Show me once where I’ve encouraged such a thing!!!
Shame on You for trying lie on me though
I am the original advocate for a “Better Bermuda for All Bermudians” and for voters to hold their own parties accountable! People turning their heads when wrong was being done is what got us into this mess.

Are You Pro-OBA or Anti-PLP?

What not to believe abut this story? That Burt thinks Bermudians are dumb enough to believe what he points out as ‘issues’.

Do I believe he made that reply?
Yep.

Do I think the reply is justified?
Yep.

Funny. Why is Bermuda in 2 billion dollars of debt? Add that up for every Bermudian and tell me how much each one will have to cough up? That is Bermudians not expats.

Keep up the blame Canada for everything. Remember, Butterfield was in the brink and which firm came in and gave them a 500 million credit line and 250 million investment? But wait, why did CIBC not take them over like everyone was saying? First it was the UK and I guess it must be Canada trying to take over. First the Bermuda airport and then the world!

I just would like to know, when do you think it would be a good time to fix the airport? I don’t care that it is not with CCC or Aecon. Just tell me intelligently when is a good time and where will the money come from? Maybe all of our @$$E$ cause that is where it is coming from eventually.

Again for the record, I am not an OBA 10 cent you know what nor a PLP anything. It blows my mind how sad this debate has become.

“You get to know people who are the best at particular things. The senior management of CIBC World Markets are no doubt the best at what they do, and that is why we selected them,” added Minister Richards.

This is ridiculous.. I don’t care what side of the fence one sits, for a Government Minister attempt to rationalize his reasons for not following “due process” is because he has many years of experience in the business and he knows people.. I can’t believe what I am hearing.

It is a fact that the airport revenues over a 30 year period will approximate $1bn. Irrespective of the amount of expenses, it is correct to state that approximately $1bn of Bermuda Government revenue will be ‘allocated’ to a private company without a competitive bid process.

It is a fact that Min. Richards, by his own admission awarded the consulting contract to CIBC on a non competive basis based on Min Richards 43 years of experience. Does anyone question why, after all those years Min. Richards only knows of one entity that can perform the task?? Let’s assume there are at least 2 friends of Min. Ruichards that could do the job. If they had to compete Bermuda would surely get a better price!!

It is time for everyone to stop assuming. Many do understand the nature of the deal and still believe Min. Richards is wrong. Just imagine if others were making the same decision. Just imagine what precedent is being set for the next administration – sole source contracts will be the order of the day!!

You can never be allowed to be our finance minister, you are not capable.

We do it everyday. Need something done? First people you think of are the ones you already know and trust.

Holding shares for investors does not mean that CIBC owns the shares. Third largest investor at 1.6% of investors money. 70% increase, wow, increasing the holdings by what, 0.7%, of individual investors money not CIBC’s. burt is sounding more and more like Peter crying wolf, or Little Red Riding Hood maybe. The more burt comes out with his “clever” distortions of the truth the less credibility he has and as a newbie to Finance, he is doing himself no favours. Carry on please.

The only valid point he can argue, is not putting it out to an RFP and for him to do that only reflects more on his own party’s mishandling’s of capital projects while using RFPs.

Stunned silence in the House on Friday, when he discovers after his questions are asked, that CIBC have been paid nothing up to this point for the airport consultation. Stunned silence the week prior when he simply refused to believe the shockingly low charges, negotiated by the OBA Govt. for the$750 million borrowed. He has so much to learn. I suggest he watches and listens carefully and carries on making himself look completely out of his depth.

On top of that CIBC have been the BDA Government’s advisors since 2012 or at least 2 years before this opportunity was made known to the BDA Govt by CIBC. If they brought the opportunity to the table why would they seek another financial advisor for the project?

Either way Burt is purposefully misleading with his shareholding claims as I noted above as a means to rile up emotion amongst others who would not understand and to paint a picture of some insider trading. If he is not careful he can find himself at the wrong end of a lawsuit by one of the biggest financial institutions in the world.

Can I ask why you were so silent on the Port Royal articles of late? You know the PAC meetings where the PLP said that the sole tendered contract to one of their fellow MPs, that happened to go $10mn over budget, and where the PLP stated that conflicts of interests were inevitable in Bermuda during the PAC meetings?

CIBC Asset Management hold shares of Aecon on behalf of its clients within one of its nominee companies.

That is how asset management firms work.

Therefore, the shares under CIBC Asset Management’s name is held on behalf of their clients and as such CIBC does not hold the shares on a propriety basis.

The fact that either the Shadow Finance Minister doesn’t know how this works or he is purposefully misleading should be of a concern to anyone who hopes that one day is the actual finance minister.

It is no different than his constant referring to $1bn in revenues while simultaneously omitting the $900mn of expenses attached to that figure.

I wonder if he does actually have a point this time.