In a recent Letter to The Editor of The Tribune, Mr. Elcott Coleby suggested that it would be a "noble gesture" if the government bought the old City Market headquarters using money from the national pension fund because it would bail out the employees private pension plan that owns the building.

He suggested, "The purchase would bring much needed relief to the abused pensioners of the former City Market" and could house government ministries and departments at a reduced rental price for them.

Furthermore he propounded the rental agreements the government would sign for the premises "would provide a new and steady stream of revenue for NIB and provide a healthy return on investment for NIB".

The only part of his assessment I can buy is that the last owners of City Market did not start the decline of the business. These things happen. But are they liable in anyway? Of course he does not disclose this.

In his defence of his ideas he leaves out a few other crucial points.

1. Did the associates agree to buy the building using their pension funds? If so the government has no business attempting to "rescue" it.
2. What is the building worth in today's market and how much would have to be spent to make it habitable?
3. Will government intervention in this case set a precedent for any companies that fail in the future?

Without complete disclosure, how can anyone know or suggest what returns will accrue to the pensioners, NIB and the Government or how long it will take for that return to be realised?

Of course complete disclosure is not something we've grown accustomed to getting from the government. So we have to depend on conjecture from a PLP party faithful I guess?

I sure hope Mr. Coleby is not shaping up to be another NIB Pension Mismanagement Consultant.

It would certainly be mismanagement of the Bahamian National Pension Scheme if the fund is used for bailouts.

The failure of the business is one tragedy. Mr. Coleby's suggestions seem to be setting the NIB for another boondoggle?