The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02882
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 5/2/2007
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02882
System ID: UF00084249:02882

Full Text

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Volume: 103 No.133

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148,055 expected to go to

the polls in 'most exciting

election since 1987'

Chief Reporter
A RECORD 148,055.
Bahamians are expected to vote
in what some are calling one of
the most exciting general elec-
tions since 1987.
Trust has been the overrid-
ing theme of this short election
campaign with each of the
major party's attempting to con-
vince the voting public that they
represent the best choice for
At a mass rally Prime Minis-
ter Perry Christie promised his
supporters that they could
.expect no less than "two straight
with 28".
He declared that San Sal-
vador, Cat Island and MICAL
had already been won by the

He reiterated that there can
be no turning back.
"The FNM may have laid
down a carpet of red, but that
same carpet of red will be rolled
up for good tomorrow," he said.
He encouraged his supporters
one last time to vote for him
and his fellow PLPs.
Mr Christie vehemently
denied all claims about plans of
closing down Bahamasair or fir-
ing a majority of the national
carrier's personnel.
He also accused the FNM of
"lying" about the PLP planning
to sign onto the CSME.
FNM Leader Hubert Ingra-
ham at a similar mass rally
described this election as a "bat-
tle for the moral heart and soul
of the Bahamas".
SEE page 10

* PARTY supporters turned out in huge numbers last night for the final rallies before today's general election.
The PLP packed Clifford Park (above), while the FNM filled RM Bailey Park.
(Photos: Felipd Major/THribne staff)

Further allegations of

election bribery attempts
Tribune Staff Reporter
ANYONE asked to sell their vote, or become involved in any
other corrupt election practice, should report the matter to the
police, a senior officer said yesterday.
His comments came as The Tribune received further allega-
tions of bribery attempts in New Providence this time, with
Defence Force officers reportedly offered $500 for their support at
the polls.
"All of us have an obligation to keep the Bahamas safe and
secure, and if something is in contravention of the law, whatever
that is, as long as there's a law, and there's a contravention, any
,upstanding citizen of this country has, I believe, a duty in reporting
SEE page 14

Nevqwi start your
without us!

l ohoclA banned MP makes police FNM candidate claims four men

during polling
hours today
DURING polling hours
today, the sale of alcoholic
beverages will be banned,
police announced yesterday.
Chief Superintendent of
Police Hulan Hanna said
that a special team of offi-
cers will be monitoring bars,
restaurants and all other
known venues that sell alco-
hol including small neigh-
bourhood stores. The polls
will be open from 8am to
6pm tomorrow.
According to Section 99

SEE page 14

complaint (
alleged vote b
Independent MP f(
Andros, has made a c
to the commissioner
alleging that the FNM
involved in vote buyi
This allegation com
wake of similar clai:
against the PLP in 1
End and Bimini cons
in addition to claims
leader Hubert Ingra
MICAL incumbent
SEE page 14

over in car attempted to run him over
yin By PAUL G TURNQUEST side of the road, Dr Minnis said
u ng^ Tribune Staff Reporter he was standing near a vehicle
that had stopped and was

ian, the
or South
of police
4 has been
ing in his
ies in the
ms made
the West
by FNM
ham that
t Alfred

FNM candidate for Killarney
Dr Hubert Minnis barely
escaped with his life when four
male occupants of a "Japanese
car" attempted to run him over
while campaigning in the "Rock
Crusher" area.
Dr Minnis, who is taking his
first plunge into front-line poli-
tics, is facing the PLP's incum-
bent Housing and Sports Min-
ister Neville Wisdom for the
Killarney seat.
Dr Minnis said he was on
Maxwell Lane with about five
other campaign workers when
the incident occurred. While the
five workers were on the other

SEE page 14
IN THE election tally sheet
included in yesterday's Tribune,
the names of the candidates for
South Abaco were incorrectly
The tally sheet named the PLP
candidate as "E Key" and the
FNM candidate as "M Sawyer".
Edison Key is, in fact, the
FNM's candidate for South Aba-
co, and Gary Sawyer is running
for the PLP.
The correct tally sheet is print-
ed in today's Tribune.





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Independents may decide govt if

PLP or FNM fail to gain majority

the FNM gain a majority of L-
seats in today's election, Inde- .
pendents may be called upon
to decide who is the next gov- .
erinment of the Bahamas. .ar
In 1967 both the UBP and -s wl Ai
the PLP initially won. 18 seats.
The decision to make the PLP
the government was made by N 7
the Labour candidate, Randol
Fawkes, and the Independent, -
Alvin Braynen, aligning them-
selves with the PLP.
The Tribune spoke to three
of the main Independent can-
didates in this election, Ten-
nyson Wells, Whitney Bastian
and Rev CB Moss, to deter- ."
mine how they would act if
such a scenario occurred again. '
Rev Moss said that he "
intends to remain an Indepen- I
dent, and if elected, in the con- *
text of being required to make
a government, he will only
align himself with a political
party if there is a strong popu-
lar movement from his con-
Past links with the PLP, Rev
Moss said, would not lead him
to automatically align with that N INDEPENDENT CANDIDATES: Rev CB Moss, Tennyson Wells, Whitney Bastian
"Once I decided to go as an
independent, that's exactly Whitney Bastian said that he However, he warned that if
what I am- notwithstanding is willing to work with either these promises were broken, he e y
previous ties or future ties," he party and their leadership, but' would have no difficulty "walk-
Before he made any decision, consult his constituents for opposition making them the
Rev Moss made the point that guidance. government.
he would need to see a serious "I'll go wherever they want "My thing is, I am working In ra am to reserve
sentiment towards one of the me to go," he said. for the betterment of my com-
parties emerge from his con- munity," he said.
stituents. Constituents Previous links to the PLP do further
Teennyson Wells maintained ORtWO Snot make the South Andros further commenton
that he would not align with The South Andros candidate candidate moratikelrthn sth
either party if his support were e th i with them, rather than the
required to form a government, declared that any such align- FNM is such a situation, he la isppra
"I intend to remain as an Inde- ment, to make a government, added. plan e disli-mp earance
pendent," he said. with either party, would have If any of these men are
If there is a tie, with each to be advantageous to his con- required to make a govern- 0 By ALISON LOWE
party winning twenty seats, Mr stituents. ment, both parties can be Tribune Staff Reporter
party winning twenty seats, Mr Mr Bastian said that specific assured that the price will be
tion that he would want, would promises would have to be high. Also, old wounds may OPPOSITION leader Hubert Ingraham has been urged
be that of speaker of the made for the advancement of need to be healed quickly, as
House, leaving both parties tied South Andros, and these things each of these men has had by the Ministry of Transport and Aviation "to reserve fur-
and probably forcing another,,. would need to be done in a major disputes either, with the their comment" on the disappearance of the WesternAir
anlde obably forcing anote 'ti'ef~ffasAion to maintain his leader of one of the major par- plane from Lynden Pindling International Airport last
'support. ties, or the party itself.- week.

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In the week since the theft, Mr Ingraham has used his
campaign platform to raise the question of the strength of
security at the airport.
A statement released by the Ministry of Transport and
Aviation responded: "The leader of the opposition is
urged to reserve further comments on this matter which
might prejudice the police investigation, and in particular
any comment which might bring into question the role
played by security officers at Lynden Pindling Interna-
tional Airport on the day in question."
The statement pointed out that the matter is under
active investigation by the Royal Bahamas Police Force,
with international law enforcement agencies.
It added: "The RBPF is pursuing a number of leads in
this regard inclusive of a matter involving a foreign pilot
employed by that company, who is unaccounted for."
The WesternAir plane was found missing early last
week Wednesday morning from the spot where it had
been parked on the airport tarmac, close to the main ter-
One of the company's principals is Shandrice Rolle, the
FNM's candidate for North Andros.
At a press conference later that afternoon Desmond
Bannister, the attorney representing the company, stated
that it appeared only one person, a security officer, had
admitted being aware of anything out of the ordinary on
the morning the plane went missing.
The guard said he heard someone switch on a plane
engine at around 1.13am.
Air traffic control said that none of the usual proce-
dures such as filing a flight plan had been followed in
the run up to the plane's take off, and the tower had no
record, official or unofficiAM, of the plane leaving the air-
Mr Joseph Albury, director of air traffic control, said
that with the tower being a "sealed environment", and
around a mile from the runway, it is possible that a plane
could take off without being detected.
Police have indicated that they are following "signifi-
cant leads" in their investigation, however, yesterday the
aircraft's whereabouts were still unknown.

Local News..................... P1,2,3,5,6,7,9,10,11
Editorial/Letters. ........................................ P4
A dvts .................................................... P8,12
Business........................ P1.2,3.4,5,6,7,12
Advts............................................. P8,9,10,11
A rts ................................................ P1,2,3,6,8
C om ics.................. ................................. P4
A dvt .......................................................... P5
W eather..................................................... P7


M ain ............................................... 12 Pages


witness PLP

ripping FNM's

shirt off

TOURISTS looked on
in horror as an FNM sup-
porter had his red party
T-shirt ripped from his
back by a PLP thug in Bay
Street over the weekend.
The incident was wit-
nessed by scores of visi-
tors. A Bahamian
motorist who was stuck in ,
a traffic jam at the time
said: "It was an absolute
The heavily-built thug,
egged on by PLP support-
ers standing on a corner,
attacked the much smaller a
FNM man near the Straw
A police officer on the 4
other side of the road
allegedly did nothing,
even though women
tourists screamed as the
thug ripped the shirt front
the man's back.
"All that was left was
the collar part of his
shirt," said driver Mr D 0
Knowles, who was just a
few feet from the scene.
"It was like the goon
squad days of old. The '
women tourists were
shocked. Their menfolk
gathered round them to
protect them."
While the thug was 14
stripping the smaller man,
other PLP supporters -
mostly young men -
cheered him on, said Mr
Knowles, who added: "It
shocked me to see people '
acting like this. This is the
kind of thing you would
expect to see happening at
the back of the hill in
Haiti. It is a disgrace to
see people carrying on
this way."
Mr Knowles said the
FNM supporter had all his
party favours torn off by
the thug, who then disap- -r
peared into the crowd
inside the Straw Market.
"The attacker was a big
fellow who was shouting
obscenities. The tourists
were upset by it. Two or
three of the lady tourists .
standing nearby had their
eyes hanging open at what
was happening.
"I made sure my car
door was locked and my w
windows shut. The other
thugs were swearing in the
window at me. It shocked
me that the goon squads
still survive. It was very
"The little fellow who
was attacked didn't know
what hit him. I felt very
sorry for him. It's a pity
that Bahamians can't wear
their party colours with- ;
out being beaten."
The incident, which hap-'-
pened at around 5pm on
Saturday, when Bay Street
was still full of shoppers,
is one of several street
attacks reported since the .
election campaign began.
Independent candidate
Clever Duncombe said he .,,
had witnessed three sepa- -
rate fights between PLP i,
and FNM supporters. And ,
an FNM supporter was '
attacked by a PLP rival .
during a recent Fox Hill
rally. t'o
There were also threat- '"'
ening scenes last week '
when two motorcades
crossed each other's
Meanwhile, another
newspaper reported that
FNM candidate Dr Hubert
Minnis was almost run
down by a PLP motorist
while campaigning in the ,..,
Rock Crusher Road area.
The car, bearing PLP
flags, first clipped Dr ,
Minnis with its wing mir-
ror, then turned round ,

and ran at him again, forc- -.
ing the candidate to leap
Dr Minnis has reported-
ly referred the matter to
Assistant commissioner
Ellison Greenslade said
he was not aware of the
matter, but added that the
police have a special unit
put together to deal with
such election-related inci-
dents and complaints, ,
headed by assistant super-
intendent Paul Rolle.

T .CO ..

.*.' d Sevic- s rwad"








OIn brief

officers to


POLLING officers from
the Parliamentary Registry
Department will be tem-
porarily confiscating all cel-
lular phones, digital camera
and electronics when persons
enter voting stations today to
cast their ballot for the rep-
resentative of their choice.
These officers will hold the
items while persons go into
the booths and will return
them to their owners once
they have exited.
This precaution has been
taken by the Registry
Department to counter
reported attempts by
unscrupulous persons to
bribe voters into supporting a
particular candidate or par-
This most often claimed
scenario allegedly being
carried out by the governing
PLP party involves the vot-
er taking a photograph of
their completed ballot to use
as evidence in return for pay-
Voters have reportedly
been offered anywhere from
$200 to $400 per vote.

cancels FNM
gig due to
PLP contract
Entertainer KB, who was
contracted by the FNM to
appear at West End on Mon-
day evening, was prohibited
from performing due to his
contractual obligations with
the PLP party.
According to Kay Smith,
the FNM campaign manag-
er for West End and Bimini,
the FNM was only informed
by the entertainer at 11am
on Monday.
She said: "KB booked the
venue in good faith with the
FNM and, understood his
contract with the PLP party
meant he was supposed to
perform 10 times, which he
has done.
"In the most unusual way,
the PLP lawyers advised KB
that he couldn't perform for
the FNM because of a por-
tion of his contract that pre-
vents him from doing so. KB
advised the FNM that he was
unaware of this and that it
was only brought to his atten-
tion today," Ms Smith said
on Monday.
All the other entertainers
booked for the event per-
formed as promised.

St Lucia for
Taiwan ties
THIS tiny Caribbean
island may have thought it
was no big deal when it sev-
ered its 10-year relations with
China and restored ties on
Tuesday with rival Taiwan.
Wrong, according to Associ-
ated Press.
China, which built a stadi-
um and was finishing a psy-
chiatric hospital here and
considers Taiwan a renegade
province, called the move a
"brutal interference in Chi-
na's internal affairs". In short
order, one of the world's
smallest nations has made an
enemy out of one of the
Both Taiwan and China,
which for more than 20 years
have battled for diplomatic
allies, brought out their big
guns to curry favour with St.
Lucia, a verdant, mountain-
ous 240-square mile island
home to 168,000 people.
China, a vast nation of 1.3

billion people, sent its for-
eign minister for a two-day
visit in September. Taiwan
sent Foreign Minister James
Huang in late April. On
Tuesday, he and St. Lucian
Foreign Minister Rufus
Bousquet signed an agree-
ment establishing diplomatic
relations between their two
Bousquet had indicated
that any decision would be
based on which suitor could
offer a better deal to St.
Lucia, where some 20 per-
cent of the population lives
in poverty.

Embassy denies rumours Carl

Bethel unable to travel to US

Tribune Staff Reporter
THE American Embassy has
reported that the FNM candi-
date for Sea Breeze Carl Bethel
has no pending warrants or
indictments against him in the
United States.
This information was
revealed yesterday after accu-
sations of Mr Bethel not being
able to travel to the US were
allegedly being circulated
throughout the country by PLP
In fact, this allegation was
expounded before at a PLP
mega rally in Grand Bahama,
and transmitted throughout the
Bahamas via the government run
television and radio station, ZNS.
However, Mr Bethel told
thousands of FNM supporters
at the party's mega rally at Clif-
ford Park on Monday night that
the allegations being levelled at
him by the governing party are
nothing more than a vicious
political ploy to discredit him.

Statement after allegation at PLP rally in Grand Bahama

The US Embassy in Nassau
reported that any allegations
connecting Mr Bethel to any
pending warrants or the like
were simply "not true".
"The United States has no
information in any way tying
Carl Bethel to any criminal mat-
ters in the United States. We
welcome Mr Bethel's future vis-

S" ally as well.
"It was very distressing for
I .- my family naturally, and my
Swider family as well. My par-
Sents were initially devastated,
and now very relieved," he said.
Mr Bethel said that he will
be writing to the Commissioner
of Police Mr Paul Farqharson
to ask him to investigate the
matter. Also, he said that he
will be retaining any avenues
that may be open to him in
terms of legal action.
"The PLP is just desperate.
its to the United States," a What we're dealingwith are
spokesman said. acts and words that show polit-
spokesman said ical desperation. The PLP is
Speaking with The Tribune ical desperation. The PLP is
yesterday, Mr Bethel said that
such examples of "gutter poli-
tics" show not only the desper-
ation of the PLP, but the fact ...E
that they feel deeply threatened L O
by him not only in the Sea
Breeze constituency, but nation-

desperately afraid and will stop
at nothing to destroy people's
character in a vain and hope-
less effort to maintain power at
all cost," he said.
Mr Bethel said that the mat-
ter has exposed the fundamen-
tal character of the PLP to go
about in destroying their politi-
cal opponents in any way they
Despite this, he said that lie
feels very confident about wi'i-
ning the Sea Breeze seat.
"I have faith in God and I
have faith in the good people
of Sea Breeze. I feel very conli-
dent," he said.



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Bayparl Building, Parliament Street
Telephone: (242) 323-8240
P.O. Box N-121, Nassau, N.P., Bahamas
Fax: (242) 326-9953
e-mail: info@colesofnassau.com

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TO O .,,7 2 ."

IF the FNM leader, Hubert
Ingraham, is re-elected as prime
minister, free elections would
be threatened, declared Ten-
nyson Wells further escalat-
ing the war of words between
himself and Mr Ingraham.
Mr Wells launched his attack
yesterday during a press con-
ference to counter remarks
made by the former prime min-
ister during a rally in Bamboo
Mr Ingraham told the con-
stituents of Bamboo Town that
they are inconsequential to Mr
Wells' ambition to become
prime minister. Mr Wells, he
said, is a "divisive person" who
was uninterested in the job of
governance, and spent most his
time engaged in his personal
The FNM leader further said
that Mr Wells is not a suitable
person to lead either the FNM,
or the country.
In defending his ministerial
record, Mr Wells listed some of
his main achievements as the
empowerment of local egg pro-
ducers; the increase in zone
rates for taxi drivers; the
streamlining of the appeal
process regarding convicted
murderers, so that executions
could occur if all appeals were
denied; the breaking of the
monopoly of Bahamasair for
domestic flights; and the cre-
ation of the Eugene Dupuch
Law School.
Suggesting that Mr Ingraham
is intoxicated with power, Mr
Wells said that if the country
re-elects him, he would seek to
serve in perpetuity.
"If God forbids he should
win, only death will remove him
from there...The only way that
Brent (Symonette) will come
there, is something would have
to happen to Ingraham health-
wise or something. But to see

* BAMBOO Town MP Tennyson Wells

him give it up, no possible way,"
he said.
Mr Wells too alleged that his
sister was victimisedd" during
the Ingraham administration in
an effort to get back at him. He
said that she was denied her
duty allowance of $5000 per
year, until this wrong was cor-
rected by the Christie adminis-
Countering claims that he is
only self-interested, Mr Wells
said that during his political
career, he has given away all of
his political earnings to chari-
table organizations, and to his
constituents. His ham and
turkey bill alone is $50,000 a
year, he said.
Mr Wells also issued a stern
warning to people who regis-

tered in Bamboo Town, but are
not current residents of the con-
"I want to sound a warning
to them now, that we know who
they are, and if they come to
vote, we can challenge them
and they stand to be prosecut-
ed," he said.
Despite criticisms of him by
Mr Ingraham, Mr Wells alleges
that the FNM has sent numer-
ous emissaries to persuade him
to run for them as recently as a
few months ago.
Mr Wells won the 2002 elec-
tion by 1190 votes and the con-
fident Independent candidate
forecasts that he will defeat the
FNM candidate, Branville
McCartney, by a larger margin
than he won by in 2002.

Wells claims Ingraham

would never to surrender

power as clash continues



The Tribune Limited
Being Bound to Swec- to The Dogmas of No Master

LEONE. H. DUPUCH, Publisher/Editor 1903-1914

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

Shirley Street, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

Today Bahamians decide their future

AT 8 o'clock this morning, Bahamians will
start arriving at the various polling divisions
to decide which political party will govern
them for the next five years. By 6 o'clock
this evening the voting booths will have
closed and the count will have begun. By
midnight if not before Bahamians
should know whether they will continue
under a PLP government or move forward
with the FNM.
Today, guided by their own free will -
God's greatest gift to man, a gift that distin-
guishes him from the animals Bahamians
will hopefully make an informed decision on
how they vote. In the past three weeks many
Bahamians' integrity has been insulted by
the charlatans who have tried to snatch their
free vote from them for a price. Some voters
have been threatened with physical harm,
and victimisation in the form of loss of jobs,
pensions, and housing. Despite this we hope
that they will stand firm, for to give up God's
greatest gift for a couple of dollars is the first
backward step to slavery.
Through their Aesop's fables, many
Bahamian children, who had the advantage of
having parents who read to them, learned at
an early age that it is better to "starve free
than be a fat slave."
All down through the generations cen-
turies.even before Christ humans have
suffered and died to protect their freedom.
Bahamians have never had to sacrifice, there-
fore, they do not know the value of what
they sell so freely at election time.
In a pastoral letter in preparation for
today's election Catholic Archbishop Patrick
Pinder reminded his flock that "those whom
we elect to govern us are a true reflection of
the basic values we hold near and dear to
ourselves. This is an exercise that we dare
not take lightly. We must approach it with full
seriousness, much thought, much prayer and
radical honesty."
He recognized that our country is experi-
encing great change. "Some of the changes
we see about us can lead to an affirmation of
much that contributes to a peaceful and pro-
ductive community. Other developments hold
the potential to negate all that binds a com-
munity together in peace and prosperity,"
he said.
The Archbishop reminded Bahamians of
their duty to work for and preserve the com-
mon good.
"It is our duty," he said in his pastoral let-
ter, "to answer the call to full, active and
conscious citizenship and thus promote the
common good. That is to ensure the neces-

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sary social conditions that allow people to
reach their full human potential to realise
their human dignity.
"This means," he said, "that we cannot
make our -choices at the polls on the spur of
the moment. We cannot choose in anger,
ignorance or in expectation of a mere per-
sonal payoff. We should not 'sell' or squander
our votes. Our choice of a candidate should
not be based merely on party membership
or family pressure."
In preparation for today's vote the Arch-
bishop recommended that some of the fol-
lowing questions be asked about all candi-
"Has your candidate conducted him or
herself in a manner worthy of being your
representative in Parliament? Is he or she
reputed to be honest, has been free from
scandal or unbecoming conduct?
"Has the candidate an awareness of the
need to address such pressing issues as edu-
cation, health, protecting our borders, reduc-
ing poaching in our waters and illegal immi-
"Has the person, by action or word, pro-
moted the protection of human life; the sanc-
tity of family life; solidarity of the communi-
ty; pursuit of social justice and solidarity in
our region and across the globe?"
"If a candidate has been serving in parlia-
ment for the last five years you will want to
examine how well this person has done in
representing the issues of his or her
constituency in parliament," said the Arch-
"Has the candidate been accessible to con-
stituents over the past five years? Have there
been open channels of communication to
learn of community needs?"
Above all, said the Archbishop, remember
that the X you mark today "will help to deter-
mine the quality of life in our commonwealth
for the next five years. You will be voting
for the dignity of our country in the eyes of
the international community, the safety of
the communities in which we live, a fair shar-
ing of opportunities and resources that does
not privilege the socially and economically
prominent above the poor and the disabled.
"We, as men and women of faith, will be
voting to raise up strong and fearless voices to
advance the cause of justice, to preserve the
environment, our heritage and our culture."
And as we go to the polls in a few hours
time, take with you the words of Fr Mell Tay-
lor, who on Sunday advised his Sacred Heart
parishioners "vote quietly, and disagree

Addressing first and

second time voters

EDITOR, The Tribune.
PLEASE allow me some space
in you newspaper at this most cru-
cial time in the country. I wish to
address the first and second time
voters of the country and then I'd
like to speak to the persons who
recognize themselves in this letter.
1) In 1982 and in 1987 the
democracy of the country was
challenged as the then Prime
Minister threatened to destroy
the middle class, and by exten-
sion the FNM, because they had
not supported the PLP.
Prior to 1992 there was no
Atlantis; in fact there were few
credible investors in the country;
simply because the PLP had
chased them away. There were
too many hands under the table
and too many other hands of PLP
supporters to grease. In 1992, the
FNM gave the investors govern-
ment in the sunshine, with hands
on the table and became account-
able to the electorate; in fact
accountable o the entire citizen-
2) Prior to 1992 this county was
"a Nation for Sale" there was
extreme embarrassment for those
of us involved in the financial
industry we were a pariah on
America's back door. I am famil-
iar with the Commission of
3) Prior to 1992 this country
was a haven to Drug Kingpins;
Perry Christie should remember
how he and Hubert lost their jobs
over this. There were many per-
sons who received handsome
sums just to look .the other way
and, yes, our people were
destroyed by the drugs that were
not shipped out of the country.
4) In 2002 whilst the PLP were
busy spending the Eastern and
drug boys' money to gain the
Government; as a man of his
word, Mr Ingraham stepped
down as leader of the party and
allowed the process to flow; there
are some people who claim to be
former FNMs who are now riding
on the coat tails of the PLP; you
should ask them why they fell out
with Hubert; prior to 2002 they
were FNM and could not stand
the IhLPf Do you really trust any-
thing these people say? There is a
book i;,thie Bible which speaks to
this chliacter trait, or lack there-
5) During the campaign; I ago-
nised that the first time voters
had been deluded into thinking
that the legislation of 2000 was a
sham and without asking any
questions of their candidates, this
propaganda and the sale of the
Bahamian land to foreigners was
spread throughout the country.
It is unfortunate that we claim
and manifest "poor memory".
Ask the Central Bank for the 20
billion; read their report and ask
6) I always say that it is diffi-
cult to find a Black and White
TV this day so why are the PLP,
who are always calling on God, so
quick to teach and engender
racism? In the words from the
children's song, "Jesus Loves",
red and yellow, black and white, I
understand the clear thinking 18
year old has rejected the PLP's
tired "race card" and the Obeah!

A.G. Electric Co. Ltd.

32 Jerome Avenue

Phone: 393-8192

^Sff~lAS7 15
eaw^"- ^

The platform on which the PLP
now stand and boast was carved
out by the FNM; so one would
have to have no cerebral capacity
to mess this up. There really is
no level playing field to compare
the work of Hubert with the work
or lack thereof of Perry. If the
PLP had been re-elected in 1992
the unprecedented growth of the
economy would never have hap-
pened. It is good to hear "Moth-
er" Pratt admit they have not
completed their work therefore
they need a second term. The
rumour of who is bank rolling this
election for the PLP is out there,
so do not think that the PLP sale
of the land and other utilities will
cease should we make the mis-
take of re-electing them.
I was contemplating this letter
but after hearing that the PLP

candidate for this western con-
stituency was favoured because
he has plenty money and has "put
the brudders off da blocks to
work" I was committed to put
this in writing. I suggest that if he
is not elected this will soon cease.
Ask my Jamaican friends about
the "belly full politics"! I also find
it insulting that the PLP should
think that a man who is so taint-
ed, should be offered to us. Those
spending his money should look
to the provenance of those
To my former colleague in
Eleuthera, you have been reject-
ed by the people, get off Perry's
coat tails; I hope the people see
through your insinsincerity; remem-
ber our days at CITI? I still have
your back.
I hope the young voters read
this and discuss with persons who
can remember.
April, 2007.

Sickened by PLP

radio commercial

EDITOR, The Tribune,
I WAS sickened by a racist PLP 'We can't turn back' radio ad den-
igrating the opposition deputy leader, Brent Symonette, over his
The ad plays the opening lines of Bob Marley's Redemption Song:
"Old pirates, yes, they rob I;
Sold I to the merchant ships,"
Had the PLP listened to the song carefully, they also would have
"Emancipate yoursves from mental slavery.
None but ourselves caeln free our mind."
Isn't it time the PLP leadership freed their mind?
Almost every race has encountered slavery in one form or another.
All ancient and medieval cultures had slaves. Most slaves in Europe and
West Asia were white. There were Egyptian slaves, Roman slaves,
Greek slaves, Indian slaves.
African kingdoms sold their own people to Muslims and Euro-
peans, who in turn exploited them.
The Jews suffered thousands of years of persecution pogroms,
concentration camps and the extermination of six million under Hitler.
In Sudan today, women and children are captured by government-
backed and armed militia and held in slavery. They are forced to
work for free.in homes and in fields, punished when they refuse, and
abused physically and sometimes sexually.
Does the PLP care?
At home, the PLP needs to remember that it, too, is guilty of dis-
crimination and victimisation.
Judy Mae Lewis, a black woman who was hired and then fired
from the Cable Beach Hotel after it was discovered she supported the
Pindling's "PLP register of job skills," which gave PLP supporters
government job preference unconstitutional.
The firing of all white Bahamians from the Hatchet Bay Farm
when the PLP took it over in the '70s (my father was one of them).
Using immigration to force non-Bahamians married to Bahamians
out of the country because they didn't tow the party line.
a Why is the PLP, which is itself guilty of discrimination, using race as
a tool to play ugly mind games with the people instead of dealing
with the crushing problems of crime, immigration, education and traf-
April 30, 2007

PLP 'contempt

for the judiciary'

EDITOR, The Tribune.
THE PLP continued to display their contempt for the Judiciary at
their Clifford Park rally this past Tuesday night when the 'Hon-
ourable' Obie Wilchcombe charged that "anyone who agrees with
what (Mr Brent Symonette) did (in applying to the Supreme Court
to quiet the title to some lots situated at the Current, Eleuthera) is
also guilty of conspiracy".
Now obviously the learned (and truly) Honourable Justice who
heard the application must have agreed, otherwise the Certificate of
Title would not have been granted to Eleuthera Adventurers Limit-
ed in accordance with the Quieting Titles Act. In the eyes of Mr
Wilchcombe, therefore, the Honourable Justice must be "also guilty
of conspiracy."
Conspiracy, of course, is a crime under the Penal Code. Is Mr
Wilchcombe in effect accusing a Justice of the Supreme Court (as
well as Mr Symonette and anyone else with the temerity to 'agree')
of committing a crime? If so is it possible that Mr Wilchcombe might
have committed criminal libel and, by bringing the reputation of our
Supreme Court and Justices into disrepute, may also be in contempt
of Court?
We shall be watching carefully to see what the Attorney General
might do about this. Indeed, this will be an interesting litmus test to
determine if the PLP have any respect for the rule of law whatsoev-
er. No doubt they will do nothing, thereby proving they have none.
What Mr Wilchcombe failed to explain in his tirade is that the
Honourable Justice of the Supreme Court will have weighed all the
evidence and considered any adverse claims before deciding
whether or not to issue the Certificate of Title for the lots to
Eleuthera Adventurers Limited. If the persons whom Mr Wilch-
combe claimed owned the lots really did own them, then presum-
ably the learned Justice would have awarded the Certificate of Title
to those persons and not to Eleuthera Adventurers Limited?
This latest misadventure on the part of the PLP is testament to
the sad reality that they will stop at nothing in their desperate bid to
hang on to power at all costs, and Mr Wilchcombe's poisoned words
are merely the latest in a series of disingenuous attacks designed to
try and discredit Mr Symonette with lies, half truths and innuendo.
Fortunately, enough people see these spurious allegations for what
they truly are and the FNM seem poised to win a landslide victory
on May 2nd and, when they do, hopefully one of the first acts of the
new Attorney General will be to visit on Mr Wilchcombe a healthy
dose of the rule of law!
I have the honour, Madam, to remain, yours in the pursuit of jus-
April. 2007.




cm~orurns ~noM ~SS!



S... ..... ..W

0 In brief

Lawyer claims
Ministry is

AN attorney has been trying
for five weeks to contact Min-
istry of Works officials to
protest about a building that is
allegedly being constructed in
breach of local regulations.
But since lodging the com-
plaint in writing, the lawyer has
not been able to speak to any-
one at the ministry in his bid to
have the project halted.
The building in question, a
two-storey structure opposite
Harding's Foodstore on Wulff
Road, is alleged to be in breach
of the building code.
Mrs Huaey Wong, owner of
the adjoining lot, claims it is too
close to the boundary fencing.
Last month, she hired an attor-
ney to lodge a complaint with
the ministry, but no-one there
can be contacted, she claimed.
"Meanwhile, construction is
still continuing, even though
lately work is taking place at a
slower pace, mainly on the inte-
rior," she told The Tribune.
Mrs Wong, of Jerome
Avenue, said the building was
being constructed by a
Jamaican, Mr Louis James
Hemmings. But she said it was
too close to the boundary, and
not displaying a permit num-
ber, as required by law.
She has asked the ministry to
halt construction work imme-
diately and have the offending
wall removed, with a new struc-
ture to be built no closer than
ten feet from the boundary
between the two properties.
The present wall is less than five
feet from the boundary at one
point, she said.
"It is my right as a citizen of
the Bahamas to seek answers
from your department as to why
my rights are not respected,"
she said in a letter to the min-
"Respectfully, therefore, I
request your investigation as to
the reason why this building was
approved by your department
when.ijisl.y obvious that the,
spiacbg.s blunt violation qf
the building law."
When contacted about Mrs
Wong's complaint, building con-
trol officer with the Ministry of
Works, Mr Craig Delancy, said:
"I recall a couple years ago, we
got some complaint, and we had
looked into that."
"At the time, when we
looked into it," he went on to
say, "the builder had a valid
building permit." Sounding sur-
prised by the new complaint,
Mr Delancy promised to send
an inspector out "to see if there
is something new going on."
He said that as far as the
boundaries are concerned,
"Town Planning deals with the
setbacks as to how close one
can build to a boundary."
An inspector from Town
Planning said that The Tri-
bune's call was the first time
that he had heard about the
"I do hot know if the director
has received anything, and I can
also check with our registry to
see if anything was lodged
there, but personally, nothing
has come across my desk," the
official said.
"What I can say is that we
will definitely investigate it," he
Up to press time, The Tri-
bune was not able to contact
Mr Hemmings for comment.

6:30amCommunity Pg 1540AM
8:00 Bahamas @ Sunrise
9:00 Bullwinkle & Friends
9:30 King Leonardo
10:00 The Bahamas: A Natural
10:30 The National Art Gallery
of The Bahamas
11:00 Hanging In The Balance
noon ZNS News Update
12:05 Island Hopping: Cat Island
Rake & Scrape
1:00 Legends: The Region

2:00 Video Gospel
2:30 Turning Point
3:00 Paul Lewis
3:30 Don Stewart
4:00 Lisa Knight
4:30 Cybernet
5:00 ZNS News Update
5:05 Welcome Home
5:30 The Envy Life
6:00 2007 General Elections
1:30amCommunity Pg 1540AM

rihttom ake-last minute
prgrmm canes

PLP accused of lying over

achievements for disabled

Tribune Staff Reporter
OUTRAGED Bahamians
yesterday accused the PLP of
spreading a "bold-faced lie"
in its 2007 manifesto concern-
ing their achievements for the
country's disabled people.
In its "Action Agenda", the
PLP said that it will provide
care for children with severe
disabilities through the
"recently renovated" Cheshire
However, witnesses in the
area yesterday reported that
the building has not been ren-
ovated and is in fact still
boarded up and overgrown
with bushes. A photo taken by
The Tribune photographer
proves these claims.
A neighbour of the Cheshire
Home said that the building.
now resembles a "haunted
Speaking yesterday on the
GEMS' radio show "The Way
Forward", Jerome Thompson
- who together with three oth-
er physically disabled men was
evicted from Cheshire Home
in June, 2005 said that the
PLP's claim about a "recently
renovated" Cheshire is a com-
plete lie.
Mr Thompson, who is blind,
said that the Ministry of Social
Services had initially proposed
that Cheshire Home the only
facility for physically disabled


* CHESHIRE home is shown here with boarded up windows
and overgrown bushes


adults in the Bahamas at the
time of its opening be trans-
formed into a centre for
severely disabled children.
In its manifesto the PLP
states that this transformation
has already taken place and
that Cheshire Home will offer
support and "introduce much
needed respite care for par-
ents who opt to lead in the
nurture and care of their chil-
dren with severe disabilities
but are in need of time out."
However, Mr Thompson
yesterday said that he and the
other disabled men were evict-
ed from the home 23 months
ago and the building "is still
closed, battened up, bush all
over the place."
He said that this fact was
also independently confirmed

Photo: Tim Clarke/Tribune staff)

by the president of the Bahamas
National Council for Disability
Sherman Smith.
Mr Thompson yesterday also

claimed that the Ministry of
Social Service informed him
that the plan for a centre for
disabled children had fallen
"We were prepared momen-
tarily to leave that facility for and
on behalf of those children. We
didn't resist that idea," he said.
Mr Thompson said that
almost two years after he and
the other disabled men were
forced to move to make way for
the children, nothing has been
done to realise the PLP's pro-
He said that this behaviour
by the PLP government was
very hurtful.
Since their eviction, the for-
mer residents of Cheshire home
have reported suffering numer-
ous hardships because the gov-

eminent moved them to a series
of inadequate living facilities.
At one house, the wheelchair-
bound members of the group
had great difficulty entering the
house and had to struggle out of
their chairs to get into the very
small bathroom.
They have repeatedly said
that they are grateful for what
the ministry has done for them
in the past, and that they are
only seeking accommodations
that will allow them to take care
of themselves.
Minister of Social Services
Melanie Griffin could not be
contacted for a response yes-
terday as she was out of office
for the entire day.
Calls to other ministry offi-
cials were also not returned up
until press time.

PLP candidate Ricardo
Treco has reportedly moved
his election campaign office
from a house in Prince
Charles Drive following a dis-
pute with its owner.
But German investor Har-
ald Fuhrmann is insisting that
Mr Treco repaint the building
't remove the PLP colours
which, he said, were applied
to the walls without his per-
Mr Treco, who had the
apartment on a short lease,
moved out after Mr
Fuhrmann said the building
was being used for office pur-
poses. against local regula-
He said the house was for
residential purposes only and
that Mr Treco was in breach
of zoning laws by using it as a
campaign base.
Mr Fuhrmann was particu-
larly annoyed because the
PLP used the property for a
weekend cookout which
attracted scores of people.
Two portable toilets were set
up outside and dozens of cars
were parked in front of the
"Mr Treco talks about
respecting other people, but
where is the respect for my
property?" asked Mr
Fuhrmann, who has now
flown back to Germany.
"The PLP moved all my
furniture out of the apart-
ment and, when they left,
they piled it in the carport,"
he added.
"I would like to know what
is being done to stop my fur-
niture being stolen. And what
is Mr Treco going to do
about repainting my apart-
ment, which has PLP stripes
all over it?"
Mr Fuhrmann was so furi-
ous that he chained up a front
gate into the property, insist-
ing the PLP use a side
entrance, before flying back
to Europe last week. Howev-
er, he removed the chain at
the request of police, who
were called in when the situa-
tion threatened to turn nasty.
Mr Fuhrmann told The
Tribune: "I have tried to be
reasonable in this situation,
but I have not been treated
"The Bahamas is always
advertising for people to set
up second homes, but is this
the way investors should be
Mr Fuhrmann has been
involved in a long website war
against several Bahamian
lawyers, who he accuses of
being corrupt and incompetent.
He said he is now planning
to set up a new website deal-
ing specifically with property
ownership and the perils
which, he claims, investors
have to face when buying
homes here.
When Mr Treco was con-
tacted yesterday, he said that
The Tribune would have to

speak to his personal assistant,
but that she will not be avail-
able until Thursday.

.p l ExtM [LL/pminatops


Treco moves HQ out

of disputed property


Pastor Lilymae Knowles

M\e the officers and members
lnile you to celebrate with us on our
Pastor's 8th year anniversary.

Starting Friday 4. 2007 at 7:45 p.m.
and on Sunday Ma) 6 at 3:00 p.m.

Our dynamic guest speaker will be
District Elder Dr. Aletha Lushinbiry

We look forward to having you and may God richly bless you.

For more information you can contact the church on Rupert Dean Lane
Ph: 325-6736/327-6036 '


A Performance of

.... The Armed Man: A Mass for Peace'

', by Karl Jenkins

Performed by

Sbamas Concfr Orchbos

Sand Gors

Dedicated to

p ..ory of E. Clement Bethel

5th May 2007


Rainforest Theatre

ckets: $25, $35, $45, $80

Tickets available at: Custom Computers, COMPUTRSM

H G Christie Realty or call: 466 8094 "he KnowwHow Store"

Change is good for democracy

"That a people get the kind of
government they deserve is
almost axiomatic... Until people
awaken to their own responsi-
bilities, they will not have a
responsible government." -
Rev H. W. Brown, 1946

Well, the three-week
party is finally over.
In a few hours we'll know
whether the incumbents have
been turfed out after five years.
And if so we should celebrate
that, and make sure it is repeat-
ed every five years. That seems
to be the only way to control
our political class in the public
So what about the cry that
"one good term deserves anoth-
Well, consider the Ingraham
government. Their first term
(1992-1997) rescued a tanking
economy, restored a degree of
accountability to the political
system and expanded democ-
racy. The achievements of the
second term (1997-2002) were
much weaker, and it is likely
that a third term would have
recreated the problems that
Ingraham tried to fix in 1992.
Since there is so little differ-
ence between the FNM and
PLP ideologically, changing
horses after a single term will
have virtually no effect on
development plans. In fact,
many of the projects and .pro-
grammes touted by the Christie
administration were actually ini-
tiated during the Ingraham
They include the solid waste
disposal project begun in 1999,
the co-operative sector strength-
ening project, the 2001 road-
building project, the health sec-
tor strengthening project begun
in 2000, the expansion of pre-
schools and modernisation of
technical education begun in
1994, and the Family Islands
water project, circa 1998.
And should Ingraham replace
Christie tomorrow, he will con-
tinue programmes started under
the PLP government includ-
ing the sustainable tourism pro-
ject launched in 2005, the land
use administration project began
in 2004, the coastal zone master
plan begun in 2003, the national.

youth-at-risk strategy and the
ongoing enhancement of public
sector planning capabilities.

Let's take just one exam-
ple. Environmental
protection legislation has been
in the works for years and is
expected to be passed early in
the next government (no matter
who runs it). It is aimed at
underpinning a department of
the environment that both the
FNM and PLP have been seek-
ing to implement ever since the
BEST Commission was set tup
in 1994. And the BEST Com-
mission evolved from an inter-
ministerial committee created
by the Pindling regime.
All of these multi-year pro-
grammes (and others) are
financed by the Inter-American
Development Bank to the
tune of-more than $150 million
in fact and they don't sim-
ply expire when the government

Since there is so
little difference
between the
changing horses
after a single term
will have virtually
no effect on

changes. Plus, as we all know,
the civil service is with us for-
In other words, continuity is
hardly an issue here.
As you might expect, these
programmes feature prominent-
ly in each party's platform,
although they are not identified
as IADB projects and different
wording is used to describe them.
The IADB consults with each
incoming government on devel-
opment projects and conducts
periodic evaluations of their
implementation, but it is hard to
say who plays the leading role
- the l ftdedr or the borrower.


n any case, our institu-
tional deficiencies are
such that many plans are poor-
ly implemented such as the
$33 million solid waste disposal
project that was supposed to
build landfills on 10 islands to
tackle the problem of indis-
criminate dumping. After a
decade (under two govern-
ments) it has yet to be complet-
ed, and the bank has threatened
to cancel its funding.
So we can be fairly certain that
our lack of capacity, innate con-
servatism, reliance on external
economic inputs, and sheer idle-
ness will ensure that neither the
FNM nor the PLP will introduce
radical changes that could threat-
en our way of life. In fact, it is far
more likely that poor gover-
nance and corruption will gen-
erate the conditions we all fear.
There is, therefore, no real
need to concern ourselves with
giving any government a sec-
ond term. Vote them out and
pay attention over the next five
years so you can vote the next
lot out. Believe me, it makes
perfect sense. It is not a tough
Or, as my colleague Stacey
Hilton put it: "If you don't do
right in the first term, you get
boot out. And the FNM will
learn from that."

But let's look at a con-
trary view. The con-
spiracy theorists are hard at
work this election for obvious
reasons, but is there really any
chance that a bunch of dead,
white kitchen-table racists will
take over the country and run it
as their private business again?
You could easily say the same
thing about the Sunshine Boys
conglomerate, or the disgraced
'Old PLP fixers (like George
Smith, Baltron Bethel and
Calsey Johnson), who are in a

far better position to manipu-
late our mostly black electorate.
Here's the two best reasons
to vote them out (no matter
who they are): to protect and
promote our fledgling democ-
racy, and to ensure good gover-
nance. We all should know by
now what democracy means -
and a freedom of information
act should be the first order of
business for any party that
wants my vote.
Governance refers to the way
we conduct public affairs, man-
age public resources, and pro-
tect civil rights. Good gover-
nance achieves these goals
transparently under the rule of
law in a way that avoids abuse
and corruption.
There's an apt phrase that
conveys exactly what I am talk-
ing about here: the insolence of
office. That's what you get when
you leave people in power.
From regular folks like you and
me, within just a few years they
transform into little gods -
which is quite an achievement
in most cases.
It's not just Bahamian politi-
cos that suffer from such hubris
(that 'insolence of office' phrase
wasn't coined by me, for exam-
ple, it came from an English
writer). But the transformation
seems to happen fast and easy
in our slack, insular society.

ome of our more
thoughtful commenta-
tors complain that Bahamian
political discourse is dominat-
ed by superficiality. They say
our politicos often fail to tackle
fundamental problems and
resort to cheap populism, with
issues always at the margin. As
one business analyst recently
put it: "Instead of talking about
re-engineering, the conversa-
tion.,is about changing the
menus in the canteen."
And as the early PLP fire-

brand (and current FNM cam-
paigner) Sir Arthur Foulkes
said in a recent column, "There
was a genuine hope in 2002 that
the so-called new PLP led by
Perry Christie would put behind
it the bad old days and further
advance the democratic culture
established during the FNM's
term in office. "
Well, that was certainly my
hope as someone who had
considered the option of emi-
gration during the darkest days
of the Pindling regime. And at
first, the attitude of the new

Some of our
more thoughtful
complain that
Bahamian political
discourse is
dominated by

"fresh wind" Christie govern-
ment was indeed friendly and
accommodating. Lots of public
commissions were formed and
the watchword was "consulta-
Believe it or not, when Tough
Call helped run The Nassau
Guardian in 2003 I actually
received calls from government
appointees inviting me to con-
tact them for information. But
those days are long gone.
Now, public officials are
inevitably unavailable to the
press even to discuss techni-
cal issues. The House public
accounts committee has been
emasculated, business is done
behind closed doors and minis-
ters don't bother to answer
questions in parliament or
respond to controversies in pub-
lic. It took a mere five years for
that to happen think what
will happen in the next five

And here we are talk-
A ing about election rig-
ging again something that
hasn't been an issue since the
notorious 1987 general election,
when the Pindling regime tried

every trick in the book to retain
power following damaging dis-
closures about drug trafficking
and official corruption. Accu-
sations of vote buying go right
back to those hated UBP days
that our erstwhile black nation-
alists like to talk about so much.
You may think that democ-
racy and governance are not
that important compared to the
social problems we face, but
they provide the necessary
structure for resolving those
problems. 'We need a strong,
independent and competent
judiciary because only the
courts can safeguard us from
the power of politicians and the
police. And we need to hold the
feet of our political leaders to
the fire, or they will take it as
license to do what they please.
These are not just academic
issues. Our courts resolve com-
mercial disputes, criminal mat-
ters, matrimonial issues and
constitutional crises. Justice
must be fair, it must be fearless,
and it must be timely. In the last
resort this is what keeps soci-
ety stable and viable. If, by lazi-
ness or incompetence or other-
wise, we allow the justice sys-
tem to decline then we will for-
feit this safeguard.

T here is a clear choice
here: either our politi-
cians, public servants and judi-
ciary uphold the rule of law, or,
like our termites, they destroy
the very structure of our nation.
The best way to force them to
toe the line is af the polls -
every five years.
And lastly, the PLP likes to
say that the FNM let "special
interests" run the country,
but what more of a special inter-
est can you imagine than the
Colombian drug cartels that the
PLP sold out to in the 1980s?
Every government develops
special interests and powers
behind the scenes. If you want
to fight that tendency, the best
way is to vote them out as
we did in 1967, 1992 and 2002.
Only don't leave it so long this
What do you think?
Send comments to larry@tri-
bunemedia.net. Or, visit
www.bahamapundit.com :

And for this reason,

we would like to advise all of

our valued customers that

We will be closing 6pm

on Election Day,

Wednesday May 2nd, 2007.

Wishing you all a safe and

successful Election Day,

from our Management & Staff


W V Limited

Furniture Appliances Electronics

Tel: (242) 397-PLUS (7587)
Town Centre Mall Monday-Saturday 9am-9pm
L Fax: (242) 325-6368 www.furnitureplus.com

Come Join the First Caribbean Bank

Diggers Volleyball Club as they host the

May 4th, 5th, and 6th

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Women and Men's Night

league Teams battle for cash

prizes and trophies.







Only a third of candidates respond

to pastors' 12 'moral questions'

Tribune Staff Reporter

OF the 110 candidates run-
ning in the general election
today, only 34 responded to the
"12 questions" on moral and
ethical issues posed by a coali-
tion of pastors.
The pastors had hoped that
by offering their views on mat-
ters such as abortion, marriage
and capital punishment, candi-
dates would give voters a
chance to see a side of them
often not discussed in political
The largest group of respon-
dents were from the Bahamas
Democratic Movement (BDM).
All 16 of the party's candidates
participated in the survey.
Meanwhile just five PLPs -
Veronica Owens, Leslie Miller,
Michael Halkitis, Neville Wis-
dom and Ricardo Treco took
And only 12 FNMs respond-
ed. They were: Earl Deveaux,
Brent Symonette, Carl Bethel,
Dr Hubert Minnis, Branville
McCartney, Sidney Collie, Ella
Lewis, Tommy Turnques.t,
Bryan Woodside, Felton Cox,
Pauline Nairn and Larry
One independent, Clever
Duncombe, also took part.
The coalition of pastors pro-
duced a chart which can be
seen on this page that they
say indicates the party's posi-
tions on the issues. However,
where it states "all of our party's
candidates support" it is only
referring to, in the case of the
two main parties, the small per-
centage that actually answered
the questionnaire.
According to the results, most
of the candidates agree with
several propositions, including:
using a Judeo Christian value
system in schools, enforcing a
law which states that the death
sentence is mandatory in cases
of murder, redefining marriage
in the constitution as a "union
between a man and a woman,"
and not allowing "homosexual
tourism" such as gay cruises,
in the Bahamas.
With regard to Judeo Christ-
ian school value system, only
Carl Bethel said he was against
The Seabreeze candidate,
who was one of the most liber-
al respondents, said: "Religion
is a matter of conscience and
freedom of worship is protected
by the constitution."
Only Mr Bethel and deputy
leader of the FNM Brent
Symonette pointed out that the
Privy Council has ruled on the
issue of whether the death sen-
tence should be mandatory. It
.did so in March 2006, ruling that
a mandatory death sentence is
All other respondents said
that they were in favour of mak-
ing it a mandatory sentence in
cases of murder.
Mr Bethel also supports pro-
choice abortion laws, leaving
the age of sexual consent at 16,
and allowing Bahamians to
gamble in casinos, in contrast
to many candidates.
He also said that he is "neu-
tral" on the question of whether
there should be a national lot-
tery, stating that this is some-
thing for "Bahamians as a
whole" to decide.
On the issue of homosexual
tourism, only the PLP's Mr
Halkitis, running in Golden
Isles, the FNM's Killarney can-
didate Dr Minnis, the FNM's
Marathon candidate Mr
Deveaux and Mr Symonette did
not respond in an outright neg-
ative manner.
Mr Halkitis was the only
respondent to state that he is
"opposed to any form of dis-
crimination in the tourism mar-
Dr Minnis said only that "the
laws of the land should be
adhered to" while Mr Deveaux
responded "no comment."
Candidate for St Anne's, Mr
Symonette said: "We need to
have a full discussion on the
future of tourism and the

impact of these issues on our
number one industry."
All other respondents indi-
cated that they agreed that the
"Christian values" of the
Bahamas should not be com-
promised by allowing gay cruis-
es and other "homosexual
tourism" to enter the country.
On the question of the
preservation of marriage, all
respondents said that they were
for an amendment of the con-
stitution to state that marriage is
a union "between a man and a
woman" thereby negating the
possibility of same-sex mar-
riages in the Bahamas except
for FNMs Mr Deveaux and Mr
Mr Deveaux said he is "satis-
fied with the constitution as it
is," while Mr Symonette

* THE Bahamas Democratic Movement, led by Cassius Stuart,
had the most candidates answer the questions, with 15 out of the
16 candidates responding

Positive towards the idea of
such an institution were eight
candidates the BDM's
Christopher Cox and Tolonus
Sands; the FNM's Mr Collie,
Mr Deveaux, Mr Turnquest,
Felton Cox and Mr Cartwright,
while three stated that it would
be something that should be
decided by the public.

Se..r- ering c"hrietae VaIlu"e" Id Con'lltutns ..
support thi. position o' leaving the te preamllae an it currently exists
preamble is it curnty exists s
5 prareesrtToR* of mUftrr'.
candidates support this position of ameondernn to the constitution
a Constitutionis l Amendment defining marriage between
defining marriage as a union one man and one woman
Between one mnan d OK" woman
2b The great inajority of otur party's Our paty is opposed to
candidates support this position to granting samne sex marriagesi
oppose granting snc sex coupless civil unions
any fonrn of legal rccoglition or
status under law (tavil unions Ltc.1
-. .. ....... ................. -........-
Sc The gcninnjorilsofenii'puiy's Our pnrty is opposed to
cindidatcs supportthtis pition to recogniizinig are marr'iages;
Sopose coqgnPC ig sfnes'e s civil unions I perfonned outtside d
Marriages civil utions pcrllmired country.
outside the country.

All of our party's candidates Our party is in favour of inc'iased
support this position enforcement of ilws
lit increase clnlorcemuei of laws and stricter fines
andt stricter finei
a stxmitl ffte.a. .. '. ... -
Ssupport this position to return consent to age 18
ct'itsent to age 18
4b Most or our party's .-andidals Our party is in favcnir of
support this position to increase increasing mandatory
mandatory minimumsentence. minimum sentence
a .. . i -A-'I *
'' o''stictcr nfo. .'net i
S .. ".. ... orexisting laws
+a'*--.:: ' "-. : OGABCltUlP.'I*tIn~lBftt : " "- :. .' 'l
support this poisilion of an ol'an amenndmuent
amnndimnt to make it mandatory to make it mandatory

Majority of our party's candidates ,- > ,..
oppose ain compromising of our r" "" .
nation's Christian values lat Christian vlues thai encourages
encourages tourism to organized tourism to orgnmised groups
groups promoting their cause such promoting their cause such as
as homosexuals, swingers, etc. homosexuals., swingers, etc.
'.. pu.ttc .frn=. -. ". ..
support this positi of sinengthenig and stricler
strenglltenitng trd stricter etifor eniet of the lawI
cnonrcuxmenu of'the law
e..ac., La ...> 0 "
support Ihis position ostricter enu'oretnent t of the la s
enforcement of tte tows

toa I ,: ., ,. J... . .. ,. .,'.J
Io determine the port's mnjotity
p tsiti. We have very strong
views for and against the
es.tal)lishmcnt of a national Iottery

Th.'h.lttri r

a national lottery

10b Under current law, these Our part) is opposed to
establishments are not illegal. la izing number houses, web
Public discussion and research is caffs. etc
required to determine whether the
slaw should be amended to make
them legal, beatriging i mind the fact
rlin tile tcunvnvt government
changed the law to pennit foreign
woed cstalblishitents (casinos) to
oTer internet gambling.
10c All of our party's candidates Our panty is opposed to any
suppon this position to oppose mending of our laws lo allow.
amending ithe laws to allow Bahamians to gamble in local
Rahamians to gamble in local casinos.
Alll f".,' e. g 11 ueteoO I ,
suppon this position in lavouir iof ('ristian value system
Judco t Christian vlue isystern

All of pany's emandidats sup(on Our purt uppprts theo position tIhat
die position that on a matter of on a matter of conscience, each
conscience. the> would be willing member ean vote on their own
to vote against their partly. convictions even if th.i is against
thcir parity.

* THE pastors submitted this amalgam of the responses from
the FNM and the BDM

responded "the privacy of one's
home is sacred as long as laws
are not violated."
Instead of worrying about this
issue, he added, we should "deal
with the breakdown of our soci-
As to whether the age of con-
sent should be raised from 16
to 18, only four respondents -
all FNMs disagreed: Brent
Symonette, Carl Bethel, Felton
Cox and Pauline Nairn.
The national lottery question
split the group of respondents,
with almost a third responding
favourably to the question of
whether one should be estab-
lished in the Bahamas.

Both Mr Turnquest and Fel-
ton Cox pointed out that a
national lottery could assist with
funding social, educational and
sporting programmes, with part
of the money collected going
towards prizes and a significant
percentage towards philan-
thropic causes.
No PLPs answered in favour
of a lottery.
This disagreement was also
reflected in the issue of whether
Bahamians should be allowed
to gamble in casinos.
Six candidates said yes to
legal gambling, while two, Dr
Minnis and BDM deputy leader
Omar Smith, said that the law

should not discriminate against
Bahamians. Dr Minnis added
that there should be "thorough
debate" on the matter.
Only seven candidates did
not state that they were for
stricter enforcement of abor-
tion laws.
These were the FNM's Mr
McCartney, Mr Deveaux, Mr
Turnquest, Mr Bethel, Mr
Symonette, Felton Cox, and
PLP Leslie Miller.
Mr McCartney and Mr Miller
said that they were for "pro
choice abortion laws", Mr
Deveaux said it "depends on
the circumstances," and like-
wise Mr Turnquest said that it
should be allowed in situations
where a woman has become
pregnant through rape or incest,
or if she is chronically ill.
The PLP's Veronica Owens
stated: "We can begin by
enforcing the existing law."
Other issues on which the
candidates answered questions
were whether there should be
stricter enforcement and

1. Preserving of the words "Christian Values" In the
preamble to our Constitution
t am in favour of leaving the preamble as it
currently exists
I am tn favour of replacing the words 'Christian
Values' with 'Spiritual Values'
Other. Please explain.
2. Preservation of Marriage
A I am In favr of a ConstitultonalAmendment
defining marriage as a union between one man
and one woman.
: I am opptd to a Constitutional Amendment
defining marriage as a union between one man
and one woman.
Other. Please explain.
"" a in favour of granting same sex couples
some form of legal recogntion or status under
taw (dvil unions etc.)
I am oppose to granting same sex couples
any form of legal recognition or status under law.
Other. Please explain.
C. I am pp to recognizes same sex manmagea
unions'. even itf theywere performed outside of
The Bahamas.
I : am In favor of recognrizlng'same sex marriages/
unions' that were performedoutside of The
SOther. Please explain.
3. Environmental Protection
I support increased enforcement efforts of our
mironmentalla lws, stricter fine, and funding
educational elffortts o Iprove our preseration
ofGod's endowment ofcreation
:". I support the exiating state of environment
laws and enforcemenat
Other. Please explain.
4. Sexual Offences
A. am in favour of returning the age of consentto 18, '
n am n favour in leaving theage ofconsent a 16.
SOther. Pleasm explain.
B. : am in fat rof increasing the mandatory minlmum
sentencing for sexual offenders. (Presently it Is "Vr
for fr time offenders and 14 years for second tine
offenders- when the victim le under 14 yrs.) Most US
slates now have 20 years minimum for first offenders.
SI am og edo to changing the mandatory sentencing
for sexual offenders.
SOther Please explain.
S. Abonon
I am in favour of nstdter nforement of the abortion
I am in favour of pro-choic abortion laws.
Other, Please explain.
a. Capital Pudsthrrat
.; am in favour of amending the constituon of The
Bahamas to make t absolutely dear that capital
punishment is the mandatory sentene tfor murder.
bearing in mind that a Jur wotu arrive at a murder
convichon after giving consideratin to circumstaires
that might point to manslaughter.
I r amin favouwof ebolising the caprialpunishment law.
Other, Please explain,
N THE original 12 questions

increased fines for laws and mis-
deeds relating to the environ-
ment, and equally, whether
mandatory minimum sentences
for sexual offences should be
The majority were in favour
of both of these options.

On Monday, Archbishop of
the West Indian province, Drex-
el Gomez said that while all of
these issues are "personally
important" for him, he did not
agree that they should neces-
sarily be "national agenda

12 Questions: Your Political Position

in Morally Challenging Times,
During the rush toward election many political statements are made. While we are concerned
about issues of housing, crime, illegal immigration and unemployment, there are several other
vital concerns that are often overlooked. These twelve questions are designed to help voters in
evaluating their candidates, particularly in relation to key issues facing our nation today.

7. Homosexual Touraem
I am opposed to compromising the 'Christian Values'
of our nation by allowing exclusively organizedd groups'
(homosexual, swingers, those swap marriage
partners nudists. atc.) who come under the umbrella
of promoting their caue se.
Slam opposed toany form ofdiscrimination inourtounst
.. Other. Please explain.
8,. Public Decency
"I mIn favourof strengthening astricterenforcement
of public decency lawo, to address such incidences as
topiseaeude sunbathing on pubict beaches, strip clubs
and public profansty.
"t am in favour of changig the pubic decency laws to
allow mor freedom of expression.
SOther. Pease explain.
0. Decency In Broadcating
.I am in favour of stricter enforcement of decency in
broadcasting lawato adrees such Isndueces as lewd
and suggestive images on cable tefeviWon. propane
iyIcs on the radio, and serrmi-pornographic Images in
the newspaper,
"I am n favourof changing theicurrentn lws to allow
more freedom ofexpression.
SOthew. Please explain.
10. The Lottery
A. I am in favour of estabhing a National Lottery.
SI am opposed to estaning a National Lottry
Other. Please explain.
B. leamnin tayoaoflegatainavpnately owned gaming
business (nurner houses, web at s. local foreign
toery offices and agents etc)
I am gagl to legalzsg pnataely owned amb ing
bu nesses (numbers houses. web shops, local foreign
lottery offices and agents, et.)
C. I tn favour of amending the laws to allow Bahamian
catizns and residents to legally gamble in localcasinoe.
S a o e to mending the lewe to Atow Baehaman
flwz and rem dent to legacy gaimb in loca h caios.
11. Value Educaflon
SI am In favour of using a JudeadChrstlan value system
in ourpubic school
I am In favour of values neutral education that leaves
relgston out of education.
SOther. Pleasaexplam.
12. Personal kteorefty
On amatterofcm ade Ical wouldbewflng to vote
.Whie I would always express my opinion, I woued feel
It was my duty to support my pty following fair
Other. Please Aptan.

Credit Suisse (Bahamas)


is presently considering applications for

(Private Banking)

The Private Banking Business Area is accepting applications for a Junior Relationship Managers,
reporting to the Heads of North America & European Desks.

Duties will include:

Management of accounts and relationships of existing clients, i.e.
being responsible for the execution of orders, monitoring of cash positions
and portfolios of the assigned client base
- Marketing of private banking and portfolio management services to prospective clients
from Canada and Europe
- Acquisition and development of new offshore clients
Management of accounts/relationships with clients originating from Canada and Europe.


- Applicants should possess a degree (or equivalent) in Business Administration
At least five (5) years banking experience including trading, trade reconciliation,
custody business and securities markets
Marketing experience
- Strong communication skills in English, French and German to facilitate
marketing and relationship management within Canada and Europe
- Excellent command of the English language
Good computer literacy on PC and host software.

Personal Qualities:

- Excellent organizational, interpersonal and communication skills
- Ability to work under pressure and with minimum supervision
Enthusiasm and a positive attitude
- Possess a confident and outgoing personality


Applications should be submitted to:

Human Resources Department
P.O. Box N-4928
Nassau, Bahamas
or via fax 356-8148



New Providence

Tally Sheets

Polling B Nottage D Jordine D Gibson C Moss
Divisions PLP FNM BDM IND.
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling M Adderley E Campbell B Rolle
Divisions PLP FNM BDM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16
Total: ... _. .

Polling V Owens B Rolle C Stuart
Divisions PLP FNM BDM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling R Pinder E Deveaux W Miller
Divisions PLP FNM BDM
No. 1 *
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling C Pratt F Cox
Divisions PLP FNM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling McCanney P Strachan O Smith T Wells
Divisions FNM IND BDM IND.
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling G H.nn-. R Rolle C Turner P Rolle
Divisions "t.p FNM BDM IND
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15

Total: __

Polling D Gibson D Saunders C Dunconibe
Divisions PLP FNM IND
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling Y 'Turnquet L Turner
Divisions PLP FNM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling F Smith R lChipm...i I- 1y- G Ilephurn
Divisions PLP FNM ,IW INI)
No. 1
No 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8 ______
No. 9
No. 10
No. 11
No 12
No. 13
No 14
No. 15
No. 16

Polling L Miller S Collie
Divisions PLP FNM
No. I
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling P Christie C Lewis K Taylor T Ralming
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14 _
No. 15
No. 16

Polling M Halkitis C Maynard C Cox
Divisions PLP FNNM IND
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling K Stith 0 Tttirquct W Lewis
Divisions PLP I NM BDM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No, 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling ( SItrach. n C' lbhl S Bro" [I
Divisions I'PL' NNNM BDM
No. I
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling J Carey T Bannister T Sands
Divisions PLP FNM BDM
No, 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling A Sears M Barnett C Carroll
Divisions PLP FNM BDM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling K Gibson M TIuimquest O Archer
Divisions PLP FNM BDM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling A .Mynard B Vodsidc L Frazier M Williams
Divisions PLP FNM BDM 'NDI
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No, 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling W Rolle I N,~,n ,ur J Higg
Divisions PLP FNM BDM
No. 1I
No 2 ______ _____
No. 3
No 4
No. 5
No. 6
No. 7
No. 8
No 9
No. 10
No 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling J Ritchie K Wright I
Divisions PLP FNM
No. 1
No. 2 ____,I
No. 3 t,
No. 4 ,
No. 5 I
No. 6
No. 7
No. 8 i
No. 9
No. 10_
No. 11 ",

No. 12
No. 13
No. 14
No. 15
No. 16

Total: r

Polling F Mitchell J Higgs K Agaro i
Divisions PLP FNM BDM (i
No. 1
No. 2 __
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15 _
No. 16

Polling N Wisdom H Minnis :
Divisions PLP FNM t
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
Ng. 8
No. 9
No. 10
No. 11
No. 12
No. 13__
No. 14 __
No. 15
No. 16

Polling H Treco B Symnonct e
Divisions PLP IM
No. 1
No. 2 1
No. 3 A
No. 4 -
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling M Griffin P Nairn
Divisions PLP FNM
No. 1

No. 2
No. 3 *
No. 4
No. 5 .
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16
Total: ________ _____

PAGE 8, WEDNESDAY, MAY 2, 2007 T14,I





Family Islands

Tally Sheets

'Polling G. Sawyej E Key
Divisions PLP FNM
No. 1I
No. 2
No. 3
No. 4
No. 5
No. 6 _______
No. 7
No. 8 _____ _____
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling P Davis G Johnson-
Divisions PLP F NM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling J Ingralmm W Ferguon
Divisions PLP FNM

I No. 1
No. 2
No. 3
SNo. 4
I No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
Vo. 13
No. 14
No. 15
No. 16

Polling C McDonald N Grant
Divisions PLP FNM
No. 1

-No. 23
-No. 4
No. 5
-No. 6
-No. 7
-No. 8
-No. 9
-No. 10
_No. 11
_No. 12
No. 13
SNo. 14
No. 15
No. 16
No. 17

Polling F Bootle HI hlgraham K Claridge C MILI:S
No. I
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16 ___

Polling LCawright J Miller
Divisions FNM BDM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling C Johnson A Smith
Divisions PLP FNM
No. I
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling Bridgewater Z Laing M Edtard,
Divisions PLP FNM IND
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling P Forbes M Johnson R Ba,[ann
Divisions PLP FNM IND
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14 _
No. 15
No. 16

Polling A Gray D Foulkes
Divisions PLP FNM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling C Owlen V Grant
Divisions PLP FNM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13 _
No. 14
No. 15
No. 16

Polling I u -l ThoIpsoi Mo)
Divisions PLP FNM IN!)
No. 1
No. 2
No. 3
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling V Peet s ,, '
Divisions PLP FNM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling A Moss J Sears
Divisions PLP FNM
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling D CoAkcy K Ru-sll
Divisions PLP FNM
No. I
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

Polling o D W'lhc ,-
Wilchcombe FNM
Divisions pILp
No. 1
No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
No. 16

























i 18,055 expected to go to the polls

n 'most exciting election since 1987


-FROM page one

However, Mr Ingraham
chose not to mention his
opponent, Mr Christie.
In a rally in New Provide
sterday Mr Ingraham said .
e looked forward to once
Qain leading a Government ..
dedicated to serving all
Pahamians, "black andA
white; middle class, rich and.
1 oor; young and old; able
and disabled: We have the _J.
opportunity to participate in
a.great ritual of national
i newal." '..
S"The important lesson for
ts in tomorrow's vote is the .
realityy that we are indeed all A.
equal no matter your status
QT station in life. Perry's got
vne vote; Hubert's got one..
vote;and each registered .1
voter has one vote as well. A
Tomorrow, the majority will
cIther endorse the behaviour .
df the present government or .
6i6pose trust in the Free
National Movement," the Am "
opposition leader said. .
At the end of the day, Mr
Ingraham pledged to "join
hands, hearts and voices" "
with the Commonwealth of .
the Bahamas. l
"This election is a battle
for the hearts and minds of: :
tOe Bahamian people. The
Bahamian people were sore-
l~ disappointed by the PLP
in office over the past five 0 ABOVE: FNM supporters get into the rally spirit at last night's event at RM Bailey Park.
ears. They smeared our E BELOW: Prime Minister Perry Christie speaks to PLP supporters at Clifford Park (Photos: Felipe Major/Tribune staff):
national honour at home and
abroad. When the history of
tje Christie administration is
writtenn it may well be titled,
Dereliction of D6ty," Mr
Ingraham said.
--Mr Ingraham said he has
fought to make certain that
el Bahamians get a fair
sliake, that colour, wealth,..J
g nder, disability, religious
t.lief or political affiliation
Vre not barriers in the
t"I have constantly worked
t0 expand democratic free-
dbms and make government'
more available, accountable
4id less intrusive. I have
djinstantly worked to expand
opportunity, promote social
justice and increase prosperi-
t This is my record and
d willing, it will be the
lgacy I leave if you place
your trust in me as your next
IMime Minister and the FNM
a your Government," the
(Ipposition leader said.
-This election the number
qf registered voters has
increased by more than 8,000
over 2002. -L
:The last election brokeX
records with 140,000 persons ,
r dgistering to vote.-
"On May 2, 2002 the PLP4
sept to a convincing victory
o'er the governing Free
National Movement.
,The FNM managed to save "N
seven of the 40 seats-
Hubert Ingraham and
Robert Sweeting in Abaco,
K~enneth Russell, Lindy Rus-W
s4ll and Neko Grant in 0PLP (left) and FNM (below) supporters enjoy their party's final rallies before election day.
Grand Bahama, Alvin Smith (Photos: Felip Major/Tribune staff.
ii4 Eleuthera and Brent
S'monette in Montagu.
Of this group five men are
4fering in this race.
" The 2002 election marked
tlge first time independent
candidates had represented a
significant force in the House
with four seats.
,-Tennyson Wells held on to
Ifmboo Town, Pierre
I~upuch captured St Mar-
giret both former Cabinet
Ministers in the FNM gov- '
eI'nment Larry Cartwirght
unseated veteran politician
Jgmes Knowles who repre-
sgnted the island since 1967,
and Whitney Bastian in
South Andros.
Larry Cartwirght has since-.
jolined the FNM and Pierre
I~ipuch has retired from
frbntline politics.
"Tennyson Wells will face ...4.* .
FtM opponent Branville ,..-

2c1Carteny, but, unlike in the
2402 campaign, in this elec-
tion he was not opposed by
tile PLP.
.Among the defeats includ-
Se were then FNM leader
T~mmy Turnquest and
DPon Foulkes. Mr.Turnquest
is-contesting the Mt Moriah
constituency, the seat he held
before his 2002 defeat. Mr
FQulkes is contesting the
MICAL constituency, where, ci'
in:Inagua, are his family
Polls open at 8am and
close at 6pm today.





SFOREIGN Affairs Minister Fred Mitchell has urged voters in Fox Hill to "remember

your history". Taking him at his word, Tribune staff have been investigating the

recent history of Mr Mitchell. It makes interesting reading...

Sfor 'spoilt brat' Mitche

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I [ f l l 1 -1 1 D E C E M B E R 1 2 1 9 9 : P e o p l e '" D nm Jcr n t i c F te l e a d e r 1 .- j I ) Fn m. r

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|Mr,l, i I Ir'"r dI p r 1' I' I P.htchell File it b:.u -h , I ti

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.. .. E ..r i d F i i F -I i' r hi .r I Et r
rd I. h Fr' i l' . I r i -r i. ,.- d he PLP.

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w" b ," h pri il, Bw ll ,n Fred M l ihll all c h ll le ,i.:i , l .n .hPi n l in el t fr, .i: e I. I h, cel-
Th.. hFrninc .- itheni :he.sw.ritu

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...... I.I' r t.. he. Il N looking

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P_ rim A, h1 h.-r SI I fnd, C "d, I I,.,I '.I, t h 'ic l u alrL On refflection,

- - MA


"!N O Rj,




(Incorporated under the laws of the Commonwealth of The Bahamas)

Balance Sheet
As of 31 December 2006
(Expressed In United States dollars)

Cash and demand deposits with banks (Note 6)
Time deposits with affiliated banks
Fees receivable
Loans and advances to customers
Other assets

Total Ase (Notes 4 & 5)"


Customers' deposits demand and call
Other liabilities

Total Liabiltes (Notes 4 & 5)

Share capital (Note 3)
Additional paid-in capital (Notes 3 & 12)
Retained earnings (Note 12)









TotalEquity 37 4 354

Total Labilities and Equity 4 .61._l

Signed.as approved on behalf of the Board on 26 April 2007:

Charles DolBtle Richard Kame
Director Director

Notes to the Balance Sheet
31 December 2006

1. General Informaon

BankBostoi Trust Company Limited (the Company) is incorporated under the laws of. the
Commonwealth of The Bahamas and is licensed to carry on banking and trust business under the
Banks and Trust Companies Regulation Act, 2000. The Company's ultimate parent is Bank of
America Corporation (BAC). BAC and companies in which BAC owns directly or indirectly
20% or more of the issued voting shares are referred to as affiliates. Amounts arising from

On 6 November 2006, BAC entered into a share purchase agreement with Banco Itallu uropa
Luxembourg S.A., a company organized and existing under the laws of Luxembourg, for the sale
of all the outstanding shares of capital stock of BankBoston Trust Company Limited. The closing
of this transaction is expected to occur on 30 April 2007, subject to regulatory approvals.

The Company's principal activities are providing trustee, corporate, investment management and
banking services from within The Bahaas. Since. 1996, the Compayhaisalso)een.ncgaged in ...
business activities involving emerging markets securities under the terms of an agency and
services agreement entered into with Fleet National Bank (FNB). These activities were
substantially curtailed, and the business was wound up effective I December 2005.

The Company's registered office is located on the Ground Floor, Charlotte House, Charlotte
Street, Nassau, The Bahamas. The number of employees as of 31 December 2006 was 30 (2005:

2. Semmary of Sigificat Accountinge Policies

The principal accounting policies applied in the preparation of the balance sheet are set -out
below. These policies have been consistently applied to all years presented, unless otherwise

(a) Basis of preparaties .

The Company's balance sheet has been prepared in accordance with Intemationial
Financial Reporting Standards (IFRS). The balance sheet is prepared under the historical
cost convention as modified by the revaluation of trading securities. The preparation of
the balance sheet in accordance with IFRS requires management to make estimates and
assumptions that affect thi amounts reported in the balance sheet and accbrdpnyit "
notes. Actual results could differ from those estimates.

The application of amendments to published accounting standards and interpretations that
become effective 1 January 2006 did not result in substantial changes to the Company's
accounting policies. With the exception of the new disclosure requirements of IFRS 7
Financial instrument: Disclosures, and amendments to IAS I Presentation of Financial
Statements regarding capital disclosures, that become effective I January 2007, the
application of new standards and interpretations issued but not yet effective will not have
a material impact on the Company's balance sheet in the period of initial application. On
adoption, IFRS 7 will supercede IAS 30 and the disclosure requirements of IAS 32.

(b) Assets held as Trustee, Cnstdlam or Nominee

The Company is engaged in significant custodial and fiduciary activities that results in
the holding or placing of assets on behalf of individuals, trusts and other institutions. No
account is taken in the balance sheet of assets held by the Company as custodan tte ...
or nominee.

(c) Loans and advances to customers

Loans and advances to customers are stated at the principal amount outstanding less any
specific provision for impairment and uncollectibility. All outstanding loans and
advances are originally granted by the Company and are recognized when cash is
advanced to the borrowers. All loans and advances to customers are adequately
collateralized by cash, cash equivalents and marketable securities. Accordingly, the Bank
has not established a provision for impairment or uncollectibility with respect to these
loans and advances.

(d) Foreign Currency Translation

Items included in the balance sheet are measured using the currency of the primary
economic environment in which the Company operates ("the functional currency"). The
balance sheet is presented in United States dollars which is the Company's functional and
presentation currency. Assets and liabilities denominated in currentics other than the
United States dollar are translated at rates of exchange prevailing at the year-end.

(e) Cash Equivalents

For purposes of the statement of cash flows, the Company considers demand deposits
with banks and all time deposits placed, with a term of three months or less, to be cash

(1) Investment in subsidiaries

Investment in subsidiaries consists of the Bank's investment in Bay State Corporation
Limited and Cape Ann Corporation Limited that serve as nominee holders of investment
securities on behalf of clients of the Bank and Kennedy Director Internationa Services,
SA and Federal Director International Services, SA that serve as directors of corporate
clients of the Company. The investment in subsidiaries, all of which are wholly owned,
are stated at cost and included in other assets. The effect of not consolidating the
subsidiaries is immaterial as they each have a nominal amount of share capital and,
except as noted above, are otherwise inactive.

3. Share Capital and Additional Paid-nl Capital

The authorized, issued and fully paid share capital of the Company consists of 1,000,000 ordinary
shares of SI par value each. The Company's parent has also injected $264 million as additional
paid-in capital.

4, Geographical Analysis of Assets and Liabilities

Assets and liabilities may be analyzed by geographical area, based on the domicile of the
counterparties, as follows:

Latin America
North America
The Bahamas & Caribbean

Latin America
North America
The Bahamas & Caribbean


Ag 7.gMg

. i.2L224




5. Maturities of Assets ad Liabilities

Assets and liabilities may be analyzed into relevant maturity groupings, based principally on the
remaining period from the balance sheet date to the contractual maturity date, as follows:
2006 200S

Dempand and less than three months
From three months to five years
Over five years

Demand and less than three months
From three to twelve months
From one to three years






& Other Balances and Transactions with Affiliates

Other balances with affiliates included in the balance sheet, but not separately disclosed
elsewhere, are shown in the following table:

Balance Sheet:
Cash and demand deposits with banks





7. Lease Commitment

The Company has a commitment under a non-cancellable operating lease agreement relating to
its offices that expires on 31 January 2010. The future aggregate minimum lease payments under
'the cancellable operating lease are as follows:

Not later than 1 year
Later than I year and not later than S years




Pension Plan

The Company has an independently administered defined contribution plan covering all full-time
employees. All full-time employees who have completed a probationary period of employment
are eligible and required to become members of the plan. Members are required to contribute, by
way:of monthly payroll deduction, from one percent up to a maximum of six percent of their
S eliibk earnings to- the plan. The Company in turn contributes an amnoiunmt equal six percent of
. *the member's eligible earnings to the plan. Members have a fully vested interest in the
Company's contributions after five years of continuous service.

9. come Taxes

The Company is not subject to income taxes under the laws of The Bahamas. However, for
United States (U.S.) federal income tax purposes, the Company has been treated as a branch of its
U.S. parent company since 1999. As such, the Company's taxable income or loss is reported on
its parent's U.S. income tax return. However, the parent company's current tax sharing policy is
such that no foreign subsidiary or branch shall be charged for or remit taxes that result from the
inclusion of the subsidiary's or branch's income in the U.S. tax return.

10. Risk Management

Fiduciary risk

The Company is susceptible to fiduciary risk, which is the risk that the Company may fail in
carrying out certain mandates in accordance with the wishes of its clients. To manage this risk,
the Company takes a very conservative approach in its fiduciary undertakings.

Credit risk

Credit risk arises from the failure of a counterpart to perform according to the terms of the
contract. From this perspective, the Company's exposure to credit risk is primarily concentrated
in demand deposits and term deposits.

11. Patr Values of Financial Instruments

Fair value estimates arc generally subjective in nature and are dependent upon a number of
significant assumptions associated with each instrument or group of similar instruments,
including estimates of discount rates, risks associated with specific financial instruments,
estimates of future cash flows and relevant available market information. Fair value information
is intended to represent an estimate of an amount at which a financial instrument could be
exchanged in a current transaction between a willing, buyer and seller engaging in an exchange
transaction. However, since there are no established trading markets for a portion of the
Company's financial instruments, the Company may not be able to settle its financial instruments
immediately; as such, the fair values are not necessarily indicative of the amounts that could be
realized through immediate settlement.

The methods and assumptions used to estimate the fair values of the Company's financial
instruments are as follows:

Loms and Advances to Customers. The carrying value ot loans and investments approximates
fair value due to the short-term and/or frequent repricing characteristics of these instruments.

Other Financdl Instruments. Other financial instruments utilized by the Company are
generally limited to those types of financial assets and financial liabilities shown in the balance
sheet. The carrying amounts of these other financial instruments are considered to approximate
their fair value, giten that they are either short-term in nature or have rates that automatically
reprise to market on a periodic basis.








I -~ ~' r

-- I.L-.. .... .--..i,, .~-,i_....... _,~.-s.l- I I I I------ -- ----- ----------- ---------- ---~---c-.



12. Subsequent Event

During March 2007, the Central Bank of The Bahamas approved the Company's request to
reduce its shareholder's equity to $30 million, to be settled by an interim dividend from the
excess capital reserves to the beneficial owners of record in the Company.


Prmviceu Hou.
East Hill Swmt
P.O. Box N-3910
Naum, Baham
Websi: www.pwc.o
E-mail: pwcbsadLpw-.om
Tcl-phow (242) 302-5300
Fcsimile (242) 302.5350


To the Shareholder of BankBoston Trust Company Limited

We have audited the accompanying balance sheet of BankBoston Trust Company Limited as of 31
December 2006 and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with Internmational Financial Reporting'Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.


Our responsibility is to express an opinion on this balance sheet based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
balance sheet is free from material misstatement.

An audit involves performing procedures to obtam audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or esror.
In making those risk assessments, the auditors consider internal control relevant to the entity's preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.


In our opinion, the accompanying balance sheet presents fairly, in all material respects, the financial
position of the Company as of 31 December 2006, in accordance with International Financial Reporting

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards.
Information on results of operations, cash flows and changes in equity is necessary to obtain a complete
understanding of the financial position, performance and changes in financial position of BankBoston
Trust Company Limited.

Charter-e Accou:ntants

Nassau, Bahamas
26 April 2007
I< I

AS THIS column has
opined on more than
one occasion, the biggest dis-
appointment of the PLP gov-
ernment to date has been the
seemingly lacklustre approach
it has taken to matters involv-
ing the perception of corrup-
tion and scandal.
The party's own website
boastfully quotes the Inter-
American Defence College as
"The ability of the PLP to
deliver on an improved econ-
omy and services for the pop-
ulation generally, outweighs
the public scandals on the per-
sonal conduct of several PLP
What would for most bal-
anced politicians be construed
at best as an embarrassingly
mixed and equivocal endorse-
ment, passes as bragging rights
for a party that now seems to
take for granted its reputation
for tolerating scandal, even
among disinterested interna-
tional observers.
A man of seemingly unblem-
ished personal character, the
Prime Minister has, to all
appearances, failed to confront.
those many blemished ele-
ments of the PLP whose only
claim on his loyalty is that they
stuck by the party more con-
vincingly than he when it
entered an eighteen-year
wilderness in 1984.
The Prime Minister is a
famed believer in giving sec-
ond chances, which is a
refreshing trait in a judgmen-
tal, preachy place like this. But
he'also exhibits another, less
helpful trait, common in men
who are basically good:- a
naive belief in the transforma-"
tional powers of men who are
basically bad.
Unlike the last PLP Prime
Minister, Mr Christie has no
A D Hanna a powerful on-
the-ball deputy willing to pun-
ish embarrassing fellow-trav-
ellers on behalf of the chief, or
alternatively to resign in a pub-
lic huff. Even more than Pin-
dling, he needs one.

S o while Mr Christie
remains his party's
strongest point among think-
ing Bahamians, the integrity
and instincts of many of the
PLP's "wilderness" crowd,
apparently unintimidated by
his character, continue to give
grounds for much suspicion.
This is a huge disservice to

When two

parties ta

best ho1

is a clos



than any major institutional
changes introduced by him or
his successor.
Fifteen years after the
reform era of Bahamian poli-
tics began, both of the last two



sally collected. Why? Because,
they are collected by the statS
and local government, not the
Fed. And if you do not pay
the local government will
take your house and4sell it foi

The best result that could
come of Wednesday's election J
is one that confirms neither 5
party in a sense of ordained or*
invincible rightness to govern. I

administrations must be fault-
ed with neglecting basic things
that institutionalise reform:
Freedom of Information leg-
islation, the creation of
ombudsmen and new levels of
public administration with real
power (local government).


L ikewise, on their
rhetoric, both parties
seem likely to build upon one
of the emerging failures of the
present government: a family
island development policy that
simply direc'ts'fbbs and invest-'
ment iritO corfimufiitibs thiat
are not communities at all,
since they have no capacity for
self-administration, not to
mention the makings of civil
Peopled land masses do not
develop into governed com-
munities just because of jobs,
money or even "master plans".
Firstly they need their own tax
bases, their own motivation to
find and pursue a local balance
between private enterprise and
public investment. Infrastruc-
ture and society will develop
in line with this balance.
Go to Abaco, then go to Key
West. Both have seen sky-
rocketing land values and an
invasion of wealthy "snow-
birds"'. But while Monroe
County, Florida has a tax base
capable of keeping nice roads,

While Mr Christie remains his
party's strongest point among
thinking Bahamians, the
integrity and instincts of many
of the PLP's "wilderness"
crowd, apparently
unintimidated by his character,
continue to give grounds for
much suspicion.

PLPs and to Bahamians gen-
erally. Two decades after the
mortifying eighties, highly
believable accounts of minis-
terial corruption are now com-
monplace in The Bahamas
once again. That is the PLP's
double tragedy and one that it
is hoped the party's patriots
will begin to take seriously.
Of the FNM it can also be
said that the party's most strik-
ing strengths and weaknesses
both relate to the leadership
style of the man at its helm.
Like Mr Christie, Mr Ingra-
ham is a politician who is per-
sonally honest. Unlike Mr.
Christie, he seems to send a
chill up the spines of those who
are not. So much so that he
apparently alienated many of
the party's bad apples long
before he left the PLP.
The demeanour of Ingra-
ham as leader is what changed
the public service culture per-
ceptibly for the better since the
end of the Pindling-era, rather

beautiful public parks and
libraries, Abaco is another
underdeveloped "out island"
that still looks to Nassau politi-
cians to dole out just enough
funds to keep it at the subsis-
tence level that Bahamian
politician regard as natural for
"out islands".
If Abaco could add a tiny
amount to the laughably low
Bahamian real property taxes,
then collect the taxes itself, I
am told that it could have built
several times over the modern
airport that successive govern-
ments have been promising for
many years.
There would be no com-
plainers about such a tax.
Bahamians do not pay real
property taxes, and foreigners
are accustomed to paying
much higher ones than the
ones some bother to pay to our
* In Key West. as elsewhere
in the I 'S. propertN taxes are
high. They are also univer-

the money you owe. That i
how a community functions.
The absence of empowered
self-funded local government
outside of Grand Bahama is a
spectacular failure on the part
of both parties, and one that
no reasonably good govern-
ment would leave as is after
one term in office, much less
two. i


T he FNM continues to
present issues of gov-"
ernance and corruption asg
matters of style. "Trust us, we!
are more honest" is the mes-
sage, rather than "let us puts
in filae .institutional changes
that will ensure better public.
administration, whoever is in
This is disappointing. It(
means that we are taking a
plunge into the unknown with
each new administration
rather than following a course
of genuine improvement over
time. Unforltinately. that
seems in line with the FNMI
leader's perception of Bahanni-g
an politics and his place within
While generally admiring the
achievements of his first
administration. I have made
no secret of my scepticism i
about various aspects of Mrg
Ingraham's leadership style.
Most troublingly, of all senior
politicians active in The
Bahamas today, the FNM
leader alone excites the cult-
frenzy among his supporters
that helped doom Sir Lynden
Pindling's legacy (though per-
haps some others would like
As we saw with Pindling,
such a situation creates the
risk of a leader so secure in
his own intrinsic rightness that
he not only spurns the nics-
sages of brighter minds, but
comes to resent the mcssen-j
gers as well. Like his prede-
cessor, Mr Ingraham tends to
attract panicky, defensive and
overly-loyal types as his j
immediate henchmen, while
alienating independent

c also seems to lack
for good advice at
times. His silly and needless w
descent into the IS/Ci'uba row ,
last year left many thinking I
Bahamians wondering just
whose interests he was cham-
pioning as a potential leader
of The Bahamn i. Certainly not t
those of thie tlh't,;,indts fI
Bahamians who receive
advanced medical care and
education in our neighboring
More recently. Mr. Ingra-
ham's (or his party's) intense i
personalisation of the election 1
campaign around an egoistic |
cult of leader-worship has $
alienated many of those think-
ing Bahamians who were once
almost genetically inclined *
toward the FNM.
All in all, the best result that
could come of Wednesday's
election is one that confirms
neither party in a sense of
ordained or invincihie righl-
ness to go\ cirn.


tngle, the

)e forus

;e result




FNM candidate

claims four

men in car
attempted to

run him over

FROM page one
speaking with the occupants
"I was leaning over in
the road, and then a car
approached slowly. It
stopped, and then took off
with the maximum speed
that it could in that short
distance and came directly
at me.
"sained or you
knoW'Vhen you're trying
to stand on your toes to get
as close as possible to the
car to avoid getting hit -
stretching as much as pos-
sible. The side view mirror
just brushed me," he said.
Dr Minnis said that the
vehicle, which was flying
PLP flags, was of a Japan-
ese make and of a maroon
"After they missed me,
they then turned around
and came back at me
again," he said.
Dr Minnis said that by
this time he realized what
was happening.
"I sUbsequently moved
around to the back of the
car to protect myself. And
then they just sped off and
left. But I have reported it
to the police, and they
came again today to con-
tinueri their normal investi-
gal 'She said.
meinnis said that
wlzgiany of his friends
an ,porters have asked
if would need or require
security, he has declined
th4)ffer. Despite this, he
haU Qrwarded information
to,~ police who reported-
ly VMtaking the matter
"vel seriously".
I Minnis said he has
nc Aitioned anything of
th & tter to his opponent.
He'as highly doubtful
that Mr Wisdom
would condone such
actions from any of his
Security will be in place
to reassure his safety, but
Dr Minnis added that it
wou not be an "obvious"

MP makes police complaint

over alleged vote buying,

FROM page one

Gray has been involved in issu-
ing unnecessary three-month
public contracts to MICAL res-
idents. The contracts end at the
end of this month.
Upon being informed about
the allegations against the
FNM, Mr Bastian said that he
took the information to the
proper authorities.
"There are persons now who
are willing to swear affidavits
as to (person's name withheld)
giving out monies and talking
about these are for votes. And,
in fact, (name withheld) is offer-

ing at least a hundred dollars
per vote" he declared.
Mr Bastian said that there is
nothing wrong with attempting
to assist constituents. Howev-
er, giving money for votes is
"I have told the commission-
er any evidence that I person-
ally get of it, we are going to
stop it down here," he said.
Chief Superintendent Hulan
Hanna confirmed that a com-
plaint was made by Mr Bastian,
and he informed The Tribune
that a team of senior officers
has been dispatched to South
Andros to investigate the alle-

Mr Hanna said that if the nec-
essary evidence is found of
wrongdoing, charges would fol-
low. However, if the allegations
are unfounded, he said, that too
would perhaps be released to
the public at the appropriate
At this stage of the investi-
gation, Mr Hanna declined to
specifically name the individuals
allegedly involved in vote buy-
ing. And, Mr Hanna added, the
allegations circulating during
this election regarding vote buy-
ing are not extraordinary.
"I think that in all recent elec-
tions, that I am aware of, you
always have any number of alle-

gations coming from persons,
either candidates themselves,
or members of the communi-
ty," he said.
FNM Chairman Desmond
Bannister told The Tribune that
these allegations against his par-
ty are false.
"The FNM is not going to get
involved with any such activi-
ty. That's not our party's poli-
cies. None of our candidates will
do anything to buy any votes,"
he said.
"We are going to win the
election based on policies and
the trust of the Bahamian peo-
ple," he added.
Mr Bastian shocked the polit-

ical mainstream in the 2002
election by becoming the only
independent to defeat both the
PLP and FNM, winning
the South Andros seat by 94
The PLP have high hopes of
retaking the seat lost since the
retirement of the late Sir Lyn-
den Pindling nearly a decade
But according to Mr Bastian,
the PLP candidate for the area,
Picewell Forbes, will be no fac-
Full of confidence, Mr Bast-
ian informed The Tribune that
he will win the seat comfortably
by at least 300 votes.

FROM page one

of the Bahamas Elections Act, "All licenses issued under
the provisions of the Liquor Licence Act shall .be sus-
pended during the hours of the day on which a poll is
being held for a general election and any person selling
or exposing or offering for sale any intoxicating liquor
shall be deemed to be so doing while not holding a
licence under the provisions of the Liquor LicencaAct,
chapter 372."
The Act also says that during an election, any person
who behaves "in a violent, offensive, disorderly or insult-
ing manner" will be guilty of an offence.
It adds: "Any person who at any time on the day of an
election tampers, defaces or interferes with a polling
booth or obstructs the entrance to any polling place or
obstructs or interferes with any voter or loiters or does
any electioneering within one hundred yards or hearing
distance of a polling space, shall be guilty of an offence
under the Act."
Officials have also advised voters to ensure that there
are no pre-existing markings on their ballots when they'
are collected, and that they place no other marking on
the ballot, other than in the box next to the symbol rep-
resenting the candidate of his or her choice.

FROM page one

and assisting us in upholding the law," said Asst
Commissioner Ellison Greenslade.
"We ask Bahamians far and wide to stay on
the right side of the law."
While the officer said he had personally not
encountered complaints about corrupt prac-
tices during election time, he said he could not
speak for other senior officers.
But he added that he would expect to be
made aware if other officers heard such alle-
Some commentators have claimed that this
election has been most notable for the number
of allegations of corrupt practices being brought
to the attention of the press.
While rumour of such illegal behaviour has
circulated in previous elections, never before
have such a number of allegations been publicly
vocalised, it is claimed.
According to the Bahamas Parliamentary
Act, any person who corruptly provides "mon-
ey or valuable consideration" or "meat, drink,
entertainment or provision to or for any per-
son" in order to be elected, has committed an
Likewise, any voter who corruptly accepts

or takes any such meat, drink, entertainment or
other provisions such as a job shall also be
guilty of an offence against the Act, it states.
Penalties of up to two years imprisonment,
losing one's vote, or right to run for parlia-
ment, in the case of those providing the bribes,
can proceed from being convicted of such a
International organizations, such as the Unit-
ed Nations, define vote-buying, among other
practices, as among several forms of "electoral
fraud and misconduct."
Other "coercive tactics", less obvious than
offering money, such as threats of job loss, or
conversely, offers of employment, also render
elections less than "free and fair."
Iti total, allegations of vote-buying have
reached The Tribune from four constituencies.
Meanwhile, in another constituency, The Tri-
bune has received reports from a Ministry of
Public Service insider that a large number of
jobs in that ministry have been offered by a
PLP candidate.
Reports also surfaced yesterday that at least
one new employee at the National Insurance
Board, who had been offered a job only weeks
prior to the election, was being "given the after-
noon off" to campaign for the PLP MP who
offered them the position.

FNM candidate: West End

airport is open, but has

no international status

Tribune Freeport Reporter
FREEPORT West End candidate
David Wallace said that while the West
End airport is open, it has no interna-
tional status and does not benefit the
residents of West End.
Mr Wallace said that the FNM will
seek to restore the old glory days of
West End, where international charter
flights came in from Canada and the
United States.
"The PLP promised to reopen the
West End airport.
"Well, the West End airport is open,
but it ain't open for me and you.
"So, don't mind them telling you the
airport open. If you and I want to go to
Miami, or Nassau, you better go to
Freeport we can't take no flights
from this airport in West End," he said
on Monday evening at a rally in West
The rally was one of the biggest in
that settlement, complete with a mini-
concert and live broadcast of the FNM's
mega rally at Clifford Park. Hundreds
of supporters turned out for a massive
motorcade from Freeport to West End.
During the motorcade into West End,
FNM supporters were confronted by a
group of rowdy PLP supporters at Eight
Mile Rock, who blocked the road at
Sea Grape and hindered traffic for sev-
eral miles in that settlement.
Although there was no reported case
of violence, supporters from both par-
ties exchanged heated words.
Mr Wallace, seeking re-election as
West End and Bimini MP, said West
End is not a PLP stronghold as pro-
claimed by the PLP.
He said promises made to the resi-
dents of West End by the PLP in the
last election have not been kept.
The high school and bank that were
promised for West End have not been
fulfilled in the last five years, he said.

"The PLP promised to reopen the West
End airport. Well, the West End airport is
open, but it ain't open for me and you."

West End candidate David Wallace

"Well, it has been five years and no
high school. They promised a bank -
they couldn't even give West End an
AMT machine," he said.
Mr Wallace said that although the
airport is open as promised by the PLP,
it has no international status.
"We all know that the airport was
downgraded and it could be used for
locals, but now they have it for special
permission. So, do not let them fool
you. Me and you ain't benefit from the
airport being open," he said.
Mr Wallace said that there should be
the return of international flights to
West End, which is still the capital of
Grand Bahama.
Mr Wallace claims that he has done
more for West End in the previous five
years when he was the MP, compared to
Mr Wilchcombe.
He said the FNM was responsible for
the revitalisation of West End with the
redevelopment of the Old Bahama Bay.
Under the PLP, he noted that the Jack
Tar Hotel closed and put 600 persons
out of work in West End.
Mr Wallace said the FNM repaired
the administration office at West End
Primary School, upgraded the West
End Clinic, acquired the fire engine in
conjunction with the Rotary Club,
repaired recreational facilities in West
End, and reintroduced the West End
powerboat race, and summer youth pro-
Mr Wallace said that West End resi-
dents fear losing their land, and their

jobs at Old Bahama Bay.
The former MP said that the Ginn
project is not really benefiting residents
of West End.
"Ginn is a wonderful development,
but let me tell you something Ginn has
to be good to the residents of West End
- they have to hire the people in West
End first.
"The only people getting hired by
Ginn are those who live in Freeport
and the family and friends of politi-
cians. That can't be right," said Mr Wal-
The FNM, he said, would bring fair-
play to residents of West End.
"Under the FNM, you will be hired
based on your qualifications and not
who you know. It can't be right that a
development come here and the people
ain't ready for it."
He also claims that some residents in
West End have not received any hurri-
cane relief after two and a half years
and still live in homes with leaky roofs
and others are still living in temporary
trailer homes provided by government.
Mr Wallace plans to establish a mon-
ument in West End to preserve the his-
torical significance of West End.
He also said that a government dock
is needed in West End, as well as a
library, community centre, and low-cost
homes. Mr Wallace promised that if
elected, he will start a beautification
programme of waterfront and create a
waterfront park similar to Arawak Cay
and Sunset Village, in West End.

Further allegations of

election bribery attempts

SjjK 22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

H Ms. Rosemary

Slotilda Ageeb,76

otf: Nassau, The
B Ahamas, who died
peacefully at her
residence on Tuesday,
24th April, will be held
at Sacred Heart
Roman Catholic
Church, Shirley Street,
Nasau, on Thursday,
3rd May, 2007 at
11:00 a.m.

Father Mel Taylor will
Cremation will follow.

T Ageeb is survived by one son, Bernard
l klin Ageeb; one daughter-in-law, Jennifer
Jeb; two grandsons, Joshua and Zachary Ageeb;
t"i brothers, George and Charles Ageeb; one.
s er, Kathleen Winchell; three sisters-in-law,
Eria, LaVerne and Karen Ageeb; four nieces,
E.J. Maria Ageeb, Lupita Ageeb-Rolle, Angelique
PFiore and Michaelene Ageeb; ten nephews, Jose,
Thomas, Antonio, John, Gregory, Ashley, Mark,
Edward, Brian and Christopher Ageeb; nine great-
nieces, Jazmin and Isabella Ageeb-Rolle; Lizbeth
Ageeb, Heather Priore, Sephanie, Rebecca, Dana,
Erin and Jenna Ageeb; eight great nephews,
Shelton and Jonathon Ageeb Rolle, Thomas,
Joseph, Daniel, Andrew and Jordan Ageeb and
Michael Priore.
She was predeceased by her parents, John and
Mahry Ageeb; two sisters, Gloria and Theresa
,ggeeb and two brothers Anthony and Arnold

Arrangements by Kemp's Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.






Parties campaign to the end

Hubert Ingraham led FNM supporters at
events on Grand Bahama and New Providence

1, 1
J nl r

* FNM supporters make some noise at Clifford Park on Saturday

* THE huge crowd gathered at Clifford Park on Monday night

SCARL BETHEL addresses the crowd at Clifford Park

* v [~"fl u TI1'J[0 [ ?4^ ^^ ^ *I.{^ ^^ ^

* MORE crowds at the FNM rally in Grand Bahama on 0 HUBERT Ingraham on'the Trust Bus Tour in New 0 MR Ingraham at Colour Red Day at Western Esplanade 7
Saturday Providence with Fox Hillitandidate Jacinta Higgs

In the last few days before
the general election, the
PLP toured the Family
Islands of Acklins, Cat
Island and Inagua



* AT Golden Gates Shopping Centre on Monday
(Photo: Franklyn G Ferguson)





Double standards

EDITOR, The Tribune.
KINDLY allow me to express my reaction
regarding many existing double standards in the
wake of these 2007 elections.
It was recently expressed by a single mother
that she felt confident her designated MP would
provide a fence and pavement for her driveway in
exchange for the three available votes within her
It is incomprehensible how, with the slightest
scant of good conscience and commonsense, any
such person is willing to solicit or accept a bribe
from the very person whose salary they pay.
Is it not a statement that the desperation to
exercise unethical practices is an implication of
their inadequate performance, should your sup-
port prove unobtainable in an ethical manner?
It was simply not earned.
If one welcomes improprieties, perhaps an
acceptable justification is to consider them a return
on your property taxes.
However, in the very least, I implore you to not
convince yourselves that it is worthy of some-
thing as great as your allegiance.
God emphasises "patience in adversity". Do
any such persons perchance think they are alone
in their inflictions? To struggle is but trials and
tribulations imposed by God! To sell yourself for
a paltry gain is but a failure of your test. For this
very reason, God has preserved examples of ances-
tors, admonished to not cast nets on certain days.
Why do we persistently degrade ourselves,
when God himself has exalted us above all crea-
tures and supremely endowed us with reason?
How, in God's name, are we able to condemn
those entrusted with our wellbeing for theft and
giving away your children's inheritance, when we
ourselves are selling our rights to prevent them?
I remain curious as to what your legacy to your

Form a i

EDITOR, The Tribune.
I AM one of the many omni-bus
owners who do not have a franchise.
I was born a Bahamian. I submitted
my application for an omni-bus fran-
chise in January of 2003. After
receiving no feedback, I purchased
my bus in December of the afore-
mentioned year. Prior to purchas-
ing my bus, I entered an agreement
with a gentleman to have an omni-
bus franchise transferred to myself.
Cognizant of the bureaucracies, I
solicited the assistance of my MP in
mid-December year of same to
ensure the transfer. She told me that
she had spoken with the Minister of
Transport who told her and I quote
"she didn't see any reason why it
couldn't be done". I followed up
with my MP on numerous occasions
regarding the course of action and
was told that she was awaiting same
from the Minister. After a while my
MP expressed frustration at not
being able to execute for me. She
attributed the fact that she and the
Minister were not that close as the
reason why she could not get any
results. She then suggested that I
make an appointment to see the
Minister at her office, or at her Con-
stituency office. Efforts to see the
Minister at her office failed as her
secretary was never given the okay
to give me an appointment. Each
time I tried to see the Minister at
her constituency office, the lady
there told me she was not going to be
in that week. To her credit, my MP
continued her attempts to either get
a course of action to have the fran-
chise transferred. She even gave me
an invitation for the opening of the
new subdivision in the back of Mar-
shall Road as the Minister was
scheduled to be there. As I recalled,
the Minister did not attend that func-
After numerous failed attempts
to have the transfer done via my MP
and the Minister, my wife and I
decided to solicit assistance from the
Prime Minister the Honourable Per-
ry Christie. We wrote to him mid-
February, 2004; my wife hand deliv-
ered the letter to his secretary. After

approximately tw
reply, we tried 1
ment to see Mr C
same results front
retary as we got f
na-Martin's. She,
referred us to Sei
ly. We met with S
immediately gave
der". His attitude
expressed disap1
and the way our
we supported wer
ting such a sma
short order we c
Whylly's initial c
was genuine as hi
got nowhere. It is
majority of us c
done in this count
ence with our Pr
necessitated whi
porters boast of
into his office at
after going throuj
nels, I have mad
having the transf
While waiting
Whylly that day,
people trying fe'
Prime Minister
exhausted all oti
not go into why t
I will say that one
disheartening. Tl
come forward lik
believe they will
the polls.
My fellow E
though I went th
process, can you
any Bahamian in
of ours should h
for a franchise
when there are
plates out then
record do not hi
and the rules sta
plates should ber
bly re-assigned
ans? A lot of thin
wrong in our cou
people need to bi
against them. Nc
tried to purchase
my own. Transf
many have been

dependents may be.
When future generations (your children) are
able to exercise their God-given right to partici-
pate in the welfare of their very existence, would
not your fence have crumbled and driveway over-
grown with weeds? What valuable lesson would
your children then have inherited? To beg a new
fence and driveway. Thus the continuing cycle of
Why do we refuse to elevate ourselves in God's
consciousness? Does it not prove impossible to
turn back when one has never ceased to remain
Would you not rather teach your children the
adage "No man can do for them, what they cannot
do for themselves, by the grace of God! Is it not
emphasised by God to refrain from compromising
your integrity? In time, by example, our children
will prove well equipped to characterise gover-
nance by specifications ordained by the Supreme
Simple God-conscious guidelines may actually
empower a government with the obligation of
taking into account the permanent interest of you
and your dependents a government that would
deem it unthinkable, unconscionable, and shame-
ful to degrade your soul and insult your intelli-
Who knows, a reward may even be had for
utilizing your God-given reason. The Most High
may deem it appropriate to endow sufficient sus-
tenance upon you to construct a concrete wall -
one not even necessary to have begged for!
Best wishes to Dr. Hubert Minnis in Killar-

April, 2007.

unique u
vo months with no (including the past five), but the
to get an appoint- Government that my family and I
Christie. We got the supported apparently did not see us
m Mr Christie's sec- as people worthy of being empow-
from Minister Han- ered.
(the secretary) then I would be remiss if I didn't
nator Trevor Whyl- embrace this opportunity to say a
Senator Whylly who little about Governments, Leader-
e us the "cold shoul- ship and representation. We elected
e changed after we Mr Christie as our Prime Minister in
appointment in him, 2002 under the slogan "the right man
Government who for the job". My education, profes-
re treating us in get- sional experience and training have
11 matter done. In taught me that feedback from cus-
discovered that Mr tomers enables one to know if all
old response to us members of the team are pulling
e played us, and we their weight. This feedback is vital to
sad to note that the staffing adjustment decisions in order
can't get anything to achieve optimum results. This is a
ntry, or get an audi- "rule of thumb" for successful lead-
ime Minister when ers. Further, I think it is important
le other PLP sup- that anyone who desires to become
being able to walk Prime Minister understands that this
anytime. To date, job means "chief servant of the peo-
gh the proper chan- ple", and thus it is the most difficult
e no progress with and time demanding job in the coun-
er. try (of whom much is given, much is
g to see Senator expected). This individual needs to
there were several ensure that all of his/her members
verishly to see the are prepared to "serve" the people at
r as they too had large, and are prepared to work
other avenues. I will together. We as a people must hold
hey were there, but them to this. Permit me to give a
of the reasons was couple of examples of what I deem
these folks may not good leadership.
e l am doing, but I During the year 1990, while
speak volumes at employed in the private sector, my
wife was under a lot of pressure. One
lahamians, even day, she felt the need to speak with
rough the fruitless our Prime Minister the late Sir Lyn-
please tell me why den Pindling. He took the call, chid-
a this great country ed with her and gave her good coun-
ave to pay monies sel. We moved into our home in
plate of any kind 1993 and discovered that there were
so many in-active no phone lines in the area. We went
e (the holders on through BaTelCo, and the Minister
ave buses or taxis) who told us it was the responsibility
ate that all inactive of the developer the late Percy
revoked and possi- Munnings (he was very sick at that
to needy Bahami- time). We then wrote the Prime
.gs have been going Minister the Hon Hubert Ingra-
untry, and we as a ham who thanked us for bringing
egin to take a stand the matter to his attention, and
voting this fact, I still assured us that he would correct the
e one as I wanted situation. We had phone lines in our
fers are legal, and area by the beginning of the first
done over the years quarter, 1994. To sum this all up, Sir

Tired of name calling by
EDITOR, The Tribune. and give hope to many of our peo-
THANK you for allowing space pie who have seemingly lost hope
in your invaluable column to say: all because of a police record that
'"Thank You Lord it's just a matter will follow them for the rest of their
of days". life shining a negative light.
I'm sure I am not the only one To you, Mr Christie, so what if
tired of all the name calling and Mr Ingraham removed Mr Symon-
meaningless commercials by both ette for alleged misjudged circum-
parties. Mr Ingraham, it is my sin- stances.
cere prayer that you continue to At the least we should congratu-
not respond to every foolish yada late Mr Ingraham and his deputy
yada yada that the PLP is spewing Mr Brent Symonette for both being
out and please focus more on men and bringing, if not evil, the
enlightening us on your plans for very appearance of an evil situa-
our youth, minimum wage, how the tion to an end, But on the other
present government increased the hand, here you are slinging mud
car inspection without any warning from the past in their faces, and you
and will it be returned to a fair cost, have yet to address the issues of
and will your government be willing your two ministers fighting in the
to look into a three strike pro- House, the issue of the visas, the visas, the
gramme so that we can help restore alleged rape incident, the removal

both parties
of the door and the toilets by one of
your MP's, the alleged missing
funds, amongst other things. Please
don't insult us any further.
If you want to talk, start from
the visa issue and explain why you
have not fired the likes of Kenyetta
Gibson, Leslie Miller and others,
but quickly hung the Reverend C B
Moss out to die.
Please, Mr Christie, issues, issues,
issues not slander and propaganda.
It's time to be a man and take a
stand. The Bahamas is in need of'a
Prime Minister and right now the
choice is clear. IT AINT LONG
April, 2007.

Concern about recent PLP motorcades

EDITOR, The Tribune.
PLEASE allow me space in your valuable paper to
voice my concern about the recent motorcades which
were and are being scheduled at 3pm by the Progres-
sive Liberal party leading up.to the general elections.
On a daily basis the traffic situation here is extreme-
ly congested and explosive, to say the least. This situ-
ation is compounded even more, by the PLP, led by
the Prime Minister, Perry Gladstone Christie, who
allows his cohorts to have a motorcade beginning at
3pm in the afternoon, during one of the peak times of
the day, when school is out and those persons who
have to pick up, drop off their children and return to
work all within one hour, experience unnecessary
I am not fortunate to be employed by the Govern-

Lynden and the Hon Hubert Ingra-
ham understood that they were the
Chief servants of the people. Mr
Ingraham did not trivialise matters
brought to his attention by those
who elected him to be their chief
servant; he ensured that their issues
were heard and resolved.
Lest anyone think that I am play-
ing party politics, I hasten to say that
I consider myself a patriot. I love
my country! Since I was in Primary
School, my family has had ties to the
FNM. The first time I voted, I sup-
ported the PLP as they seemed to
have had the young people's best
interest at heart. The next two elec-
tions, I voted FNM; I could not vote
FNM in the last election. I am no
"true member" to any party. I cast
my vote for the party that is best
suited to lead our country. Think
about it, if all of us do this, we would
build a better, stronger nation.
'While watching the local news on
Friday, 6th April, year of same, my
family and I heard Mr Jack Thomp-
son, the Comptroller of Road Traf-
fic, speaking on behalf of the Gov-
ernment say that they were going
ahead with the Unified Bus System,
and only Omni Bus Franchise hold-
ers would be given shares in the new
Company. The rest of us would be
left out. We in the Public Transit
Association (PTA) were told that
the Government had agreed to have
us create our own Unified Bus Sys-
tem. We (the PTA) agreed that all
(bus owners with franchise and those
without) would be included in the
new company. To date, there has
been no response to Mr Thompson's
remarks from the PTA. We also
understand that our President has
taken a six months leave of absence
from the Association.,
We live in a small community
where people communicate. We
understood from the beginning of
this government's term that there
was a group of prominent black
Bahamians who have strong influ-
ence with this government who
wanted to take this business from
us, and thus we can work for them
for a substantially reduced income.

ment where time is non-existent and you play by your
own rules. I find it very disgusting, outrageous, incon-
siderate, and a total disrespect for the other working .
class, as you sit in traffic for extended lengths of time, -
trying to get to your destination. This type of action to
hold mass motorcades, during peak periods, dpes not
speak well, for a Leader who is supposed to be .in
touch with the people.
I implore you, sir, to reschedule these events as
the timing is simply inappropriate and not conducive
to those persons who have to return to work within
one hour.
April 27,2007.

bus system
On behalf of my colleagues, I put likely to be paid semi- annually or
this question to our Prime Minister, annually. The maximum annual div-
is this a part of the empowerment idend income per share will never
that you speak of in your campaign, exceed $100. It is unfortunate, but we
or is this another chapter in the "all know that some people would sell,
for me baby" saga, a phrase so aptly their birth right, etc for a bowl of
coined by one of the leaders of the soup. If we don't take a stand for
government in the 1980's? I am something, we will easily fall for any-
keenly interested in hearing from thing. I appeal to all of us, let us all.
the Bahamian people, at large on band together, and if necessary take
whether they are interested in de-. a vote of no-confidence in our cur-
empowering Bahamians, or simply a rent leadership and move forward
Bus system that is safe, reliable and with the retention of this business
efficient. for our future generations. Let's put
To all of my colleagues in the bus our heads together and form a
business; we formed the PTA and unique unified bus system that can
we all agreed that it would be inhu- yield us better net incomes than we"
mane to leave out those of us who are currently earning while providing
own buses and not franchises as we a safe, timely, effective and efficient,
currently play an equal part in trans- service to the public at large (a win-
porting the public at large. Amidst win scenario).
our expressed concerns, this gov- We can also create many new jobs
eminent has seen fit to do so by sell- for fellow Bahamians.
ing us out to a semi-anonymous com- The Bahamian people at large are
pany that does not wish to extend fed up with our level of service, and
shares to "bus owners (only)". They I believe we can all agree that there
will do so, if we allow them! Some of are several crucial reasons why we
us may not understand that we may need to unify, thus putting an end to
have been kept apart on purpose. the detrimental "rat race". .
The government has succeeded to The parties out there saw that we
this point as we are divided, yeah were not coming together to make
but together we shall be victorious. I this happen and thus sought to seize
wish to also inform all of us that hav- the movement under this govern-
ing shares in a company will not give ment.
us the kind of net incomes that we Please, united, we will prevail; let's
are currently earning. We may be make it happen!
able to negotiate (sell, use as collat-
eral, etc) the shares in the future. CONCERNED
The only income that we will derive BUS OWNER
from these shares however will be Nassau,
dividend income based on the prof- April 26,2007.
its of the company (profit sharing)

Better ugre(t ents.
tiu.'.:r Piu'a.

Papa John's

Village Road

Will be closed
on Tuesday May 1st, 2007 to
Wednesday May 2nd, 2007
due to minor renovations.

We will re-open
on Thursday May 3rd at our
normal working hours.
Call our other 3 locations


South Beach

Collins Ave.

Sorry for the inconvenience caused
Signed Management.


Rodox. That's better.

Available throughout The Bahamos,

Distributed by Lowe's Wholesale Soldier Road Tel: 393-7111 Fax: 393-0440






business@tribunemedia.net Miami Herald Business, Stocks, Analysis, Wall Street


Tel: (242) 356-7764

Tel: (242) 351-3010

Double Grand

Rahama tomrict

Isle of Capri win

I" L Ain lIlt dX IJLJL, L tu. t

marketing funds, tax cut below

urges minister

Tribune Business Editor
THE Government's tourism
marketing budget for Grand
Bahama needs to be doubled
from the $5-$6 million per annum
devoted to it over past the 10-15
years if the island is to be posi-
tioned as a major destination,
unique from other Bahamian
islands and global rivals, the min-
ister of tourism said yesterday.
Obie Wilchcombe, minister of
tourism, said the Grand Bahama
marketing budget needed to be

increased to around $10-$12 mil-
lion per year, as "you can't mar-
ket a major destination with" the
funding made available over the
past 10-15 years.
Mr Wilchcombe said the
Christie administration had
"talked about it, looked at it" in
terms of increasing Grand
Bahama's marketing budget over
the past five years, although it
had not moved to expand it.
He said this would be some-

SEE page 9

Counterfeit goods

still 'problem area'

for many firms

Tribune Business Reporter
COUNTERFEIT and pirated
goods remain "a problem area
for many businesses", the
Bahamas Chamber of Com-
merce's executive director told
The Tribune yesterday, as the US
Trade Representative's Office
said Washington still had con-
cerns about the Customs Depart-
ment's enforcement efforts
against counterfeit goods.
A spokesman for the US Trade
Representative's Office said yes-
terday that the Bahamas was
removed from its Special 301
copyright watchlist due to
"improvements in intellectual
property rights enforcement
efforts", singling out for special
mention the raids conducted ear-
lier this year against warehouses

United States still
has concerns, especially
on Customs enforcement,
despite watchlist removal

alleged to be stocking counter-
feit and pirated luxury, designer
The creation of an Intellectual
Property Enforcement Unit by
the Bahamas was also praised,
and the indications were that the
enhanced enforcement efforts
were enough to convince Wash-
ington that this nation was serious
about boosting copyright enforce-
ment and regulations.
Yet the US Trade Represen-
tative's Office spokesman said:

SEE page 5


* Casino operator confirms remaining in Grand Bahama, as government
agrees to cut in 17% casino tax rate and more marketing support
* Minister admits initial tax rates 'too high'
* Grand Bahama Chamber chief concerned nation giving away too
much in incentives that are not given to Bahamian businesses

Tribune Business Editor
The Government has
agreed to Isle of
Capri's request to
reduce the casino win
tax rate levied upon its Our
Lucaya resort casino from 17 per
cent to "a level under 10 per
cent", the minister of tourism
revealed yesterday, as the US
casino operator finally confirmed
it would remain in Grand
Bahama rather than terminate its
Obie Wilchcombe told The Tri-
bune that the negotiations that
resulted in a new agreement with
the Government, coupled with
Isle of Capri's previous difficul-
ties, had given the administration
a "better understanding of what
casino fees ought to be".
Apart from a reduction in the
casino win tax rate from 17 per
cent to 9 per cent, Isle of Capri
had been seeking greater promo-
tional and marketing support
from the Government, including a
$5 million contribution from the
administration for such cam-
Mr Wilchcombe said yesterday
that the Government had essen-
tially agreed to both requests in
return for Isle of Capri remaining
as the operator of Our Lucaya's
casino fo'r another two years,
rather than terminate its lease on
June 1, 2007, as originally
"The rate was around 17 per
cent," Mr Wilchcombe said of the
previous win tax rate faced by
Isle of Capri. "That was a little
too high, and we've been able to
work out an agreement that posi-
tions it at a level under 10 per


He declined to specify the exact
casino win tax rate that Isle of
Capri will pay to the Government
as a result of the new agreement,
but described it as "a good plan
for a fledgling destination. It will
help us build the industry here in
Grand Bahama, without taking
all of their [Isle of Capri's] rev-
Isle of Capri's decision to
remain in Grand Bahama will be
a boost for both the island's econ-
omy and employment levels, with
the Isle-Our Lucaya directly
employing 230 people. It also
means gaming is kept alive in
Grand Bahama while the island
waits for Harcourt to purchase
the Royal Oasis, as the Our
Lucaya casino is the only casino
property on the island currently.
Jill Haynes, Isle of Capri's
director of corporate communi-
cations, yesterday told The Tri-
bune that the casino operator had

Where's your money?

agreed to extend its stay in Grand ny's clients could combine a stay
Bahama by "multiple" years, and gambling at both properties.
resulting from a "collaborative Mr Wilchcombe said Isle oi
effort" between the company, Capri would be able to use its
Ministry of Tourism and Hotel experiences in Grand Bahama to
Corporation of the Bahamas. date to good effect, saying that
Also likely to have been when they first arrived the possi-
involved are the Grand Bahama bly did not "understand the
Port Authority (GBPA) and Our Bahamian market" and the fact
Lucaya, which is 100 per cent the tourism and gaming industil
ownedby a Bahamian affiliate of were targeting high spending.
Hong Kong conglomerate, high net-worth clients, which may
Hutchison Whampoa. have been different from the US
Isle of Capri sublets the 19,000 casino operator's traditional client
square-foot casino under a deal base.
with Our Lucaya that originally He praised Isle of Capri for
lasted until December 2012, and keeping the casino open and the
paid $2 million per year in equal employees hired after the devas-
monthly instalments for the first station caused by the 2004 hurri-
two years ending on November cane season, rather than just
30, 2006. "packing up and leaving", saying
The annual lease payments this showed it was a good corpo-
were increase to $2.5 million in rate season.
the third and fourth years, before Balancing that was the control
hitting $3 million for the remain- versy caused when Isle of Capri
der of the lease. Many thought made its requests for further
these lease payments were way incentives and marketing support
too high. public, but Mr Wilchcombe said
Ms Haynes told The Tribune both parties had managed to
yesterday of the new arrange- overcome this and were working
ments with the Bahamian gov closely together, with relations
ernment: "Obviously, this ne good.
agreement will make the proper-q Given that the Ginn Clubs &
ty financially more attractive from Resorts project and Morgan Stan-
an operational standpoint, and ley's Barbary Bay development
we will work closely with the Min- both included a casino in their
istry of Tourism. concepts, Mr Wilchcombe said
"We have a new property in that together with Isle of Capri
Pompano Beach, Florida, and are and a re-opened Royal Oasis,
investigating to determine the fea- Grand Bahama could eventually
sibility of joint marketing/pro- boast a "great line-up" that would
motional" efforts with the Our build the island's tourism prod-
Lucaya property. uct when all were playing at the
Both she and Mr Wilchcombe same time.
indicated that Isle of Capri's But while Isle of Capri's dcci-
move into Florida could have sion to remain in Grand Bahama
spin-off benefits ttlat made the
Grand Bahama casino more
attractive, given that the compa- SEE page 2

Chairman: No 'take

private' plan for RND

Fidelity Bahamas
." Growth & Income JEi
: -Fund '

-': M .

Tribune Business Editor
RND Holdings chairman yes-
terday told The Tribune that
there was no move afoot to buy
out minority investors and return
the company to the private sector,
after investors raised concerns
about Colinalmperial Insurance
Company accumulating just


Concerns on 25%
Colina stake dispelled

under a 25 per cent stake in the
Jerome Fitzgerald explained

SEE page 6


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Stop bad employees at office front door

If we are truly involved in
the 'protection' of assets,
the logical goal is the proac-
tive prevention of theft rather
than the reactive investigation of
incidents. Investigations are after
the fact, and too late, because the
loss has already occurred.
Access control is critical to the
success of any protection pro-
gramme, making the human
resources department a first line
of defence for any company.
Comprehensive exit and entry, in
other words hiring and termina-
tion programmes, go a long way
in ensuring safe and secure sur-
roundings. Additionally, proper
pre-employment screening can
greatly reduce asset loss through

reducing the potential of employ-
ing criminally-minded individu-
als. In other words, the best way
to prevent theft is to avoid hir-
ing thieves.
Liability issues, such as improp-
er practices, can be reduced by
ensuring that persons are actual-
ly trained and qualified to per-
form the task they were hired for.
Companies rarely calculate the
total direct and indirect costs
involved in the resolution of a
theft or series of thefts.
One of the most significant
components of an effective asset
protection programme is a sys-
tem to gather and analyse as
much relevant information about
employment candidates as is law-

Safe &


fully available. The next few arti-
cles will focus on the issue of con-
ducting background checks and
investigations, something compa-
nies cannot take very lightly.
The hiring of new staff has
often been left solely in the hands
of the human resources depart-
ment who, with limited resources,
must investigate and vet poten-
tial new workers. Usually, the
only time security interacts with

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UBS Wealth Management is looking to hire a recent graduate into the UBS (Bahamas) Ltd. office. UBS seeks candidates,
preferably with relevant previous work experience (summer internship), who have demonstrated outstanding academic
and extracurricular achievement, are fle ible anrd creative, .-; irong aralvilic il and interpersonal skills and are
enthusiastic and committed. Strong work ethic and !e's .a: ir:.rit,' are critical. Furthermore, excellent language skills
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an emphasis in Finance or Economics.

To apply for this full-time position, plea :e deliver your ..urne and cover letter by hand to UBS (Bahamas) Ltd., Human Resources,
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Wealth Global Asset Investment
Management Management I Bank


human resources officially is
when the employee is to be ter-
minated. By this time it is usually
too late, and the damage is
already done.
Rarely do companies compare
the cost, or rather loss, involved in
the hiring of delinquent persons
with the cost of conducting prop-
er investigations. No longer is
the police record, nor three ref-
erences, adequate. For example,
the information provided by the
police record only informs us that
the individual was never convict-
ed, not how many times he or she
may have been arrested.
Pre-employment screening and
investigation can also be an effec-
tive method to minimise the risk
of liability for improper hiring.
Frankly, are the skills stated by
the potential employee legiti-
mate? A company has a legal and
moral responsibility to ensure that
claims made by the candidate are
authentic. If it is discovered that
the credentials are false after
employment, it proves disastrous

for a company.
Faced with this dual problem,
an alert employer must gather
and analyse as much relevant
information as possible about
employment candidates in a law-
ful manner. A high degree of pro-
fessionalism must be demanded
of the investigators used for this
search, in order to overcome
reluctance by potential sources
of information and to avoid
potentially defamatory declara-
tions attributable to the employ-
Quality control of the inves-
tigative effort is critical. Well-
trained human resource persons
must be used, and the parame-
ters of the investigative effort
must be carefully pre-defined.
Although the investigative task
will be delicate, it is by no means
This four-part series will delve
into the process of pre-employ-
ment screening, and discuss in
detail the critical role this plays in
organisational security. It will


will be welcomed, some in the business community
voiced concerns about the level of investment incen-
tives being granted to foreign investors. They. ques-
tioned whether the Bahamas was giving too much
away in terms of tax revenues that could be used for
vital infrastructure projects, especially when the tax
burden continued to fall heavily on Bahamian-
owned businesses.
Chris Lowe, the Grand Bahama Chamber of
Commerce's president, told The Tribune: "I'm glad
if they are indeed staying around. But these con-
cessions are becoming a concern in that you are
reducing the tax leverage for the native population,
and every foreign investor is getting a free ride.
"It won't be long before Bahamian businesses
start screaming for the same treatment as foreign
investors. You're better off exiting your country
and coming back as a foreigner. It's very difficult to
do business in this environment unless you're a for-
eign investor, in which case it's a cakewalk."

identify some basic information
gathering tools, with a critical
analysis of the application form.
The cost factor will be highlight-
ed, with examples provided.
Finally, the teaming of the human
resources department and the
security department to provide a
safe workplace and reduce loss
of assets will be studied.
The protection of property,
people, information and reputa-
tion is a joint effort, and an ini-
tiative that should beginning at
the initial contact with potential
NB: Gamal Newry is the pres-
ident of Preventative Measures, a
loss prevention and asset protec-
tion training and consulting com-
pany, specialising in policy and
procedure development, business
security reviews and audits, and
emergency and crisis manage-
ment. Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, visit us at www.pre-
ventativemeasures.net or email

Then there 'is the possible impact the incentives
Isle of Capri has obtained will have on other casino
operators in the Bahamas, notably Kerzner Inter-
national, the potential Baha Mar/Harrah's partner-
ship and, possibly, a revitalised South Ocean.
Both Kerzner and Baha Mar's Heads of Agree-
ments contain 'Most Favoured Nation' type clauses,
which state that they will be treated no less
favourably than any other resort developer of sim-
ilar size and scale on New Providence. Therefore, if
someone receives better incentives than them, they
will automatically apply for the same treatment.
While Isle of Capri is in Grand Bahama, and is
effectively outside this clause, it is not hard to see
Kerzner and Baha Mar seeking similar treatment.
Baha Mar's original Heads of Agreement per-
mits, for the first 21 years after opening the new
casino, a minimum win tax of $4.3 million on gaming
winnings up to $20 million per year.
Above that $20 million casino win threshold, win
tax of 10 per cent is applied. However, Baha Mar is
allowed to deduct from the sums payable on win tax
over $20 million of earnings some 50 per cent of
the annual tax.


To the Stockholder and Board
of Directors of Harris N.A.
We have audited the accompanying consolidated.statements of condition of Harris N.A. (an indirect wholly-
. owned subsidiary of Bank of Montreal) and subsidiaries as of December 31, 2006 and 2005, and the related
.consolidated statements of income, comprehensive income, changes in stockholder's equity and cash flows for each
Wf the years in the three year period ended December 31, 2006. These consolidated financial statements are the
responsibility of Harris N.A.'s management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in,the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Harris N.A. and subsidiaries as of December 31, 2006 and 2005, and the results of their
operations and their cash flows for each of the years in the three year period ended December 31, 2006 in conformity
with U.S. generally accepted accounting principles.

Chicago, Illinois
March 28, 2007

Harris N.A. and Subsidiaries
Consolidated Statements of Condition

Cash and demand balances due from banks ............................
Money market assets:
Interest-bearing deposits at banks ............................. ..
Federal funds sold....................... ......................
Securities available-for-sale (including $5.15 billion and $3.80 billion of
securities pledged as collateral for repurchase agreements at December 31,
2006 and December 31, 2005, respectively) ...................... . .
Trading account assets ............... ............................
Loans .................................................... .
Allowance for loan losses . .............. ........................
Net loans ........................ ....................... .
Loans held for sale ................. ..............................
Premises and equipment . .............. ..........................
Bank-owned insurance .............. ............................
Goodwill and other intangible assets . ......... ...................
O their assets ................. ..................................
Total assets . ............. .................................

Deposits in domestic offices noninterest-bearing ......................
interest-bearing ........................ .
Deposits in foreign offices interest-bearing ..........................
Total deposits ................................................
Federal funds purchased ..........................................
Securities sold under agreement to repurchase ..........................
Short-term borrowings ...........................................
Short-term senior notes ...........................................
Accrued interest, taxes and other expenses .............................
Accrued pension and post-retirement .................................
O their liabilities ............................................ .....
Minority interest preferred stock of subsidiary ........................
Long-term notes senior ................................... .....
Long-term notes subordinated .. .................................
Total liabilities ...............................................
Stockholder's Equity
Common stock ($10 par value); authorized 40,000,000 shares; issued and
outstanding 14,303,361 and 14,016,361 shares at December 31, 2006 and
December 31, 2005, respectively ............................ .....
Surplus .......................................................
Retained earnings ...............................................
Accumulated other comprehensive loss ...............................
Total stockholder's equity ......................................
Total liabilities and stockholder's equity ...........................

; December 31
2006 2005
(In thousands except share data)

$ 1,084,959 $ 1,399,415

944,116 1,007,667
672,760 258,915


$ 6,232,744



$ 6,480,021


The accompanying notes to consolidated financial statements are an integral part of these statements.

- ---

fBIv aia^ ekBI





DOW 030 13,1.146. 473.23 Chavez asking
500 .30 Chavez asking
NASDAQ 2,531353 +6.44 A,
A BY NATALIE OBIKO PEARSON be allowed to stay on as min
10-YR NOTE 4.64 +.02 A Associated Press partners.
CRUDE OIL 64.40 1.31 V BARCELONA, Venezuela Pres- All but ConocoPhillips agre
'. 1 -Ti..n r-qvi-,.'Q v pm ent ri; i;let to qtatp ^rntrnl last m


rise on

bid for,



Associated Press
NEW YORK Investors
resumed their buying spree on
Wall Street Tuesday, driving
stocks higher after a bid for
media company Dow Jones &
Co. revived enthusiasm about
takeover activity.
The Dow Jones industrial
average reached another record
close, its 38th since last Octo-
ber, as big company stocks ben-
efited from the turnaround.
Earlier in the session, stocks
wavered on mixed economic
data that showed strength in
manufacturing but a wilting
housing market and weak car
sales. After April's big advance,
investors were wary that the
current economy wouldn't jus-
tify another move higher on
Wall Street But the caution dis-
sipated after Dow Jones, which
publishes The Wall Street Jour-
dal, confirmed that it received
an unsolicited bid from Rupert
Murdoch's News Corp. to buy
the company for $5 billion, or
$60 a share.
The Dow industrials rose
73.23, or 0.56 percent, to
13,136.14, after dropping to
13,041.30 in earlier trading.
Broader stock indicators also
pared early losses and turned
higher. The Standard & Poor's
500 index rose 3.93, or 0.27 per-
cent, to L48630, and the Nasdaq
composite index rose 6.44, or
0.26 percent, to 2,531.53.
Bond prices dropped after
the manufacturing data made
lower rates look less likely, and
the yield on the benchmark 10-
year Treasury note rose to 4.64
percent, up from 4.62 percent
late Monday.
Adding to the takeover buzz
was a report that Microsoft is
considering buying online
advertising company 24/7 Real
Media. 24/7 Real Media rose
$2.02, or 20 percent, to $11.97,
while Microsoft rose 46 cents to
Though takeover fervor
boosted stocks, investors will be
watching upcoming economic
data, especially Friday's jobs
data, to decide whether to tread
further into record terrain or
restrain their buying. Other data
evinced weakness in the hous-
ing and auto sectors. The
National Association of Real-
tors said pending sales of exist-
ing homes fell 4.9 percent in
March to their lowest level in
four years, while Ford, Toyota
and General Motors reported
declines in U.S. sales for April
DaimlerChrysler reported a
slim rise.
Ford rose a penny to $8.05;
DaimlerChrysler rose 48 cents
to $80.99; Toyota's U.S. shares
rose U cents to $12115; and GM
rose 23 cents to $3L46.
The Russell 2000 index of
smaller companies rose L68, or
0.21 percent, at 816.25.
Advancing issues outnum-
bered decliners by 6 to 5 on the
New York Stock Exchange,
where volume came to L78 bil-
lion shares, up from 1.71 billion
Crude oil prices fell $1.31 to
settle at $64.40 on the New
York Mercantile Exchange.
Overseas, Japan's Nikkei
stock average fell 0.72 percent.
Britain's FTSE 100 was down
0.46 percent, Germany's DAX
index was up 0.42 percent, and
France's CAC-40 was up 0.49

eUCL fnuiugo vjavezas governmenALL
took over Venezuela's last privately
run oil fields Tuesday, intensifying a
power struggle with international
companies over the world's largest
known petroleum deposit.
State television showed cheering
workers in hard hats raising the flags
of Venezuela and the national oil
company over a refinery and four
drilling fields in the Orinoco River
While the state takeover had been
planned for some time, BP, Conoco-
Phillips, Exxon Mobil, Chevron,
France's Total and Norway's Statoil
remain locked in a struggle with the
Chavez government over the terms
and conditions under which they will

ed in

)prillncpi.. Lto saLrLe conril oJ.CL we ex,
and ConocoPhillips said Tuesday
that it too was cooperating.
Analysts say the companies have
leverage because Venezuela's state
oil company, Petroleos de Venezuela,
cannot transform the Orinoco's tar-
like crude into marketable oil without
their investment and experience.
"They're hoping ... that as time
passes Chavez will realize he needs
them more than they need him," said
Michael Lynch, an analyst at Strate-
gic Energy and Economic Research in
Winchester, Mass. He predicted most
oil companies except perhaps
Exxon Mobil would stay.
Multinationals pumping oil else-
where in Venezuela submitted to

lg Oil t(
state-controlled joint ventures last
year because they were reluctant to
abandon the profitable operations.
President Hugo Chavez says the
state is taking a minimum 60-percent
stake in the Orinoco operations, but
he is urging foreign companies to
stay and help develop the fields.
They have until June 26 to negotiate
the terms.
The oil companies still needed
convincing that Venezuela will be a
good place to do business.
The stakes are high for both sides
as Venezuela stands to surpass Saudi
Arabia as the nation with the most
reserves. If the big oil companies
were to leave, Chavez says state
firms from China, India and else-
where can step in, but industry
experts doubt they are qualified.
Chavez "is going to discover that


UNSOLICITED BID: Pedestrians walk past the News Corp. building in New York City on Tuesday.
Rupert Murdoch's News Corp. made an unsolicited bid of $5 billion for Dow Jones and Co., the
parent company of the The Wall Street Journal.

Dow Jones family rejects

Murdoch's takeover bid

Associated Press
Dow Jones & Co., publisher of
The Wall Street Journal, said Tues-
day it received an unsolicited bid
from Rupert Murdoch's News
Corp. to buy the company for
$5 billion, but the family that con-
trols the company said it would
oppose the deal.
Dow Jones said its board had
received the offer from News Corp.
to buy the company at $60 a share,
either in cash or a combination of
cash and News Corp. stock. The
offer sent Dow Jones' shares soar-
ing, and also lifted those of other
newspaper publishers.
However, Dow Jones said later
that the Bancroft family, the con-
trolling shareholders, intended to
vote shares representing just over
50 percent of the voting power of
Dow Jones against the deal.
That leaves open the possibility
that Murdoch could raise his offer,
or that other bidders for Dow Jones
could possibly emerge.
The union representing Dow
Jones employees, the Independent
Association of Publishers' Employ-
ees, was harshly critical of the pros-
pect of being owned by Murdoch,
and issued a statement saying that
Murdoch's bid was opposed by the
staff "from top to bottom."
"Mr. Murdoch has shown a will-
ingness to crush quality and inde-
pendence, and there is no reason to
think he would handle Dow Jones
or The Journal any differently," the
union said. "Despite our differ-
ences of opinion with current man-
agement, we strongly encourage
the Bancrofts to continue to stand
up for the institution's indepen-
dence, and to walk away from this
News Corp. released a short
statement confirming the offer and
characterizing it as "friendly."
Shares of Dow Jones initially
surged almost 60 percent in late

BID OPPOSED TOP TO BOTTOM:' The Wall Street Journal is shown on
a New York newsstand Tuesday. The union for editorial
employees said workers oppose the News Corp. offer.

morning trading after the financial
news network CNBC reported on
the takeover bid. That led to a trad-
ing halt that was lifted after Dow
Jones confirmed details of the offer.
Dow Jones' shares shot up 58
percent, to close at $57.28 in very
heavy volume on the New York
Stock Exchange after reaching as
high as $58.47. They had traded in a
52-week range of $32.16 to $40.08
before Tuesday's news.
New York Times Co. rose 5 per-
cent, to $24.58; Journal Register Co.
jumped 7 percent, to $6.29; and
Reuters Group's U.S. shares
climbed 3.8 percent, to $59.43. Like
other newspaper publishers, Dow
Jones' shares have been beaten
down over the past few years amid
sluggish advertising and rapidly
changing media consumption hab-
its as more readers and advertising
dollars move to the Internet.
But that has not prevented an
unprecedented level of acquisition

in the industry. Earlier this month
Tribune Co. agreed to go private in
an $8 billion deal led by real estate
investor Sam Zell. Last year
McClatchy Co. acquired Knight
Ridder after a shareholder revolt.
And last week shareholders with-
held 42 percent of their votes for
directors at the New York Times, a
public rebuke to the family that
controls the company.
News Corp. started out in the
newspaper business and still owns
a large number of papers, largely in
the United Kingdom and Australia.
The company is now a global
media conglomerate and owns the
Fox broadcast network, Fox News
Channel, MySpace, the Twentieth
Century Fox studio and satellite
broadcasters in Europe and Asia.
News Corp., with a market value
of about $70 billion, could easily
afford the price it is offering, the
credit monitor Fitch Ratings indi-


,r .. I. I


- ----- -- _1_ L_.._.. _,, --

,T- 1 -2

PA ;



nationalism is one thing, but money
talks," Lynch said. "And I don't think
he's going to be able to get more
money out of the Orinoco or the for-
eign oil companies without being a
lot nicer to them."
Pulling out would be damaging for
the companies. They have invested
more than $17 billion in the projects,
now estimated to be worth $30 bil-
lion. Venezuela has indicated it is
inclined to pay the lesser amount for
taking over control with partial
payment in oil and, some experts sus-
pect, tax forgiveness.
Venezuela may still prove enticing
because three-quarters of the world's
proven reserves are already con-
trolled by state monopolies.
AP business writer John Porretto
contributed to this report from Hous-

BP boss

resigns in

face of

ethics cloud

Associated Press
LONDON BP Chief Executive
John Browne resigned Tuesday,
hours after a judge allowed a newspa-
per to publish allegations from a for-
mer boyfriend that the executive mis-
used company resources.
Browne denied any improper con-
duct relating to BP. But he acknowl-
edged that he had lied to a judge
about how he met his former partner,
with whom he had a
four-year relation-
The Mail on Sun-
day, the newspaper
that had sought to
publish the claims,
immediately called
for Browne to be
prosecuted for per- BW
jury. BROWNE
Browne said he
regretted the lie, saying he was in
shock at his private life being
exposed, and was stepping down vol-
untarily "to avoid unnecessary
embarrassment and distraction to the
BP exploration and production
head Tony Hayward will take over as
CEO immediately, the company said.
He will have to repair BP's tarnished
reputation after a deadly refinery
blast in Texas and a giant oil spill in
Alaska, that had already hastened
Browne's retirement by a year.
BP said Browne will now lose a
bonus of up to L3 times his annual
salary, worth more than $6.9 million.
He also forgoes inclusion in a share
plan with a potential value of $23.9
Browne, 59, had been fighting
since January to keep the Mail on
Sunday from publishing details of the
interview with Jeff Chevalier. He
acknowledged the relationship Tues-
day and apologized for lying to the
The Mail on Sunday said it would
provide evidence of Browne's decep-
tion to the attorney general's office.
Browne was accused of using BP
computers and staff to help Cheva-
lier, of using support staff to set up
and then wind down a company
Browne created for him to run, and
sending a senior BP employee on a
personal errand to deliver cash to
Browne rejected the allegations as
"full of misleading and erroneous
claims. I deny categorically any alle-
gations of improper conduct relating
to BP."
BP said an internal investigation
determined that those allegations
were unfounded.
Shares in BP edged lower Tues-
day, closing down 0.4 percent to
$11.24 on the London Stock Exchange.
Browne, a close associate of Prime
Minister Tony Blair, had announced
in January that he would resign at the
end of July. Then his annual perfor-
mance bonus for last year was cut
almost in half as the oil spill in Alaska
and the effects of the refinery explo-
sion in Texas overshadowed record
profits for the oil company.

S&P 500 +3.9 NASDAQ +.4 DOW 73 6-MO T-BILLS 30-YR T-BODS ... GOLD -6.10 EURO -. 1 CRUDE OIL
1,48630 93 2,531.53 +644 13,136.14 +73.23 .84% +.02 4.81% $674.40 1.3620 -.0031 $64.40 '*1.31


2,700 2,580 ,

2,600 2,520
2,500 .... .. ..

- 2,400

1,350 ........ ... .................... ..................... ....... .... S & P 5 0 0 2,300
Close: 1,486.30
Change: +3.93 (+0.3%)
1,300 ................. ..... ... .. ..... .... .... ... ...... 2,200

DOW 13137.76 13041.30 13136.14 +73.23 +0.56%
NYSE NASD DOW Trans. 5063.01 5005.07 5034.33 -3.02 -0.06%
DOW Util. 524.89 517.87 524.53 +5.28 +1.02%
Vol. (in mil.) 3,287 '2,326 NYSE Comp. 9649.24 9586.32 9639.79 +12.06 +0.13%
Pvs. Volume 2,986 2,053 NASDAQ 2532.37 2510.57 2531.53 +6.44 +0.26%
Advanced 1799 1486 S&P 500 1487.27 1476.70 1486.30 +3.93 +0.27%
Declined 1456 1588 S&P 400 877.32 867.38 876.14 +2.48 +0.28%
New Highs 104 86 Russell 2000 816.94 807.69 816.25 +1.68 +0.21%
New Lows 31 104 Wilshire 5000 14992.89 14881.25 14983.85 +31.50 +0.21%

Nm Liat Cg Name

ABB Ltd 20.00 +.04
ABNAmro 48.74 +.29
ACE Ltd 59.85 +39
AESCpIf 2225 +26
AFLAC 51.46 +.12
AMR 26.38 +.29
ASML Hid 27.41 +.16
AT&T Inc 38.84 +.12
AU Optron 16.01 +.10
AXA 46.06
AbtLab 57.01 +39
AberFitc 80.99 -.67
Accenture 39.03 -.07
Adecco 17.09 -.02
AdobeSy 41.73 +.17
AMD 13.54 -.28
Advantstrs 44.06 -.46
Aegon 20.66 -.02
Aetna 47.75 +.87
Agilent 35.99 +1.62
Ahold 12.73 +.02
AFrance 50.82 -.06
AirProd 76.05 -.45
AkamalT 43.16 -.92
Akzo 79.75 +.15
Alcan 57.93 -.94
AlcatelLuc 1330 +.05
Alcoa 34.76 -.73
Alcon 133.38 -1.55
AIIgEngy 54.15 +.69
AllegTch 106.77 -2.81
Allergan 121.45 +.25
AlliBem 90.35 -.61
Allianz 22.21 -.01
Aldlrish- 61.12 +.43
Allstate 62.46 +.14
Alltel 62.05 -.64
AltanaAG 74.75 -.38
AlteraCp If 22.81 +.27
Altrias 68.81 -.11
Alumina 23.50 -.08
AmBevC 5730 +.18
AmBev 59.10 +.68
Amazon 61.19 -.14
AmbacF 92.83 +1.03
Amdocs 36.89 +.18
Ameren 53.28 +.71
AMoviIL 51.94 -.59
AMovilA 51.95 -.50
AmCapStr 48.25 -.43
AEagIeO s 29.4 -.02
AEP 50.66 +.44
AmExp 6132 +.65
AmIntGp If 70.03 +.12
AmStand 55.46 +.40
AmTower 38.00
Ameriprise 59.67 +.20
AmerlBrg 5031 +32
Amgen 65.10 +.96
Amphenols 35.68 +.57
Amvescp 23.81 +.10
Anadark s 46.27 -.39
AnalogDev 38.90 +.28
AngloAm 2635 -.04
AnglogldA 44.36 -.21
Anheusr 49.56 +.37
Aon Corp 38.99 +.24
Apache 73.29 +.79
ApolloG If 47.69 +.39
Apple Inc 99.47 -.33
ApIdMatI 19.28 +.06
ArcelorMit 52.95 -.47
ArchDan 36.60 -2.10
ArchstnSm 51.25 -.86
Assurant 57.42 -.11
AstraZen 54.12 -.19
AustNZ 126.77 +.12
Autodesk If 41.40 +.13
AutoData 46.61 +1.85
AutoZone 133.50 +.46
AvalonBay 120.23 -2.03
AveryD 62.28 +.08
Avon 40.93 +1.13
BASF 118.70 -.11
BB&T Cp 42.03 +.41
BCEgn 33.71 -.04
BG Grp 72.64 +.71
BHP BillLt 48.51 -33
BHPBil plc 45.10 -.38
BJ Svcs 29.09 +.43
BMC Sft 31.94 -.43
BP PLC 6732
BT Grp 63.32 +.37
BakrHu 8130 +.91
BcBilVArg 23.92 -.02
BcBrades s 2130 +.08
Bncoltau 38.82 +.24
BcoSnCH 17.67 -.02
BcSanChile 49.29 -.11
BkofAm 50.93 +.03
Bklrelnd 86.51 -.10
BkMont g 62.40 -.28
BkNY 40.40 -.08
BkNova g 47.58 -.60
Barclay 57.62 -A42
Bard 82.81 -32
BarrickG 27.99 -.12
Baxter 57.06 +.43
BayerAG 68.91 +.53
BearSt 155.82 +.12
BectDck 79.63 +.94
BedBath 40.55 -.19
Berkley 32.72 +23
BerdkHaA 108301 -899
BerkHdB 3606 -22
BestBuy 46.49 -.16
Biogenldc 47.56 +.35
Blomet If 4332 +.12
BlackRock 148.85 -.85
BlockHR 22.85 +.24
Boeing 93.23 +23
BostProp 116.61 -.95

Name last Co i
SXRUraniumJ 15.70 -.95
TiominReso .13 +.01
ACEAviationA 28.88 -.58
COM DEV 4.97 +.67
Wi Lanlnc 5.10 -.45
Ur Fnergyo 4.35 +.02
BkNS 52.80 -.59
OPTICanada 23.01 +.76

Last Chg Name Last Chg Name

BostonSci 16.05 +.61
BrMySq 28.68 -.18 Eaton 89.65 +.44
BritAir 101.08 -.10 EchoStar 47.75 +1.22
BritATob 61.88 -.38 Ecolab 42.26 -.73
BritSky 47.07 +.94 Edisonint 53.43 +1.08
Broadcom 32.05 -.50 ElPasoCp 15.00
BrkfldAs gs 57.50 -.65 Elan 14.00 +.12
BrkfldPrp 40.44 -.63 ElectArts 49.95 -.46
BungeLt 75.34 -.42 EDS 29.30 +.06
BurINSF 86.57 -.97 Embarq n 60.07 +.03
CA Inc 27.52 +.26 EmersnEl s 46.09 -.90
CB REllis s 33.65 -.20 EEIChile 48.36 -.17
CBOT 184.50 -4.17 Enbridge 33.16 +.16
CBS B 31.97 +.20 EnCana 53.04 +.59
CH Robins 53.90 +.44 Endesa 54.62
CIGNA 155.21 -.38 Enel 56.95 +.04
CIT Gp 60.15 +.50 EngyTEq 37.69 -.22
CNA Fn 46.94 +.27 EngyTsfr 62.46 -.13
CNH Gbl 43.51 +.22 Enersis 18.92 -.02
CNOOC 86.25 +.68 ENSCO 57.38 +1.00
CPFL En 47.29 -.02 Entergy 115.20 +2.06
CRH 44.47 -.21 EntPrPt 32.25 -.20
CSX s 43.37 +.20 EqtRes 52.25 +.24
CVS Care 35.99 -.25 EqtyRsd 46.02 -.41
CablvsnNY 32.67 -.11 EricsnTI 38.59 +.42
CadbyS 52.75 -.30 EsteeLdr 50.86 -.56
Cadence 22.29 +.09 EverestRe 100.80 +.16
Cameco gs 46.65 +.03 Exelon 76.45 +1.04
Cameron 65.15 +.58 Expedia 24.02 +.40
CampSp 39.44 +.34 ExpdInti s 42.15 +.35
CIBC g 88.64 +.21 ExpScripts 94.13 -1.42
CdnNRy g 50.08 -.16 ExxonMbI 79.66 +.28
CdnNRs g 59.91 +30 FPL Grp 64.61 +.24
CP Rwy g 63.09 -.43 FannieM If 59.28 +.36
Canons 56.82 +.62 Fastenal 41.22 +.10
CapOne 73.74 -.52 FedExCp 106.11 +.67
CardnlHIth 70.19 +.24 FedrDS s 43.98 +.06
Carnival 48.50 -.39 Fiat 29.54 +.11
CamUK 50.10 -.44 FidNInfo 50.61 +.08
CarolinaGp 76.28 -.25 FifthThird 40.79 +.20
Caterpillar 73.24 +.62 FirstData s ,32.43P +.03
Celgene,,, 61.41 +.25 FirstEngy 69.55 +1.11
Cemexs 3229 -.21 Fiserv 52.81: -36
Cemig -. 51.90 +.03 Flextrn 11.27, +12
CenrerPnt 19.34 +.1 F rluor 96.02 +40
ChesEng 34.45 +.70 FEMSA 110.39 +2.70
Chevron 78.35 +.56 FordM 8.05 +.01
ChiMerc 512.60 -4.15 ForestLab 53.22 +.01
ChinaLfe s 46.33 -.01 FortuneBr 80.42 +.32
ChinaMble 45.07 +.06 FranceTel 2921 -.06
ChinaNet 49.00 -.06 FrankRes 131.61 +30
ChinaPet 87.30 +.09 FredMac 65.90 +1.12
ChinaTel 47.10 -.14 FMCG 67.36 +.20
ChinaUni 14.57 +.08 FresenM 50.05 -.04
Chubb 53.58 -.25 Fujifilm 41.73 +.84
ChungTel 20.13 +.23 Gannett 58.17 +1.11
CinnFin 45.35 +.11 Gap 17.72 -.23
Cisco 26.86 +.12 Garmin s 59.37 +1.18
Citigrp 54.20 +.58 Genentch 82.31 +2.32
ClearChan 35.60 +.17 GenDynam 78.49 -.01
ClearCh 28.52 -.03 GenElec -37.10 +.24
Clorox 67.76 +.68 GnGrthPrp 62.36 -1.49
Coach 48.10 -.73 GenMills 60.10 +.20
CocaCE 22.04 +.10 GnMotr 31.30 +.07
CCFemsa 39.71 +.82 GenuPrt 49.60 +.19
CCHellen 43.57 -.16 Genworth 34.88 -1.61
CocaCI 52.63 +.44 Genzyme 66.22 +.91
CogTech 88.47 -.93 Gerdau 19.90 -.13
ColgPal 68.10 +.36 GileadSci 82.58 +.86
Comcast s 26.70 +.04 GlaxoSKIn 57.51 -.27
Comc sp s 26.30 -.10 GlobalSFe 64.47 +.54
Comerica 62.01 +.10 GoldFLtd 17.96 -.01
Goldcrp g 24.11 -23
CmcBNJ 34.04 +.60 GoldmanS 218.58 -.03
CVRD s 40.27 -.34 Goodrich 56.78 -.06
CVRD pf s 33.83 -.36 Google 469.00 -2.38
CompsBc 68.29 +.11 Graingr 83.58 +.96
CompSci 56.22 +.68 GrantPrde 53.40 +1.86
ConAgra 24.74 +.16 GpTelevisa 28.17 +.12
ConocPhil 69.19 -.16 HDFC Bk 72.45 -.18
ConsolE s 42.03 +.16 HSBC 92.91 +.55
ConEd 51.41 +.15 Hallibtn s 31.39 -.38
ConstellEn 91.27 +2.15 Hanson 84.12 -.76
Coopers 50.62 +.86 HarleyD 63.44 +.12
Coming 23.56 -.16 Harman 120.83 -1.06
Costco 53.46 -.11 HarmonyG 15.77 -.11
CntwdFn 36.99 -.09 HarrahE 85.51 +.21
CoventryH 57.40 -.43 HarrisCorp 52.39 +1.04
CredSuiss 78.45 -.05 HartfdFn 101.77 +.57
CrwnCstle 34.67 +.33 HIthCrPr 34.86 -.53
Cummins s 91.91 -.25 HealthNet 55.25 +1.19
DJIA Diam 131.29 +.62 Heinz 46.62 -.49
DR Horton 22.65 +.47 HelInTel 14.54 -.11
DTE 51.29 +.70 Hershey 55.00 +.04
DaimlrC 80.91 +.40 Hertz n 20.33 +.43
Danaher 71.56 +.37 Hess s 56.77 +.02
Danone 32.67 -.51 HewlettP 42.92 +.78
Dassault 58.86 -.54 Hilton 33.84 -.16
Deere 108.70 -.70 Hitachi 76.06 +.12
Delhaize 95.62 -.73 HomeDp 38.43 +.56
Dell Inc If 25.22 +.01 Honda 34.13 -.30
DeutschBk 153.75 +.20 HonwIllntl 55.08 +.90
DeutTel 17.33 -.06 Hospira 40.80 +.25
DevDv 64.45 -.65 HostHotls 25.22 -.42
DevonE 73.09 +.22 HuanPwr 40.36 -.23
Diageo 84.72 +.32 HudsCity 13.30 -.02
DiaOffs 86.54 +.94 Humana 63.00 -.24
DirecTV 23.81 -.03 HutchTel 30.91 -.20
Disney 35.47 +.49 IAC Inter 38.28 +.16
DollarG 21.43 +.08 ICICl Bk 40.29 -.63
DomRes 9224 +1.04 IMSHIth 31.71 +2.38
DonlleyRR 42.40 +2.20 ING 45.62 +.01
Dover 48.01 -.11 iShJapan 14.28
DowChm 44.03 -.58 iShDJDv 73.87 +.44
DuPont 49.36 +.19 iShP500 148.85 +.37
DukeEgy s 20.69 +17 iShEmMkt 121.32 +.48
ETrade 22.43 +.35 iSh EAFE 79.08 -.08
E.ON AG 50.14 +1.51 iSR1KV nya 86.39 +.21
eBay 33.46 -.48 iShR2K nya 81.14 +.40
EMC Cp 15.06 -.12 ITT Corp 64.99 +1.18
ENI 66.15 -.09 ITWs 51.51 +.20
EOGRes 75.78 +2.34 ICl 42.69 +.22
EKodak 25.40 +.49 ImpOil gs 37.93 -.10

Name Last Chg Name Last Chg
MiramarMng 4.70 -.07 BluePearlMng 17.51 -.49
Goldcorpinc 26.74 -20 UTSEngyCorp 5.01 +.19
MidnightOil 1.84 +.04 CampbellRes .12 -.01
T D Bank 67.13 -.67 AbitibiCons 2.84 -.07
EnCanaCorp 58.80 +.70 KinrossGold 14.54 -.23
Dynatec 4.34 -.03 YellowPgsUn 14.40 +.34
SynencoCIA 15.49 +2.08 BreakwaterRes 2.13 +.03
CdnNatRes 66.38 +.24 ChariotReso .92 +.03

Infosys s
IntCtlHtl rs
Intuit s
Ipsco g
KT Corp
L-3 Comn
LG Philips
LeucNatl s
LibMIntA n
LibMCapA n
Loews s
Lowes s
M&T Bk
Magnal g
Manulif gs
MarlntA s
MartMM I
MarvellT slf
MasterCd nI
Maxim If
MelcoPBL n
Millea s
Monsanto s
Mosaic If
Nil Hldg

1,550 "1,50 0 *

1,46 0.
1,500...... .1
1,42 ...10.D.. AY

Name Last Chg
lamgoldCorp 8.91 -.09
NuvoResearch .24 -.09
Norbordinc 8.25 -.18
RogersCommB 42.61 +.06
TimmincoLtd 3.57 +.10
SunLifeFin 51.00 -1.60
BkMontreal 69.31 -.15
YamanaGIdo 15.17 -.29

Name Last Chg
BCE Inc 37.30 -.09
EasternPlat 2.40 +.03
PetroCanada 49.75 +.40
GabrielReso 3.96 +.05
EldoradoGld 6.31 -.12
BarrickGold 31.15
WsternOilA 36.81 +.75
AeroplanlncU 19.51 +.01

Name Last Chg
GreatBasinWt .63 +.16
LionoreMng 18.76 +.05
HudBayMnrls 21.55 +.71
TalismanEgy 21.48 +.42
EqnoxMnrlso 2.46 +.03
FirstNickelo 1.58 +.06
BombdrBSV 4.65 +.08
ManulifeFin 39.64 -.47




3-month T-bill 4.76 4.79 -0.03 V V V 4.68
6-month T-bill 4.84 4.82 +0.02 V V V 4.78
1-year T-note 4.92 4.92 ... A A A 4.95
2-year T-note 4.62 4.58 +0.04 A A V 4.95
5-year T-note 4.53 4.51 +0.02 A V A 5.01
10-year T-note 4.64 4.62 +0.02 A V A 5.14
30-year T-bond 4.81 4.81 .. A V A 5.23





I-;- ~ ~*rrn :

Name Last Chg
SempraEn 63.74 +.26
ShawC g 38.61 -.14
Sherwin 63.43 -.34
10 DAYS Shinhan 113.05 +.89
Shire 69.39 -.50
SiderNac 42.96 -.05
Siemens 121.30 +.33
SimonProp 113.39 -1.89
Smith&N 61.85 -.50
SmithIntl 52.15 -.29
Sodexho 79.00 -.21
Nasdaq composite SonyCp 52.83 -.43
Close: 2,531.53 SouthnCo 38.01 +.22
Change: +6.44 (+0.3%) SthnCopp s 78.78 -1.52
SwstAirl 14.26 -.09
J F M A M SwstnEngy 41.75 -.25
SovrgnBcp 24.51 +.24
SpectraE n 26.42 +.32
WK MO QTR YTD SprintNex 20.01 -.02
WK MOQTR YTD SPDR 148.67 +.38
A A A +5.40% SP Mid 159.27 +.42
V A A +10.40% Staples 24.70 -.10
V A A +14.83% Starbucks 30.9Q -.12
V A A +5.48% StarwdHtl 67.00 -.02
A A A +4.81% StateStr 68.71 -.16
A A A +4.79% Statoil 28.19 +.12
V A A +8.92% StoraEnso 18.23 -.05
V A A +3.63% sT Gold 66.69 -.40
A A A +5.09% Stryker 65.23 +.29
Suez 56.94 -.16
SunLfFn g 45.95 -1.40
SunMicro 5.07 -.16
Last Chg Name Last Chg Suncor g 80.80 +.30
Sunoco 75.76 +.23
85.84. -1.57 NBkGreece 11.41 -.01 SunTrst 84.26 -.16
45.98 +.05 NatlCity 36.07 -.48 Supvalu 45.74 -.16
15.55 +.02 NatGrid 77.65 -1.12 Swisscom 34.94 -.25
53.41 +1.06 NOilVarco 87.10 +2.25 Symantec 17.83 +.23
45.07 +.42 NatSemi 26.66 +.36 Syngenta 39.25 -.45
21.64 +.14 NetwkAp 37.08 -.13 Synovus 31.74 +.18
123.02 -3.98 NewellRub 30.81 +.14 Sysco 32.21 -.53
24.45 +.28 NewmtM 41.32 -.38 TOD Ameritr 16.98 -.07
103.17 +,96 NewsCpA 21.45 -.94 TDK 85.07 -1.43
38.05 -.09 NewsCpB 22.99 -1.01 TJX 28.16 +.27
37.85 +.13 Nexen g 59.94 +.33 TNT NV 45.41 +.27
88.33 +.05 NiSource 24.80 +.21 TXU Corp 66.02 +.44
58.99 -.31 Nidec 15.45 -.39 TaiwSemi 10.69 +.15
28.22 -.23 NikeB wi 52.99 -.87 TalismE gs 19.34 +.34
149.61 +1.76 NippnTT 24.83 -.06 Target 59.64 +.27
52.26 +.16 Nissan 20.34 +.18 TataMotors 18.34 +.06
64.56 +.34 NobleCorp 85.66 +1.45 Technip 75.65 +1.20
102.60 +.27 f g..3 *-1.fA TeckCm gn 76.29 +.26
22.58 +.22 Nomura 19.37 +.11 TelcNZ 29.04 +.64
55.88 +.33 Nordstrm 55.18 +.26 Telltalia 29.93 -.02
17.05 +.03 NorflkSo 52.65 -.60 TelltaliaA 24.37 +.05
22.72 +.06 Norsk s 34.70 +.15 TelBrasH 34.64 +.03
53.37 +.46 Nortel lfrs 23.07 +.19 TeiSPaulo 26.50 +.06
35.71 +.03 NorTrst 63.03 +.08 TelefEsp 67.27 -.38
41.57 +.16 NorthropG 73.15 -.49 TelMexL 33.93 -.21
71.46 +.29 Novartis 57.81 -.28 tAustria 56.99 -.16
47.80 -.27 NovoNdk 98.61 +.20 Telenor 56.19 -.08
55.04 -.41 Nucor s 64.31 +.85 TelData 56.04 -.91
106.75 +.19 Nvidia 33.24 +.35 Telkom 97.71 +.43
74.64 +.60 OcciPet s 50.76 +.06 Telus g 54.04 -.21
90.45 .+.63 OffcDpt 33.91 +.29 Templeln 59.73 +.49
21.01 +.33 Omnicom 104.10 -.61 Tenaris 46.00 -.36
33.49 +.02 Oracle 18.59 -.21 Terex s 77.15 -.70
29.44 -.07 Orix 133.90 -1.38 Tesoro 120.02 -1.18
45.23 -2.57 PG&E Cp 51.29 +.69 TevaPhrm 38.84 +.53
96.79 -.71 PNC 74.39 +.29 Texlnst 34.84 +.47
91.08 +1.15 POSCO 105.16 +.42 Textron 101.83 +.16
20.40 +.19 PPG 73.26 -.33 ThermoFis 52.34 +.28
78.59 -.35 PPL Corp 44.00 +.39 Thomson 44.03 -.02
40.51 -.13 pacca ----"85.18 +1.20 3MCo 83.61 +.84
54.65 ..,+,87 RarkHan 11 .36 ,+1.22, : Tiffany 47.59 -.10
85.62 +.43 Paychex 37.39 +.29 TH6rtong' 31.85 +.32
98.39 -.80 PeabdyE 47.74 -.24 TW Cable n 36.22 -.60
74.83 -.45 Pearson 18.01 +.95 TimeWarn 20.59 -.04
30.30 +.16 PennWst gn 30.08 +.13 Trchmrk 68.73 +.43
5.28 -.28 Penney 79.96 +.87 TorDBk g 60.47 -.65
36.45 +.56 PepsiBott 33.10 +.29 Total SA s 73.68 -.01
36.20 +.20 PepsiCo 66.40 +.31 TotalSys 31.08 +.02
33.98 +.57 PetroC g 44.79 +.46 Toyota 121.53 +.11
24.98 -.05 PetChina 113.00 +.86 TrCda g 35.81 +.06
113.53 +.56 PetrbrsA 89.64 +.42 Transocn 86.27 +.07
58.89 -.24 Petrobrs 101.54 +.31 Travelers 54.44 +.34
27.36 -.21 Pfizer 26.59 +.13 Tribune 32.80
70.79 -.36 PhilLD 53.60 +.19 Turkcell 14.71 +.57
37.67 +.25 PhilipsEl 41.27 +.23 Tycolntl 32.75 +.12
46.29 -.33 PioNtrl 50.44 +.24 Tyson 21.15 +.19
96.23 +.09 PitnyBw 47.62 -.38 UBS AG s 65.19 +.29
47.38 +.06 PlainsAA 58.12 -.87 UPMKy 24.73 +.06
30.70 +.14 PlumCrk 39.78 +.08 UST Inc 56.10 -.58
34.71 +.07 Polo RL 90.04 -2.07 UltraPt g 57.50 +.78
31.03 -.09 PortglTel 14.21 -.04 UUnlao 96.85 -.21
111.92 +.58 Potash 178.53 -.99 UnilevNV s 30.40 -.10
69.41 -.15 PwShs QQQ 45.92 -.05 Unilever s 31.00 -.31
54.09 -.79 Praxair 65.22 +.67 unionPac 11222 -2.03
66.82 -.43 PrecCastpt 104.00 -.11 UnBnCal 61.52 +.04
94.75 -.37 PriceTR s 49.51 -.17 UtdMiPro 3.30 +.02
79.22 +.07 PrinFncl 60.87 -2.62 UPS B 69.94 -.49
80.56 +.31 ProctGam 62.96 -1.44 USBancrp 34.39 +.04
35.75 -.36 ProgrssEn 51.24 +.69 US Cellular 71.90 -.60
101.27 -.28 ProgCp s 23.18 +.11 USSteel 101.67 +.13
45.34 +.13 ProLogis 65.13 +33 UtdTech 67.73 +.60
31.91 +.15 Prudentl 95.22 +.22 UtdUtils 29.78 -.23
48.20 +.18 Prud UK 30.03 +.02 UtdhltmhGp 52.75 -.31
142.49 -3.33 PSEG 86.75 +.30 UnumGrp 24.73 -.15
16.38 +.24 PubStrg 91.59 -1.73 ValeroE 71.15 +.92 8 00
29.80 +2.59 Publicis 47.66 +.06 VeoliaEn 82.70 +.92
114.85 +3.17 PulteH 27.00 +.10 VeoliaEnv 82.70 +21
20.05 +.62 Qualcom 43.77 -.03 Verisign 26.78 -.57
28.59 +.29 QstDiag 49.09 +.20 VerizonCm 38.51 +.33
31.93 +.21 Questar 97.88 +.20 ViacomB 41.15 -.10
49.14 +.86 QwestCm 9.11 +.23 VimpelCm 96.77 +.01
65.90 +.37 Raytheon 53.28 -.26 VirgonMdah one 28.82 -.41
59.12 +.29 ReedElsNV 37.68 +.04 Vodafone 2888 +15
33.48 +.12 ReedEls pc 51.37 +.83 Vornado 118.33 -.30
56.60 -.08 RegionsFn 35.09 VulcanM 115.27 -8.40
72.15 -5.87 ReliantEn 22.21 -.06 WPPG 75.75 +.4
53.80 +.87 Repsol 32.81 -.07 WPPGp 7achovia 55.36 -.+149
17.56 +.14 RschMotn 132.68 +1.10 WahoMart 4 55.33 6 -.18
42.77 -.16 ReutrGrp 59.43 +2.19 WalgMart 44.23 +.33
50.98 -.46 ReynAm s 64.12 -.14 WA Mul 42.38 +.40
90.56 +.33 Rinker 77.57 +.24 WAMute 42.387 +.40
65.86 +.16 RioTinto 244.73 +.73 Weathfdlnt
55.15 -.11 RockwlAut 60.76 +1.22 WellPoint 79.72 +.75
40.44 +.10 RockColl 65.43 -.24 wpl n n 1
11.35 -.12 RogCmgs 38.52 +.36 WellsFgo s 36.04 +.15
30.19 +.25 RoHaas 50.33 -.84 WstnUnn 20.87 -.18
36.82 -.13 Rostele 52.60 -.25 Weyerh 78.91 .31
83.25 +2.00 RoyalBkg 51.66 -.40 Whrlpl 108.10 +2.07
45.20 +.33 RylCarb 41.98 +.41 WhtMtlns 573.00
10.48 +.03 RoyDShllB 71.05 +.34 WholeFd 45.84 -.95
367.01 +3.31 RoyDShllA 69.47 +.12 WmsCos 29.41 -.09
12.05 -.11 Ryanairs 47.09 +.42 WillisGp 41.20 +.18
55.15 +05 SAP AG 48.13 +13 Windsliprm 14.66 +.104
90.84 +.68 SK Tlcm 25.46 +.63 Wipro 16.58 +.07
94.35 +.07 SLGreen 139.64 -1.26 Wo 24.41 +08
57.74 -1.25 SLM Cp 53.50 -.33 Woorien 75.75 +50
65.47 -.65 sT MSTech 59.22 +.24 Wrigley 58.81 -.07
84.11 +.10 STMicro 19.53 +.07 Wyeth 55.68 +.18
29.18 -.32 Safeco 64.93 -1.81 Wyndham n 36.08 +1.48
17.46 +.13 Safeway 35.83 -.47 Wynn 101.38 -.83
55.43 -.01 SUtude 44.37 +1.58 y an p 07.-7 +75
50.16 -.24 SanDisk 42.72 -.73 XTO Engy 54.42 +.15
5.34 Sanofi 45.46 -.40 XceEngy 24.2 +19
76.36 -.40 SaraLee 16.66 +25 Xerox 18.43 -.07
5.18 +.01 Sasol 34.46 +.29 Xilinx 29.53 +05
79.58 +.62 Satyam s 24.57 -.31 YPF Soc 43.39 +1.02
17.48 +.47 SchergPI 31.57 -.16 Yahoo 27.61 -.44
125.20 -4.51 Schlmbrg 73.83 YumBrds 63.12 +1.26
83.33 -1.00 Schwab 19.13 +.01 Zimmer 88.66 -1.82
31.98 -.14 SeagateT 21.60 -.55 Zionmmcp 81.59 -.21
25.21 +.47 SearsHIdgs 188.16 -2.75 ZonBcp 859
178.00 +.20

6MO. 1YR.
-.00 .3237 -.0045
+.04 .4664 +.0121
+.03 1.9118 +.1751
-.11 .8824 +.0027
+.05 .001902 -.000038
-.21 .000434+.000054
-.00 .0296 -.0004
,-.23 1.2776 +.1035 -.
-.13 .008555 -.000459 -
-.05 .092666 +.000984
-.00 .0420 -.0000

Global M- ts

S&P 500 1486.30 +3.93 +0.27% A A A +4.79%
Frankfurt DAX 7408.87 +30.75 +0.42% A A A +12.31%
London FTSE 100 6419.60 -29.60 -0.46% V A A +3.20%
Hong Kong Hang Seng 20318.98 -207.52 -1.01% V A A +1.77%
Paris CAC-40 5960.04 +29.27 +0.49% A A A +7.55%
Tokyo Nikkei 225 17274.98 -125.43 -0.72% V A A +0.29%

Buenos Aires Merval 2154.55 -43.22 -1.97% V A A +3.07%
Mexico City Bolsa 28996.71 -376.22 -1.28% V V A +9.64%
Sao Paolo Bovespa 49018.09 -211.51 -0.43% V A A +10.22%
Toronto S&P/TSX 13406.33 -10.35 -0.08% V A A +3.86%

Seoul Composite 1542.24 -0.28 -0.02% V A A +7.51%
Singapore Straits Times 3361.29 -37.31 -1.10% V A 0 A 1257%
Sydney All Ordinaries 6158.30 +17.30 +0.28% V A' A' +9.11%
Taipei Taiex 7875.42 -74.00 -0.93% V V A +0.66%
Shanghai Shanghai B 231.13 +15.15 +7.01% A A A +77.64%

Largest Mutual Funds




AIM Fidelity Advisor Putnam
CharterA m 16.52 +.05+17.2 CapDevO 13.35 +.06+14.8 GrowlncA m 20M +.09+15.0
ConstellA m 27.83 +.07 +5.7 DivintlA m 24.64 -.01 +10.6 VoyagerA m 1893 +.06 +6.9
American Cent Fidelity Spartan RiverSource
Ultralnv 28.23 +.03 +2.0 5001ndxAd 103.22 +.27+16.0 DivrEqlnA m 13.6, +.'05+13.4
American Funds USEqlndxl 52.63 +.14+15.9 LgCpEqA m 6.14 ,M02+13.9
AmcapA m 21.12 +.04 +11.2 First Eagle Russell
BalA m 19.63 +.04 +12.1 GIbA m 48.29 +.03 +14.2 MulStrBdS 10.40 ... 46
BondA m 13.42 -.01 +8.0 OverseasA m 26.83 -.09+14.3 Schrab
CaplncBuA m 64.06 +.02+20.0 FranklTemp-Franklin YIdPIsSel 9.69 +5.7
CpWldGrlA m 44.71 +.01+18.2 CA TFA x 7.32 -.03 +6.6
EurPacGrA m 49.83 -.05 +15.3 Fed TFA x 12.07 -.04 +5.9 Selected
FundmlnvA m42.75 +.05+14.6 HYTFA m 10.96 ... +75 AmerShS b 48.13 .+15.2
GrowAmerA m34.68 +.06 +10.2 Income A x 2.77 -.01 +20.2 T Rowe Price
HilncA m 12.79 -.01 +11.7 SmMdCpGrA m41.60+.06 +11.3 BIChpGr 38.00 +.09 +13.5
IncAmerA m 21.25 +.03 +19.1 US Gov A x 6.41 -.03 +6.9 CapApprec 21.72 +.05 +15.1
InvCoAmA m 35.09 +.09 +14.5 FankTemp-Mutual Eqlndex 39.88 +.10 +15.6
MutualA m 30.93 +.12 +17.5 Discov A m 32.88 -.06 +21.3 EqtyInc 31.05 +.23 +18.8
NewEconA m 28.15 +.04 +14.5 Shares Z 27.74 -.02 +17.6 GrowStk 33.66 +.06 +16.6
NewPerspA m33.79 ... +15.5 FankTemp-Templeton IntlStk 17.79 -.09 +13.0
NwWrldA m 52.61 +.04+23.3 Fgn A m 14.49 ...+14.7 MidCapVa 27.34 +.20+20.1
SmCpWIdA m42.83 +.01 +15.9 ForEqls 28.88 -.05 +25.3 MidCpGr 58.70 +.04+10.1
WAMutlnvA m36.70 +.15+17.7 Growth A m 26.97 -.03+173 NewEra 51.43 +10 +10.7
Artisan World A m 20.42 +.01 +162 NewHoriz 34.19 +.04 +2.9
Intl 31.10 ... +16.8 Franklin Templeton Newlncome 8.96 ... +7.7
Baron FndAIIA m 14.54 +.01 +17.9 SmCpStk 35.79 +.11 +63
Growth b 52.45 +.07 +9.1 GMO SmCpVal 43.79 +.15 +7.6
Bernstein ForIll 19.76 +.02 +18.3 Value 28.98 +.17 +18.9
TxMIntl 28.23 +.08+15.7 Harbor ThArd Aveime
BlackRock CapAplnst 34.58 +.05 +5.8 Value 6327 -.14+12.0
GlobAlcA m 19.07 -.01 +11.2 Intllnstl 67.03 +.09 +20.0 Thornbirg
Calamos Hartford IntlValA m 30.96 -.07 +18.1
GrowA m 57.19 -.03 +.8 AdvHLSIA 23.59 ... +12.5 Tweedy Browne
Columbia CapAprA m 39.36 +.03 +10.0 GlobVal 33.6 ..+19.6
AcornZ 32.00 +.03+11.3 CpApHLSIA 56.07 +.06+11.5 VALIC
DFA DvGrHLSIA 24.20 +.07 +19.0 Stockldx 38.58 +.11+15.6
EmgMktVal 36.99 +.13 +29.3 JPMorgan VanKampen
IntlSmCap 23.63 +.04+23.0 IntrAmerS 29.65 +.06+16.4 ComstockA m20.07+.02p+16.7
IntlSmCo 21.60 +.05 +20.1 Janus EqincomeA m 9.45 +.02 +13.6
IntlValu 25.54 +.04 +25.8 Contrarian 19.17 +.06 +27.1 GrowIncA m 23.23 +.07 +16.7
USLgVal 26.80 .. +17.2 Growlnc 4027 -.01 +6.5
USMicro 16.20 +.01 +5.9 Janus 3030 -.04+13.1 Vangumd
USSmVal 31.10 +.12 +10.5 MidCapVal 2558 +.01 +17.0 500 136.97 +36 +15.8
DWS-Scudder Overseas 49.83 -.05 +26.5 AssetA 3020 +.07 +15.9
DremHRtEA m52.26 +.18 +15.2 Twenty 58.35 -.08+15.0 CaPOp 37.82 +.10 +92
Davis John Hancock EmerMktId m25.92 +.07+15.6
NYVentA m 40.46 -.02 +15.6 ClsscValA m 29.23 +.17 +16.8 Energy 68.82 +.26 +7.0
Dodge & Cox LifBal b 14.96 +.02+12.5 Europeldx 39.73 +.06+26.0
Bal 89.62 +.06+12.9 LifGrilb 15.50 +.03+12.2 Expir 80.13 -.02 +5.7
Income 12.67 ... +7.5 Julius Baer Extndldx 41.34 +.07 +11.2
IntlStk 47.30 -.04+18.1 IntlEql 47.66 +.09 +21.6 GNMA 10.21 ... +7.1
Stock 159.73 +.18+15.8 Legg Mason GlbEq 24.92 +.05 +18.9
Excelsior OpportnPr m 20.62 -.03+13.6 Grolnc 37.79 +.07 +151
ValRestrA 57.49 +.19+14.1 ValuePr b 75.77 +38+12.1 Growthldx 31.44 +.07+12.1
Fidelity Longlea Partners HYCor 629 -+10.0
AstMgr50 16.73 ... +11.1 LongPart 36.56 -.04+14.1 HithCare 155.77 +.42 +18.0
Bal 20.61 +.04 +12.4 Loonmis ays InflaPro 135.95 +6 +16
BIChGrow 46.42 +.12 +8.6 Bondl 14.70 ..+112 Instdid 135.95 + 6+16.0
CapApr 28.65 +.01 +8.5 Lord Abbett InstTBdld 50.45 -.03 +7.6
CapInc 9.17 -.01 +13.7 AffiliatA m 15.86 +.02+12.8 InstTStPl 3236 +.08 +15.2
Contra 67.88 +.13 +9.3 MidCpValA m 24.18 +.10+19.0 ntlGr 25.73+04 +17+
DiscEq 31.34 +.04+16.6 MFS IntlVal 4330 +.12+16.9
LifeCon 17.13 +.04+10.7
DivGrow 33.23 +.16 +16.0 TotRetA m 16.85 +.03 +13.8 LifeGrCon 1725.13 +.02 +115, -
Divrlntl 40.02 -.04+15.7 ValueA m 28.42 +.09+18.8 LifeMoGrd 25.1830 +.05 +15.1
Eqlnc 60.88I2479 +.1325 +18.0 Morgan Stanley nlustl MidCp 21.48 +.05 +13.7
FF2015 12.83 +.02+111 IntlEqA 21.96 -.02 +16.1 Morg 20.04 +.04+10.7
FF2040 10.09 +.01 +12.9 Neuberger Berman MulntAdml 13.30 ... +5.6
Fidelity 38.01 +.05 +13.9 GenesisTr 51.76 +28 +8.5 pacificId 12.94 +.01 +43
Free2010 15.30 +.01 +10.5 Oaknark Prmcp 72.50 +25 +8.9.
Free2020 16.40 +.02 +11.8 Oakmark I 4835 +25 +18.4 REITIdx 26.08 -21 +26.8, -
Free2030 17.04 +.03 +12.7 Select I 34.73 +25 +13.1 STCor 10.60 -.01 +6.2
Govtlnc 10.08 ... +6.7 Oppenheknmer SelValu 22.41 +.05+21.9
GrowCo 73.06 +.08 +8.7 CapApA m 48.80 -.03 +9.0 SmCapldx 34.73 +.07 +10.1
Growlnc 32.44 +.12 +9.9 DevMktA m 43.99 +.09 +14.0 Star 21.89 +.03 +11.9
IntBond 10.31 ... +6.7 GlobA m 77.97 +.16 +13.8 StratgcEq 25.67 +.04 +11.4
IntlDisc 40.88 -.07 +16.7 IntlBondA m 6.24 -.01 +9.2 TgtRe2015 13.05 +.02 +13.3
InvGrdBd 7.39 ... +7.6 MainStrA m 42.73 +.14+14.0 Tgtet2025 13.74 +.03+14.6
LevCoSt 32.97 +.13 +18.8 RocMuniA m 18.80 ... +8.6 TotBdld 10.01 -.01 +7.5
LowPriStk 46.16 +.03+12.8 RochNtlMu m 12.83 ..+102 Totlnt 19.09 +02 +18.3
Magellan 95.64 -.08 +6.3 StrlncA m 4.40 -.01 +9.7 TotStldx 35.88 +.09 +15.0
MidCap 32.52 +.09+11.4 PIMCO Wellsl 22.42 +.02+13.4
OTC 43.72 +.11 +11.6 AllAssetl 12.98 -. +9.6 Welltn 33.77 +.06 +15.0
Overseas 48.86 -.05 +16.1 ComRIRStI 14.82 -.01 +2.1 Wndsr 19.50 +.03 +16.1
Puritan 20.75 +.04 +14.5 LowDrls 9.91 -.01 +4.9 Wndsrll 37.10 +.12+19.0
Reallnv 37.42 -.30+26.3 RealRet 10.92 +5.9
ShTmBond 8.87 ... +5.4 TotRetls 10.39 -.02 +6.6 Western Asset
USBdIndx 10.91 -.01 +7.5 pioneer CrBdlnst 11.38 ... +9.4
Value 88.15 +.20 +17.1 PioneerA m 50.72 +.11 +15.1 CrPIBdIns 10.54 -.01 +9.2

YEST 8.25 5.27
PREV 8.25 5.28
WKAGO 8.25 5.19


Lehman Bros Bond Idx4.83 4.83 ... A V A 5.26
Bond Buyer Muni Idx 4.60 4.58 +0.02 A V 4.85
Lehman US Inv Grade 5.27 5.34 -0.07 V V V 5.64
Lehman US High Yield 7.47 7.48 -0.01 V V V 8.13
Moodys Bond Index 5.40 5.47 -0.07 V V A 5.95
.Bank Index 116.29 116.06 +0.23 A A A 112.80
DJ Corp Bond 200.47 200.59 -0.12 V A A 185.64

Unleaded Gas (gal) 2.24 2.44 -8.20 +39.8
Crude Oil (bbl) 64.40 65.71 -1.99 +5.5
Gold (oz) 674.40 680.50 -0.90 +6.2
Platinum (oz) 1300.90 1298.40 +0.19 +14.2
Silver (oz) 13.25 13.45 -1.49 +3.5 .
Coffee (Ib) 1.02 1.03 -0.97 -19.2 ."-
Orange Juice (Ib) 1.65 1.66 -0.60 -18.0
Sugar (Ib) 0.09 0.09 ... -23.4


E n Argent (Peso) .3236 -.0000
Brazil (Real) .4914 +.0002
Britain (Pound) 1.9996 +.0005
Canada (Dollar) .9005 -.0010
Lr Chile (Peso) .001904 +.000001
Colombia (Peso) .000474 -.000001
Dominican Rep (Peso) .0307 -.0000
Euro (Euro) 1.3620 -.0031
Japan (Yen) .008353 -.000011
Mexico (Peso) .091441 -.000050
Uruguay (New Peso) .0417 -.0000

THE MIAMI HERALD I MiamiHerald.com



'Less than 1%'

of realtors

act as financial institutions

Tribune Business Reporter
Bahamian realtors should be
exempted from Know Your
Customer (KYC) due diligence
verification procedures because less than
1 per cent of the industry acts as financial
institutions, the immediate past presi-
dent of the Bahamas Real Estate Asso-
ciation (BREA) told The Tribune yes-

Under the Financial Transactions
Reporting Act (FTRA), a real estate
broker is defined as a financial institution
only if it receives funds in the course of
business for the purpose of settling real
estate transactions. In this capacity, any
funds they receive above and beyond
their commission and/or expenses, the
client's identity and source of funds must
be verified.
However, Patrick Strachan said this
should really be a moot point, and real-

tors should not be subjected to any mon-
itoring by the Compliance Commission
because 99.9 per cent of the industry did
not act in that capacity.
In fact, he said that as far as he was
aware, only one or two companies actu-
ally acted in such a way.
"Quite frankly," Mr Strachan added, "I
don't know why we are discussing this
now, because when we met on the subject
when I was president, we decided that
this was a non- issue."

Mr Strachan said that in most real
estate sales, funds were distributed to
attorneys for holding in escrow. He sug-
gested it would be more practical to reg-
ulate the attorneys.
Further, Mr Strachan said it is was fair
that the real estate companies were bom-
barded with letters warning them against
money laundering when they were not
acting in the role of financial institutions.
Mr Strachan's comments came follow-
ing a seminar jointly sponsored by the

Bahamas Real Estate Association
(BREA) and the Compliance Commis-
sion last Friday.
During that meeting, realtors
expressed their desire to have KYC
requirements be exempted for deposits
they received that were less than 10 per
cent of the purchase price. That figure is
the amount the buyer usually deposits
in escrow when the seller agrees to a
sales offer, to be held in trust until the
deal is concluded.

Counterfeit goods still 'problem area' for many firms

FROM page 1

-.. "However, while there has been
some positive progress, we do
have remaining concerns and
want to work with the Govern-
ment of Bahamas to address
"Specifically, we continue to
be concerned about enforcement
. against counterfeiting and pira-
. cy, including customs enforce-
ment against counterfeit goods,
distribution of pirate CDs and
DVDs and cable piracy.
"With respect to the copyright
- law, we continue to urge the Gov-
ernment of the Bahamas to
implement the amendments to
the copyright law limiting the use
of compulsory licenses to over
the air and unencrypted broad-
We will continue to engage in
discussions with the Government
of the Bahamas to address these
and other intellectual property
rights-related issues, including
public awareness programmes."
The spokesman added that the
US would be provide "technical
assistance" and share best prac-
tices with the Bahamas on inves-
tigating and prosecuting intellec-
tual property rights violations.
Meanwhile, Philip Simon, the
.-Bahamas Chamber of Com-
merce's executive director, point-
ed out that the sale of counter-
feit designer goods, plus pirated
CDs and DVDs, undermined
legitimate Bahamiap businesses,
especially as they had to pay tax-
es and business licence fees when
the counterfeiters did not.
"It's really a problem area for
many businesses," Mr Simon said.
"We want to operate in an envi-
ronment where the playing field is
level and there is no tolerance of
"There are many persons in the
business community who have
worked extremely hard in build-
ing their businesses, and gone
about things the right way, yet




are undermined by people who
are counterfeiting and selling ille-
gally-produced goods.
"It doesn't bode very well for
encouraging entrepreneurs, and
those people in the business com-
munity to continue to contribute
to the growth of the economy in
the Bahamas.
"We probably need to enforce
more the laws we have, and be
vigilant in seeking out those
breaking the laws and holding
them to account."
Mr Simon, though, said the
Bahamas' removal from the US
Special 301 watchlist would pro-
vide further confidence for the
international and Bahamian busi-
ness community in this nation's
business environment.
"For those persons seeking to
do business in certain areas, the
availability of copyright protec-
tion and legislation, from the out-
sidelooiking in, is perceived as
protecting value in copyright. I
suppose it's a benefit and advan-
tage for us," Mr Simon said.
The Customs Department said
it took every measure to ensure

l Notice


Notice is hereby given that in accordance with

Section 138
Certificate of
Company has

(8) of the

International Business

Act 2000, the dissolution of
INC. has been completed; a
Dissolution has been issued and the
therefore been struck off the Register.


that illegal and restricted items
did not enter the Bahamas, its
acting controller, Anthony
Adderley, said yesterday,
responding to the Special 301
copyright watchlist removal.
Mr Adderley told The Tribune
that the Customs Department
had specific guidelines and mea-
sures it uses in the inspection of
goods coming into the Bahamas,
whether they be prohibited or
restricted items.
In the case of prohibited items,
he said there were measures to
ensure they were not allowed into
the Bahamas, and in the case of
the restricted goods, there were

exact guidelines on what fell into
the relevant, category to be
allowed in.
Mr Adderley noted the guide-
lines applied to all items which
entered the Bahamas, and said as
far as he was aware there were
limited instances of counterfeit
items being presented.
.He added that the Customs
Department abides by the laws
of the Bahamas when it comes to
these matters.
Mr Adderley said the US gov-
ernment might wish to inform the
Bahamian government if there
were laws or amendments it
would like.to see addressed.

Legal Notice


Notice is hereby given that in accordance with
Section 138 (8) of the International Business
Companies Act 2000, the dissolution of
TARASSCO LTD. has been completed; a
Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.


Legal Notice


Notice is hereby given that in .accordance with
Section 138 (8) of the International Business
Companies Act 2000, the dissolution of
AVALON BUSINESS CORP. has been completed; a
Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.


UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as

Desk Head -European Desk

In this challenging positions you will be responsible for:

s Leading a team of Client Advisors
* Advising and servicing existing clients including travelling
v Acquisition of new clients
v Proposing of investmentisolutions

We are searching for a personality with extensive experience in
wealth management, specialized in the fields of customer
relations, investment advice and portfolio management,
Excellent sales and advisory skills as well as solid knowledge of
investment products are key requirements, A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus.

Written applications by Bahamian nationals only should be
addressed to:




Legal Notice


Notice is hereby given that in accordance with
Section 138 (8) of the International Business
Companies Act 2000, the dissolution of
ARCTIC POINT LIMITED has been completed; a
Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.



Come to KPMG...

We are currently seeking qualified Managers to join our Audit practice.


The successful candidate for the Manager position must have at least six years professional public accounting
experience, two of which should be at a supervisory level. Experience as an Assistant Manager would be a plus.
Applicants must hold a CPA, CA, or other professional designation recognized by the Bahamas Institute of
Chartered Accountants.
Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.
Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
Manager, P.O. Box N123, Nassau, Bahamas or acash@kpma.com.bs. Telephone: (242) 393 2007

2007. KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.




SChairman: No 'take private' plan for RND

&HfIe1^ ^Balan SoiT"il EItat->,l ,T^

Fitzgerald, who subsequently put
together a group to purchase his
Several investors yesterday
expressed concerns that the accu-
mulation of such a large stake in
RND Holdings, which is traded
on the over-the-counter market,
by Colinalmperial could be a pre-
lude to moves to take the com-
pany private.
Colinalmperial's investment
advisory affiliate, CFAL, acts as
corporate advisor and registrar
and transfer agent to RND, and
some wondered whether it was

working with Mr Fitzgerald to
return the company to the pri-
vate sector.
Dispelling such concerns, Mr
Fitzgerald told The'Tribune yes-
terday: "Without a doubt, there
has been no move or any thought
on my part in taking RND pri-
vate. The future looks exciting,
and we want all shareholders to
"I haven't sold one share in
RND in years. There's been no
move or any consideration to tak-
ing RND private."
He explained that insurance
companies acquired by Colina
Holdings (Bahamas) subsidiary,
including Imperial Life and Glob-
al Life, as well as the original Col-

ina Insurance Company, had held
stakes in RND, and it was this
plus the participation in the acqui-
sition of Mr Dean's stake that had
given Colinalmnperial its share-
"There's nothing sinister in it,"
Mr Fitzgerald said. "Every insur-
ance company they picked up had
shares in RND, originating from
the IPO. Imperial probably had
the largest stake."
With RND's annual general
meeting coming up in the next
two to three months, Mr Fitzger-
ald said RND was looking for-
ward to showing how its plans
were "coming to fruition" and the
company would "achieve its

Legal Notice


Pursuant to the provisions of Section 137 (4) of The International
Business Companies Act, 2000, Notice is hereby given that:-

LTD.is in dissolution;

(b) the date of commencement of the dissolution is April 18,

(c) the name of the Liquid'ator is Maria M. Ferere of One
Montague Place, Second Floor, East Bay Street, P.O.
Box N-3932, Nassau, Bahamas

Dated this 2nd of May A.D. 2007

Maria M. Ferere



mInsinm Rl1 e 'rst \ lii'k!ii (: ii f ulini.L



In order to encourage our staff and clients

to do the same, we will be open from

8:30am to 12:30pm

on Wednesday, May 2nd.

We apologize for any inconvenience caused.

Insurance Brokers & Benefit Consultants Ltd.

12 MontroseAve. P.O. Box EE 15280

Phone: (242) 325-0850 Fax: (242) 326-8024
E-Mail: info@lampkinco.com

Pricing Information As Of:
Tuesday, 1 May 200 7
S -- l. ibEX: CLOSE 1.785.88 / CHG 00 10 / %CHG 00.01 1 VTD 109.69/ iYTOD ". 06 54
52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield
1.85 0.54 Abaco Markets 1.10 1.15 0.05 1,500 -0.282 0.000 N/M 0.00%
12.05 10.70 Bahamas Property Fund 11.59 11.59 0.00 1.689 0.400 6.9 3.45%
9.02 7.10 Bank of Bahamas 9.02 9.02 0.00 10,000 0.737 0.260 12.2 2.88%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.129 0.020 6.6 2.35%
2.60 1.26 Bahamas Waste 2.60 2.60 0.00 0.243 0.060 10.7 2.31%
1.49 1.20 Fidelity Bank 1.30 1.30 0.00 0.170 0.020 7.6 1.54%
10.41 9.00 Cable Bahamas 10.41 10.41 0.00 0.915 0.240 11.4 2.31%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.078 0.040 26.9 1.90%
14.26 10.16 Commonwealth Bank 14.26 14.26 0.00 1.084 0.680 13.2 4.77%
6.26 4.22 Consolidated Water BDRs 5.18 5.11 -0.07 0.118 0.045 43.9 0.87%
2.88 2.40 Doctor's Hospital 2.43 2.43 0.00 0.295 0.000 8.2 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.522 0.240 11.4 4.04%
12.49 11.25 Finco 12.49 12.49 0.00 0.779 0.570 15.7 4.58%
14.70 12.00 FirstCaribbean 14.62 14.62 0.00 0.977 0.500 15.0 3.40%
17.11 10.42 Focol 17.11 17.11 0.00 1.657 0.520 10.3 3.04%
1.15 0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.532 0.100 13 6 1.38%
9.10 8.52 J. S. Johnson 9.05 9.05 0.00 0.588 0.570 15.4 6 30%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.269 0.795 7.9 7.95%
." '"' :'" .-, "('.' Fidelity Over-The-Courter Securities
52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ P/E Yield
14.60 12.25 Bahamas Supermarkets 14.60 15.60 16.00 1.234 1.125 12.6 7.71%
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
O 5,4 0 20 RND Holdnrgs -)5 45I -" '.* 0.021 0.000 26.2 0.00%
:','-.-'' Cotn Over-The-Counter Securities
43.00 28.00 ABOAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.770 1 320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0.000 N/M 0.00%
BISX Lstled Mutual Funds
52wk-Hi 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3374 1.2850 Colina Money Market Fund 1.337393"
3.1424 2.7451 Fidelity Bahamas G & I Fund 3.1424***
2.6492 2.3294 Colina MSI Preferred Fund 2.649189**
1.2386 1.1643 Colina Bond Fund 1.238600".
11.4467 10.7674 Fidelity Prime Income Fund 11.4467.....
FINDEX: CLOSE 796 61 .' YTD 07 35% / 2006 34.47%
E11-' -- -_ i'- i5i.* 0 1 : ":E. : ' j.,'.*., ,'',I. r.1 7 T TE- F..r,: ," LL-. ,-:_ 2 month dividends divided by closing price NAV KEY
52wk-Hi Highest closing price In last 52 weeks Bid $ Buying price of Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask S Selling price of Colina and fidelity 20 April 2007
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week "-31 March 2007
Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value 31 March 2007
DIV $ Dividends per share paid In the last 12 months N/M Not Meaningful
PIE Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index January 1, 1994 = 100 ** 31 March 2007
3O TT 31 March 2007
TO RAD 'CcA. 63L'. e -?O1O I' FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503 __

NOTICE is hereby given' that KENSY PIERRE of
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 2nd day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the.facts within twenty-eight days from the 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


NOTICE is hereby given that ALISHA PROPHETE OF
to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 25th day of April, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,'

NOTICE is hereby given that SYLVANE HONORAT OF
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that ISAIAH NATHAN of
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 2nd day of May, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


NOTICE is hereby given that JULIENNE SANON OF
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


at 1:00 P.M.


WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience

this will cause to our customers


UBS Trustees (Bahamas) Limited is seeking a suitably
qualified individual to join their growing and dynamic team
as a

Client Accountant

The successful'candidate will be expected to work
independently, to ensure the timely and efficient preparation
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests.

In order to satisfy our requirements, the successful candidate
will possess:

* A bachelor's degree in Accounting from a recognized and
accredited educational institution. Preference will be given
to applicants having obtained :orifthq process of earning "
a CPA ;oFother related proficiency requirement;

* Sound working knowledge of International Financial
Reporting Standards (IFRS);

* A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an
offshore environment;
* Extensive knowledge of MS Office and related Application
Software products;

Interested? If so, we look forward to receiving your
application documents on or before Thursday May 4, 2007,
Client Accountant

FROM page 1

that Colinalmperial, whose par-
ent company is BISX-listed Coli-
na Holdings (Bahamas), had built
up its 24.6 per cent stake in RND
Holdings as a result of its acqui-
sition of other Bahamas-based
life and health insurers.
In addition, the company had
also been part of the consortium
of investors that had linked with
Mr Fitzgerald last year to pur-
chase the 31 per cent stake in
RND Holdings that was held by
his former business partner, Brent
Dean. He had fallen out with Mr'





PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau, Bahamas


242 393 2007
242 393 1772


To the Management of Citibank NA., (Bahamas Branch),
Markets & Banking and Consumer Group Domestic Segments

Report on the financial statements

We have audited the accompanying financial statements of Citibank N.A., (Bahamas Branch), Markets &
Banking and Global Consumer Group Domestic Segments ("the Branch"), which comprise the balance
sheet as of December 31, 2006, and the statements of income, changes in retained earnings due to head
office and cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes.

Management's responsibility for the financial statem.enr

Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error, selecting and
applying appropriate accounting policies; and making accounting estimates that are reasonable in the

Auditors' responsibility

Our responsibility is to express ah opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstaterent.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on our judgment, including the assessment of
risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the financial

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.


In our opinion, the financial statements present fairly, in all material respects the financial position of
Citibank N.A., (Bahamas Branch), Markets & Banking and Global Consumer Group Domestic Segments
as of December 31, 2006, and of its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards.

Chartered Accountants
Nassau, Bahamas
April 27,2007

Balance Sheet

December 31, 2006. with corresponding figures for 2005
(Expressed in Bahamian dollar) .

Nat 2006 205


Cash and balances with banks group 3*12 S 15,241 43,102
Cash andbalances with banks others 3* 12 21,243 29,320
Inveastnnts 4.12&13 5,283 5,283
Advanced and other assets 5.12 13 81.305 57,020
Fixedassets 6 113 127

5 223.185 134,852

Liabilities and Reserves

Current, savings and deposit accots -roup 7.12& 13 5 69,074 36.770
Cu t, savings and deposit accounts others 7,12*&13 152,852 96.572
Other liabilities 1,222 1.437

223,148 134.779


Retained eamings due to Head Office 37 73

3 223.155 134,852

Commirmuns and contingocis

See accompanying notes to financial stmmatns.

These financial staiemts were authorized for issue by Management on April 27. 2007 by:

Statement of Income

For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)

2006 2005
Noa"e $'000 $'000

Interest income 8(a) & 9 $ 9,555 5,655
Interest expense 8 (b) & 9 (6,148) (2,389)
Net interest income 3,407 3,266

Other income 8 (c) 1.394 1,892
4,801 5,158

Operating expenses 8(d) & 9 (2,737) (2,712)

Net Income for the year $ 2,064 2.446

See accompanying notes to financial statements.

Statement of Changes i Restamed Earnings de to Head Oce

For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)

2006 2005
$'000 $'000

Balance at January 1 $ 73 407

Net income for the year 2,064 2,446

2,137 2,853

Remittance of profits to head office (2,100) (2.780)

Balance at December 31 $ 37 73

See accompanying notes to financial statements.

Statement of Cash Flows

For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)

2006 2005
$'000 $'000

Cash flows from operating activities

Net income for the year $ 2.064 2,446
Adjustments for:
Depreciation 33 45
2.097 2,491

Net n,,.reasc)/decrease in advances
Increase in other assets
Net increawse(decrease) in current, savings and deposit accounts
(Decreaseyincrease in other liabilities






The amortised cost of a financial asset or liability is the annianuit at which the
financial asset or liability is measured at initial recognition, mninus principal
repayments, plus or minus the cumulative amolnization using the effective interest
method of any difference between the initial amount recognised and the maturity
amount, minus any reduction for inipairmenil.
v) Identification and measurement of impalnrment
At each balance sheet dale, the lranchl assesses whether there is objective
evidence lhal financial assets not carried alt fair value hnrough I wlit or h" are
impaired. Financial assets are inipaited when objective evidence dctinuistratlc
thai a loss event has occurred alter the initial recognition of thc asset. atld that the
loss event has an impact on Ilhe future cash flows on the asset thal can he
esomnated reliably.
Thie Braoch considers evidence of imipairine nIlt It Ih ;I specific asset amid
collective level. All individually significaiol linaimaial assts ale Ass. .sd for
specilic inipairinent. All significant asscis lounild not lbe seilic.ally iniqmired
are thali collectively assessed for any iiimirncia iihat has leen inituirtId It no
yet idcnihiied Asset.s that are iiot individually sigiinfitatnt arte Ilitn ollectively
assessed Ior iinpairinlut by grooming Ilogellicr fimlmiK.l asi ts recalledd at
ainorised cost) with similar risk cluracterislics.

Net cash provided by/(used in) operating activities

r r

_ I I

Vice Presidt

2006 2Ms
$'000 $'000
Cash flows from investing activities

Proceeds from disposal of investments 5,250
Purchase of fixed assets (19) (2)
Net cash (used in)/provided by investing activities (19) 5,248

Cash flows from financ!ng activities

Remittances to head office (2,100) (2,780)
Net cash used in financing activities (2.100) (2,780)

Net increase/(decrease) in cash and cash equivalents 64,062 (18,580)

Cash and cash equivalents, beginning of year 72,422 91,002

Cash and cash equivalents, end of year S 136.484 72,422

Cash and cash equivalents comprise:

Cash and balances with banks group $ 115,241 43,102
Cash and balances with banks others 21.243 29,320

$ 136.484 72,422

See accompanying notes to financial statements.

Notes to the Financial Statements

For the year ended December 31, 2006
(Expressed in Bahamian dollars)

1. Reporting entity
Citibank N.A., was incorporated in the state of Delaware. United States of America, in 1968.
Citibank N.A., (Bahamas Branch) ("the Branch") is an overseas branch of Citibank N.A., New York
("Head Office") and is licenced under the Banks and Trust Companies Regulations Act of 2000 to
conduct business from The Bahamas. The Branch commenced operations in 1987 providing
consumer banking including the acceptance of deposits, granting of loans and the provision of foreign
exchange services. Closure of this domestic segment officially commenced as of August 1. 2001. As
of that date, the Branch ceased all new sales of loans or deposit accounts and in October 2001 It was
publicly communicated that the one remaining branch located on Thompson Boulevard would be
closed as of December 28, 2001. Consequently, all activities and balances related to the Global
Consumer Group Domestic Segment are reflected in Note 15 Discontinued Operations.
Concurrently with the closure of the Global Consumer Group Domestic Segment, a decision was
made to establish a Markets & Banking Domestic Segment within the Branch, which became
operational effective January 1, 2001. This domestic segment offers corporations, government,
institutions and investors a range of financial products and services including the acceptance of
deposits, granting of loans and the provision of foreign exchange services.
The Branch is hot a separate legal entity and these financial statements contain only the assets and
liabilities, operations and cash flows and related disclosures of the Markets & Banking Domestic
Segment, and the discontinued operations of the Global Consumer Group Domestic Segment as
disclosed in Note 15. The Branch is dependent upon its Head Office for information relating to
transactions affecting it and entered into by Head Office. The records of the Branch contain
information of transactions received from Head Office.

The Branch operates through one location on Thompson Boulevard.

2. Basis of preparation and significant accounting policies
a) Statement of compliance

The financial statements have been prepared in accordance with International Finmacial
Reporting Standards ("IFRS"). The accounting policies set out below have been applied
consistently to all periods presented in these financial statements.

b) Basis of measurement
The financial statements have been prepared on the historical cost basis except where
otherwise noted below.

c) Functional and presentation currency
The financial statements are presented in Bahamian dollars (B$), which is the Branch's
functional currency. Except as indicated, financial information presented in BS has been
rounded to the nearest thousand.
d) Use of estimates and Judgements
The preparation of financial statements in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the financial statements and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
A key source of estimation uncertainty is discussed in note 2 g (v).

e) Foreign currency translation
Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the reporting date are translated to the functional currency at the exchange rates at that
date. The foreign currency exchange gain or loss on monetary items is the difference
between amortised cost in the functional currency at the beginning of the period, adjusted
for effective interest and payments during the period, and the amortised cost in foreign
currency translated at the exchange rates at the end of the period. Foreign currency
exchange differences arising on translation are recognized in the statement of income.
f) Interest
Interest income and expense are recognized in the statement of income using the effective
interest method. The effective interest rate is the rate that exactly discounts the estimated
future cash payments and receipts through the expected life of the financial asset or
liability (or, where appropriate, a shorter period) to the carrying amount of the financial
asset or liability. The effective interest rate is established on initial recognition of the
financial asset and liability and is not revised subsequently.
The calculation of the effective interest rate includes all fees and points paid or received,
transaction costs, and discounts or premiums that are an integral part of the effective
interest rate. Transaction costs are incremental costs that are directly attributable to the
acquisition, issue or disposal of a financial asset or liability.
g) Financial assets and liabilities
i) Classification
Financial assets that are advances and other assets are classified as loans and
receivables originated by the Branch.
Financial assets that are investments in Bahamas Government registered stock are
classified as held-to-maturity investments.
Financial liabilities that are not at fair value through profit or loss include
deposits and other liabilities.
ii) Recognition
The Branch initially recognizes loans and advances and deposits on the dale they
are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit and loss)
are initially recognized on the trade date at which time the Branch becomes a
party to the contractual provisions of the instrument.
ill) Derecognition
The Branch derecognizes a financial asset when the contractual rights to the cash
flows from the asset expire, or it transfers the rights to receive the contractual
cash flows from the financial asset in a Iransaction in which substantially all the
risks and rewards of ownership of the financial asset are transferred. Any interest
in transferred financial assets that is created or retained by the Branch is
recognized as a separate asset or liability.
The Branch derecognizes a financial liability when its contractual obligations are
discharged or cancelled or expire.

iv) Measurement
Financial instruments arc measured initially at fair value plus, in the case of a
financial asset or financial liability not at fair value through profit or loss.
transaction costs that are directly attribulabic to the acquisition or issue of the
financial asset or financial liability. Transaction costs on financial instruments at
fair value through profit or loss are expense inunediately.
Subsequent to initial recognition, loans and receivables and financial assets and
rfi'iancial liabilities that are not at fair value through profit or loss arc carried at
amortized cost Iess impairment losses where applicable using the effective
interest rate method.

- 1 ii "- i l i l i I I

Objective evidence that financial assets are impaired can include default or
delinquency by a borrowe, restructuring of a loan or advance by the Branch on
terms that the Branch would not otherwise consider, or other observable data
relating to a group of assets such as adverse changes in the payment status of
In assessing collective impairment the Branch uses statistical modeling of
historical trends of the probability of default, timing of recoveries and the amount
of loss incurred, adjusted for management's judgement as to whether current
economic and credit conditions are such that the actual losses are likely to be
greater or less than suggested by historical modeling. Default rates, loss rates and
the expected timing of future recoveries are regularly benchmarked against actual
outcomes to ensure that they remain appropriate.
Impairment losses on assets carried at amortised cost are measured as the
difference between the carrying amount of the financial assets and the present
value of estimated cash flows discounted at the assets' original effective interest
rate. Losses are recognized in the statement of income and reflected in an
allowance account against loans and advances. Interest on the impaired asset
continues to be recognized through the unwinding of the discount.
When a subsequent event causes the amount of impairment loss to decrease, the
impairment loss is reversed through the statement of income.

l) Cash sad cash eqivalmts
Cash and cash equivalentsa include highly liquid financial assets with original maturities of
less than three months, which are subject to insignificant risk of changes in their fair
value, and are used by she Branch in the management of its short-term commitments.
Cashand cash equivalents are carried at amortised cost in the balance sheet.
) Advances and other assets
Advances are non-derivative financial assets with fixed or determinable payments that are
not quotedmin an active market and that the Branch does not intend to sell immediately or
in the near term. Advances are stated at their principal amount net of unearned interest
and allowance for credit losses. Advances to customers are carried at amortized cost and
are due on demand.
A loan is classified as non-accrual when in management's opinion there is no longer
reasonable assurance of timely collection of the full amount of principal and interest.
Specific provisions allowances for credit losses based on quarterly reviews are made
against advances when, in the opinion of management, credit risks or economic factors
make recovery doubtful. Mortgage loans of the Global Consumer Group Domestic
Segment were placed on a non-accrual basis whenever payment of principal and/or
interest was 90 days past due and specific allowances for credit losses are made based on
specific review of each non-accrual loan. All other loans of the Global Consumer Group
Domestic Segment are stated at principal and were written-off whenever payment of
principal and/or interest was 120 days past due. The aggregate allowances, which are
made during the year (less recoveries of bad debts previously written off), are charged
against operating profit.
Interest is recognized on the accrual basis except when principal or interest is 90 days past
due or when, in the opinion of management, full collection is doubtful. Thereafter on a
cash received basis.

) Fixed aes
Fixed assets are measured at cost less accumulated depreciation and provisions for
impairment losses.
Depreciation is recognized in the statement of income on a straight-line basis over the
estimated useful life of each item.
The estimated useful lives for the current and comparative periods are as follows:

Motor Vehicles
Computer Hardware/Software
Equipment, furniture and fittings

33 1/3%
12 1/5%

Fixed assets are periodically reviewed for impairment. Where the carrying value amount of a
fixed aiset Is greater than ts estimated recoverable amount, it is written down immediately to
its recoverable amount.
Repairs and maintenance are expense a incurred.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount
and are included in the statement of Income.
Depeciaio methods, useful lives and residual values are reassessed at each reporting date.
k) Ineoma and nupeatitre
Income and expenditure are accounted for on an accrual basis.

1) Loan origination and associated fees
Loan fees that are material to the Branch are recognized in income over the appropriate
lending or commitment period.

m) Related parties
A number of banking transactions are entered into with related parties in the normal
course of business. All such transactions and balances described as group relate to
Citigroup Inc. and its subsidiaries and affiliates. Transactions with Head Office and
between the Global Consumer Group Domestic Segment and Markets & Banking
Domestic Segment are described as group.
n) Reserve reqmuamaft

The statutory cash reserve account with The Central Bank of Bahamas is non-interest
bearing and is based on 5% of the average Bahamian dollar denominated deposit
liabilities of the Branch.
o) Taxation
No corporation taxes are levied in The Commonwealth of The Bahamas.
3. Cash and balances with banks

2006 2005
$'000 $'000

Deposits and bank balances with group companies $ 115,241 43,102
Deposits with other financial institutions 10,004 15,000
Deposits with The Central Bank of The Bahamas 10,260 12.105
Cash on hand 979 2,215
Cash and cash equivalents $ 136,484 72,422

Interest rates earned on deposits placed with group companies and other financial institutions
ranged from 1% to 6.75% (2005 1% to 6%). All other balances are non-interest bearing. Refer
also to Note 12.

4. Investments

2006 2005
$'000 $'000

Bahamas Government Registered Stock $ 5,283 5,283

Interest rates applicable on these investments range from 5.72% to 6.25% (2005 5.72% to
6.25%). Refer also to Notes 12 & 13.

5. Advances and other assets

2006 2005
5$'000 $'000

Advances $ 77,912 55,046
Other assets 3,393 1.974
$ 81,305 57,020

Interest rates applicable on performing advances range from 5.15% to 6.50% (2005 2.62% to
9.51%). There were no non-performing advances as at December 31, 2006 or 2005, consequently
there is no provision for credit losses at the balance sheet dates. Refer also to Notes 12 & 13.

& Fixed asmts

Computer Equipment
Motor Hardware/ furniture Instal-
Velcds Software & fittings nations Total
$'000 $'000 $'000 $'000 $'000

Balance atJan. 1, 2006 17 168 102 146 433
Additions 13 6 19
Disposals (32) (32)
Balance at December 312006 17 149 108 146 420

Accumulated depreciation
Balance at Jan. 1, 2006 15 159 59 73 306
Charge for year 2 11 9 11 33
Disposal for year 2006 (32) (32)
Balance at December 31, 2006 17 138 68 84 307

Net book value
at Dec 31,2006 11 40 62 113

Net book value
at De 31 2005 2 9 43 73 127

Current, savings and depolst accouts

2006 2005
$'o00 $'000

Current, savings and deposit accounts consist of the following:
Term deposit accounts $ 108,344 48,656
C uw-.nt accounts 44,508 47.916
Group companies 69,074 36.770
S 221,926 133,342

Interest rates applicable on customer accounts range from 0 50% to 5.15% (2005 0.50% to
4.00%). Refer also to Notes 12 & 13.

8. Operating profit

2006 2005
$'000 $'000

a) Interest income

Loans and advances $ 4,718 2,996
Investments 318 513
Other balances with banks 4,519 2.146
$ 9.555 5,655

b) Interest expense

Current, savings and deposit accounts $ 2,947 1,425
Other affiliates 3,201 964
$ 6,148 2,389

c) Other income

Exchange earnings $ 1,088 1,258
Fees and commissions 306 634
$ 1,394 1,892

d) Operating expenses

Staff 1,174 992
General administration,
including property related expenses 1,530 1,675
Depreciation 33 45
$ 2,737 2,712

9. Related party transactions

A number of transactions have been entered into with related parties in the normal course
of business. These transactions were conducted at market rates and on commercial terms
and conditions.

Related party transactions during the year included:

2006 2005

Interest income 4,011 1,430
Interest expense (3,201) (964)
General administration, including property related expenses (1,083) (1,120)

Key management personnel compensation for the year comprised:

2006 2005
$'000 $'000

Short-term employee benefits 278 249

. 10. Commitments and contingencies

The Branch is a party to certain financial instruments with off-balance sheet risk in the normal
course of business to meet the financing needs of its customers. These financial instrument
include acceptance and guarantees, commitments to extend credit under lines of credit and
commitments to originate loans and mortgages. Exposure to loss is represented by the contractual
amount of those instruments, however the Branch uses the same credit and hypothecation criteria
when entering into these commitments and conditional obligations as it does for loans and

Contingent liabilities under acceptance and guarantees entered into on behalf of customers in
respect of which there are corresponding obligations by customers, amounted to $1324,835 (2005
$1,948,000) and are not included in the balance sheet.

At December 31, 2006 the Branch has extended credit facilities to customers totalling
$88,578,842 (2005 $104.216,514). A total of $10,666,946 (2005 $49,170,262) remained
unused under these facilities at the balance sheet date.

Management has assessed all pending legal matters affecting the Branch and is of the opinion that
no provision is necessary in these financial statements.

11. Foreign currency exposure
The Branch takes on exposure to the effects of fluctuations in the foreign currency exchange rates
on its financial position and cash flows. Limits are set on the level of exposure by currency and in
aggregate for both overnight and intra-day positions, which are monitored daily. The table below
summarises the exposure to foreign currency exchange rate risk as at December 31, 2006 and

2005 in Bahamian dollar equivalents:


$'000 $'0 $' 000 $'000

Assets 11.146 14,109 25.256

Assets 3,423 103 558 4,084
Liabilities (3.508) (103) (558) (4.169)
(85) (85)

12. Maturity profile of assets and liabilities


Within Over 1 year Over
I year to 5 years 5 years Total
$'000 $'000 $'000 $'000

Cash and balances with banks 136,484 136,484
Investments 808 1,475 3,000 5,283
Advances 9,316 40,994 30.000 80,310
146,608 42,469 33,000 222,077

Current, savings and
deposit accounts 152,844 39,082 30.000 221,926


Within Over 1 year Over
1 year to 5 years 5 years Total
$'000 $'000 $'000o $000

Cash and balances with banks 72,422 72,422
Investment 808 4,475 5,283

72,422 56,813 4,475 133,710

Current, savings and
deposit accounts 133,342 133,342

13. Concentration of assets and liabilities

2006 2005
$'000 $'000

a) Investments

State sector 5,283 5,283

b) Advances

Corporate and commercial sector 16,664 25,888
State sector 61,248 29,158
77,912 55,046

At December 31, 2006 included in corporate and commercial sector advances are secured
loan facilities to a single borrower of $28,500,000 (2005 $28.500,000). A total of
$7,268,143 (2005 $11,725,571) had been drawn down and remained outstanding under
these facilities at the balance sheet date. The facilities are not included in advances, only
the portion that has been drawn down.

2006 2005
$'000 $'000
c) Current, savings and deposit accounts

Group 69,074 36,770
Corporate and commercial sector 151,825 95.559
Other financial institutions 1,027 1,013
221,926 133,342

All investments and advances are with parties situated in The Commonwealth of The Bahamas.
The majority of current, savings and deposit accounts are from parties located in The
Commonwealth of The Bahamas and the Caribbean.

14. Financial instruments

Fair values

Cash and balances with bank, other assets and other liabilities
Due to their short-term maturity, the carrying values of these financial instruments are considered
to approximate their fair values.

Investments held-to-maturity are stated at amortized cost, which is considered to equate to fair

For floating rate advances that are subject to repricing, carrying values are considered to
approximate fair values since the interest rates on the advances are linked to market rates.

- I _I



Deposit accounts
The carrying values of non-interest bearing deposit accounts are considered to approximate their
fair values as they are all at demand. The carrying values of interest bearing deposits are also
considered to approximate their fair values as the interest rates paid are equivalent to market rates
for the respective maturity dates.
Credit risk
Line management conducts the day-to-day credit process in accordance with core policies
established by the Credit Policy Committee, which are guided by the overall risk appetite and
portfolio targets set by senior management. Credit policies are organised around two approaches -
Credit Programs and Credit Transactions.
The Credit Program Approach focuses on the decision to extend credit to sets of customers with
similar characteristics and/or product needs. Approvals under this approach cover the expected
level of aggregate exposure, the terms, risk acceptance criteria, operating systems and reporting
mechanisms. These Programs are reviewed annually.
The Credit Transaction Approach focuses on the decision to extend credit to an individual
customer or customer relationship. It starts with target market definition and risk acceptance
criteria, and requires detailed customised financial analysis
The Branch's loan portfolio is adequately secured and where necessary, provisions are established
for potential credit losses on delinquent accounts. At December 31, 2006 no credit loss provision
was considered necessary.
Market risk
Market risk encompasses currency risk, interest rate risk and other price risk all of which arise in
the normal course of business. Liquidity risk is the risk that the Branch may be unable to meet a
financial commitment to a customer, creditor, or investor when due. Price risk is the risk to
earnings that arises from changes in interest rates, foreign exchange rates, equity and commodity
prices, and their implied volatilities.
The risk management process of the Branch includes the establishment of appropriate market
controls, policies and procedures, appropriate senior management risk oversight with thorough
risk analysis and reporting, and independent risk management with capabilities to evaluate and
monitor risk limits. Market risk management is an evolutionary process that integrates changes in
the markets, products, and technologies into policies and practices.
Price risk is measured using various tools, including Earings-at-Risk (EAR) and sensitivity
analysis, which are applied to interest rate risk in the non-trading portfolios and Value-at-Risk
(VAR), stress and scenario analysis.
Liquidity risk is monitored using the Market Access Report (MAR), a gap analysis tool, for both
business as usual and stress scenarios.
The management of liquidity is the responsibility of the Asset/Liability Management Committee
(ALCO), which includes senior executives. All Business Heads are represented on the committee
with the focal point being the Treasurer. The ALCO reviews the current and prospective funding
requirements for all Business Areas, as well as, the capital position and balance sheet. Limits are
established based on the depth of the market, the stability of the liabilities, and the liquidity of the
15. Discontinued operations
Closure of the Global Consumer Group Domestic Segment officially commenced as of August 1,
2001. As of that date, the Branch ceased all new sales of loans or deposit accounts. The one
remaining branch located on Thompson Boulevard was closed as of December 28, 2001. In 2002,
the Credit Card Portfolio was sold at a premium and in 2003 the Mortgage Loan as well as the
Business and Professional Loan portfolios were sold at par. In 2004 the remaining Personal Loan
portfolio, with the exception of the non-accrual loans, was sold at a discount. Consistent with
previous years, the balances and transactions of the Global Consumer Group Domestic Segment
as shown below are not reflected in the balance sheet and statement of income of the Markets &
Banking Domestic Segment on pages 3 and 4.
The financial position of the remaining assets and liabilities and revenues and expenses
attributable to the discontinued operations were as follows:
Balance Sheet
2006 2005
$'000 $'000
Cash and-placements 74 78
Advances 256 420
Other assets 11 2
341 500
Deposit accounts group 56 90
-other 232 289
Accrued interest & other liabilities -other 57 75
Provision for business restructuring 46
Head office Account (4) -
341 500

Results from Discontinued Operations
2006 2005
$'000 $'000
Other expenses (93) (78)
Net credit (losses)/gains (2) 1i10
(95) 32
Net (loss)/income for the year (95) 32
Statement of Changes in Head Office Account
2006 2005
$'000 $'000
Balance at January 1 (31)
Net (loss)/income for the year (95) 32
(95) 1
Remittances from/(to) head office 91 (1)
Balance at December 31, 2006 (4) -
Cash flows attributable to the Global Consumer Group Domestic Segment are as follows:
2006 2005
$,000 $'000
Operating activities (95) (3,131)
Financing activities 91 (1)
Advances consist of the following:
2006 2005
$'000 $'000
Non-accrual advances 256 420
Total 256 420
Advances are stated at principal net of amounts written off in accordance withithe policy
described in Note 2(i). Net credit gains/losses in the results from discontinued operations are net
of recoveries of bad debts previously written off.
16. Corresponding figures
Certain corresponding figures have been reclassified to conform with the current year's


'K & DRI

Double Grand Bahama

tourist marketing funds,

urges minister

FROM page 1

thing the PLP would look at if
re-elected to a second term in
office, adding: "We're going to
try and get it there.
"It has to be done. You can-
not market a major destination, a
major island, hotel and casino
facilities, by nickel and diming
Mr Wilchcombe acknowledged
that the Ministry of Tourism, and
the wider central government,
was challenged in finding the
funds needed for the marketing
push required for Grand Bahama.
This meant it would have to look
at potential room tax rises and
increases in other taxes and fees
to fund the necessary marketing
Apart from Our Lucaya and
its Isle of Capri-operated casino,
the US operator having agreed
to remain in Grand Bahama for
another two years, the island's
tourism product could eventually
feature the $4.9 billion Ginn
Clubs & Resorts project, plus the
2,000-acre Morgan Stanley devel-
opment at Barbary Bay.
Then there is the still-closed
Royal Oasis, which Irish-based
property developer Harcourt
Developments has signed a sales
agreement to purchase, reputed-
ly for $33 million. Harcourt is
talking to Foxwoods Develop-
ment Company about becoming
the casino operating partner.
Foxwoods' involvement in any
Royal Oasis deal is more to facil-
itate the eastern Grand Bahama
project by Beka Development
that it wants to participate in, that
being its primary interest on the
island. It is understood to have
offered to help Harcourt or ay
buyer 'in any way we can if you
need us', more as a favour to the
Government, rather than view-
ing the Royal Oasis as a hot
investment prospect.
Mr Wilchcombe told The Tri-


bune yesterday: "My concern and compete with other world
about tourism in Grand Bahama destinations," the minister of
is that it has a history of tourism said.
boom/bust, up today and down He added that Grand Bahama
tomorrow. We have not been able had been used to "just taking
to sustain it. It has to do with the what's on offer", saying:
quality of the tourism plant, the "Tourism is a science. It's about
quality of the brands in Grand seeing where the markets are;
Bahama." where the trends are, and continm-
He explained that previously, ually renewing your plant. 1
Grand Bahama did not have the "We are up against a tremen4
brand or operator quality to con- dous amount of competition;'
sistently attract large numbers of Dubai and the cruise lines, which
tourists to the island, and "cre- are now diverting ships tou
ate a product unique, different Europe. For us to remain viable.
from anywhere else in the we constantly have to upgrade
Bahamas". our plant, ensure investors under-
"What we're doing now is mov- stand our plan and give them the
ing to put in place a tourism prod- incentives to do it, run the Min-
uct, tourism plant, that can com- istry of Tourism as a business
pete with New.Providence com- model and establish a TourisnC,
pete with.otlherBaliamian islands .Development Corporation."

c.l.ta s 5 Ca iu .at UI f'





Supervisor Loan Review & Custodial Services

Location: Freeport


* Five years in Banking at least two years in credit
* Considerable and proven ability to supervise.
* Time management skills sufficient to work in a fast paced environment
on a broad range of activities.
* Knowledge of security documentation sufficiently detailed to verify
security documents.
* Knowledge of the Laws related to the securities of the Bank as well
as the Banking Act
* Interpersonal skills to work effectively with the staff of Government
Agencies, other financial institutions and lawyers
* Ability to manage in a fluid environment while maintaining efficiency
due to constant changes in procedures, charges etc. from government
* Meticulous attention to details to ensure that errors are kept at a
* Good writing and communication skills.
* Knowledge of PC software and mainframe applications sufficient to
enter and access customer information (e.g. ICBS, On Demand, Excel,
Word, PowerPoint, and SSLBD).

General Requirements/Responsibilities:

* To provide overall supervision to the Loan Review and Control
Officers, while ensuring that perfection of securities are in order and
in keeping with the risk management policies of the bank.
* Ensure that the ongoing operation of the Custodial & Support Services
of the LPC Freeport is performed effectively and efficiently.
* Provide guidance and counsel to department staff in the resolution of
difficult or complex problems.
* Participate in and, in some cases, take responsibility for the development
and training of staff in the LPC Freeport, Abaco and Eleuthera.
* The position will require travel to Abaco and Eleuthera.

Applicants are requested to submit their resume with a cover letter via email
by May 4th 2007 to: nicolette.deal@firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants
for their interest, however only those under consideration will be contacted.



-- ft


f- -.--



PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau, Bahamas


242 393 2007
242 393 1772


To the Shareholder otCredit Suisse Wealth Management Limited
Report on the Consolidated Balance Sheet
We nave audited the accompanying consolidated balance sheet of Credit Suisse Wealth Management Limited
("the Company") as a December 31, 2006 and a summary of significant accounting policies and other
explanatory notes (together "the consolidated balance sheet").
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards ("IFRS"). This responsibility includes: designing.
implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statemensa that are free from material miss atement, whether due to fraud or error, selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Audirors' esponsibility
Our responsibility is to express an opinion on this consolidated balance sheet based on our audit. We conducted
our audit in accordance with International Standards on Auditing. Those Standards require that we comply with
ethical requirements and plan and'perform the audit to obtain reasonable assurance whether the consolidated
balance sheet Is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidate financial statements The procedures selected depend on our judgment, including the assessment of
the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In
making those risk assessments, we consider internal controls relevant to the Company's preparation and fair
preseaation of the consolidated financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
controls. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
In our opinion, the consolidated balance sheet presents fairly, in all material respects, the consolidated financial
position of Credit Suisse Wealth Management Limited as at rcefimber 31.2006 in acncrdance with IFRS
Emphasis of Matter
Without qualifying our opinion we emphasize that the consolidated balance sheet does not comprise a complete
set of consolidated financial statements in accordance with IFRS. Information on results of operations, cash flows
and changes in shareholder's equity is necessary to obtain a complete understanding of the financial position.
performance and cash flows of the Company.

Chaarted Accountants
Nassau, Bahamas
March 28, 2007

Consolidated Balance Sheet

December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)

Note 2006 2005

Cash and cash equivalents 3&10 S 1,081,118,266 1,023,948,932
Deposits with banks 3 & 10 2,527,029 2,650.000
Accrued interest receivable 10 3,063,163 1,150,456
Receivables from customers 3,181,802 942,549
Securities purchased under agreements to resell 8 & 10 14,832,079 158,341.409
Loans and advances to customers 4 60,169,243 45,270,257
Other assets 63,841 288,237
Total Assets S 1,164,955,423 1,232,591,840

Deposits fom banks 5 & 10 S 48,395,401 36,094,825
Deposits from customers 6 1,032,058,793 1,003,067,009
Accrued interest payable 10 2,382,057 852,156
Fees received in advance from customers 134,700 110,550
Securities sold under agreements to repurchase 8& 10 12,041,931 138,849,188
'Investmenti management fee pajable 10 574,288
Service level agreement fees payable 10 1,035,000 -
Other liabilities 10 9,571,144 5,356,575
Total LIabilities 1,105,619,026 1,184,904,591

Shareholder's Equity
Share capital:
Authorized, issued and fully paid:
5,000,000 shares of $1.00 each
Additional paid in capital
Retaine d ines

5,000,000 5,000,000
27,500,000 27,500,000
26,836,397 15,187,249

-lan -e eani gs
Total Shareholder's Equity 59,336,397 47,687,249

Cornmnitments 7, 8 & 9
Total ULabilities and Shareholder's Equity S 1,164,955,423 1,232,591,840

See accompanying notes to consolidated balance sheet.

This enan Iijat lrz t'*wta approved on behalf of the Board of Directors on March 28, 2007 by


Notes to Consolidated Balance Sheet

December 31, 2006 .
(Expressed in United States dollars)

1. General Inormnallo
Credit Suisse Wealth Management Limited ("the Bank") was incorporated on September 5, 2003
under the laws of the Commonwealth of The Bahamas ("The Bahamas") and is licensed under the
Banks and Trust Companies Regulation Act, 2000 to conduct international banking and ttust
services. The Bank also holds a broker-dealer Class II license under the Securities Industry Act,
1999 to conduct securities trading and an unrestricted Fund Administrator's license under the
Investment Funds Act, 2003 to administer investment funds. The Bank is a wholly-owned
subsidiary of Credit Suisse (Bahamas) Limited ("the "Parent") whose office is located in The
Bahamas. The ultimate parent company is the Credit Suisse Group whose headquarters is located
in Zurich, Switzerland.
The Bank commenced operations on January 2, 2004. The Bank's business activities consist of
banking, securities trading, trust, corporate management, fund administration and other financial
services involving a large number of clients with substantial assets under administration.
The registered office of the Bank is located in The Bahamas Financial Centre, Shirley and Charlotte
Streets, Nassau, Bahamas. At December 31, 2006 the Bank employed 14 persons (2005 8
.... person s). -.. -....... ....... ... ... .. .......... .. .. ..... ... .. ........ .. .. . .

2. Summary of significant accounting policies
(a) Statement of compliance
The Bank's consolidated balance sheet has been prepared in accordance with International
Financial Reporting Standards (IFRS).
(b) Basis of preparation
This consolidated balance sheet has been prepared under the historical cost convention and the
accounting policies have been consistently applied.
(c) Basis of consolidation
The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiaries, Vialink Nominees Ltd. and UTC Management Ltd., both of which were
incorporated under the laws of The Bahamas. The activities of both subsidiaries are limited to
the trust and corporate management services offered by the Bank.
Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken
into account. The balance sheets of subsidiaries are included in the consolidated balance sheet
from the date that control commences until the date that control ceases.
Inter-company balances are eliminated in preparing the consolidated balance sheet.

(d) Use of estimates
The preparation of the consolidated balance sheet requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the amounts
reported in the consolidated balance sheet and accompanying notes. These estimates are based
on relevant information available at the balance sheet date and as such, actual results could
differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.
In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the amounts
recognized in the consolidated balance sheet are described in notes 2(k) and 2(m).
(e) Foreign currency translation
It,. reporting and functional currency of the Bank is United States dollars, as the Bank's share
capital is denominated in United States dollars, a significant amount of the Bank's Itansactions
are conducted in United States dollars and the majority of the Bank's assets are also held in this
Assets and liabilities maintained in foreign currencies are iraislated inio United Slates dollati
at the rates of exchange prevailing at lie bala nce sheet date.





















Payable on JdcnuId
Term deposits

$ 554)

164 .(XX)9.8

lIntercst was, paid on d l|)o.its Ionm hanks at annuall italcs i. It'ir ,g a S I )''' 5..11" ''', (2(X)5 -
3.38% to 4 8 1%). and alic siiniIni.iIId hy uerreitny hclhow.

21WX6) 2(X)5

IRI. .I.,')K, I.)998 .247
C AD) (O I [ 161 1 1 .1
,II ) .IS.?.' 6.98 I 414.027.264
........ .18 I'. ll ll o.0(4M.825

USD 57.5.11,213 43,268.543
$. (),169.243 415.2710.257

5. Deposits from banks

2(... 2()5

. . i. .. .. IUm


(f) Financial instruments
Loans and advances are created by the Bank providing money to its customers other than those
created with the intention of short term profit taking. Loans and advances comprise loans and
advances to customers other than purchased loans.
Held-to-maturity financial instruments are financial assets and liabilities with fixed or
determinable payments and fixed maturity that the Bank has the intent and ability to hold to
maturity. These include cash and cash equivalents (except deposits on demand), deposits with
banks, deposits from banks, deposits from customers, securities purchased under agreements to
resell and securities sold under agreements to repurchase.
Financial liabilities that are not at fair value through profit and loss are accrued interest
payable, fees received in advance from customers, investment management fee payable, service
level agreement fees payable, and other liabilities.
The Bank recognizes financial instruments on the day that funds are disbursed or received as

Financial instruments are measured initially at fair value, which normally will be equal to the
transaction price, plus, in case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the financial
instruments. For financial instruments at fair value through profit or loss, transaction costs that
are directly attributable to the acquisition or issue of the financial instruments are expensed
Subsequent to initial recognition all non-trading financial liabilities, loans and advances and
held-to-maturity assets and liabilities are measured at amortized cost less impairment losses,
where applicable. Amortized cost is calculated using the effective interest rate method.
A financial asset is derecognized when the Bank loses control over the contractual rights that
comprise that asset. This occurs when the rights are realized, expire or are surrendered. A
financial liability is derecognized when its contractual obligations are discharged, cancelled or
(g) Assets under management
The Bank is engaged in the provision of asset management services involving a large number
of clients with substantial funds under administration.
Property in the amount of $ 1,694 million (2005: $ 1,295 million) held by the Bank in a
fiduciary or agency capacity for its customers has not been included in this consolidated
balance sheet since such items are not assets of the Bank.
(h) Receivables from customers
These receivables primarily comprise fees billed to clients. The Company's policy is not to
make a general provision for bad debts, however all amounts receivable are written-off after a
defined period of time has elapsed. As at December 31, 2006 and 2005, no provisions were
made against receivable from customers.
(i) Securities financing arrangements
The Bank enters into purchases (sales) of investments under agreements to resell (repurchase)
substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognized. The Bank,
under the terms of these agreements, has the right to pledge or sell the assets received. The
amounts paid are recognized in securities purchased under agreements to resell. The receivables
are collateralized by the underlying security.

The Bank may pledge securities received as collateral to secure borrowings under repurchase
agreements. As these securities received and subsequently repledged are not owned or sold
short by the Bank, these securities are not recognized.
(i) Loans and advances to customers
Loans and advances are reported net of allowances to reflect the estimated recoverable
(k) Impairment
Financial assets that are stated at cost or amortized cost are reviewed at each balance sheet date
to determine whether there is objective evidence of impairment. Financial assets are impaired
when objective evidence demonstrates that a loss event has occurred after the initial recognition
of the asset, and that the loss event has an impact on the future cash flows on the asset that can
be estimated reliably.
Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a group of
assets or economic conditions that correlate with defaults in the Bank.
If any such indication exists, the asset's recoverable amount is estimated and the impairment
loss is recognized. If in a subsequent period the amount of an impairment loss recognized on a
financial asset carried at cost decreases and the decrease can be linked objectively to an event
occurring after the write-down, the write-down is reversed.
(I) Offsetting
Financial assets and liabilities are set off and the net amount presented in the consolidated
balance sheet when, and only when, the Bank has the legal right to set off the amounts and
intends either to settle on a net basis or to realize the asset and settle the liability
(m) Provisions
A provision is recognized if, as a result of a past event, the Bank has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability.

(n) Financial guarantees
Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when
due in accordance with the terms of a debt instrument.
Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is -amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable).
At December 31, 2006, there were no financial guarantee liabilities recognized in the
consolidated balance sheet (2005 $nil).
(o) Cash and cash equivalents
Cash and cash equivalents include cash and due from banks and interest bearing deposits with
banks that have maturities of less than three months, less deposits from banks that are due on
3. Cash and cash equivalents and deposits with banks
Cash and cash equivalents earn interest at an annual rates ranging from 1.87% to 5.35% '2005 -
0.91% to 4.33%), and are summarized by currency below:

2006 2005

BRL $ 3,299,462 1,213,150
CAD 77,737 75,914
CHF 1,810,875 2,919,518
EUR 21,978,350 22,489,277
GBP 1,454,719 330,331
JPY 91,943 14,707
USD 1,052,332,574 996.864,273
Other 72,606 41,762
... $ 1,081,118,266 1.023,948,932

Deposits with banks earn interest at an annual rate of 3.58% to 5.31% (2005 1.75% to 3.25%),
and are summarized by currency below:

2006 2005

EUR $ 527,029 -
USD 2,000.000 2,650,000
$ 2.527,029 2,650.000

4. Loans and advances to customers
Loans and advances represent short-term advances provided by the Bank to customers. Their
maturity periods range up to 10 months and they earn interest up to 6.79% per annum (2005 -
5.81%), and are summarized by currency below. With respect to a single client loan in the amount
of $30 million, the interest rate is fixed to 12 month LIBOR plus l'I% per anium adjusted annually
on the anniversary of the loan. )During the year the Bank recorded no losses resulting from non-
payment of interest or principal.

2006 2005

BRI. $ 88,756 2,00(0.710
EUR 2,54'),274 107
GBP 897


6. Deposits from customer

Payable on demand
Term deposits

Interest was paid on depo
0.90% to 4.28%), and are


7. Financial Instruments







2006 2005

$ 726,839,786 756,565,306

$ 1,032,058,793 1,003,067,009

sits from customers at annual rates ranging from 1.80% to 5.20% (2005 -
summarized by currency below:

2006 2005

$ 3,093,338 3,801
1,699.280 2,916,095
22,281,173 22,216,249
1,574.459 289,597
3,050 7,046
1,003,398,461 977,633,292
9.032 929
$ 1,032,058,793 1,003,067,009

The Bank is party to financial instruments with off-balance sheet risk and other derivative financial
instruments in the normal course of business to meet the financing needs of its customers.
Financial instruments include commitments to extend credit at fixed and floating rates, standby
letters of credit and currency swap agreements. These instruments involve, to varying degrees,
elements of credit and interest rate risk in excess of the amount recognized in the consolidated
balance sheet. However, the Bank's credit risk is minimal, since most of the instruments have been
entered into on behalf of clients.
The contract or notional amounts of financial instruments reflect the extent of the Bank's
involvement in particular classes of financial instruments and do not measure the Bank's exposure
to credit or market risks and do not necessarily represent the amounts exchanged by the parties to
the instruments. The amounts exchanged are based on the contractual notional amounts and the
other terms of the instruments. Notional amounts are not included in the consolidated balance sheet
and generally exceed the future cash requirements relating to the instruments.

Interest rate, liquidity and currency risks
The Bank manages its exposure to interest rate changes, liquidity and currency risk related to its
portfolio of asset and liability deposits by matching the majority of its assets and liabilities by
currency and maturity. Its objective is to manage the impact of interest rate changes on earnings.
The notional amount of financial instruments used by the Bank to manage interest rate and currency
risk for clients' accounts at the balance sheet date was approximately $518 million (2005: $3,056
million), comprised of $344 million (2005: $2,650 million) of purchase commitments and $174
million (2005: $ 406 million) of sales commitments.
Credit commitments
The Bank has outstanding in the normal course of business, payment obligations and guarantees of
$37,394,515 (2005: $33,297,861). The Bank's maximum potential exposure to credit loss in the
event of non-performance by the other parties.to the commitments to extend credit is represented by
the contractual notional amount of those instruments. The Bank uses the same credit policies in
making commitments and conditional obligations as it does for on-balance-sheet instruments.
Management does not anticipate any material loss as a result of these transactions.
Credit risk
Credit risk is the risk that a counterpart to a financial instrument will fail to discharge an
obligation or commitment that it has entered into with the Bank. The Bank has a credit policy in
place and the exposure to credit risk is monitored on an ongoing basis. The carrying amounts of
financial assets best represent the maximum credit risk exposure at the balance sheet date.
Fair value
Management estimates that the total fair value of financial assets and liabilities do not differ
materially from their carrying values given that average effective interest rates approximate the
current interest rates available to the Bank for placements and offered by the Bank for deposit,
liabilities with similar maturities and due to their short term maturities.
Management does not consider the exposure to certain of these risks to be significant for the
following reasons: (1) the Company's financial assets, for the most part, are comprised of short-
term deposits with reputable financial institutions (primarily CS group entities), and (2) financial
liabilities are comprised primarily of amounts due to CS group entities and customer demand
8. Securities financing arrangements
The Bank purchases financial instruments under agreements to resell them at future dates. The
seller commits to repurchase the same or similar instruments at an agreed future date. The securities
purchased under agreements to resell are entered into as a facility to provide funds to customers. At
December 31, 2006 securities purchased under agreements to resell were as follows:
Fair value of Carrying
assets held as amounts of
collateral receivable

Government bills and bonds $ 17,232,542 14,832,079

Fair value of Carrying
assets held as amounts of
collateral receivable

Government bills and bonds $ 171,494,305 158,341,409

The Bank has pledged securities received as collateral for securities purchased under agreements to
resell with a fair value of $10,276,008 (2005- $128,300,475) to secure liabilities due under
securities sold under agreements to repurchase as noted below.
Securities purchased under agreements to resell earned interest at annual rates ranging from 4.65%
to 5.85% at December 31,-2006 (2005 1.9 % to 4.8%).
The Bank also raises funds by selling or pledging financial instruments under agreements to repay
the funds by repurchasing the instruments at future dates at the same price plus interest at a
predetermined rate. The securities sold under agreements to repurchase are commonly used as a
tool for short-term financing of interest-bearing assets, depending on the prevailing interest rates.
At December 31, 2006 assets sold/pledged under agreements to repurchase were as follows:
Fair value of Carrying amount of
underlying corresponding
assets liabilities

Government bills and bonds $ 10,276,008 12,041,931

Fair value of Carrying amount of
underlying corresponding
assets Fabilities

Government bills and bonds $ 128,300,475 138,849,188

Securities sold under agreements to repurchase bore interest at annual rates ranging from 4.60% to
5.10% at December 31, 2006 (2005 1.4% to 4%).

9. Commitment
On June 26, 2006 the Bank entered into an Assignment and Assumption of Lease whereby the
Bank assumed all lease obligations under the terms of that certain Indenture of Lease dated as of
July 1. 2003 between Fincen Limited, as landlord, and Credit Suisse First Boston (Nassau) Branch
(now known as Credit Suisse, Nassau Branch)'and at the same time was released from the lease
with its parent previously scheduled to terminate on October 31, 2006. The Bank has the option to
renew its present lease until June 30, 2013. The minimum future annual rental commitment
excluding service charges is as follows:

Year to
December 31, 2007
June 30,2008


10. Related party transactions
The Bank entered into various transactions with the Parent and other parties related by virtue of
common control.
The consolidated balance sheet includes the following related party balances:
2006 2005

Cash and cash equivalents
Deposits with banks
Accrued interest receivable
Securities purchased under agreements to resell

Deposits from banks
Accrued interest payable
Securities sold under agreements to repurchase
Investment management fee payable
Service level agreements fee payable
Other liabilities

$ 1,080.012,327

$ 39,571,457





11. Asset management activities
The Bank provides asset management services for a large number of clients to include individuals,
corporations, trusts and other institutions involving substantial funds, whereby it holds and manages
assets or invests funds received in various financial instruments at the discretion of the customer.
The Bank receives fee and commission income for providing these services. Assets under
management are not assets of the Bank and are not recognized in the consolidated balance sheet.
The Bank is not exposed to any credit risk relating to such placements, as it does not guarantee
these investments.

12. Taxation
Under the laws of The Bahamas, there are presently no income, withholding or capital gains taxes
payable by the Bank.

.j. Concentration of assets and liabilities
The following is a geographical analysis of assets and liabilities:
Europe Amle5 Bahamas Brlain Other Ttals
Cashmand cash equivalents $ 28.466.333 327,385,066 725.243,837 21,687 1,343 I,0IM.11I
Deposits with banks 527.029 2.8X,000 2$27,029
Accrued interest rweivable 8,682 1.121.426 1.7,616 21,961 23,478 303163
Receivablefs orn custmoers 3.181.802 3.111.102
Seurities purchased ulue
asreients to resell 7,175,748 2226.331 5.430.000 14.32.079
Loan and advances to customers 52774,820 7394,423 60,169243
Other assets 13,002 50.839 6341
S 29.002,044 337,682,240 785.327.406 5.473.648 7.470,o03 1.164.955s42

sure Amdesca Bahams Brilain Othera Tolia
Deposits from banks 8.468.838 39,036.640 879.784 10.139 48.393.401
Depoitsfromcustonr 2.096,883 6,828,622 653,248,740 37.373.171 332,511 77 1.03 5 2, 93
Accrued interest payable 1.301.578 437,103 643.376 28205S7
Fees received in advance from
cuasaners 134,700 134,700
Secutries sold under agreements
o repurchase 2,313,298 9.728633 12,041.931
Service level agreement ftee
payable 1,035,000 1.035,000
Other labilides 3.771 9.567,373 9.571.144
$ 10,569.492 47.166.840 667,615,998 37,383,310 342.883,386 1105.619,026

14. Foreign currency exposure
As of balance sheet date, the Bank's assets and liabilities were denominated in United States
dollars, except for the following, which were either denominated or linked to other currencies as
follows: "

2 0 0 6 1,,i ., i. .1 : .. y,
Assets Liabilities Net exposure Assets Liabilitles Neteposoure
Brazilian real $ 3.388218 3.142.507 245.711 $ 3,213.861 2.040.043 1,173.818
Euro 25,062,527 24.272,537 789,990 23,226.520 23,008.614 217,906
Britishpound 1,454.719 1,574.459 (119.740) 332,732 289,597 43,135
Swiss franc 1.854,102 1.700.054 154,048 2.920,111 3.126326 (206,215)
Japanefo yesn 91.943 3.050 88,93 14,707 7,046 7.661
Canadian dollar 77.737 69.430 8,307 75.914 69.314 6,600
Other 80,847 9.032 71.815 45.377 6.286 39091
Total $ 32.010.093 30.771069 1.239.024 $ 29,829,222 28.547.226 1.28196

15. Maturities of assets and liabilities
The following is a maturity analysis of selected assets and liabilities:

On demand Up to I year Teal
Cash and cash equivalents $ 17,876,750 1,063.241,516 1.081,11866
Deposits with banks 2.527.029 2.5
Securiltes purchased under agreeensiu to resll 14.832,079 14.,32079
Loams and advances to customers 21,332,545 38.816.698 60.,149,43
$ 39,229.295 1,119,417,322 i.l.449,64917

Deposits from banks $ 9,895,401 38.500,000 4 ,35401
Deposits from customers 726.839.786 305.219.007 1.032'08.79
Seacuitles sold under a treenen to repuschae 12,041,931 12,041.931
Fees received in advance from cusrmsers -134,700 114,700
Service level agreement fees payable 1,035,000 1*05IA00
Other liabilllies 9,571,144 9.571,144
$ 736.735,187 366.501,782 1.1033,a .e

16. Regulatory capital
Guidelines issued by the Central Bank of The Bahamas require a capital level where total
shareholder's equity must be maintained at a minimum of 8% of risk-weighted assets. At
December 31, 2006 and 2005, management believes the Bank was in compliance with these capital


All of your

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The Tribune's Obituary Section

every Thursday

Call us at






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Will be closed 20 ., .
at 12:00 p.m. I; j
on Election Day .l I
Wednesday, May 2,2007. I

Nassau Chambers
Sassoon House
Shirley Street & Victoria Avenue
P.O.Box N-272
Nassau, New Providence,
Tel: (242) 322-4130
Fax: (242) 328-1069

Freeport Chambers
The First Commercial
3rd Floor, Suite 9
Freeport, Grand Bahama,
Tel: (242) 351-7474
Fax: (242) 351-7752

FamGuard Corp.

acquires former

IBM building

FamGuard Corporation has
confirmed'an earlier Tribune
report that it has purchased
the four-storey office com-
plex, formerly known as IBM
House, at the foot of Paradise
Island Bridge, to house its
subsidiary's agency force that
has more than doubled in size
over the past four years.
The new property, at the
corner of East Bay and
Church Streets, will house
Family Guardian's Financial
Services and Group Life &
Health (BahamaHealth) divi-
sions, plus the life and health
insurer's centralised client ser-
vices operations.
Family Guardian's opera-
tions will occupy three of the

floors, with the remaining
floor available for rental. Inte-
rior refurbishments are aim-
ing to have the 40,000 square-
foot building ready for full
occupancy in October.
Family Guardian has initi-
ated further physical expan-
sion this year to accommo-
date its sales operations.
The company has leased
additional office space in
Grand Bahama and Exuma,
with its financial services
operations in Freeport mov-
ing to new premises in the
Regent Centre this past Janu-
ary, and a new office in
George Town, Exuma, being
readied for occupancy this



Weekly Freight Service




Now Receiving Cargo
First Sailing May 2nd 2007
Located 3701 NW South River Dr.
Miami Florida 33142


Don Mackay Blvd
Marsh Harbour
RO. Box AB 20116
Abaco, Bahamas
Tel: 1 (242) 367-0593
Fax: 1 (242) 367-0594


East Street North, Kelly's Dock
P.O. Box N-351
Nassau, Bahamas
Tel: 1 (242) 322-2142
Fax: 1 (242) 322-6089

m -


Will Receive Cargo
Bradley St. Palmdale Opp. Kemp's Funeral Chapel
Commencing May 2nd 2007 (Dry Cargo)
May 3rd, 2007 (Refrigerated & Dry)


3701 NW South River Dr.
Miami, Fla. 33142
Tel: 1 (305) 635-4650
Fax: 1 (305) 635-4651
Located Opposite Dollar Rent A Car
airport Location)

* FamGuard Corporation has purchased the four-storey office
complex (shown), formerly known as IBM House


Come to KPMG...

We are currently seeking qualified Assistant Managers to join our Audit practice.
Assistant Managers
The successful candidate for the Assistant Manager position must have at least four to five years professional
public accounting experience, two of which should be at a supervisory level. Applicants must hold a CPA, CA, or
other professional designation recognized by the Bahamas Institute of Chartered Accountants.
Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.
Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
Manager, P.O. Box N123, Nassau, Bahamas or acash@kpma.com.bs. Telephone: (242) 393 2007

@2007. KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.

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