McWeeney Leads BOB to Almost $2 Million Loss
In an annual end of year message filled with nonsense, Bank of The Bahamas Managing Director Paul McWeeney tried to justify his abject incompetence.
The bank is majority owned by the government of The Bahamas.
After loaning his PLP cronies millions of dollars in unsecured loans, leading to almost $2 million in losses for the year, McWeeney tried in vain to assure the Bahamian bank’s customers and its 4,000-plus shareholders that the bank adheres to “sound banking principles”.
As one of the shareholders so aptly put it… “They need to fire that jackass!”
And shareholders have a right to talk. McWeeney’s incompetent and possibly corrupt banking practices caused shareholders to lose over $3 million in value for the year.
This, after the United States, demanded that the bank shut down its Florida operations after being accused of being involved in money laundering, with funds deposited by criminals and illegal numbers racketeers.
Sadly, Perry Christie and the PLP government have no intention of getting rid of McWeeney who, if he worked for a real bank, would have been canned months ago.
banking, corruption, incompetence, money laundering