PLP: ‘We’ve Made $1.38B Capital Investment’
“Contrary to the claims by the OBA, we’ve made $1.38 Billion of Capital Investment in Bermuda and Bermudians,” the PLP said in a statement issued last night.
On Tuesday [June 26] Fitch Ratings downgraded Bermuda to ‘AA’ from ‘AA+’ citing “deteriorating fiscal and government debt ratios and lack of a credible fiscal consolidation strategy.”
Later on Tuesday Government raised $475 million in 10-year bonds at 4.13% interest, with $180 million representing new debt thereby increasing Bermuda’s debt to approximately $1.4 billion.
Speaking yesterday, Shadow Finance Minister Bob Richards said, ““Let us also remember that this bond issue is to be used for current expenses: keeping the lights on, paying salaries, servicing the debt etc.
“As for the nonsense Government spouts about using the money to build infrastructure, this is not borne out by the facts. The fact is that no more than $500 million has been used for capital spending – which leaves nearly a billion dollars not spent on infrastructure,” continued Mr Richards.
Yesterday UBP MP Kim Swan said, “The PLP’s justification for the huge debt is that it is an investment in our infrastructure, but that theory gets called into question when one looks at the impact of the plethora of poorly managed projects which led to multi-millions of overspending and untendered projects which have raised the concern of the Auditor General.”
The PLP issued a statement last night saying, “Bob Richards and the OBA have spent hundreds of hours complaining, but, they have yet to tell the Bermudians what they would do to address Bermuda’s debt.”
Junior Finance Minister David Burt addresses the downgrade and debt:
“Our plan is clear,” said Premier Paula Cox last night. “We believe in investing in Bermudians during difficult economic times. That investment will help turn our economy around and get people back to work.
“It’s the same model embraced by Barack Obama. The idea is to invest during the worst of the recession to soften the blow and then continue to invest in to get people back to work.
“When our economy returns to growth, tax revenues will increase and we’ll close the deficit and start paying down the debt,” concluded the Premier.
“Where’s the OBA’s plan?” asked PLP Candidate Neville Tyrrell. “The PLP has already frozen the size of the civil service and we’re already shrinking it through attrition. That will not get Bob Richards the deep cuts he claims we need.”
“Bob Richards has spent hours talking about this issue, but has yet to explain fully how he woulddeal with it. Does he plan on reducing government salaries? Does he plan on cutting funding for education? Does he plan on ending FutureCare and DayCare? Does he plan on reducing health care benefits for our youth and seniors?
“Does he plan on cutting funding for the police? If not, how does he plan to cut spending? The OBA promises rapid and radical change, but, they fail to tell us what that actually means for everyday Bermudians,” concluded Mr Tyrrell.
A PLP spokesperson said, “Turn off the OBA’s ranting and raving and have a look at the steady progress that has been made since 1998. Since that time, contrary to the claims by the OBA, we’ve made $1.38 Billion of Capital Investment in Bermuda and Bermudians.
“Investments in our schools and students, investments in care for our seniors, investments in tourism, investments in transportation and investments in health care facilities; investments in a better future for Bermudians.
“Bermudians prefer steady progress. The PLP will continue to provide the steady progress that will benefit Bermudians,” concluded the PLP statement.
Burt and Cog are simply clowns. Anyone who believes there has been $1.38 billion invested by this joke of a government in Bermuda and/or Bermudians has drowned themselves in the kool-aid! Please call an election and send this circus on it’s way!
Well said Sen. Burt……this is true, this government has made major investments in Bermuda’s infrastructure,I, evidence it there for all to see. The OBA/UBP did little during their time in government, as a result so much had to be done during the PLP’s time. Trying to play catch up resulted in having to almost re-built Bermuda’s Infrustucture. Keep up the good work Sen. Burt and government. There will always be the “BOB fans out there shouting out pure political rhetoric”….this is common practice from the same old bloggers.
Well said Sen. Burt? you have got to be joking. Swing Voters will show you how we feel about Burt and the rest of them.
Rebuilt and poorly managed the finances along the way. How much money was wasted and unaccounted for on most of these projects?? If my entire life ran on debt, there is no way that I could claim that I had achieved anything more than a burden in the long run to service my current lifestyle. Debt is negative numbers, downward and backward financially. No two ways about that fact! We cannot afford to pay our Civil Service wages, because Tax revenues from Business and Tourism are down. Yes it is a recession, but who is in charge of turning those numbers around?? Who wasted the money on cost overruns and dodgy deals for Government projects?? 100′s of Millions that could well be used to pay wages in the current climate. Poor Performance by the Government. Lack of recovery as the US has already pulled out of recession.
Great..PLP is freezing their wasteful spending. We are going down folks.
Got tired of people slamming specialgirl4u?
Senator Burt is either making up a new definition of “Capital Investment” to mislead folks, or he’s lying about the contents of the Financial Statements issued by the Accountant General in the Ministry of Finance.
If the PLP government has spent $1.38 billion on capital investment, why did the sum of our capital assets only amount to $728 million as of 2011? Note that this number, the “net book value Total Tangible Capital Assets*”, even includes the value of buildings and bridges and infrastructure finished long before 1998.
Consider buildings alone. In 2002, Government buildings (erected before and after 1998) had a book value of $179 million. In the 2011, nine years later the value was $450 million. If the value of government buildings only increased by ~$271 million, where did the money go?
Capital expenditure is money spent on land, buildings, boats, and infrastructure. The Heritage Wharf, Berkeley, and TCD were capital projects. Capital investments are supposed to last for a long time. You can see the results of the spending and take pictures.
Current expenditure is money spent day-to-day in the course of operating government. Most of the money goes to salaries, but current expenses include monthly bills like BELCO and internet access.
The financials are available on the Accountant General’s website here: http://www.gov.bm/portal/server.pt?open=512&objID=255&&PageID=230449&mode=2
The accountant general lists current expenses in Schedule 11(a) of the financials and capital development expenses in schedule 13.
How are we supposed to have an honest discussion about the economy if the junior minister of finance is just making the numbers up? I think he is just calling all of the spending since 1998 “capital investment” because it sounds better.
The $1.38 billion number is just politics. Ignore it.
The current government should simply list the buildings and other infrastructure projects completed in the last 14 years. They should include the initial estimates and the final costs.
With that information about just the ~$500 million dollars of actual capital spending, we can have a proper conversation.
Andrew Simons
One Bermuda Alliance candidate for Pembroke Central (#17)
* Total Tangible Capital Assets = Sum of the book value of land, buildings, infrastructure, vehicles & heavy equipment, vessels, computer software & hardware, office equipment, capital leases, furniture & fixtures, plant, machinery & equipment.
The problem with you, PLP, is that you are not money smart and you do not know what an “investment” is. An investment is when you put money into something for the long-term because you expect a return on that investment over time. But much of the money you are borrowing has gone toward merely paying the bills. And most of the money that HAS gone towards capital projects has been wasted because of the poor handling of those projects.
You are outright lying when you come into the media saying that you have made $1.38 billion worth of capital investment. And you are lying when you say that we’ve made steady progress since 1998. Progress? You must think we are all a bunch of idiots not to recognize the economic and social deterioration that has has been occurring the past few years.
Take your lies elsewhere, Bermuda doesn’t need them.
Shrinking??? Have a look in the bermuda sun… Look at all the adverts for government jobs!!!! What a crock Mr Burt talks…
Agree with you sooooo says. Take a look at the Bermuda Sun Government notices in the June 27th edition which shows the Government contracts for the months ending March and April 2012 showing millions of dollars going out. Some examples
$1,081,870 for cruise ship terminal security, $250,000 plus another $200,000 to position and promote Islamic finance, airport telephone system $69,621,
Morgan’s Point remediation $911,000. And just what is Multi media agreement for Bermuda Magic and Entertainment Showcase theatre at $250,000? And there are too many more to list here. Bermuda wake up.
$200K to promote Islamic finance? Sounds like Rene Webb is back on the payroll.
Never came off
You ask “what is Multi Media Agreement for Bermuda magic and Entertainment Showcase”? That means that the show currently running at the Fairmont Hamilton is being paid for by the government to the tune of a quarter of a million. More funds directed to F&F.
all the PLP had to do was put themselves on stage – FREE!! Magic – they have done made everything about Bermuda disappear. Bring on the election!!
You can keep saying it, stamping your feet, but it doesn’t make it true. Burt showed his true colours over the speech content audio edit. This man will not be trusted by me.
“Contrary to the claims by the OBA, we’ve made $1.38 Billion of Capital Investment in Bermuda and Bermudians,” the PLP said in a statement issued last night.”
so why can’t the gibbs hill lighthouse be painted?
George your just nit picking… Ask Bob why he keeps say incorrect stuff…
Or the moat garden at Fort Hamilton re-opened following damage done by a storm 3 YEARS AGO, or the steps at Elbow Beach repaired, the list goes on…
Even if they did spend $1.38bln on infrastructure, it probably should only have cost $750mil but gross mismanagement doubled the cost.
Exactly what I was thinking overspent money does not equate to money spent on infrastructure it amounts to wasted money. So once we subtract the cost of the over priced Crain, fixing the dock again, TCD overpriced construction, the court house.. really the list is waaayyy to long how much is left that really went into infrastructure? Not to mention trips, cars and the like.. Global Hue wow I really could go on but why?
LOL PLP bloggers stopped reading at “Amount to wasted”
… but gross mismanagement & graft doubled the cost. Fixed it for ya.
Because they still need to fix the giant cracks in it. Next time your there have a look, they have little meters to see how fast the cracks widen, its been like that for at least 5 years now.
Really. That’s the best spin they can put on this? Shame on them.
Incompetents. it’s their mess, their fault and the best they can do is complain that no-one will tell them what to do?
Go away Burt, we need adults in charge.
I’m certain that if you listed the individual items making up the $1.38 billion the true investment would be far less…….the dilapidated cruise terminal at $100million with a budget of $35million and $10,000 rental equipment that cost $2,000 is not “an investment” how much of that investment in Bermuda is in the hands of friends and family…..people just do not buy the excuses anymore Mr. Burt…..paying off old debt and taking on new debt is not an investment in Bermuda…..to the tune of $475,000,000……..more to follow as you will be requesting an increase in the debt ceiling to continue to buy votes…..until after the election of course when it all comes out….
What is Paula going to do when she can no longer “borrow to invest?”. Is she going to stop investing? What then? Will she then do what she accuses the OBA of going to do today, i.e cut costs?
Where are the indicators that suggest we will return to growth? Growth of what? Tourism? International Business?
Don’t hold your breath folks on that one, as it isn’t going to happen.
Cox Claims that she is using the same Plan that OBAMA is using… Does she realize that his plan is not working and that is causing the US to be overly burdened in DEBT… This lady is either stupid or naive. Or wait maybe she thinks that her electorate are fans of Obama and she is just pandering for votes….
Wake up Bermuda these folks are leading you down the Primrose path…..
Yup mention the Great ones name and all is well another example of the “race card” at play. It’s amazing how many ways the PLP can invent to use it. One big difference the PLP don’t seem to grasp our people are are only resorce and it is aparent that they have no problem selling us and our kids so they can continue to get rich.
LOL they are the slave masters now
Apples and oranges. But I agree with you about Cox.
Cox Brought up OBAMA not me… she started the comparison..
Obama’s plan is working fella. Unfirtunately the US is playing catch up because of what the previous administration (Bush) had done. That was destroy their economy. Im not saying this to justify what the Premier is doing, but simply correcting your statement about Obama and the US.
I would agree in part. Bill Clinton left the US economy is good shape. George Bush destroyed it.
Not sure at this stage whether Obama is correcting it – the right way. But we shall see.
And Mr Wiggin is right. To compare Bermuda with the US is not only apples and oranges, it’s fundamentally wrong.
@ Mike…. Most of the US economic problems are rooted in policies that Bill Clinton (along with Barney Frank) put in place. They thought that everyone in the US had a right to own a house, therefore allowing Fannie and Freddie to unlease funding that people could no afford.
To blantely blame Bush for destroying the economy is groundless.
@johnny… Bravo lad, you have proved that some people do understand US politics beyond yesterdays evening news.
I dissagree with that. Bush’s private war with Irag has forced billions of dollars out of the USA’s hands. That in itself was a major contributing factor to the current economic state. Not only that, but all the talk shows on the US economy seem to always point the finger and the Bush administration. Im just stating whats out there.
Have you Checked the Unemployment numbers in the US and the Economic Growth numbers….. It isn’t working.
Here we go… Blame bush Blame bush… those grounds are so unfounded. Get your facts straigh….”Fella”
you need to educate yourself on GWBush buddy cause you are definately blinded by something ….also Bda is following USA right down the drain…USA will collapse very soon and so will any country following them.
WAKE UP PEOPLE THE WRITING IS ON THE WALL “OUTSIDE THE BOX”
@ Keepin… I think you need to educate yourself and stop listening to the liberal Media…. While bush did not cure the US Economic problems he did not begin them…. study economic… and help you doomed little country.
Obama has also added more debt to the US economy than the first 40 presidents combined. That doesn’t sound like it is working to me.
That’s factually incorrect.
A look at the last handful going back to Saint Ronnie will show that the biggest growers of the debt were Reagan, Bush Sr. And Dubya. Fiscal conservatism at its best. Wasn’t it Bush Sr who said that the “defect doesn’t matter”.
Sorry forgot reference:
http://www.cbsnews.com/8301-503544_162-57400369-503544/national-debt-has-increased-more-under-obama-than-under-bush/
http://cnsnews.com/news/article/obama-has-now-increased-debt-more-all-presidents-george-washington-through-george-hw
not really a good comparison for her to use.
Ha ha CNS..partisan right wing hackers. Go look for a reputable source. Adults are talking here.
HE quoted CBS News as well… not even close to right wing….
Cox isn’t using Obama’s economic plan. She’s using Greece’s plan.
Good one Zombie!
- “Contrary to the claims by the OBA, we’ve made $1.38 Billion of Capital Investment in Bermuda and Bermudians,” the PLP said in a statement issued last night.
Ok, so for the period from 2004 – 2012 list in detail the capital projects (including their originally estimated cost) that in total equate to the referenced $1.4 billion in capital investment.
- The PLP issued a statement last night saying, “Bob Richards and the OBA have spent hundreds of hours complaining, but, they have yet to tell the Bermudians what they would do to address Bermuda’s debt.”
So is this a tacit admission on behalf of the PLP that they have no plan or timeline for repayment of the massive debt? Are the PLP asking the OBA to solve the problems they themselves created?
- “Bermudians prefer steady progress. The PLP will continue to provide the steady progress that will benefit Bermudians,” concluded the PLP statement.
The only thing steady about our economy over the last few years is the continuity of the PLP’s inability to recognise, address and correct the problems they created which have left us with a debt obligation which, when coupled with the massive salary expenses of the PLP Government, demand more than 50% of every taxpayer dollar to service.
How on earth anyone considers this progress is beyond comprehension. When there is no longer sufficient funding available for social or community programs or basic infrastructure maintenance (bridges, ferries & buses) what right thinking person would agree this creates “a better future for Bermudians. “
This remarks are just typical spin from a PLP Government who have lost the plot and are themselves intellectually bankrupt.
PLP – betraying Bermudians since 1998.
This is an absolute embarrassment and a disgrace. Rather than vague “schools and students…care for our seniors….tourism….transportation….health care facilities….better future for Bermudians..” there needs to be a list of capital spend on specific projects. $1,400,000,000 is an awful lot of money yet no one in authority can objectively account for what was spent on capital vs. current costs?
But alas, this is really an exposé on democracy itself. I say and I say again, people disconnected from the source will abuse that source to the extent they ate disconnected. Bermudians still believe (don’t know) that democracy is a means to pacify people with the appearance of participation while having none. Meanwhile your hard earned dollars are being spent to massage a handful of people’s ego and line their pockets.
Online posts are about all they say you have….and that isn’t worth jack. (notice how people blame this on a specific party when it has and will continue to happen with every single party? Wake up Bermuda)
Lol we don’t believe you no more….
PLP’s only rebuttal against OBA is for them to reveal there solutions, but why would someone reveal their ideas to the competitors? That’s retarded… And common [censored] sense not to
The only steady progress Ive seen is more hate, poverty, and uneducated unemployed young adults…
These upper class Bermudians need to really come back down to earth and actually see the reality of the people and “progress” they claim
Burt seems to think the majority of Bermudians are deaf, blind and stupid. His comments are insulting, even by his standards.
On the other hand, in order for him to continue lining his pockets with questionable Government contracts, he must earn his keep by spouting this drivel!
How long can they get away with these blatant lies?
Where’s the list of $1.4bn of capital projects since 2006? Nowehere. Because it doesn’t exist. It’s a blatant lie.
They’re just in it to enrich themselves.
Pathetic spin……….
Matches their performance, however!
When you come up with the $1.4B number how is it done? I.e., for the dock in Dockyard, do you count that as $30M or $60M?
Yes the US is trying to stimulate the economy, and yes there is sound economic principle in that, but read Keynes and kindly note that it also adds shrinking the size of government in good times. You can’t simply employ half of his theory all of the time.
To Minister Burt and his colleagues. Please show your Good Governance and Transparency and list all those “capital investments” that total $1.38bn. That way the public will see where the money has been spent, and the questioning may stop. Why can’t this be done?
What about the expense accounts of ministers travelling to engagements overseas?
Of course these are mostly lies.
The government had an annual budget each year, today pegged at around a billion dollars. From this budget it does set aside funds for capital expenses and infrastructure. That’s what all government do. For 30 years the UBP did that; it built modern Bermuda. what people are talking about is the 1.4 billion spent in the LAST 6 YEARS. None of this was directly tied to infrastructure. Sure, they built the dock, did work at Port Royal, finished the Berkley fiasco, but largely these monies just went away. Overspending, and the like; payments to people like former Premier Brown’s Warwick campaign manager; cost over runs like TCD. Out of control spending like the millions lavished on the Alicia Keys concert. No, these monies have been wasted, and now we are borrowing again, not for capital, but to pay salaries.
Most of us know what is going on.
@ Bewildered: I agree. I’d very much like to see a list of the “capital investments” as well as a list of the “investments in infrastructure” that totals $1.38bn.
I’d like to know what definition of “infrastructure” is being used. Can’t be ‘roads’ because they are in abysmal shape. Can’t be in ‘cutting back trees along road’ because one either gets slapped in the face by vegetation or has to walk in the middle of the road to avoid the overgrowth. Can’t be ‘buses’ or ‘ferries.’ We have already heard that sorry story. Can’t be ‘buildings’ because the Lighthouse, Teucer House, etc., etc. are gradually falling to pieces. No new bridge, no sewage plant, and the list goes on.
Oooh, I so agree. My country looks so dilapidated and not maintained. All of that money, where did it go?
Please note, fellow bloggers. I am now using my full name and title, just to clear up any questions as to my previous nom de plume, ‘Pastor Syl.’ I am not to be confused with “Reverend Pastor” and anyone with the brain of a flea can recognize that the writings of “Rev Pastor’s brother” could not have come from the pen of my erudite sibling.
$1,380,000,000.00. I just wanted to see all the zeros. That’s a lot of zeros.
I don’t think we got what we paid for.
HHHMMMMM:Has Laverne/SpecialGirl4U finally run out of BS thoughts and ideas to throw around at the people? Or have they finally realized that there rhetoric wasn’t worth anything other than a good laugh at? Maybe the recession has finally hit their house and they can’t afford the Belco bill anymore and no longer have internet access. Cause for the last few major issues they haven’t had a damn thing to say which leaves my day up wide open for lack of entertainment….
Scuse please Unbelievable……you merely referred to it as “the recession” for the sake of clarity for Laverne/SpecialGirl4U/MIA and most of all Betty Trump it is “The Great Global Recession”…otherwise they would not know what you are referring to…..you may use TGGR if you wish…..in the interest of time
Sorry, save it as I refuse to drink the kool-aid…The Cog is responsible for lining the pockets of a few…there in lies the real Capital Investment…
I would never sit here and say that the PLP Gov. has operated 100% correctly, however many people who leave comments either do not know, or do not care to know how things were before they came into power. Am I to sit here and think that the old Government weren’t lining their pockets, and their friends pockets? This practice has been going on as long as Goverments have been in existance, so please don’t act like this Gov. is the first group to do it. To Johnny and all the others who have nothing but negative things to say, I ask you where were you before the PLP Gov. came to power. IF you look at the large projects that took place during the UBP’s tenure, they all went over budget (cedar bridge, Tynes Bay), so this is nothing new.
One of you spoke of Obama and what his failed policies have done. How can any of you with a real brain not see what this man has been up against since he came to office. An unfunded, false pretense war that Bush start for no good reason, and a do nothing congress. With some of it’s members never giving the man a chance because he is black. Yup, I said it. Too many of you people talk about people using the race card as a ploy. IF you think we live in a world were race doesn’t matter, than you are the real fool my friend. Race will always be an issue simple because many have gained their wealth and power through this system, so please don’t sit here and tell me the race card is an old issue, when it’s a real time issue of today. I wish some of you would take a real look at our history, and not just focus on the time since PLP have been in power. And to my expats, or people who are not Bermudian, if Bermuda is so bad, go back to were you came from, and make a life there for yourself. Then you won’t have as much to complain about. And to the business men Like Mr. Cannonier or Bob Richards, if the Country has been run so poorly, how have you as business men prospered in these times? I can understand if you were struggling like us normal people, but I do not hear you, or anyone from your party crying poverty.
1.4 billion we owe and have to pay 85 million dollars a year every year until the debt is paid. How much revenue has the 1,4 million dollars and 85 million dollars genrated this year? We are still budgeted to have a shortfall by this government. Next they want to raid the pension funds. Every year we will be short and have to borrow more and more. 3rd world poverty for all is not that many years away under this government.
Kevin- the plp are in the state they are in because they tried to behave like the aristocracy
of socialism. They created a welfare state for civil servant voters who they can no longer afford.
They did however preserve their individual and personal financial security, unlike, as you refer to them “struggling like us normal people”.
The billion and a half debt is your benchmark and proof that socialists consume capital not accumulate it.
They provided you with entertainment and sports to distract you.
They had you believing you live in a democracy, but this is their illusion.
They stroke your need for leadership and earn your loyalty by reminding you that their power comes from you the voter. When you vote for them you are empowering yourself.
This is the myth, a cruel joke, because you are now broke, being a normal person, and they……..AREN”T! No not one of them, and if perchance they were voted out (unemployed) the question is, would you hire any of them?
No matter because they all got some pretty tasty pensions…and you don’t.
This is a hare brained rant which while true on most counts misses the point. It matters not WHO is ripping us off but that we are getting ripped off. Did the prior govts do this, for sure they did and were equally, if not worse characters, hands down.
That said, it doesn’t make the current criminal acts right. In fact the promises of the PLP were just the opposite…hence this is not about parties. It is about immature beings that create immature systems (like democracy) to govern. All of this is mere stimulus for bermudians to wake up and grown up rather than blindly accept the status quo it was born in to. We need a coherent culture.
Do you have any proof of this?
Kevin, It is not about what happened then. It is about what is happening now and will happen. Just because the Island was run a certain way in the past, does not mean it makes it right or justified to continue to do so. What the people have to realize, is that it is OK to invest in infrastructure, if you can afford it? At the same time when you invest in it, 100′s of millions that are unaccounted for means bad management. We are not talking small sums of money here, we are talking $$$ that in this p[resent time could have been used to fund social services, to give people jobs and the list goes on. The Government may have done well in certain respects but they have failed in many others and with regards to the economy, that is possibly the most crucial. They have done a bad job on that front and will continue to do so because they have dug a hole that we cannot get out of, without something drastic. I don’t care what background you come from, but we all have had plenty of opportunity in Bermuda and there is no reason why this tiny island should have the $$$ it has and the jobs we have. But it will fail and it will become a desperate place, with people actually starving to death. We could look like Hati if things are not turned around. Do you want to live in Hati Kevin? Do you want to see what real struggle and strife is
I am amazed that the PLP would admit to such a poor investment in Bermuda. 14 years and what amounts to $100 million a year investment in the infrastructure. This is truly appalling and the PLP should be embarassed and ashamed that that is all they put back into Bermuda. What did they do with all the revenues? Obviously wasted it and now the very people who need assistance are unable to receive it. This from a “Labour” Party. Time for a change.
In order to get to $1,450,000,000 over the last 13 years you must have been eating up every dollar of income and then gone through $100 million a year! oh sorry, INVESTED IN INFRASTRUCTURE.
So now that you are all broke your government wants to borrow the Greek model and claim it is time for spending not saving! Yes that will repair the massive damage already done.
Don’t any of you youg’uns ever think your taxes are going to be anything but debilitating well into the mid century and that’s if Jamaica doesn’t buy us up first.
Start up businesses? Fuggedaboutit, most of us are barely hanging on with well established ones!
You can talk till the cows come home but you had no right sending plumbers to perform heart transplant surgery in the first place.
The plp were handed a finely-tuned “Ferrari” from the UBP 14 l-o-n-g years ago. But they didn’t know how to drive it, so it turned into a Yugo with a GP plate! That’s the story of Bermuda under the plp. Want more? No way!!!