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ebo
09-10-02, - 05:23 AM
Let BISX die.

BISX is supposed to be the bastion of the free enterprise system. BISX is owned by the elite few. BISX is not going to benefit the average Bahamian. Like any other business with problems, BISX should be allowed to die with dignity.

BISX wants the government to inject 2 million dollars to bail them out. For 2 million dollars of the people's money we can do a lot better. How many houses can we build for 2 million dollars? How many computers for schools can we buy? What about contributions toward our national health insurance program? I bet the same people who want us to throw our money away in BISX are the same people who are opposed to National Health Insurance on the basis that we cannot afford it. I bet they are the same people who think we should not subsidize farming. I bet they are the same people who think we spend too much on social programs. Well the attention we spent on BISX so far is too much.

Initially when they thought BISX was going to be a huge success they set up a closed shop. Only large investors could be shareholders in BISX. Well now that they are in hot water, let the large investors bail them out. Whenever they feel the risk is too high to use their own money, they come us with these clever schemes to get the public's money. Mr. Christie and Mr. James Smith have already let us know that the treasury is broke. Most of the country's earnings go to pay civil servants and the national debt. If we have 2 million dollars to spare we should pay all those teachers and nurses that we owe - who are unhappy. Let's start by taking care of the Bahamian people. This way they will be motivated to go out and work, providing good products and services so we can grow the economy. If we do not want to use the 2 million dollars on our people, we can use it to repair Harold Rd. If Mr. Smith or Mr. Christie drove over Harold Rd. recently, they would not be considering wasting our money on "iffy" venture like BISX.

Can BISX command the confidence of the business community? If BISX can command the respect of the business community, they can easily raise 2 million dollars there. If they cannot raise 2 million dollars from the business community, they should be allowed to fail - gracefully. If people die, I do not see why businesses cannot die.

BISX is blaming government for their failure. They say government promised them there would be stocks from privatized utilities to trade on BISX. Well woopsidoo! A promise is a comfort to a fool! Fundamental to any business plan is the SWOT analysis. Strengths, Weaknesses, Opportunities, Threats. The BISX organizers should have done their homework and noted the strong opposition to privatization, the uncertainty on the issues, that governments are unseated in elections, that if you exploit people too much they might revolt, and that privatizations of public utilities have a poor international track record all posed significant threats to their venture. More significant than all of that is the culture of the Bahamian people.

The key people in BISX must be somewhat removed from Bahamian people or they would know that Bahamians like to own things and hate to sell them. Bahamians hate to sell land or businesses (or any part therof). They want to leave these for their children. Before BISX can be successful, Bahamians must be educated on the value of cashing in their stock to realize their capital gains (increase in value of a stock over what you paid for it), cashing in their stock to stop the bleeding (heavy losses in stock value), or selling some of their stock to buy other stock that may have a higher growth rates or dividends, or provide greater security. If they knew Bahamians, they would have known that for the most part Bahamians would "buy and hold". This being the case, BISX needs a source other than regular Bahamians to trade stocks until Bahamians can be educated to the fact that they cannot gamble in the casinos but they can gamble on the stock exchange. In both cases the house always wins!

Once you make the connection that putting your money in BISX is the equivalent to gambling in the casinos, you might get Bahamians to flock to buy stock. Personally I look forward to gambling in the casinos. At least I will have fun while I lose the money I worked for in the casinos.

Another impediment to trading on BISX is the high trading fees. When you figure in the fees, it is difficult for normal people to trade shares on BISX and make money. It is cheaper and better to trade over the counter. BISX is missing the point of volume. They have to generate the volume. Without the volume, BISX will surely die and lose any money the Bahamas government injects into it to prop it up. BISX should be allowed to die gracefully. BISX should be allowed to die with dignity. It is unbecoming to see high-powered financial experts going to the government with cap in hand begging for a bailout. What happened to all the vaunted financial expertise? Surely with so much knowledge they can get themselves out of this fix without trying to take poor people's pension funds!

Now they want our National Insurance money to put into BISX. Do they have any idea what the word insurance means? Insurance is all about making sure. National Insurance money is there to make sure that when we need it the money will be there. When we are old and cannot work, the National Insurance money should be there to provide us with some income. We poor people need that so we can ill afford to risk it by putting any of it into BISX. Given the track record of BISX, how sure can we be that our money will be there when we need it if we invest it in BISX. National Insurance money should be invested widely in secure situations. BISX is anything but secure. We should let BISX die gracefully.

Rory
10-03-02, - 08:34 PM
i dont even know who BISX is ..? Either way, i think the government should definately NOT EVEN CONSIDER giving a company 2 million dollars of our tax payers money ... (yeah, tax free, right, duty, stamp tax (what the heck is stamp tax anyway, just a name i guess they could have called it staple tax, cause im sure the $1300 i paid on stamp tax to bring in some products the other day, definately didnt go to a 0.20 cent stamp, unless it was like an antique stamp!?)), anyway) ... NOT EVEN CONSIDER giving a company 2 Million dollars of our tax payers money when there are bahamians suffering from malnutrition, living in shante towns (eg, off Independence Drive). This mostly means the children of parents that do not work, the kids didnt ask to be poor and cant work obviously as they are kids.

So instead, why not throw 2 million dollars into something that will benefit the 'suffering' bahamian people. How about a shelter that provides food to the needy (not drug users, well maybe but only if they provide help for drug users at the same time to get them off drugs/alchohol).

Moving onto another subject, the government could start a national lottery, invest tax money they already receive from customs etc, and make more money out of it, then cut back the amount of customs charged and save the Bahamian people some darn money already!!!

Im not putting the new government down by the way, just that any government that's in office should move more into investing and the future, such as technology and the internet also. There are so much things and so many ideas out there that can make the government money, they just need to sit down and browse the web, read the right books, look around, think some more, or hire the people that will do it for them.

Way too much outsourcing for simple things like web sites, etc. Hire staff that can do the job, there are Bahamians out there. Get rid of the ones that cant, or train them to do it properly.

Whoops, ranting on here, later

Rory

Delroy
10-03-02, - 08:50 PM
BISX stands for Bahamas International Securities Exchange.
It’s a Financial Security Company located downtown in the British Colonial Hotel at One Bay Street.

It is operated by a Mr. Gerry Ritchie who is CEO of BISX.

islandgyal
02-14-03, - 11:41 PM
I disagree with you that BISX should be allowed to die. Once the Bahamian stock exchange really gets going, ALL Bahamians will benefit ... not just the few wealthy who had the wherewithal to get it started. Look at the NASDAQ or Dow in the States ... yes, wealthy folks got it started, but much of the middle-class benefitted as well.

We have to stop throwing the baby out with the bath water, and develop some patience. Yinna big city people need ta chill out and let some tings get set.

Out Island perspective

FACTS ONLY
05-16-07, - 07:34 AM
I disagree with you that BISX should be allowed to die. Once the Bahamian stock exchange really gets going, ALL Bahamians will benefit ... not just the few wealthy who had the wherewithal to get it started. Look at the NASDAQ or Dow in the States ... yes, wealthy folks got it started, but much of the middle-class benefitted as well.
We have to stop throwing the baby out with the bath water, and develop some patience. Yinna big city people need ta chill out and let some tings get set.
Out Island perspective

I like that part islandgal, yinna big city people need ta chill out and let some tings set. I CONCUR.

Sunnyjohn
05-16-07, - 08:14 AM
I disagree with you that BISX should be allowed to die. Once the Bahamian stock exchange really gets going, ALL Bahamians will benefit ... not just the few wealthy who had the wherewithal to get it started. Look at the NASDAQ or Dow in the States ... yes, wealthy folks got it started, but much of the middle-class benefitted as well.
We have to stop throwing the baby out with the bath water, and develop some patience. Yinna big city people need ta chill out and let some tings get set.
Out Island perspective



Thank you very much island gyal!

Folks, how do you think we will pay for the retirement of our citizenry in 50 years. STOCKS, BONDS and MUTUAL FUNDS!

Your middle-class cannot grow without a proper equities market.

Yes, the BISX does need reform, but don't kill it.


... and I do support a National lottery/numbers game. If legislate one to run for 5-7 years, that would give us time to end our outdates system of import duties and institute a proper VAT/Sales tax to adequately fund the government tresury and bring down the cost of living.

diarra
05-16-07, - 10:43 AM
Thank you very much island gyal!

Folks, how do you think we will pay for the retirement of our citizenry in 50 years. STOCKS, BONDS and MUTUAL FUNDS!

Your middle-class cannot grow without a proper equities market.

Yes, the BISX does need reform, but don't kill it.


... and I do support a National lottery/numbers game. If legislate one to run for 5-7 years, that would give us time to end our outdates system of import duties and institute a proper VAT/Sales tax to adequately fund the government tresury and bring down the cost of living.

I second dem motions!

There also seems to be little trust between business and either the administration of BISX or its structure. To end the development of BISX would only result in some expat realising the value of the need for the entity and come in and re-develop it from the current model.

Ting-um
05-16-07, - 11:18 AM
So you're saying BISX failed because Bahamians are too ignorant??

I'm not sure what BISX is either, I assume the purpose is or was to generate sources of funds for local public companies to grow. Encouraging Bahamians to invest in Bahamians. Sounds like a huge failure, as could be expected. I think the original poster is right when you consider the mentality of the Bahamian public. I'm sorry, you couldn't get me to do it. Now, if they were all debt securities then it would've been a huge success. Bahamians love living beyond their means, because they feel they can always pass the debt on to someone else or sell something of value if they had to.

Tafadhali
05-16-07, - 01:12 PM
So you're saying BISX failed because Bahamians are too ignorant??
I'm not sure what BISX is either, I assume the purpose is or was to generate sources of funds for local public companies to grow. Encouraging Bahamians to invest in Bahamians. Sounds like a huge failure, as could be expected. I think the original poster is right when you consider the mentality of the Bahamian public. I'm sorry, you couldn't get me to do it. Now, if they were all debt securities then it would've been a huge success. Bahamians love living beyond their means, because they feel they can always pass the debt on to someone else or sell something of value if they had to.

how constructive.

Ting-um
05-16-07, - 01:26 PM
I'm glad you agree, switching from equity to debt makes a lot more sense.

Tafadhali
05-16-07, - 01:31 PM
I'm glad you agree, switching from equity to debt makes a lot more sense.

i didnt say if i agreed or not when I barely grasp the concept. Im speak about your belief system (In your fellow Bahamians) if the general public had more financial education tools available to us im sure we'd be more prone and receptive to the notion of an investment vehicle such as the BISX being an avenue to partake in...as opposed to hoarding cash in a low-yielding money market account or a mattress.

but im reading suze orman's woman and money right now...I need help mr. forbes...could you direct me (give suggesstions) to an area what would serve as a helpful learnign tool for me?

Ting-um
05-16-07, - 01:56 PM
i didnt say if i agreed or not when I barely grasp the concept. Im speak about your belief system (In your fellow Bahamians) if the general public had more financial education tools available to us im sure we'd be more prone and receptive to the notion of an investment vehicle such as the BISX being an avenue to partake in...as opposed to hoarding cash in a low-yielding money market account or a mattress.
but im reading suze orman's woman and money right now...I need help mr. forbes...could you direct me (give suggesstions) to an area what would serve as a helpful learnign tool for me?


Throwing away anything written by Suze Orman would be a good start. I understand why people recommend her - but, that's like recommending Dr Phil for a psychological diagnosis.

Sadly, I don't think educating Bahamians is the answer. Education is usually met with strong resistance in the Bahamas. The feeling is that "educated people" think that they're better and try to talk down to others. That mentality has to die. Its not about being better its about knowing better.

I don't take pleasure in the fact that Bahamians don't know any better - you know where I stand when it comes to educating Bahamians in the realm of economics and finance. But I have to be realistic about where they are now in order to know where to go or how to help.

Like the original poster suggested, Bahamians are not averse to risk, not in the least. So investing in stocks seems to make sense. It doesn't matter if you make 3,000 a year or 300,000 a year - if you gamble, then you belong in the stock market. The problems I see are several, including Bahamians don't understand the difference between a purchase and an investment. The feeling is that if you buy stock then its akin to buying a car, a set of knives or shoes - there's a sense of ownership. When they should think of it as an investment which gives you a right rather than possession. But anyway..

What do I recommend for you to better understand investments?? Ummm, there's a lot. I have a book by Burton Malkiel "A Random Walk Guide to Investing" - he breaks down the different types of assets, explains the various markets and why you're better off learning about investing and doing it on your own rather than trusting an advisor - as this BISX debacle clearly illustrates. Its about 200 pages so its short, sweet and to the point. I'd appreciate if you took it off my hands considering I have walls of books just taking up space. I have a few dozen textbooks, one's "The Essential of Investments" - its one of the books that hedge fund managers use to prepare for their CAIA exam.

dacy2003
05-16-07, - 05:07 PM
Rory, sometime you come of as the poster child for totally clueless, LLoooLL
you did not where bozine town was and now this, LOL:p

lovechild1996
05-16-07, - 10:38 PM
Let BISX die.
BISX is supposed to be the bastion of the free enterprise system. BISX is owned by the elite few. BISX is not going to benefit the average Bahamian. Like any other business with problems, BISX should be allowed to die with dignity.
BISX wants the government to inject 2 million dollars to bail them out. For 2 million dollars of the people's money we can do a lot better. How many houses can we build for 2 million dollars? How many computers for schools can we buy? What about contributions toward our national health insurance program? I bet the same people who want us to throw our money away in BISX are the same people who are opposed to National Health Insurance on the basis that we cannot afford it. I bet they are the same people who think we should not subsidize farming. I bet they are the same people who think we spend too much on social programs. Well the attention we spent on BISX so far is too much.
Initially when they thought BISX was going to be a huge success they set up a closed shop. Only large investors could be shareholders in BISX. Well now that they are in hot water, let the large investors bail them out. Whenever they feel the risk is too high to use their own money, they come us with these clever schemes to get the public's money. Mr. Christie and Mr. James Smith have already let us know that the treasury is broke. Most of the country's earnings go to pay civil servants and the national debt. If we have 2 million dollars to spare we should pay all those teachers and nurses that we owe - who are unhappy. Let's start by taking care of the Bahamian people. This way they will be motivated to go out and work, providing good products and services so we can grow the economy. If we do not want to use the 2 million dollars on our people, we can use it to repair Harold Rd. If Mr. Smith or Mr. Christie drove over Harold Rd. recently, they would not be considering wasting our money on "iffy" venture like BISX.
Can BISX command the confidence of the business community? If BISX can command the respect of the business community, they can easily raise 2 million dollars there. If they cannot raise 2 million dollars from the business community, they should be allowed to fail - gracefully. If people die, I do not see why businesses cannot die.
BISX is blaming government for their failure. They say government promised them there would be stocks from privatized utilities to trade on BISX. Well woopsidoo! A promise is a comfort to a fool! Fundamental to any business plan is the SWOT analysis. Strengths, Weaknesses, Opportunities, Threats. The BISX organizers should have done their homework and noted the strong opposition to privatization, the uncertainty on the issues, that governments are unseated in elections, that if you exploit people too much they might revolt, and that privatizations of public utilities have a poor international track record all posed significant threats to their venture. More significant than all of that is the culture of the Bahamian people.
The key people in BISX must be somewhat removed from Bahamian people or they would know that Bahamians like to own things and hate to sell them. Bahamians hate to sell land or businesses (or any part therof). They want to leave these for their children. Before BISX can be successful, Bahamians must be educated on the value of cashing in their stock to realize their capital gains (increase in value of a stock over what you paid for it), cashing in their stock to stop the bleeding (heavy losses in stock value), or selling some of their stock to buy other stock that may have a higher growth rates or dividends, or provide greater security. If they knew Bahamians, they would have known that for the most part Bahamians would "buy and hold". This being the case, BISX needs a source other than regular Bahamians to trade stocks until Bahamians can be educated to the fact that they cannot gamble in the casinos but they can gamble on the stock exchange. In both cases the house always wins!
Once you make the connection that putting your money in BISX is the equivalent to gambling in the casinos, you might get Bahamians to flock to buy stock. Personally I look forward to gambling in the casinos. At least I will have fun while I lose the money I worked for in the casinos.
Another impediment to trading on BISX is the high trading fees. When you figure in the fees, it is difficult for normal people to trade shares on BISX and make money. It is cheaper and better to trade over the counter. BISX is missing the point of volume. They have to generate the volume. Without the volume, BISX will surely die and lose any money the Bahamas government injects into it to prop it up. BISX should be allowed to die gracefully. BISX should be allowed to die with dignity. It is unbecoming to see high-powered financial experts going to the government with cap in hand begging for a bailout. What happened to all the vaunted financial expertise? Surely with so much knowledge they can get themselves out of this fix without trying to take poor people's pension funds!
Now they want our National Insurance money to put into BISX. Do they have any idea what the word insurance means? Insurance is all about making sure. National Insurance money is there to make sure that when we need it the money will be there. When we are old and cannot work, the National Insurance money should be there to provide us with some income. We poor people need that so we can ill afford to risk it by putting any of it into BISX. Given the track record of BISX, how sure can we be that our money will be there when we need it if we invest it in BISX. National Insurance money should be invested widely in secure situations. BISX is anything but secure. We should let BISX die gracefully.


Bey ma neice works their and a good friend of mines--so stop talking shet ok

Tafadhali
05-16-07, - 10:41 PM
Bey ma neice works their and a good friend of mines--so stop talking shet ok

there is nothing objective about the above stated. it doesnt dispute the gentleman's argument at all. come again.