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Bank of Jamaica Governor Derick Latibeaudiere Over Paid

11/04/09

Permalink 11:43:26 pm, by Melba
Categories: Business, Commentary

Bank of Jamaica Governor Derick Latibeaudiere Over Paid

The Prime Minister Bruce Golding yesterday announced in Parilament that the Bank of Jamaica Governor, Derick Latibeaudiere had to go as he was being paid too much money. Now when I think that I’m helping to pay his salary it doesn’t seem fair to me however if I were getting that kind of money I would take it too. But that’s not my ‘beef’ with this whole issue. I just can’t believe that this is the same government who only recently sought to defend paying one man, Aubyn Hill who is on contract with the government, $1.883 million per month, or close to $2 million, when expenses are taken into account, approximately $24 million a year.

According to the government then, they were comfortable with paying Mr. Hill that exorbitant amount as they saw it as value for money. Based on the prime ministers speech in parliament yesterday the decision to remove the governor had nothing to do with policy issues or his ability. That tells me that he believes there is some value to Mr. Latibeaudiere contribution. However in the Prime Minister’s own words he found the interpretation and application of certain provisions of the governor's contract of employment ‘unacceptable, embarrassing and repugnant’.

Mr. Latibeaudiere's basic salary started in 2007 at $11.2 millions. At October 30, 2009, it stood at $14.5 million. Rent and maintenance paid in 2008, was $2.5 million for rent and $5.9 million for maintenance, a total of $22.9 million in 2008. In addition, he had a fully maintained car, entertainment expenses and medical and life insurance coverage.
The part that I do not understand is how the prime minister said that Mr. Latibeaudiere's compensation would have amounted to $38.3 million this year had Government granted him increases in housing allowance which he claims.

Them sey ‘Puss an dawg no hav di same luck’. Not sure what school Mr. Latibeaudiere went to but clearly it couldn’t have been Harvard University like some people. Maybe then he would be worth his salary. Not that I think either men is worth that kind of my money, not in a poor country with an ailing economy like ours. The point is the hypocrisy displayed by the government is mind boggling and disheartening.

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Three Ministers

Three ministers - a Presbyterian, a Methodist, and a Southern Baptist and their wives were all on a cruise together. A tidal wave came up and swamped the ship, and they all drowned. The next thing you know, they're standing before St.Peter.

As fate would have it, the first in line was the Presbyterian and his wife. St. Peter shook his head sadly and said, "I can't let you in. You were moral and upright, but you loved money too much. You loved it so much, you even married a woman named Penny."

St.Peter waved sadly, and poof! Down the chute to the 'Other Place' they went. Then came the Methodist. "Sorry, can't let you in either," said Saint Peter "You abstained from liquor and dancing and cards, but you loved food too much.

You loved food so much, you even married a woman named Candy!" Sadly, St. Peter waved again, and whang! Down the chute went the Methodists.

The Southern Baptist turned to his wife and whispered nervously, "It ain't looking good, Fanny."

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