Premier Cox: “OBA Sides With Cayman”
[Updated with Mr Richards response] Premier and Finance Minister Paula Cox hosted a press conference this morning [Feb.22], saying the “latest comments from the OBA’s spokesperson for Finance, Mr. Richards, have gone one step further and taken a domestic fight international.”
“In fact, how a patriot for Bermuda could ever stand in front of an audience and side with the leader of a competitor jurisdiction against his own, defies belief.”
“The OBA instead sides with Cayman and wishes for Bermuda to ignore the key organisations like the OECD and initiatives like the EU’s Solvency II initiative, and they want the voting public to buy-in to a flawed model of fostering international business growth with the hallmark being light or no-touch supervision,” said the Premier.
The Premier’s full statement follows below:
Good morning,
It is probably as clear as day to every person in Bermuda what is going on right now on the political scene. An election looms, and politicians thrust and parry over the topical issues of the day, the Opposition looks for every opportunity to accentuate the negative and ignore the reality. That’s the game of politics.
However, these latest comments from the OBA’s spokesperson for Finance, Mr. Richards, have gone one step further and taken a domestic fight international. In fact, how a patriot for Bermuda could ever stand in front of an audience and side with the leader of a competitor jurisdiction against his own, defies belief.
The OBA instead sides with Cayman and wishes for Bermuda to ignore the key organisations like the OECD and initiatives like the EU’s Solvency II initiative, and they want the voting public to buy-in to a flawed model of fostering international business growth with the hallmark being light or no-touch supervision.
Bermuda’s national interest should always come before partisan warfare. These most recent utterances cause one to question how far the OBA is willing to go to score political points. We have to be better than that.
The world has changed yet the Opposition seemingly still wish to see policies and strategies tailored to a less complex time when competition was not as intense and world economies were booming.
Now let’s deal with reality.
I must dispel the myth that Bermuda’s independent regulator -the Bermuda Monetary Authority- is adopting the EU’s Solvency II Directive in Bermuda. Ironically, the Opposition is accusing this Government and our regulators of doing the very thing that we are actually bending over backwards to avoid.
In fact, as has been made clear on more than one occasion, rather than adopt another jurisdiction’s rulebook, in this case the European Union’s, we are taking great care to develop a supervisory framework that will work for Bermuda.
I have spoken before about the significant efforts this Government has undertaken to establish the appropriate level of credibility for Bermuda internationally. Bermuda has rebranded itself and is considered as a world class financial services centre ranking in the top tier of jurisdictions for financial services.
The Bermuda Monetary Authority’s view, is that adopting a one-size-fits-all approach is simply inappropriate, both for the regulators and the regulated. In this context, Bermuda has been very clear that while it seeks equivalence under the Solvency II directive for its large internationally-active insurers and reinsurers, this must be a practical form of equivalence.
It must be one that is appropriate and relevant and which works not just for Brussels but also for the entire Bermuda market. We should stress here that equivalent supervision is not the same as identical supervision.
Bermuda recognises that not all its regulated entities want to conduct business with or within Europe. However for those who do wish to conduct business in Europe this would mean an approved insurer in one participating European country would not have to spend the time, energy, and money to seek a license in another.
This “passport” to business would be a huge advantage over any unsanctioned.
Accordingly, the Bermuda Monetary Authority has sought and been granted permission to segment its risk industry into large commercial entities which desire equivalence and those that do not.In practical terms, this means that most of Bermuda’s special-purpose or captive insurance company market will be largely unaffected by Solvency II requirements.
I will now take your questions.
-
Update 4.50pm: Mr Richards replied to the Premier’s comments, the full video is below. Mr Richards refuted the Premier’s suggestion that he took “a domestic fight international,” saying that he was only responding to items appearing in the local press and noting that “in this day and age of the internet everything is international.”
He said “If the Premier’s definition of being patriotic means that you have to lie, then I am guilty as I am not going to lie.” He also noted that he has never spoken out against the Government’s attempts to get EU Solvency II, as he is “onboard” with that.
Quoting Cayman Premier McKeeva Bush who said “without the malice, without the inhibitions of race, without the inhibitions of transport,” Mr Richards said “those inhibitions, that malice, and that racial rhetoric was directed at us.”
“And there is nobody in this island that can ever say that’s not true,” said Mr Richards. “It is true. So if I have to be a liar to be patriot, then I am sorry I am not a patriot. I will always tell the Bermuda people the truth.”
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Clutching and Straws comes to mind after hearing The Premiere bleating on about what the OBA have said on this. Just call the election so that you can be put out and end Bermuda’s PLP misery!!
Putting PLP cronies/elite first before Bermuda….THAT is unpatriotic!!! PLP are elitists just like UBP.
This is the same person, who as Minister of Finance and along with the other members of the then Cabinet, signed a pledge of allegiance to Dr Ewart Brown. Clearly against the Consitution, and Bermuda’s interests. How unpatriotic was that?
Too bad all the main financial supporters are the former UBP financial supporters. Then again, a few PLP elected representatives are former UBP’ers as well. Then again, whats the difference between them???
Who are the PLP financial supporters then? Ewart and Zane?
The joke was directed at both parties. Obviously it struck a nerve with you and your preferred party. None the less, the question still stands. Difference????
“wishes for Bermuda to ignore the key organisations like the OECD and initiatives like the EU’s Solvency II initiative”
Ok so the OBA says that Solvency II is a bad idea
I must dispel the myth that Bermuda’s independent regulator -the Bermuda Monetary Authority- is adopting the EU’s Solvency II Directive in Bermuda
And The BMA agree….
So what was that press conference about except talking in circles? And by the way what that a “Government” or a PLP press conference?
The press conference was a public display of PLP falling apart. A strong leader would laugh this all off. Paula is weak and she knows it. PLP insiders cannot wait to take her job. This is why no general election has been called.
Not hardly! This showed Premier Cox putting Bob Richards in his place and his response showed him to be totally flustered.
Wrong, she showed she has nothing of merit to offer Bermudians or Bermuda. She has an empty deck and the game is almost up.
Wrong again, if she said nothing then she would be slandered for not caring.
Blah de blah blah blah—-how could anyone who calls themselves a patriot bungle and mismanage the finances of such a small country so appallingly, that right thinking people OF ANY COLOR, have to shake their heads in shock and disgust!!
“The Opposition looks for every opportunity to accentuate the negative and ignore the reality.”
And what did the PLP do before 1998? The same thing!
Was being an opposition only allowed in your day?
Grow up woman. Admit your faults, and fix your mess now or get out.
Tired of the OBA already, and i guess all the negative is going to be turned around with a puff of magic.
Please, you cant beat down a country and then expect to lead it. what are the positives that the OBA can build upon.
Is this Premier going to call a press conference every time the OBA disagrees with her ‘yes’ men and women? Last I checked that is what Opposition Parties do, they usually (with good cause) render an opinion that is far from the ruling party’s reality. Get on with the business at hand, and get this poor little country out from under this heavy debt that the PLP has so shamelessly burdened us with.
MinorMatters,
Its one thing to disagree – no one has an issue with that, but for Mr Richards to smugly and arrogantly attempt to throw the entire country under the bus is a sad indictment.
He didn’t. FACT
Mr Richards only said what a right thinking person would say looking at our financially disgraced position that has been foisted upon us in the last 13 years of wanton, reckless and irresponsible fiscal management. What’s not to agree with there? By the way, that doesn’t make me unpatriotic…what a load of crap.
I know it’s the usual shoot the messenger tactic so beloved of PLP numpties, but really Cog, is that it? Is that The best you can do?
You are out of your depth. Time to go….
Can I have my land license money back before you do?
get over it – consider it reparations for your keeping me in chains.
Guilden – when were you in chains or did you live up Chaingate Hill at some point in your life?
delusional at best…..
LOL
Ok, so…..are we done now? Are the PLP now going stuff about race?
Ah..thought not.
Mr. Richards is turning out to be a real nut case..
Looks like Mr. Richards OBA fans are willing to throw Bermuda under the bus, in a mad dash to gain political votes. Sad, that he would not put country first. Is this the only political strategy that the party has developed to gain the swing black middle class votes? I expected more from the OBA. Come Mr. Richards it would look more effective if you would talk about solutions going forward. Since you have a “magic wand”, what would you do? No…. I guess, as it is more easy for you to talk negative, rather than positive for you and the OBA fans. As a black middle class voter, you are sure making it harder for me to give you a vote……Your fans talk so nasty and I am not sure I want to be apart of a group of people like that. Talk to your fans Mr. Richards.
BA-HAHAHA Jack. Who talks more nasty than Cnl Burch or Commissiong? Step out of your brainwashed state before we all go down the toilet!!
Jumping Jack,
“your fans talk so nasty”—-
You must be one of the 8 who voted for The defender at the recent primary!
Talk about throw your country under the bus! Ewart and Cox threw Bermuda under the bus when they spent all of the country’s money years ago! You people crack me up!!!
Wow, I can’t believe the Premier of our country would act like a child. The OBA put the people of Bermuda and Bermuda first all the way. Otherwise they would say nothing and join the PLP to drain the country dry!
There are no OBA fans. You shouldn’t blindly follow a single party as a fan. Your vote shoukd go to the party that can do the best for your childrens future and your future. With the current PLP it is a no brainer, they need to go, regroup and come back with new agendas and motivations. Anger, I want mine, spend without controls have proven to be a failure.
“My style is to do the right thing.” Really?
“I must dispel the myth that Bermuda’s independent regulator -the Bermuda Monetary Authority- is adopting the EU’s Solvency II Directive in Bermuda”. No, but the government has been pursuing a policy of Solvency II equivalence. It is a distinction without a difference.
I was gonna say the same thing as the BMA will fail any company that fails to meet SII’s requirements. All global companies must be compliant who is she trying to lie to. Maybe her brother should let her know.
LOL she is right though we did not implement this change we have to follow it due to changing world accounting standards.
What opposition puts country first when the country is not on the right path? The oppositions job is just that! Paula “the Cog” your sounding a bit desperate and to call a press conference for this! I think the flipPLoP are showing they feel the pinch. Yes it’s showing! Grasping at straws are you!
What positives are there to build on? Really!! the PLP has f8cked up this place so bad it is sick! paula is a total joke. as for solutions – I have heard plenty – starting with getting the plp out of office – fact is plp has no fresh ideas and simply “borrows” from oba – Please Leave Politics PLP
The Paula Cox and the PLP are so clueless it’s scary!
Ask many of the foreign firms who have left, leaving or plan leave why they have packed their bags. They are tired of being jerked around by our inept government and the hassle of all the hoops the government makes them jump through.
The PLP haven’t figured out that having firms and their employees doing business here is enough. The employees contribute on a daily basis to the economy year round, unlike tourists which are seasonal.
It’s pretty sad to see many friends leave, many enjoyed their time here. Many have said that it’s governments policies to why their firms have packed their backs for greener pastures such as the Caymans, Switzerland, Hong Kong etc.
hey laverne where are you??
She’s mixing up a fresh batch of kool-aid as we speak. She will be sipping from the wooden mixing spoon to make sure it’s just right!
Solvency II Directive conversations are beyond her capacity. She can only deal with broken buses out of Dockyard.
maybe she is on “lunch” bahahahaha!
all day at lunch – she must work for the PLP
One day Bermuda will realize that running Bermuda as a business is a failure, since the people are tha Government and the Government should be of the people.
This is so desperate it’s insane.
So with an election looming, and knowing the race card won’t work this time, the PLP is adopting the lack of patriotism approach. This should be fun to follow. The PLP has aleady shown their lack of patriotism by mortgaging Bermuda in its entirety to foreign banks and investors as a result of the debt that has been incurred. Shown their lack of patriotism by selling Bermuda’s scarce land to foreigners, and no I don’t mean non-Bermudians married to Bermudians. Be careful of taking that path.
Yes, it is interesting to see the PLP strategy developing. For them only the PLP is capable of really being able to care for the needs of Bermuda in a balanced way. According to the PLP, the OBA don’t care about the Mr and Mrs Bermuda. The OBA are only for foreigners and business owners, cold and heartless. I hope the OBA can effectively tell people that they are very concerned with the welfare of average Bermudians and do indeed care about all Bermudians. It will be up to them to do it. They haven’t done it yet. The PLP have a very good track record of winning elections by using effective campaign strategies. Yes, offensive and nasty but effective. Let’s not pretend political campaigns are pretty. They are not. The OBA should spend a good amount of time analyzing what the PLP did to win in the past, because the PLP will be going about it in a similar way as before, with a different emphasis. It worked for them before. It might just work again.
In this case Cayman vs Bermuda ; Cox vs Bush , Bob Richards did what any real man would do … Go with the Bush ! !
So is Bob Richards a traitor now? Hmmm. I feel real betrayed by the PLP right about now…more so than ever before. Take a look around you Mr and Mrs Bermuda. How many of us (including me) have empty apartments or apartments that are producing significantly less rents that a few years ago because those good paying tenants are scarcer than a skink? How many of us are currently unemployed, have been made redundant or have been forced to retire at 65? How many of us are fishing off de rocks for dinner these days huh? How many of us are in REAL danger of losing our homes to foreclosure? How many of us live in fear of catching a stray bullet while driving down certain streets huh?
How many of us are noticing those real fancy new ‘GP’ cars on the road that no longer are licensed by gubment using ‘GP’ plates huh?
You can fool some people some of the time but you can’t fool all of the people all of the time. Tick…tock…tick…tock…time’s almost up.
The docks and bridges are much busier. Upside – fry and squid sales are bolstering retail sales.
When you distill what the Premier said – she in effect agrees with the OBA and Cayman!
How? The OBA disagrees with Bermuda going the route of Solvency II and so does the Premier, as she distinctly says that our regulators are “bending over backwards to avoid…”.
So where’s the beef?
Mr. Richards and the OBA have shown once again that their true alliance is NOT with Bermuda but only with their Party and their agenda. The job of the Opposition is to hold Government accountable. It is one thing to do so by calling Government out on their short comings but when you boldly lie and mislead on the issues you are of no help and this seems to be the norm for the OBA. To stand against your own country with their rivals is a new low for Mr. Richards, with the added point that he was dishonest in his statement makes it even more disheartening. The OBA does not have the best interest of Bermuda at heart, they have the best interest of the OBA at heart.
OBA= Obstructing Bermudas Advancement
No Way OBA
It seems that instead of listening, comprehending and forming an opinion you have just taken one side and ran with it which is exactly what Cox’s goal was by giving that press conference this morning. Listen to Richards response and think about it objectively and without bias.
I think people on this site should follow some of the US election preludes and see just how far opposing candidates go to smear and discredit their opposition. It makes Bermudian politics look like kindergarten kids on a playground. Opposition is a part of Politics and they rarely agree with the current people representing Government.
Some of the “digs” that Makeeva set forth were true as Richards highlighted in his response. He is being truthful, Cox is trying to pull the wool over peoples eyes by ignoring the problem and smearing Richards/OBA. All news is global these days does that mean that we stop reporting on things that reflect Bermuda in a negative light? No, you can’t and neither will global media, at best admit your falts and aim to improve them. If anything Cox’s actions this morning should be a red flag as she would rather lie to the populous in order to try and “save face” as opposed to admitting that there is a problem and they intend to fix it.
@ Educated Fools, So since I am in agreement with the Premier I didn’t listen or comprehend what was said before forming an opinion? SMH some of you bloggers are really funny. You feel that you can form an opinion and it should be taken as genuine while discrediting the opinion of others as if they are formed in ignorance. What makes your opinion so sincere and mine a blind one? This is in line with saying everyone who votes for the PLP is uneducated but if they vote for the Opposition then they are intelligent people. That is a sad mentality to have and will get us nowhere. I stand by my above post and your drable will not change my mind.
I was merely trying to point out that you were buying into the argument that the OBA’s true alliance is not with Bermuda. They would not be dedicating their time if that was the case. By bringing to light the financial difficulties we are currently under they demonstrating quite clearly that they are concerned for the islands best interest.
I am in no way a staunch OBA supporter. I can’t be as I am waiting to here all of their objectives. Though I recognize that what is presently happening in Bermuda is not sustainable and if they can present a plan that is then I am willing to listen. You can be a PLP supporter and still disagree with how they are running the country. At first they were very good under Smith and Scott, though it seems they may have lost their way slighty. Change may get them back on course.
Everyone is entitled to their opinion and each opinion is valid, important and should be considered. This is the power that we all have as voters; think beyond the politics and banter.
I notice that the three most recent Premiers married expats. Is that unpatriotic too?
they want a ticket out as soon as they are finished ruining our country. somewhere to hide
Well, of course, at least one of them is already out. Living it up with the other multi millionaires, pulling the strings from a distance.
The OBA would have just joined the PLP to get a piece of the pie. If you belive the COG then you are either stupid, on the payroll or simple. Take your pick or wake up and realize that the PLP in its current form are done, have failed themselves, us, Bermuda and you. The PLP have steered this ship into an iceberg. Vote OBA or vote oblivion, your choice. A vote for OBA is not a vote for OBA forever. The PLP will be back in power within 12 years, mark my words.
What utter garbage from Ms. Cox.
They also spend a lot of time out foreign looking at space shuttles, royal weddings and staring at freight docks too. They can stay at home and watch all that in a nice patriotic fashion.
I seem to remember in 1998, Mr Richards wife threatened they would leave Bermuda for Barbados if the PLP won. Perhaps this time, their preferred destination is Cayman…
What a joke he is…and an embarrassment.
But Mr and Mrs Richards are still here, trying to improve things. Mr & Mrs Ewart Brown, on the other hand….
SPEND AND SPIN AT WORK HERE
http://concernedbermudian.blogspot.com/
@ cedar: followed the link but could not see anything related to the smears the site referred to.
It a spin off the a petition that went around by a PLP guy sometime back only this time it’s pointing fingers at some people where as last time it cites “the media” same time as the media council was talked about and passed remember. If you want go to the PLP website and find LV’s sons blog he had running last election where he posted pic of B Zuile with devil horns and what not. Basically it character assination tactics.
LOL
Thanks LOL(original TM*)! And they complain about the UBP demonizing DeLaey Robinson, then do the same thing. I can’t stand it. This whole thing makes me want to bang my head against a wall. Somebody here is crazy and since it keeps going on and getting worse, it must be me.
@Itsaboutallofus – the only embarrassment around here is he PLP flipPLoP party. They have embarrassed us locally and internationally! The PLP have been a disgrace!
Cancer’s comments:
PLP flipPLoP party
The PLP have been a disgrace
Got anything else, anything of substance, or are you going to defend Bob the Traitor.
Oh get a grip. Cox the Cog, or person that has no understanding of accountibility or financial controls and why they are vital to the long term viability of a country. If there is a traitor then you are looking in the wrong direction. Go get some Understanding.
Oh I get it! It’s the new slogan for the koolaid drinkers. Bob is a traitor forget the fact that he warned the PLP that hard times were coming and he accused them of fear mongering and continued onward with the train wreck.
Hold your party accountable dude. They fu..ed this country high and dry. And desperation is why this article was written. It’s called grasping at straws, ever heard it?
cancer is the king of um the people who post on the bernews site!! congrats!!
Cog, baby…. you remind me of another woman who was totally out of touch with her people. Her name was Marie Antoinette, and the people took her head… while it appears you are just losing yours.
I’m a patriot. Now where is my holiday for the Queen’s Jubilee, Paula? Huh?
As a swing voter more and more Mr. Richards and OBA are becoming less appealing to me. Mr. Richard is now showing his cluelessness …he has surely missed the boat. It was clear that he still does not understand his actions. Now he attempts to spin his position. No one speaks against their country on the worldwide stage. No smart political figure acts in such a manner. Instead one should work to promote their country. This suggest to me, that the OBA actions are purely politically driven. Looks like votes by any means, even if means destroying the image of Bermuda (right or wrong). No one in their right mind would stand with an international competitors and speak against their own country even if the information is right or wrong. Firstly it is extremely distasteful and even more counterproductive, a collective effort towards positioning our selves in an increasingly competitive business environment should be the goal of all political parties. Mr.Richards and OBA I am sorry this one you fell down on big time, and the spin makes it even worst, as you failed to accept it was a big error on the part of Mr.Richards. I would have respected you more if that would have been acknowledge. Mr. Richards on the news last night…..looked hopeless and almost foolish as he tried to talk himself out of it. I found it very sad, indeed.
@ Jack Jumping: It appears that you, and others on this thread, mistakenly equate a negative commentary on the PLP’s performance with a commentary on Bermuda. THEY ARE NOT THE SAME!!! The PLP and Bermuda are not synonymous. Do not be confused!
You call for “a collective effort towards positioning our selves in an increasingly competitive business environment.”
I, and many others, only wish Ms. Cox was interested in a collective effort. She and her colleagues have ignored every suggestion and warning from a wide variety of sources. She continues to ignore, or gloss over, what is so plain to so many of us – the policies put in place by the PLP have driven international business away from our shores. That is a fact. We have been saying it for a while. It was echoed and reinforced by Cayman, yet Ms. Cox still refuses to hear the truth. Now, THAT is unpatriotic, in my book.
Instead she stoops to once again shoot the messenger.
Cayman’s has no idea wha the yare talking about or what they are doing. They are more corrupt then everyone professes Bermuda to be, and it shows by them not accepting Solvency II. The world is moving forward while the Cayman’s sits still.
@Jack Jumping – He said he was merely repeating what had been quoted in the RG from Bush. If you have any doubt about what people within the PLP really think about Bob’s read on…
I was amazed to hear Rodney Smith, Dale’s friend, a few months ago, on Everest’s DeCosta’s show saying that Bob Richards was right all along about our financial state going back 3 years! What an admission coming from a longtime PLP supporter! He was speaking out of turn and I’m sure was scolded for it. The PLP PR love to paint Bob as a bad person not working for Bermuda’s best interests and because he will never be the most charismatic or likeable person, it sort of works for them. Unfortunately for the PLP he speaks the truth and it hurts.
Do you truly think, based on Paula Cox’s terrible track record, she would do a better job as Finance Minister over Bob Richards over the next 4-5 years?
There are few things lower than questioning another person’s patriotism for personal gain – generally only a mob of Fascists would stoop low which evidently Madame Premier and her cronies have become in their blind loyalty to their Party over Country no matter what.
Since Bermuda is a a business the share holders get royally f k ed, its all about a surplus or should i a say a profit.
OBA
Putting OBA First!