The revelation by Tribune Business that "The National Insurance Board (NIB) suffered a two-thirds cut in total comprehensive income for 2014, due almost entirely to its share of Bank of the Bahamas’ (BOB) near $69 million net loss." is astounding.

Beside NIB owning shares in the teetering BOB, the Government, in its wisdom, assumed responsibility for $100 million in bad debts. They moved the debt to a special fund off the books of BOB to bring the bank back into line with Central Bank requirements.

As more revelations come to light, closure of BOB might be the most viable option.

Surely they wouldn't dream of assuming more bad debts?

Back to NIB.

There seems to be limited or no fiduciary requirements to ensure Parliament takes good and proper care of funds taken from workers and employers to fund the Bahamas pension scheme known as the National Insurance Board (NIB).

With every actuarial report we're told the fund needs to increase contribution rates or it will not have the funds to pay back to future retirees. You might say that's the problem with Ponzi Schemes. You eventually run out of other peoples money.

Oh we're told NIB is the best thing ever done by the government. Yes, today's workers have provided for past generations, but that's typical short term thinking. In other words, future retirees and workers be damned because we're going to take care of ourselves today.

With all the evidence that NIB and BOB are creaking toward collapse under the weight of fiscal abuse, do we honestly expect to leave these organizations and money under the control of the political class and think we'll see different results?