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A purely analytical perception...


Continued from page 4

In the elections held in 1992, the Free National Movement (FNM) won a landslide and their leader, Hubert Ingraham Prime Minister with promises of a return to economic stability, an increase in tourism and the creation of a health climate for offshore investment in the Bahamas. Furthermore, he promised that no longer would political hacks be rewarded for their servitude with the plush bureaucratic jobs in which those occupying them did little discernable work in exchange for substantial salaries. Investigations would be made into the corruption that had taken place in the proceeding years and the guilty would be soundly punished.

Corruption and substantial mismanagement was found to have taken place and it was also brought out that Pindling had squired away a tidy fortune from his under-the-table dealings. Furthermore, it was proved that a number of Pindling's associates had been in league with him as well. While there was no whitewash of the people involved, by this time Pindling was dying of cancer and the resignations of several of his key political associates from their offices seems to quell the publics desire for additional blood to flow.

With Pindling gone, voting regions were more fairly re-districted, the number of seats in the House of Assembly was reduced and the government promised to set sail on a new and legitimate course. Since that time there have been new laws passed, friendly to global business in banking and insurance and tourism is finally being to hit its stride. The new government has failed to make any inroad into the problems of drug transshipments and it just may be that although the faces have changed, the penchant to the old "fast dollar" has not yet been eliminated from the system.

The Bahamas are a great place to live if you have the bucks. Bahamians do not pay income or sales taxes with revenue to run the government derived from high tariffs and import duties. On the other hand, the Bahamas which has a great proclivity for snatching defeat out of the hands of victory has determined to join the Free Trade Area of the Americas (FTAA) for some more than obscure reason. This would put an end to the money the government receives as their share of incoming goods. Why on earth the Bahamas would want to get involved in this kind of foolishness when they export nothing is beyond the scope of reason but then again, things are going well and it may be time for the silly season.

Some of the economic measures recently passed by Bahamian legislature have born fruit and almost five-hundred banks and trust companies call the Bahamas home. In 1990, the International Business Companies Act became law which simplified and reduced the cost of incorporating off-shore companies in The Bahamas, resulting in the establishment of over 50,000 IBC-type companies.

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