Same strategy different time eh Marcus!! Garvey all over !

[Dr.Dudd]

So the Jamaican authorities is trying to snuff out another attempt by the door and downtrodden,that are willing to gamble with the risk of alternative investment,instead of jamaica lottery,. They say big money is not for small fry in the the scheme of things. Even if they are willing to take the risk involved.
What a thing the more things appear to change, the more they remain the same undr the covers.
They still a get a beating.

[RichD]

Re: Same strategy different time eh Marcus!! Garvey all over !

doc what percentage of these investors do you think are paying taxes on their gains?

[Dr.Dudd]

Re: Same strategy different time eh Marcus!! Garvey all over !

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body">doc what percentage of these investors do you think are paying taxes on their gains? </div></div> 100% of those who live there. With a consumption tax of 15% everybody pays their fair share.
They are not paying a lower percentage than the majority of the wealthy individuals there.
So do you think that non payment of taxes, by investors, should be reason enough to act as they did,against these organozations?

[RichD]

Re: Same strategy different time eh Marcus!! Garvey all ove

no is just sumtin that crossed my mind.

i can see how the govt would be brain storming to try to harness this source of revenue however

[RichD]

Re: Same strategy different time eh Marcus!! Garvey all ove

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"> With a consumption tax of 15% everybody pays their fair share.
</div></div> wish i could tell di tax man that here

[Dr.Dudd]

Re: Same strategy different time eh Marcus!! Garvey all ove

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body">no is just sumtin that crossed my mind.

i can see how the govt would be brain storming to try to harness this source of revenue however </div></div> Would be?? they are more intrested in snuffing it out than harness it. It is not their pockets the tax dollars will go.They don't care about that. It is all about the priorities
Their priorities is all about keeping money out of the hands of the masses. To hell with growing the tax base and improving the welfare of the country

[Dr.Dudd]

Re: Same strategy different time eh Marcus!! Garvey all ove

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"> With a consumption tax of 15% everybody pays their fair share.
</div></div> wish i could tell di tax man that here </div></div> You get value for yours.
They have a right to collect it.

[RichD]

Re: Same strategy different time eh Marcus!! Garvey all ove

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"> With a consumption tax of 15% everybody pays their fair share.
</div></div> wish i could tell di tax man that here </div></div> You get value for yours.
They have a right to collect it. </div></div> so is like a catch 22 yuh cant give value unless you collect it ...an you cant collect it unless you giving value...what a ting

[Dr.Dudd]

Re: Same strategy different time eh Marcus!! Garvey all ove

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"> With a consumption tax of 15% everybody pays their fair share.
</div></div> wish i could tell di tax man that here </div></div> You get value for yours.
They have a right to collect it. </div></div> so is like a catch 22 yuh cant give value unless you collect it ...an you cant collect it unless you giving value...what a ting </div></div> Bigger than that,but not really.
You shouldn't want to get service without paying. They shouldnt want to collect taxes,while they are actively using tax collars to destroying your opportunitues to aquire income tyo afford to pay it. As in Jamaica's case.
The country is poor because of the policy that destroys the income oppertunities of the mases,in favour of the minority elite. No country has ever become developed status,withouty the masses,earning their potential,or close to it.

[bee_bop]

Re: Same strategy different time eh Marcus!! Garvey all ove

Dr. Dudd said:
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> The country is poor because of the policy that destroys the income oppertunities of the mases,in favour of the minority elite. No country has ever become developed status,withouty the masses,earning their potential,or close to it.</div></div>

Littleman says:
<span style="color: #330000">I don't know if its the seasonally cool weather, but I actually agree with Dr. Dudd in this post. I may need my head examined after this though... </span> [img]/forums/images/%%GRAEMLIN_URL%%/feelsick.gif[/img]

[Dr.Dudd]

Re: Same strategy different time eh Marcus!! Garvey all ove

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Littleman</div><div class="ubbcode-body">Dr. Dudd said:
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> The country is poor because of the policy that destroys the income oppertunities of the mases,in favour of the minority elite. No country has ever become developed status,withouty the masses,earning their potential,or close to it.</div></div>

Littleman says:
<span style="color: #330000">I don't know if its the seasonally cool weather, but I actually agree with Dr. Dudd in this post. I may need my head examined after this though... </span> [img]/forums/images/%%GRAEMLIN_URL%%/feelsick.gif[/img] </div></div> That is not unusual Littleman. You have to realize that I defend principles and when one does so, there will be times when even their most ardent opposition's views coincide with their's. Since most people defend personalities or organizations the times when the personality or organizations intrests coincide with the principles I defend.
At those junctures,we will seem to have been in agreement,but on a closer inspection, our agreement may based on different reasonings. That is not saying that it couldn't be that ther is a change in perspective on your part, but there certainly is none here.
Anyway it is good to see that we can agree on points at times.

[Dr.Dudd]

aawho are they fooling?Fools get comforted by promisses

Government walks fine line - Cabinet throws support behind FSC - Leaves room for legal operation of investment schemes in Jamaica
published: Wednesday | January 9, 2008

Edmond Campbell, News Coordinator


Don Wehby (left)), Minister without Portfolio in the Ministry of Finance and the Public Service, speaks with journalists during yesterday's post-Cabinet press briefing at Jamaica House, St. Andrew, while Olivia Grange, Minister of Information, Culture, Youth and Sports, looks on. - Rudolph Brown/Chief Photographer

Cabinet has thrown its support behind the Financial Services Commission (FSC) after examining the controversial treatment of investment schemes.

However, Don Wehby, Minister without Portfolio in the Ministry of Finance and the Public Service, yesterday left room for amendments to law which could pave the way for such schemes to operate legally and flourish.

Minister Wehby said during a post-Cabinet press briefing at Jamaica House, that the FSC would continue to take action as set out in law to prevent entities from offering securities to persons in contravention of the Securities Act.


Minister Wehby said the FSC would continue to issue cease-and-desist orders against unregulated financial schemes, while the Financial Investigation Division (FID) would provide support by instituting prosecution where necessary.

Minister Wehby also said Cabinet had given instructions for urgent steps to be taken to ensure that legislation addresses the operation of investment clubs.

He, however, warned that the Government would not allow unregulated entities to "elude oversight and to expose to irresponsible risk, the hard-earned savings of innocent members of the public".

Mixed responses

Cabinet's response to the treatment o investment schemes has elicited mixed responses from financial analysts, who argue that proposed legislation to accommodate investment clubs should be drafted with urgency.

Financial analyst Errol Gregory said yesterday that the authorities had opted for a hard-line approach in dealing with the new schemes.

Mr. Gregory told The Gleaner the Government's statement suggested that it was in support of the action taken so far by the regulatory authority.

"The only part of the statement which implied that there was any rethinking on the issue was Cabinet's instructions for urgent (legislative) steps to be taken," he said.

Mr. Gregory said this move by the Government was positive, noting that it would be difficult for the financial sector to have serious regulations which did not address the likelihood of persons coming together to form investment clubs.

Hard-line approach

Indicating that the establishment of investment clubs in Jamaica was an attempt at new entrepreneurial initiatives, Mr. Gregory said he believed some attempt would have been made to show flexibility on the part of the regulatory authority.

"What was seen so far suggests that the authority was opting for a hard-line approach. The laws exist, respect them," he said.

Financial analyst Claudette Crooks of Money Masters Limited, said she supports the Government's insistence that investment schemes must operate within the regulatory framework.

However, she said, Cabinet's position that it would consider applications from any entity for registration and licensing under the existing legal provisions required greater clarity.

[email protected]

[Dr.Dudd]

Re: who are they fooling? Fools get comforted by promisses

Government’s threat sparks clamor to register investment schemes
Wednesday, 09 January 2008
Managers of unregulated investment schemes are reportedly rushing to regularise their operations ahead of the Government announcement that it will be imposing tough regulations on the sector.

With the Government's stern warning that unlicensed entities will be issued with cease and desist orders, operators have started to make contact with the Financial Services Commission, (FSC).

Minister Without Portfolio in the Finance Ministry, Don Wehby, said within hours of his announcement on Tuesday, there was a strong response from operators.

Mr. Wehby had said legislation would be drafted to govern the operations of investments clubs.

Citing similar regulations in the United States, he said such clubs had a maximum 100 members, each participating fully in investment decisions.

[Dr.Dudd]

Unregistered investment schemes granted grace period to regu

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">Government’s threat sparks clamor to register investment schemes
Wednesday, 09 January 2008
Managers of unregulated investment schemes are reportedly rushing to regularise their operations ahead of the Government announcement that it will be imposing tough regulations on the sector.

With the Government's stern warning that unlicensed entities will be issued with cease and desist orders, operators have started to make contact with the Financial Services Commission, (FSC).

Minister Without Portfolio in the Finance Ministry, Don Wehby, said within hours of his announcement on Tuesday, there was a strong response from operators.

Mr. Wehby had said legislation would be drafted to govern the operations of investments clubs.

Citing similar regulations in the United States, he said such clubs had a maximum 100 members, each participating fully in investment decisions.


</div></div>

<span style='font-size: 20pt'> Unregistered investment schemes granted grace period to regularize </span>
<span style='font-size: 11pt'> Wednesday, 09 January 2008
There is good news on Wednesday afternoon for operators of unlicensed financial entities who want to become regularised.

Minister without portfolio in the Finance Ministry Don Wehby says if they apply for licenses every effort will be made to facilitate them.

"If we have to increase the resources at the Financial Services Commission to process these applications and of course there's going to be a peak and then an off because after they are registered they are registered we will do that," said Senator Wehby.

"We are committed in terms of getting all the unregistered investments registered once they meet the fit and proper criteria which as I said yesterday is minimum capital, you have to send in audited accounts, the principals and officers of the various institutions must be fit and proper and there is a clear checklist of terms of registration," he continued.

He was speaking 24 hours after announcing that the Government will not ease up in its efforts to crack down on these unregulated entities operating locally.

Pointing directly at the so-called investment clubs Mr. Wehby announced that new legislation is to be implemented to cover the operations of these entities.

This will include rules requiring that investment clubs include its members in any decision on how their money is invested.</span>

[Dr.Dudd]

Re: Unregistered investment schemes granted grace period to regu

This is a case for grandfathering is required in any law that us enacted.
There are companines that operated for years that pay as agreed to their members,no low should make them criminals for doing what they have been doing. The most imnprttant thing here is to encourage people who are willing toi risk their funds,to have that opportunity to earn high rates. The country will not improve economicaly unless the sectors that are underproducing get that opportunity. It does not matter how mucf the presently productive secrors improve. Even if they improive 10 folds. Unless the sector with th ehighest pressure on th esocial servoices are allowed to uncrease their productivity,the country will always be sliding down the economuc ladder.
The ordinary people must have real hopes,and the private sector as is situated does not have the th eimagination to satisfy this. So unless the opportunities be made available so that this demography can realky grow the economy,it will never grow.
The US economy only show real growth on the activity of not the established oligarchs,but by the opportunities grasp by the imagineers.
Jamaica has enough of these imagineers to make it's economy the envy of the economic world.
What the government need to do si to facillitate instruments like these alternative investment scheems to generate enough working capital to be th eingine of the economy.
The traditional fibabcial system is to expensive. the funmds cost too much.People need to earn their as an utem of wealth is long gone and the day of alternative finance is upon us.
Those who are stuck in th ecommodity period,represents the past. those who think they can buy the mental skills of th eeducated and keep them as employees,are over. Today is the day when mental capacity will only make profit for the commodity brokers,as partners. Those sommodity brokers who do not dosv=civer it yet,will be left behind.
We can work together from remote locations.
We don't have to be phycally in the country to consult .
Our skills are available to Jamaicans where ever we areamd we are willing to assist them to become economically strong.