Minnis dem paying how much on BTC pension?
Finance Minister Peter Turnquest could say all he wants that government is trimming fat due to the economic crisis created by Covid-19, but look a little closer at the 2020/2021 budget communication.
The Minnis Administration has allocated a whopping $63 million over the next three budget cycles to pay BTC for legacy pension liabilities that continue to grow.
It just goes to show how horrible the BTC deal with Cable and Wireless Communications was in 2011.
Prime Minister Hubert Minnis sat in the Ingraham cabinet when it practically gave away majority shares in the profitable BTC for the fire sale price of $210 million, ignoring the cries of Bahamian workers who protested and clashed with police in opposition of the deal.
Even Ingraham knew it was a crap deal. He mistakenly voted against the sale in the House of Assembly on March 24, 2011 while he was on his cell phone before catching himself and quickly changing his vote to yes.
Now, Minnis and Co. are giving millions of that money back while jobless Bahamians go hungry and pray their employers take them back.
At this rate, the government will end up paying out the entire $210 million it received for BTC.
What a crying shame.