remind me how’s that working for Bermuda and you?

      Better yet if you don’t own one and I’m betting you don’t, why don’t you start or buy your own business and employee some of these out of work Bermudians?

      How about joining forces with a few of your friends to do it? Naah you and many like you would just prefer someone else created jobs so that you can have your entitlement. Pathetic.

      Bermuda needs more people here who can create jobs not moaners, sadly the moaners outnumber the doers.

  3. nuffin but the truth says:

    Brian Duperreault is 100% right!
    Bermuda has only the defunct plp with their failed friends n family policies and spend spend to blame for the situation it is in.

    • Ian says:

      Your party’s friends and family policy starts at the low low cost of 3ook and will be reported on tomorrow in further detail. Pipe down hypocrite…

      • Mike Hind says:

        And if it’s not? I’ll be interested to see what you say, if anything, if this doesn’t happen.

      • nuffin but the truth says:

        and what party is that mr knowaboutnothing!

      • aceboy says:

        Please, the original claim was that Cannonier took money personally. Now that has all changed.

        Odd that I didn’t see you comment on the hidden transactions at the BHB that were reported on recently.

        No problem with those I guess?

  4. Proud2bBermudian says:

    I wanted to see how many comments would be posted before someone pointed blame on a political party. We only made it to 2 comments.

    I keep hearing this suggestion but if they could lay it out detail by detail and show us how Bermudians will fit in you might have more buy in. But that’s the problem with a lot of ideas in Bermuda. No one gives detailed explainations. They just do! Or don’t do. Idk these days.

    • Confused says:

      It’s pretty simple how Bermudians fit in. Get a good education and become a candidate for these jobs (hint- they WANT to hire LOCALS). But of course, that doesn’t fly here… Because Bermudians deserve these jobs… Because they are Bermudian. Lmao.

      • 4real? says:

        @ confused,

        You really are confused! “Bermudians” code word black ppl, have already gotten “a good education”. As a matter of fact, they have more degrees on this rock than the average white Bermudian. Yet…..the majority of managerial & executive positions are still NOT held by these “Bermudians”! So no, they don’t deserve those jobs just because….They deserve them based on your own standards written above!!! “Fit” that into your prejudicial stereotypes!

        • Girl on Fire says:

          4 real: And what are those degrees in? I know PLENTY of Bermudians who have degrees in education, history, psychology, languages, Art, Music, Sociology, etc. They are not business degrees, so it is unsurprising they are not likely to be in managerial/executive position in business.

          If you want to work in business, then major in a business related discipline. Saying that you have a degree is not meaningful – the degree needs to be relevant to the work!

          • jt says:

            And what from what post secondary institutions? Those that have the relevant degrees from relevant schools have relevant jobs.

            • Spanky says:

              I know a Bermudian who graduated with a degree in political science from a tiny little Canadian university, who has gone on to be a very respected leader and president of one of the island’s largest insurance companies. His degree was only the start. Lots of hard work, dedication and sacrifice but most importantly he’s good at what he does! His entry degree has no relevance to his industry but got him through the door, no doubt.

              • Girl on Fire says:

                I absolutely agree that a degree is only the beginning. In times past, it used to be enough to simply have a degree, regardless of the field. But now with lots of educated people to choose from, employers are looking at whether a person has a relevant degree OR relevant experience OR a professional qualification.

                People can and do change fields all the time, but my point to 4Real is that just because you have an educated populace, doesn’t mean we’re educated in the right fields. It’s going to be pretty hard to land a job in reinsurance when you’re only qualification is a masters in art history.

                Knowing that lots of us have degrees doesn’t tell us anything unless we know the fields they are in. The Dept. of Statistics needs to improve in this regard.

                • Girl on Fire says:

                  *your* not you’re

                • 4real? says:

                  Hey fire girl,

                  Your argument sounds good but, it’s based on a false premise. In addition, there are plenty of white Bermudians who have entered those insurance, reinsurance, banking and other related industries who not only did not have a degree in business but, many of them didn’t even have to finish the discipline that they were studying. Some were allowed into the field based on who they knew! I’m not telling you a rumor, I’m telling you what I have witnessed! I’d challenge you to actually investigate the educational background of ALL of those involved in these fields in Bda (white & black) and then get back to me. One young Caucasian lady That comes to mind was in her second year of a psychology degree and her only work experience was babysitting. She went through the application and interview process like everyone else. However, she and her family knew the right people and they hired her (in reinsurance) and trained her in-house. I wish everyone would be honest about what really goes on, instead of pretending as if society and the business world has done a complete 180 and is no longer involved in any kind of biased hiring practices. Donald sterling is not a singular character, he just got caught. The man blatantly talked about his friends and associates having a problem with black people as well. It’s funny how everyone seems to have missed that.

          • Redman says:

            @ Girl on Fire

            Right on the money.

            Loads of nurses (among other positions) needed but WTH the mode of operation for too many seems to be study for a degree in something that is nearly non existent or over subscribed locally. Of course then moan that I can’t get a job even with a degree!!

            • 4real? says:

              Redman,

              Do you tell white Bermudians to go and get nursing degrees as well? The last time I checked, there weren’t very many working at the BHB or studying to become one. Could it be that they are also, ” studying for a degree in something that is nearly non existent or over subscribed locally” as well? You and Fire are being disingenuous when you insinuate that black Bermudians are studying abroad to receive advance degrees in fields that are not relevant to our society and it’s workforce. I don’t know of anyone studying art history, dance, bungee jumping or any other far reaching example that you can come up with in an attempt to marginalize their educational qualifications. As a matter of fact, most that I know of are concentrating in business, IT, medicine, engineering & education just like everyone else.

              • Redman says:

                @ 4Real?

                Your comment was Pathetic, the Race Bus is never late I see. My letter didn’t question or speak to anyone’s skin colour so take that oversized chip off of your shoulder as it has nothing to do with what I said.

                I Pointed out nursing which is an obvious area as the ratio of Bermudians to foreign nurses is still wide. As such employment opportunities in that field are greater, get it? I doubt it. If people want to go and get degrees in areas that ‘they like or are interested in’ but where employment opportunity is limited then they will have to take the consequences when they return. As many are finding.

                More Bermudians need to first check on the available jobs and start their further education and training from there. Getting a degree in something that they like but wont necessarily help you when you return is who’s fault?.

                There is no doubt that many Bermudians are getting degrees in areas that will stand them in good stead when they return but there are still too many Bermudians getting degrees in subjects that jobs are either nearly non existent or over subscribed locally so their employment prospects are going to be what?

                Even with relevant degree(s)in hand it still doesn’t guarantee employment in their chosen field. It usually takes more than just the degree doesn’t it?. That’s called life, colour doesn’t come into that either.

                That message might be unpalatable to you and others but its as real as the nose on ones face.

        • Heavens says:

          It also has a lot to do with the University you go to. Some university in East Jeezus will not give you the same degree of a Degree like an ivy league school. I mean, most of these IB companies won’t look at anybody who doesn’t graduate from an Ivy League or Oxford or Cambridge. So to parents all over: stop wasting your money on mickey mouse college degrees and expect your children to become CEOs. It won’t happen.

          • Jim Jones says:

            “most of these IB companies won’t look at anybody who doesn’t graduate from an Ivy League or Oxford or Cambridge.”

            this is not even CLOSE to being true. Universities should be reputable, but most definitely do NOT have to Ivy League.

        • Confused says:

          1. You are the one who brought black vs. white into the discussion, I am talking about Bermudians. You are a racist. Race is completely irrelevant in this discussion.

          2. “managerial & executive positions” WHY WOULD THESE BE HELD BY BERMUDIANS IN INTERNATIONAL COMPANIES, which you are undoubtedly referring to. Typical victim mentality.

          P.S They aren’t stereotypes if they are always true.

          • 4real? says:

            @ confused,

            I’m no racist, just because I called you out on your stereotyping.
            Second, are you trying to tell me that there is a difference amongst locally owned companies?
            If you knew me, then you’d know that I am far from a “typical victim mentality”. As a matter of fact, I own a business that actually employs Bermudians. So I’m not here begging for a hand out or an easy pathway from you or anyone else. All I’m just asking is that you be honest when you’re “stereotyping” everyone and painting them all with the same brush because you sound eerily similar to Donald sterling with your comments!

            • Confused says:

              You are a racist, because even if I was generalizing, I was not generalizing by race – but you were.

              You are a waste of my time. Go be an exception and get indignant about people calling it like it is, while the island around you crumbles.

        • WillSee says:

          Their degrees come from worthless colleges and online programs.

    • ya right says:

      A lot Bermudians have an island mentality. I mean you can’t blame them since we live on an island. People just wanna chill and cool out on the beach. Not everyone worries about politics. Some people love the easy island life and they believe government should fix all of their problems!! Welcome to Bermuda.

    • frank says:

      I think I said it before this world economic down turn was not caused by no political party but by on family that is filthy rich
      so rich that they control many world central banks

      • anon says:

        Yes and have videos everywhere are watching us all the time, right? Time for your meds

  5. Coffee says:

    I hear you Brian . Our Premier took a big bold step in D.C. with three of his buddies the other day . I understand that he opened his mouth wide . Real wide . Our problem is this Brian , see we got amateur parish consular politicians trying to operate on the world stage and by and large we realize that these representatives are just not up to the job.

    Brian I know you smell the blood , you understand timing , your ruthless ,cunning and a serious oppurtunist and I could tell by reading your speech that you have family and plenty friends (birds of prey)on speed dial just waiting to pick this carcass clean (buy Bermuda ,repackage it and sell it back).

    Selling Bermuda ,go ahead Brian name your price and the OBA will cash the check .

    • Sandy Bottom says:

      What the hell are you talking about.

      • Mike Hind says:

        Nobody knows… not even him. It’s just more hateful, racist nonsense from a resident demagogue.

        Par for the course. Don’t expect hate to make sense.

        • Coffee says:

          So where exactly does race and hate come in OBA lapdog ?

          • Mike Hind says:

            *sigh*

            I don’t know how many times I have to tell you this before it gets through, but I’ll try again…

            I’m not like you. I’m not a lapdog for any political party.
            I know this is your only reality, as you ARE, in fact, a lapdog for yours, but not everyone is like you. In fact, most people aren’t.
            Most people aren’t so filled with rage and bitterness and hate and self-entitled outrage that their party lost the election. Most people aren’t brainless tools spreading propaganda. I know it’s hard for you to get, but most of us aren’t like you.
            Most of us aren’t racist, hate-filled demagogues, willing to lie and misinform and spread false information for a political party.

            We’re not like you.

            Get it?

            • Coffee says:

              Not sure why the OBA spends so much taxpayer dollars on PR when you do it freely all day every day as a full time job on Bernews and god knows where else . I’m only assuming this is something you do as a free service for your super heroes in the OBA . I could be wrong ,or maybe you are just a hairy legged OBA cheerleader .

              • Mike Hind says:

                No. I don’t. This is just another completely false and childish tantrum from you, lashing out because I called you out.

                “I could be wrong”? THAT is the first true thing you’ve spoken!
                You ARE wrong.

                Here’s something to think about…

                If my calls for honesty, integrity and backing up your claims makes me “an OBA cheerleader”, what does that say about you and your party?

                ‘Cuz check this out… You can’t find a post of mine where I “cheerlead” the OBA. Not one.

                I know you hate it when someone exposes you for what you are, but lashing out with lies like this is just pathetic.

                At least TRY to act with an ounce of decency.

                Your behaviour, and the tacit approval of behaviour like it, is EXACTLY why people stayed away from the voting booth last time. You’d think you’d have learned by now. Crying wolf is a losing strategy.

                • Coffee says:

                  As expected ..More deflecting from the hairy legged OBA cheerleader .

                  • Mike Hind says:

                    You’re pathetic. I’m amazed that. After trolling like this, you still expect people to take you seriously in any way…

              • Sickofantz says:

                Of course the PLP were spending money on PR too weren’t they? And now we all know exactly how Jamahl Simmons really thinks! I sincerely believe that there are many PLP supporters who are genuinely ashamed of him and his vile views.

                • marge says:

                  I was also shocked by the remarks Jahmal Simmons made on twitter !!!!!!!!!
                  This guy is so full of hate….

                  • Redman says:

                    Yep, Mr. Simmons claimed that he had problems with his Branch while in the UBP.

                    Well now that we know how he really thinks its pretty clear that he was probably a big part of those problems.

              • Serengeti says:

                Nah. I think he just does it because you’re a particularly unpleasant yet persistent troll.
                On this subject, you obviously know nothing at all. You know nothing about Duperreault, so you attack him personally.
                Two things you do know – you hate foreigners, and you also hate Bermudians who don’t hate foreigners.
                So that makes it easy for you talk about ‘selling Bermuda’ and all that crap.

    • Cleancut says:

      It’s people like Duperrault that has made Bermuda what it is today. In the Golden days he put many a house in Bermudians pockets.

    • jt says:

      Try addressing the points that were made. You haven’t. You’ve lept to the ususal – the tried and true – the anticipated and expected.

      Just waiting on Alvin now.

    • anon says:

      I need a shower after reading this. What rock did you crawl out from under? So a successful person is ruthless, cunning and serious opportunist waiting to pick a carcass. Are you writing this from a wall somewhere perhaps?

      • LOL (Original TM*) says:

        She just writing about her self she just can’t see it

  6. Board Member says:

    How much more open do you want Immigration to be Mr. Duperreault, because right now the flood gates are open in that department. Anymore open then it is now the employers might get will be able to tick a box on the Immigration SAGE Commission application that reads……….

    “No Bermudian Need 2 APPLY”

    • nuffin but the truth says:

      and you know that how?

      • $300k where R U says:

        You and the rest of the red kool-aid support team said the same thing about the $300k. Now we have a Government that’s been in power for 18 months and the small percent of the voters that gave you a chance to do better have abandon the OBA Ship. All this thanks to your Captain Craig Cannonier. Next time place a leader who has some experience in politics, not some jack in the box pulled out of a hat to win votes from a certain segment of the community. The color issue on what a leader should look like is so old. People want a real leader and right now your leader is failing. The man doesn’t even want to talk to the Press OMG$$$$$

      • anon says:

        Because I heard it from one of my ace-boys the other day

        • True says:

          Absolutely true – I heard if from one of my aceboys as well (think it was between the second and third bottles of rum). IB doesn’t want to hire Bermudians – my aceboy said so – he’d actually turned up for an interview and was only half hot but they wouldn’t hire him.

    • Confused says:

      I dare you to try to answer why they do not want to hire a Bermudian. PLP has Bermuda convinced there is some anti-Bermudian conspiracy. As a Bermudian, this is utter BS.

      • The Real World says:

        In the real World most business know who they want to hire before people even apply for jobs. It’s called family, friends & tailor made jobs. I have a friend who works for well known company in Bermuda as the HR. The CEO told her point blank this is the person we want make it happen with the work permit application. It’s all about how HR writes and applies for the work permit.

        She told me the Bermudian was qualified. What is she going to do report this to Immigration and get fired from her high paying job! Do you really think any company wants a X HR who can’t keep her mouth shut!

        • Silence Do Good says:

          The Government put into place Work Permit Violations to cover these types of issues. All your friend has to do it report the violation to the Dept. Of Immigration for an investigation. If what you are saying is correct the problem will be solved properly.

          Commercial Immigration is getting to much press. St. Lucia and the Bahamas is looking to do it as well. Bermuda should be different and kick all the rich people out, close the doors and put up a sign that say we prefer deflation because everythink is far too expensive and we would rather not apply ourselve for a better future if we have to compete with anyone but ourselves.

          • PLEASE SHUT UP says:

            Nothing has change I have a friend that works there. You don’t understand anything. Ask anyone who works there. It’s amazing what people tell you after a few drinks. The minister he’s a joke. The PLP did a better job for Bermudians when it came to Immigration problems. But when looking out for the people of this country and telling companies to hire Bermudians they scared the companies away. I can understand hiring practice for the big companies like Mr. Duperreault spoke about but when hiring a waiter or landscaper. Don’t we have enough Bermudians out of work to fill these jobs? Do you know they even gave a work permit for a pool attendant!

        • Real world says:

          Real World, since it happened to a friend of a friend of a friend of yours it must be true.

          Having said that, if that’s true call immigration – they have a hotline.

          But, even assuming your claim is true, things would never have reached that point if there had been a Bermudian on the horizon. Since there wasn’t ….

    • Sandy Bottom says:

      I’m a Bermudian, and I have a good job in IB. How did that happen, if “no Bermudians need 2 apply”?

      I also have a lot of input into who we hire. Why would I choose a non Bermudian over a qualified Bermudian?

      I hope we take the bold steps Duperreault is talking about. More of us would have jobs, that’s for sure.

      • Worker bee says:

        I’m in Int’l Business and I’m looking to hire for a specific new position. My first choice would be a Bermudian, since they’re here, less likely to move away, probably have a better network of people, and can be in place with less logistical hassle. If I can’t find a Bermudian who I want to hire, I’ll look at hiring a foreigner. If Immigration second-guesses my choice and tells me no, I’ll look to make the hire in London instead, and I’d probably be so fed up by that point that I’d seriously think about going to London myself. The question for Bermuda is this: are two foreigners are better than nothing? Many people seem to choose nothing. Too bad they don’t realize that that’s their loss. An empty island is a poor island. A crowded island is a rich island.

        • sage says:

          How about a sewage treatment system with all these crowds? Just more greaseballs?

    • Mike Hind says:

      “the Immigration SAGE Commission application”?

      What the heck?

  7. Sir George says:

    Bermuda is in a Depression. 12% NPL’s should scare everyone who understands. We have to get greater utilization to stop the slide.

  8. Who sees it knows it says:

    Many IB jobs are recruited for ( via international recruitment companies) before the position is advertised in the local papers. Advertising for a Bermudian is in many cases a formality which is required by law and often the very last step in the hiring process …for many IB companies, especially for middle management and professional positions.

    The floods gates appear to be open already iro immigration, as someone mentioned. Qualified bermudians are not out of work because there are no jobs for them!

    News flash: qualified unemployed Bermudians are not out of work due to lack of positions for which they are qualified…they are out of work because: the expat hiring managers tell The HR manager who they want to hire (e.g. The qualified non Bermudian which they believe to have better work ethic than the average Bermudian…amongst others things I’m sure) and the HR manager makes it happen…”point blank”.

    Solution: let’s instead work on getting more qualified Bermudians so that “we” can justly outnumber the qualified non Bermudians and then maybe we will have a fair shot at the opportunities presented by a “more open immigration policy”.

    Signed
    Bermudian
    IB professional

    • Already done says:

      You already outnumber the foreigners. Most big international businesses are anywhere from 60-90% Bermudian (incl. PRC and spouses).

    • So what's the answer? says:

      How about doing your homework and seeing what the international headhunters are looking for. Employers wouldn’t be looking internationally if there was a potential local hire – if there isn’t it’s because locals aren’t applying (they simply assume that the jobs will come to them).

    • Navin Johnson says:

      I have been in IB in Bermuda for 30 years and have rarely seen a Bermudian who was not able to advance…..ACE and XL are good examples of Bermudians who did not attend Harvard or Oxford but rose through the ranks…..not to say a company may not have a candidate in the wings but in the overwhelming majority a Bermudian will be given preference…

  9. 1minute says:

    It is amazing that in this day and age & in Bermuda, people still do not understand the benefits of foreigners to the Bermuda economy. Bermudian minds have been poisoned to thinking that foreigners are the bad guys. Yes a foreign business will probably want its own people at the top, but all those other jobs that they create. Bermudian staff are cheaper and easier to hire. Landlords get new tenants. Shopkeepers get more sales. If you educate yourself and are willing to work hard and put in an honest day’s work, you can go places. Also, education & hard work can help you leave this little island, and be an expat yourself. Go abroad; get the experience, then come home and thrive.

    • Redo says:

      Yea, but b****ing and complaining and blaming everyone else is so much easier than educating myself and being able to compete for these jobs.

  10. Rhonda Neil says:

    Mr. D. If I had just your 2009 bonus payout of 33 million, I to probably wouldn’t care about sinking those who don’t have a big enough boat when the flood gate opens. How the saying goes, raising tide raise some boat, and sinks others… so let the tidal wave begin.

    • jt says:

      The risising tide only sinks boats anchored to the bottom.

    • Hmmm says:

      SO, with all that money he made on the international stage (in the one year), he has no cares or need to speak to help Bermuda. Yet he does, he spent countless hours working with folks to produce the SAGE report, he also speaks up on what needs to happen, he has no need to.

    • Serengeti says:

      How would you feel if you had, say, three homes, a luxury yacht that was given to you by a friendly contractor, $100m in the bank, and you spent your time swanning between Bermuda and Martha’s Vinyard?
      Just hypothetically. Would that make you a trustworthy person?

    • Redo says:

      Oh Rhonda, you poor unitelligent soul. You just don’t get it do you? I pity you.

  11. Navin Johnson says:

    you want people with money to come in and invest? then you have to give them something in return….the PLP apologists and socialists would say lets just tax people with money who are already here… a guy with Dupperaults money and intelligence could go anywhere so pray that people like him don’t just pack up and go…..economic citizenship….invest and hire local people and you can come here its that simple and you only need a few wealthy Chinese or Russians or Saudi’s to pull it off…come back when the population is down to 55,000 and the attitude will change Brian…

  12. shutthemdown says:

    Always thought Bermuda would be sold out so this is no suprise to me.

    ubp/oba will be giving away Bermuda one piece at a time.

    • jt says:

      Bermuda is currenty owned by foreigners to the tune of some $2 billion dollars. Who allowed that ‘sale’? If we can;t pay that back wait and see what happens to our ‘birth rights’.

    • Sandy Bottom says:

      It was the PLP who changed the law to allow 600 condos to be sold to non Bermudian buyers. Were they selling our birthright as well?

  13. swing voter says:

    He’s right. A lot of us ‘Bermudians’ still don’t realize how close we are to becoming a charity case, selling trinkets to snubby tourists for a dollar, barely able to even feed ourselves. The fortunate ones have a exit strategy in place. No breadfruit, mango, and citrus trees in my back yard. just a few seasonal banana trees and a small garden plot. them feral chickens lookin pretty darn tasty now ain’t they?

  14. Truth is killin' me... says:

    Scaremongering at it’s finest with a few beats of the drum!! THIS ISLAND NEEDS TO PULL ITSELF OUT OF DEBT…WHAT PART OF THAT DON’T YOU UNDERSTAND PEOPLE!!!

  15. I see Desperation says:

    Whenever you start giving away your birth right, you have no appreciation for your rightful inheritance and you don’t know or respect your trueworth or value!!! We have government leaders that are far too willing to treat themselves and this country like Esau who sold his inheritance for a bowl of stew…..

    • Heavens says:

      tell that to all the grandparents who arrived here from St Kitts. give me a break man. you will not lose ANY rights from Commercial Immigration. GROW UP.

    • jt says:

      How do you assess our foreign debt with respect to its potential to impact our birth rights? Who allowed that to occur? Did you complain then?

      • Blessed are the children says:

        Blessed are the children because they will inherit the national debt.

      • I see desperation says:

        Yes, I did complain then because I’m not for govt. handouts, robbing peter to pay Paul and spending above your means and then coming back to the ppl to make them pay for it. International businesses are not as concerned about buying property here and for individual employees to remain indefinitely as much as they are concerned about the bottom line. They care about low taxes, high profits and business friendly regulations in a safe and politically stable environment. If Bermuda gets these things right then nothing should stop us from being the envy of the world again.

  16. The Kid says:

    Well said Bryan Duperreault and its the only way out of the mess and I calculate we need about 3,000 of them so lets start now .

    And at the same time get the civil service ratios back on track , Bermuda is now 1 for 8 citizens, Ottawa is 1 for 60 and I have been reading that they think they are top-heavy.

    Again the time has come for the bold step … lets do it.

    • DarkSideofTheMoon says:

      Good for **Ottawa, Canada**…………

      • anon says:

        …and there it is! Thanks for never dissappointing

  17. JUNK YARD DOG says:

    We have a Government we can not afford.
    We have a life style we can not afford.
    We have a tax system we can not afford.
    We have a Government that is broke.
    We have a people who are broke and broken.

    If I don’t have a job, how can i cant pay taxes ?

    The Government can not tax its way out of debt.

    Taxing me will not work, because senior citizens will not live long enough.

    Why am I not getting value for my tax dollar ?

    When things go well the Government takes the credit.
    When things go wrong the Government has to take the responsibility.

  18. DarkSideofTheMoon says:

    I agree with Mr. Duperreault. We do need an influx of new people in Bermuda as our birth rates are going down and we are becoming unsustainable. However, I am not sure I trust the current government to implement this type of change because they are only concerned about how it will line their friends pockets, not about how it will actually help the average middle to lower social class Bermudian. Not sure about the PLP either, but would trust them more than what is currently in power.

  19. This debt was created …unfortunately by those who would have the same thing you are asking for.Reasons being quite dubios….plp kept spending and were on an agenda that saw another interest interjecting where as before they would ask …and then and now are flexing…plp was selling Bermuda wholesale and made promises…s’what it appeared to be….thing is….it would have put the adverage Bermudian in the same predicament as those without homes due to bad notes and useless investment sold to people duped into purchasingit in the first place.

  20. Who sees it knows it says:

    Ok what is special about Bermuda? Why do (IB) companies want to come here and do business?

    1. Zero Corporate tax
    2. Zero Corporate tax
    3. Zero Corporate tax

    ….meanwhile benefiting from our relatively solid infrastructure and natural resources.

    Maybe we should tax the employee bonuses in excess of say 100k. What we need is a task force to evaluate the appox tax savings made here on the island. What we will confirm is that even with the current immigration polices, Bermuda is getting the short end of the stick

    • Toodle-oo says:

      Did you just awaken from a 16 year slumber ? It sounds like you did because you must have slept through what happened when the PLP increased the payroll tax.

      Do you even understand our tax system or are you one of those people who still foolishly boast to visitors that we don’t have any taxes in Bermuda ?

      True , we don’t have ‘corporate profit tax’ but we have every other tax in the book including income tax x’s 2

      Regardless of what you may erroneously think we’re already pushing our luck with our costs here for these companies and they recognize and know that they won’t hang around to subsidize a fiscally irresponsible government trying to keep a lot of people looking for handouts happy.

      • Who sees it knows it says:

        IB is the reason why our cost of living has escalated….dugh

        • Toodle-oo says:

          dugh (duuh), it’s not !
          IB had the money and Bermudians capitalized on it by raising their prices to gouge as much money as possible out of them.
          Regrettably this greed is the reason so very many people are struggling now and our price structure is totally unsustainable.

          It all started with landlords ,and I can point you to one of the very first who in the early 80′s almost tore the arm off of an exempt company who wanted his cottage for an exec so badly they threw double the asking price at him for it.
          Guess what ? He went and told all of his friends who owned properties and they started searching out IB’s for tenants. And thus the extortionate upward spiral in our core cost of living began .
          And they’re all guilty of it. White AND black landlords.
          Nearly all of them not only desire and seek IB staff with their rent allowances , they price their properties completely out of reach of Bermudians to keep them out.

          So, Bermudians did it , your very own. Not IB

        • Mike Hind says:

          And our standard of living, too…

          And you don’t have to “sell your soul to IB” in order to benefit…

      • Who sees it knows it says:

        I’m not selling my soul to IB and you shouldn’t either

  21. clearasmud says:

    There is some truth in what Mr. Duperreault says yet I can not ignore the fact that he has much to gain from his stance. He has invested heavily in that Morgans point venture so how much has that influenced his view? There has always been the opportunity for business to come here and grow that is how IB developed here so I am not exactly sure what he is advocating. The Government is already looking into the feasibility of commercial immigration in its many different forms so hopefully we will get an objective report on the pros and cons and be in a position to have a real dicussion on this topic.

  22. PANGAEA says:

    Now is the time to go after the Three Banks who are raking it in and
    they are letting go staff in this time of recession and paying ridiculously low interest rates, all this to bolster up the balance sheets of the ‘Blue suits”.
    may be its is time for the Banks offer “NOW ACCOUNTS” for interest checking account balances.

    BANK PROFIT .
    THE DISPARITY IS THE DIFFERENCE BETWEEN INTEREST ON MONEY TAKEN IN AND MONEY LENT OUT.
    ON CHECKING ACCOUNTS BALANCES, NO INTEREST IS PAID OUT , HOWEVER THE MONEY IS LENT OUT WITH INTEREST BEING COLLECTED.

    The banks have a mandate from Government that guarantees their ever lasting success through money exchange, the more of your money they trade the more money they make.

    May be you should buy bank shares so you too can get on the bank wagon or are they making is so complicated to deter you.

    Young People……. Here is the GOLDEN RULE “Pay your self first, live on what is left”.
    Have a goal in life stop this living ” One day at a time”. Plan your future. Don’t tell me its is hard, because we had it hard back then working two jobs.

    Hey ! sell the TV !

    Learn the meaning of sacrifice you know that a” fool and his money are soon parted”. “living on credit” is a disaster waiting to happen.

    This is not the first recession that Bermuda has faced and neither will it be the last.

    Bermuda has created its own recession on top of the world recessions, double jeopardy if you ask me.

    During the last recession , I know for a fact that ” The Bank” went out of its way to support its customers in time of need, at that time put in place revised terms of loans and mortgages, and I do not know of any body who have lost their homes, also people were receiving respectable interest rates on their savings, C/ D’s and other investments, back then people were saving and investing their money and while others sad to say were “living the life of Riley” those people do not save for a rainy day, are you doing that?

    If you want to live in the past like some do, you need to move on with your life
    “Money does not grow on trees”

    People don’t have any hope of getting any where if you buy new cars when the ash trays are full.

    Mr Brian Duperreault a visionary, a brilliant and successful man , be guided by his wisdom.

    • inna says:

      This is the most sensible comment i have read on this thread!

    • Toodle-oo says:

      Funny how back in those days the banks were all ‘locally owned’ and hated by a certain segment with that ‘oligarchy thinking’ . Now they really have a reason to hate them and where’s the beefing ? ?

      Also you bring up a point that illustrates and reminds us what used to be the old , practical mindset amongst Bermudians in terms of finances. Sacrifice , make wise choices ,even suffer but do not live for today.
      Regardless of what many want to believe , this is what’s at the root of the financial position of so many people here. NOT some huge and unprovable wage disparity .

      C’mon now folks , in this day and age all companies have to report regularly to the government the racial breakdown of their staff and what they pay them for what they do based on qualifications and position. If any companies were deliberately paying blacks with the same qualification . skill set, seniority and attitude less than others they’d be raked over the coals with an investigation very quickly .

      If you keep spending everything you make foolishly you’ll always look like there’s a disparity compared to people with a plan who sacrifice.

  23. Thanks Brian for once again presenting what some of us know must take place.
    Bermuda has fallen behind in TOURISM, EDUCATION and the ENVIRONMENT. Three key areas.
    We have no moved with the times. In fact the Digital Revolution has found most of Bermuda asleep at the wheel. Just because you have an iPad does not mean anything.
    Our policies in Bermuda have harmed Tourism, Real Estate and indeed have chased over 4000 people off the island.

    We have SOLD OUT to he Cruise Ships whilst our hotels cannot compete with all the offerings that a 21st century traveler wants.

    Bermuda needs ACTION or it will wither away due to its own myopic inaction and often xenophobic immigration policy.
    OPEN MARKETS work best.
    Bermuda closed itself off by ridiculous 6 year term limits, draconian real estate policy and not moving with the times.
    EDUCATION in our public schools is out of date and obsolete.
    The health of our people, animals, birds and fish is in danger because of pesticide spraying everywhere.
    THERE IS MUCH TO BE DONE.

    • Sickofantz says:

      I was totally with you until you hit the old Pesticide thing. Which I believe is inaccurate and totally off subject.

      • Keepin' it Real!...4Real! says:

        maybe off subject but the pesticide thing is DEFINITELY ACCURATE!!…you need to wake up sir who is Sickofantz…your name explains your train of thoughts though.

  24. North West says:

    The Premier just took a old step backwards today! Foolish!

  25. Terry says:

    True ‘inna’.
    That’s why I kept my mouth shut.
    Shalom.

  26. UpsetwithVerdict says:

    Why dont we just let the gates open and people could come work and leave when they feel!!! The country is so small idiot and we cant accommodate everyone!!! Profits OVER People is always been his motto anyway!!

    • Serengeti says:

      Another village idiot.

    • inna says:

      and look how well he has done over the years.

      you, i bet you dont even own a house!

    • Sickofantz says:

      Profits pay for hospitals, schools, roads, parks infrastructure, ferries buses, and so on and so on.

  27. Donna C says:

    Whilst we are on this topic of immigration and education, I know of some well qualified Bermudians who are not working. They went to the top business schools but are not able to secure positions in Bermuda. They are always told they are over qualified or just unsuccessful. There are companies that fail to even write back to them regarding whether they are successful or not. It is a shame that we find ourselves in a position were we fail to give these people opportunities that are commensurate with their abilities. They have to leave in order to seek employment or otherwise take lower level positions. Bermuda must change but Bermuda needs equity. It was Martin Luther King that said, ” Don’t judge me by the color of my skin but by the content of my mind” thus I am advocating that Bermuda use fairness and equity in opening up immigration and Bermuda look at its people and the education that they require.
    We live in a century were innovation and change occurs daily. We live in a technological age were computerization is the game. If Bermuda is to survive we need an infrastructure and sustainable development. Is IB sustainable when we have a global economy? I question whether or not Bermuda is focusing on the future? Many of our competitors are taking a futuristic approach to developing their economies. Bermuda needs to look at the emerging markets that will be the dominant markets in 2025 and onward. Bermuda needs to recognize that we too can move forward if we tap into the emerging markets and their needs. We need to take a look at Islamic Finance as their will be more Moslems in 2017 than Christians. We need to look at alternative energy and harnessing wealth from the ocean. Many Bermudians already have the ability and education, all they need is the opportunity to show others that they are ready for the challenges and success. Bermudians walk into your purpose and claim your destiny.

    • WillSee says:

      We all know people not working.
      what “top” business schools did they go to?

  28. PANGAEA says:

    Let me offer you a few quotes so you know what greases the almighty wheel.

    “MONEY is the root of all evil.”

    A PENNY earned is a PENNY saved.

    He who holds the GOLD.

    A Fool and his MONEY are soon Parted.

    SAVE for a rainy day.

    Look after number one.

    Sell the dining room table before you sell the house.

    Do not buy on CREDIT.

    Pay CASH and demand a DISCOUNT.

    Spend MONEY like it is the last DOLLAR you have.

    Make what you have last.

    Make the right decisions.

    Always think twice.

    Know the value of money.

    Chose your INVESTMENTS wisely.

    Good MONEY is untarnished.

    Be FRUGAL at the same time buy the best.

    if you buy junk, you will be a dealer in junk.

    Buy quality with quality money.

    Do not keep up with the Jones.

    If you save only $10.00 a day for 10 years you will have $36,500. + + +

    Do not retire in debt.

    Your health is worth more than all the tea in China.

    The buying power on MONEY decreases over time.

    Neither lend , borrow ,or give……. oops !

    When we build , let us think that we build for ever . Let it not be for present delight nor present use alone.

    Sacrifice!

  29. Keepin' it Real!...4Real! says:

    IGNORANCE IS BLISS…REALITY IS NOT. here is some perspectives.

    http://demonocracy.info/infographics/usa/us_debt/us_debt.html

  30. Sickofantz says:

    Please explain what is islamic finance?

  31. Mr D for president of this rock. At least he has a vision and working knowledge not like the clowns we elect on either side of the house

  32. Donna C says:

    To Stickofantz

    Islamic finance is based on asset based economics it is alternative financing. It prohibits interest unlike conventional financing that allows interest as it key element. Thus in Islamic financing profits are made from markup at the inception of a mortgage etc. Islamic finance is based on a religious principle of Sharia law. It commenced in 1983 in Malaysia and it is a more socio economic means of growing an economy. I hope this helps. I don’t want to get into to much detail however as sukuk’s (similar to a bond) becomes more popular and since Arab countries are using this method more often now, perhaps Bermuda needs to do a feasibility study on it.

    I hope this helps you.

    • Sickofantz says:

      Thankyou for your explanation. So are you proposing the set up of an islamic bank here in Bermuda? Do you have a particular one in mind?

      I can see that the principle of eliminating interest from banking transactions is interesting but in order to pay their employees/overheads (and investors) they must still make money. So presumably when they lend money they just charge a fee instead? Is this right?

    • JUNK YARD DOG says:

      What is that you all don’t understand STOP THE BORROWING !

      We would be better of inviting the Bank of America here.
      They would give HSBC some competition.

      NO ! ……… 911 people, thank you.

      You can not mix the chickens in with the goats.

  33. Justin Frank says:

    Live For “WE”, Not For Just ME. Appreciate each other.

  34. Donna C says:

    To Sickofantz

    There is no interest as interest is prohibited. However at the commencement of any contract there is an embedded markup on the mortgage. This embedded mark up will never change. For example if I want to purchase a car and the bank says the markup is $100 dollars than all I will pay back over the course of the contract is the original dollar amount borrowed and my $100 over the life of the contract. In Islamic finance this is a more equitable method of doing business. It has an element of social consciousness within it. Whereas if you look at a mortgage with an interest contract it fluctuates based on the interest rate.

    I hope this helps you. When we have England being the largest non-Muslim country doing Islamic finance we should really be looking at this.

    The concept is not unique and was used centuries ago. I hope this helps you

  35. MT says:

    Who cares what Brian Dupperault s doing or trying to do! Go feed some hungry children……..