November 7, 2012Dear Sir,It seems that a lot of young Bermudians that I talk to do not know what the 60/40 rule means. To explain it in simple terms, no foreigner can own more than 40 percent of a local company. Yes it is a form of protectionism to ensure Bermudian control of local businesses and I agree with it 100 percent, particularly as we are a small Island. Recently Government amended legislation to allow exceptions to this 60/40 thus allowing foreigners to infiltrate ownership of the local market, which they justified by saying this would help boost the economy. I totally disagree with this decision and I believe a Pandora’s Box has been opened. Allowing more foreign ownership of local companies is not going to produce more jobs for Bermudians.I would not be surprised that the trades industry will be the most impacted; an area that holds great entrepreneurial possibilities for those Bermudians who have excellent skills and high work ethics. Unfortunately there will be a few greedy Bermudians who will front these businesses, lending their name and making lots of money individually, but in reality the pie will be kept by the foreign ownership. For example, legislation was passed in the House of Parliament to waive the 60/40 rule for HSBC to buy Bank of Bermuda. Since then, this bank which was once owned by Bermudians, has now laid off more workers than any other institution on the Island, and notably without a peep from the labour unions. I hope young voters take an interest in this issue, as their future will be affected by it. I also hope the current tradesmen and small business owners on the island truly evaluate whether waiving the 60/40 rule is in the best interest of Bermudians.CHERYL POOLEYDevonshire