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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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Bruk Pocket Jamaican

"Recently, this Jamaican won the 10 million special lottery for a dollar. As soon as the office of the Lottery Corporation was open on the following day, he was there to collect his winnings.

Graciously, he presented his winning ticket to the clerk and in his best English uttered his request "Me cum fi collect the 10 millian dallars, si me ticket ya".

After reviewing and checking the ticket with his manager, the clerk returned and requested on how he would like his payments. The Jamaican replied "Mi wan all a de moni now". "Unfortunately, Sir" the nervous clerk responded, "The procedures are that we can only give you one million now and the balance equally over the next 20 years".

Furious and agitated, the Jamaican asked for the manager, who re-iterated "Sir, my assistant is correct, it is the regulation of the corporation that we initially pay you one million dollars now with the balance paid to you equally over the next 20 years".

Outraged, the Jamaican slammed his hand on the desk and shouted in anger, "Oonu tek me fi idiat, me wan all a de moni now or oonu gi me bak me rass dallar!!"

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