May 14, 2014

Dear Sir,

A recent dissertation in your paper by one Kevin Comeau appears on the surface to be erudite and quite scholarly. However on a rigid examination of the letter it can be summarised thusly:

(1) Bermuda’s recession was not due to any global recession.

(2) International Companies did not leave Bermuda because of any global recession

(3) The International Companies left in their own self interest

What Mr Comeau is implying is that something that Bermuda did caused the IB companies to shift operations, downsize, move departments overseas, etc.

What Bermuda did, he does not say. But it had nothing to do with the global economic downturn.

My examination of the situation is quite precise and “crystal clear”:

(1) There was a global economic downturn.

(2) Companies do what is in their own “self Interest” which in essence means maximising “SHAREHOLDER’S EQUITY”

(3) In order to do the above during tough economic times these companies took the steps which have already been mentioned.

Mr Comeau, even if a company is madly in love with Bermuda and there is no global economic downturn, if the company can “Maximise Shareholder Equity” elsewhere, it will seek a divorce.

After all is said and done, it is about profits dear friend, not love.

Regards

Agatha’s Son