"When your Rump is onFire ... you have to Put it Out!!"
Last Sunday morning, a long-time businessmanwho has been resident here for the past fifteen years, went intoa small district gas station and picked up one of the local newspapers.
Noting the headlines which carried the story of the speedy passageof four pieces of Legislation which has just about demolishedthe entire tax free status of the Cayman Islands, the man turnedto the lady behind the counter and asked: "What do you thinkabout all of this?" and without hesitation the 60' ish astuteCayman businesswoman replied, "When your a-- is on fire yougotta put it out!"
This comment just about sums up the entire predicament which theCayman Islands was most likely faced with when the negotiatingteam consisting of ExCo Members, Truman Bodden and Tom Jefferson,the Financial Secretary Mr. George McCarthy, MLA Mr. Linford Piersonand Attorney General Mr. David Ballantyne returned from theirlatest excursion to the United States.
Immediately upon their return,they met with the other membersof the Legislative Assembly and relayed to them what they weretold by the powers-that -be in the United States - and the otherG-8 countries, including most likely, the U.K., - that the debilitatinglegislation had to be passed in the coming week; otherwise Caymanwould face severe sanctions.
Efforts to determine exactly what these sanctions were have beenmet with resistance, silence, denial, accusations of politicalmaneuvering, and so far mainly conjecture - because there stillhas not been any official statement from Government to the public,as to why these measures were absolutely necessary.
There has been speculation that among the sanctions - threats- were; (a) that all U.S. money transfers to and from the UnitedStates, would be impeded; and (b) there was a move on to restrictOECD registered commercial aircraft from flying to and from theCayman Islands.
It was also suggested that the Cayman Islands, like some othercountries - could be placed on the United States black list, anddeemed a 'Rouge and Terrorist State'. Of course the United Statesand other super powers - can and will use any type language theychoose to, because they have the military, economic and psychologicalweapons to intimidate and control most small countries.
It has been known for some time now, that the Cayman Islands hadnot met the criteria of the Securities and Exchange Commission(SEC) in terms of cooperation with the United States authoritieswho wish to examine the business affairs of the citizens of othersovereign countries. The laws passed on the evening of Friday,the 19th of July now gives the US Authorities the clout they havebeen seeking for several years.
It has also been suggested that when the SEC in earlier meetingssummoned Cayman Islands officials for a meeting, that they walkedout of the meeting without any agreement or resolution. This hasalso been the case when the U.K. which enacted it's own moneylaundering laws eight years ago. These are all examples of theobvious over-confidence demonstrated by - and with all due respect- Cayman officials who do not have the international exposureto handle matters of this magnitude, decisions crucial to thefuture of the Caymanian people, and which has now obviously forcedthe Cayman Islands to it's knees.
It can be recalled that the Cayman Islands has faced similar 'threats'and 'bullying' in Government Administrations of the past. Whatwas done at that time was to retain the services of legal, seasonedprofessional negotiators to represent the interest of the CaymanIslands. In similar respect, attorneys and other corporate bodiesfrom overseas utilize local expertise to present and argue pointsof law in the Cayman System.
Without seeming to cast a blanket lack of confidence on membersof the delegation, who traveled overseas to several meetings indealing with these matters - one could still ask ... would itnot have been better to retain the minds and expertise of professionalswho may have been more experience in these type of negotiationsbeing conducted on the world wide stage of International Law.
Only recently our close neighbor Cuba was propelled into world- wide spotlight - again, in a tug-of-war over a little boy. TheCuban Government sent members of its Government to deal the AmericanGovernment - but hired a team of Legal experts from an AmericanLaw firm to conduct the negotiations. This is what the late JimBodden did to keep the Americans at bay.
Some may raise the argument that such a move would demonstratea lack of confidence in our own negotiating team, but who selectedthem to represent the entire Private Sector and General Public'sFinancial interests?
This only brings us back to the argument that we may have a Cadillacof an economy -- but we have only a constitution with a Chevette'sengine to manage this economy.
Better yet, an explanation to our people would be welcome, because"when your buns are already set on fire ... somebody hasto put it out for you" ... or try to stifle the fact thatits burning.
The truth is though ... where there is smoke ... there must befire.