Bill Clarke and Scotia, a case of greed gone too far?

The current battle between former CEO of BNS and BNS Canada is really getting ugly and will turn out to be a very costly process.

Is Bill Clarke justified in putting up such a fight to retain his “dignity” or should he just have taken the offer from Scotia and ride off into the sunset.

Is this of “craven choke puppy dog” (Translated to me is the just plain greedy)

Bill Clarke for the most part has being an aggressive and sometime very crude and abrasive character who at times did not seem to care about the people he came in contact with while he was at the pinnacle of his career.

Bill Clarke however from what I have been told was a fearless person who worked tirelessly to ensure that BNS raked in significant profits year after year and was very loyal to his company.

The one thing I found very odd however was he held little or no shares in the company that he had worked 40 yrs at and 10 being as CEO.

There may have been a good reason for this I have no idea and only Bill himself can answer that question.

What is happening now is that Bill’s dirty laundry is being completely exposed and I have the feeling that he is fighting a battle that he does not have a ghost of a chance in winning.

The situation will not doubt only get worse, when he loses all his appeals and will be asked to pay full legal cost to Scotia and possible rental cost for the period that he has lived in the company house after being told to leave.

Its really unfortunate so sees what is happening, but as my mom always tell me and I am constantly reminded by that fact. ” When you work for a company no matter how high up the food chain you are, you are just still an employee, nothing more than that.”

She went on further to say,”it does not matter what you contributions have been in the past or even very current, when your handlers think its time for you to go, you will have to go. You can either go quietly with the package being offered or publicly with a reduced package, it’s your choice.”

Very sound advice from a lady who is my mentor with a high school education who is currently studying for a college degree.

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34 Responses

  1. mo money, mo problems, rich people problems different on a whole other level.

  2. IF BC is REALLY that finacially incompetent to be broke, not even the corner shop will hire him as a manager 🙂

  3. Mr. Clarke has stated in Court that he is broke. That is not very far from the truth. The house in Plantation Florida that once was valued at over $2 Million and mortgaged for at least that amount has now devalued to the tuned of about $1.3 Million. In essence, he is severely upside down on that property. Paying on a $2 million Mortgage and high property taxes can eat into your reserves fairly quickly. If he loses the court case and is made to pay both sides attorney fees, he will be completely wiped out. I hope Bill has seen the light and others can learn from his missteps.

    Jay you are absolutely right about the predicament Mr. Clarke find himself in, but I guess he was not mindful of the truthism that you should mindful of the people you meet on your way up, since they will in all likelihood be the same ones you meet on your way down. I think he was under the impression that the White folks were going to take care of him into perpetuity and that he was the chosen one. For someone with his background, he has accomplished a lot with basically a high school education. What he failed to realize is that they were just gunning for him to make a mistake so that he could be pushed aside for a fair hair boy, which is exactly what was done.

    Having said that, he was treated unfairly despite his failings and BNS might in the long run pay a big price for their treatment of a former employee that essentially gave them 40-years of service, 13 as their CEO.

    • In response to Mr Clarke, I feel no sorrow for him. He never cared about the poor workers he managed. Did you know BNS workers are sometimes in the Bank after 8pm. and this is not overtime. I can assure you that this is slave labor and does not happen in Canada. The workers is practically working two shift for the price of one. This man stood by and let BNS do this to the Jamaican workers. The Jamaican Government stood by and let it happen. In Canada the Government has labor laws that protect workers from such abuse. So BNS is now doing the same thing to Clarke. We should care but we do not, it what he sows.
      Clarke joined with NCB owners and the FSC/ Jamaica Government to bring CASH PLUS down so the investors would loose their money . No government in the free world would stop any financial scheme from paying out their customers. You allow them to pay first then you go after them. They did not do this they allow the schemes to hide the money and leave the investors stranded.
      If Madoff said he can pay out investors do you think the American Government would say NO! They would not, because they know that the economy would suffer severe losses like it is now. This country do not begin to see the real fall out yet.
      All I can say Carlos Hill if you want to be at peace and live here, do not take for granted that the Jamaican people only blame everyone else but you. You cannot trust the Jamaican people they can be very patient, but make no mistake they want their money and they know that you hid some of the money. They will be satisfied with what they put in and you can continue to be there hero. Perhaps you can go into politics, they will vote for you if you do the right thing. They would not forget that you gave them back their money. But if you allow greed to overcome you then.

  4. The house is actually looking really good and up for sale now:

    Check out the details and take a tour…… http://homesite.obeo.com/viewer/default.aspx?tourid=518568&refURL=Google.com&locale=en-US

  5. I have no sympathy for Bill Clarke contrary to the impression he is now giving .BNs Can was extremely grateful for the performance in Ja and very accomodating of many of his shall we say idiosyncracies?

    Over the yrs they have had opportunity to send for in he blue eyed boys but didnt

    The fact is that somewhere along the way he thought he was a god and invincible

    How long did he expect to get away with his unprofessional conduct unlike much of corporate Jamaica where certain types of behavior are only met with a wink and a slap on the back as a canadian multinational with certain standards ,BNS couldnt continue to turn a blind eye forever

  6. more like a situation where the bank was tired of constantly paying out to women he sexually harassed while he was there.
    can’t wait for the real shit to hit the fan, this juicy like the sanford govenor scandal!

  7. Kelly said;

    Clarke joined with NCB owners and the FSC/ Jamaica Government to bring CASH PLUS down so the investors would loose their money . No government in the free world would stop any financial scheme from paying out their customers. You allow them to pay first then you go after them. They did not do this they allow the schemes to hide the money and leave the investors stranded.

    I cannot believe that at this point in time we have someone spewing this kind on nonsense.
    Kelly, cash was Ponzi and Carlos Hill was a damed thief, which part of that can’t you get.

    Since you are obviously new to the blog I suggest to take some time to read the post ” How money goes in a ponzi” or simply google ponzi and see what it shows up.

    Bill Clarke had absolutely nothing to do with CashPlus or any other AIS failure. He should have even acted ealier by not establishing account with these guys to allow them to defraud the Jamaican public.

    If there is anything to blame him for his banks failure to act earlier which could have save thousands of other people from being scammed.

  8. Bill Clarke rejects CAN $3.7 million settlement….
    http://www.radiojamaica.com/content/view/19520/26/

  9. It is obvious that Kelly is ignorant of the facts surrounding Cash Plus and given the fact that it has been proven that there is no money left for Carlos Hill to pay anyone, Kelly was be in lala land! In fact, didn’t Bill Clarke have some funds in Olint, maybe Cash Plus?

    As I look at the situation with Bill Clarke, you have to wonder if this guy has any basic financial acumen. He is quick to put the Florida property on the market at a time when property values in that region is falling precipitously. The property was initially listed for a round US$3.5Million and now listed for US$2.975, having being on the market for over $150-days. Comps in the area put the true value at about $1.2-$1.3 million. Thanks to the link provided by muggy, you can understand why he thinks it’s worth US$3.0 million. Essentially, he took a $1.0+ property and upgraded it to the hilt. This is typical Jamaican behavior to do silly things like that, unaware that a property value is pretty much based on $/Square feet (highly independent of all the lavish upgrades that went into it). When property values were rapidly rising, it was not an issue, now that the opposite is happening, he will be lucky if he get $1.5M for it. With a mortgage of close to $2.5M, he can kiss any equity goodbye!

    To show how stupid this guy is, he has the developer’s real estate firm as the listing agent and these guys have an inherent interest to list the property as high as possible to try to maintain the values in a neighborhood that they are probably building/selling new homes. I sure you can find a large number of similar homes in that subdivision for far below the $1.5m mark….maybe not as “overly upgraded” as Bill’s home.

    I can imagine Bill sitting down with the builder and trying to impress them with his riches and taking all the builder’s upgrades. Poor Bill, you got suckered because you were just a “house nigger” living far above your means on a salary. Now that your white masters have pulled the rug from under you, you have nothing to fall back on. Good luck with your court case…you truly going to need it!

  10. We have been reliably informed (court documents) that Bill Clarke was offered as high as Cd$3.7 (ApproxJA$ 250m) to leave and he flatly refused.
    He said he wanted the case to go to arbitration.

    Now he is reported a saying that he willing to refund BNS current expenses incurred.

    Is Bill Clarke going crazy or something, or is it that he refuses to believe that he is no longer the CEO of BNS, and can so still dictate the terms of his “settlement”.

  11. BNS seeks to recover millions from Bill Clarke

    http://www.radiojamaica.com/content/view/19520/26/

  12. I am really not sympathetic to people who sexually harass their employees. What, there are not enough non-employee prospects in the world?

  13. Flashback on Bill Clarke (The Jamaica Observer)

    What does Bill Clarke want from BNS?
    ‘$85m not worth 40 years of my life’

    http://www.jamaicaobserver.com/news/html/20090228T230000-0500_146922_OBS_WHAT_DOES_BILL_CLARKE_WANT_FROM_BNS_.asp

  14. @ Test,

    See link, this shows Broward County appraised value of Bill Clarke’s house.

    http://www.bcpa.net/RecInfo.asp?URL_Folio=504107173850

  15. Bill”s record of unrepentant sex harassment should lad to zero recovery?How many bank tellers are pregnant? He is a disgrace!

  16. Bill’s Dilema.

    How could he have refused a J$282M settlement saying he wanted more.

    Was he not paid a full salary each year plus bonus plus hundreds of thousand of dollars in perks, so wht more could he want.

    Did Bill beleive he was a more valuable employee than any other who worked at scotia.
    When he fired that branch manager, did the person get a “million” dollar settlement, hell no.

    If this is not greed, then I don’t know what greed is.

    Considering that he was fired for uinprofessional conduct, I would have thought he would have taken that money and rode off into the sunset and we the general public would not have to even know the reason why he was fired.

    He has however chosen to turn this into a media frenzy during which very unfavourable revelations are being made.
    I think Bill is suffering a mental breakdown, as this cannot be happening to him. The shock of being fired while he was still making billions for scotia has taken its toll on this man. He needs help before he becomes a broken person .

    Between paying back Scotia all that money they spent to house him at their house, and lawyers fees, he will no doubt be taking home less that the reported Cd$3.7 which he was offered to leave.

    As dem sey “greed choke puppy dog”.

    http://www.jamaica-gleaner.com/gleaner/20090707/lead/lead1.html

  17. What was mr. Clarke doing with his big salary and other benefits? How can he be broke? Was he not sensible enough to know that one should put a little money aside for retiredment? Was he so stupid that he spent all his income on purchasing things that is available at home free? Stupid man. A disgrace to his family.

  18. Pam,

    Bill is in a position that the opposition leader found herself in, ie denial.

    She can’t believe she lost the election, he still cant believe he was fired.
    I think he now breaking mentally and needs help.

  19. I would love to see how this plays out!!! 40 years of fighting Jamaicans to make profit for Scotia, now the table has turned!!!! It is time to take the fight to Scotia!!!!Interesting, very interesting!!!

  20. Maybe Bill put all his money in Olint and Cash +!! 🙂 hahahahahahahahhahahahha

  21. One thing I find interesting in the working world particularly in Jamaica(I cannot speak for other places), is that people is always of the belief that the company owes them something.

    So a worker who has spent say 20yrs in a company and would like to move on, will rarely resign, instead the want the compnay to make them redundant.
    They seem to keep missing the fact that is a position that is usually made redundant, which in turns make that person redundant, and not the other way around.

    Those that choose to resign are of the belief that they should be given a “resignation package” as they are owed something by the company.

    I asked on individual one time, ” has the company ever missed a payment or benefit to you”?, the answer was no. So how can you therefore say the company owes you.

    Bill is saying his 40yrs is worth more than what Scotia has offered him to leave, but what does he really mean, how much is really enough.

    He had a company house, two high end motor car, two house keepers, gardners, security details, and high salary, bonuses and other benefits, which of course comes with that job, no problem there.

    He was paid every single month, and got all the above benefits while he worked, so what really does BNS owes him.
    You are employed, do you job, get paid. You no longer employeed you get nothing, its as simple as that.

    Now one may say If I was in Bill’s position I would want a severance package also.
    I am a very pragmatic person, I sign a contract which governs my employment, if I dont like what’s being offered I don’t accept it.
    I don’t take it, with the expectation that at some point in time in the future, I am going to tell them I am worth more than they paid and now I want what I was truly worth.

    If I want to determine the rules of the game, I go run my own business.

  22. @Jay

    Well said. but I am afraid it is even deeper than that though. There is a deep mentality of entitlement that runs through the country from top to bottom. This was reinforced and deeply ingrained in the 1970’s with democratic socialism. Further continued with, a fe wi time now..

    The other day in parliament the opposition was asking for the tax on computers to be rescinded… the PM was heard to mutter a response to this effect… you si how much profit the insurance company dem mek… we nah rescind it.

    There is a belief from the very top of the society all the way down that it is evil for anyone to make a profit. Those that do should be targeted. In the case of the gov… tax away the profits. In the case of the common man… he/she is to be targeted for sabotage and or robbed or killed.

    The belief you describe of the company owing you something even though you got your salary is a subset of this deeper blight on our society. And as you see it is not restricted to the ‘small’ or to the ‘big’ man.

  23. He is negotiating a pre-retirement package. That would be fine.. but he was basically being fired.. not pre-retired.. so he should take what he gets and keep the thing on the down low.

    He wants to take it to arbitration, like it is a normal separation.

    get the memo Bill.. you are being FIRED !!!. I know it must seems strange, when you are the one used to do the firing.

  24. lolololololololol

  25. i know why he rejected the package:

    His wife taking him to the cleaners! And him have child support to pay to him baby madda! (former employee of the bank)

    • Remember the golden rule? Do to others as you would have others do unto you. This is a good bench mark for every person. Go and do likewise.

  26. I don’t know Bill Clarke, but is there a line that we are crossing by posting all these statements about the individual. I read in the paper where he stated that his problems started when he fired a Branch Manager.

    However, I find it hard to believe that a person of Bill Clarke’s stature and wealth would have to resort to harassing female employees of BNS. This is Jamaica that we are talking about; women are dime a dozen and man in Bill’s position should be able to have thousands women at his disposal without much effort. I will believe it when I see it!! I suspect that a lot of what is being said about the man is pure gossip and second hand information.

  27. @Test

    I disagree somewhat. I too do not know Bill Clarke personally nor do I know whether he was sexually harassing female employees. However as you said, this JA we are talking about :-). Like you I agree that someone in a position like BC has thousands of women at his disposal… the problem is this being JA, many of these guys also mess with the female employees. In most such case the relationship is voluntary.

    The problem arises typically when an employee is fired (does not need to be the same one) and then starts to make trouble… or a female liaison employee is dumped and women being who they are, start being vindictive and make trouble… or another female employee is jealous of the relationship the other one is having with the boss and starts to make trouble. So trouble starting after a branch manager was fired is not mutually exclusive.

    Ja being what it is, if this is a local company none of this will likely cause any issues. However with a foreign owned company, such as a Canadian one, sexual relationships by bosses with employees is very much frowned upon. If he was truly harassing any employee… taking adverse action based on a refusal of sexual favors or demanding sexual favors… then he was a fool.

    In the case of JA many of the employees are only too happy to oblige. However as seen above, it is generally not a good idea to have sexual relationships with the employees but many bosses in JA do anyway. The behavior is not frowned upon by corporations as it is in places like USA, Canada (because of lawsuits) etc.

  28. Since Bill is in the news again, I notice that his property in Florida is still up for sale, asking price now is US$1,999,999! A far cry from the original asking price of US$3.5Million. I told you Bill, you will be lucky if you get $1.5M. The Broward Property Appraiser said your property is now only worth US$1.3M. Since you are (way) upside down on the Mortgage, you best bet right now is to let the bank take possession and save yourself the monthly mortgage payments (+ association fees) you are currently paying. But I guess your pride is getting the better of you.

    http://homesite.obeo.com/viewer/default.aspx?tourid=518568&refURL=Google.com&locale=en-US

    P.S. I guess Bill follow my advice and I see the bank is foreclosing on the property…..hmmmm.

    http://205.166.161.12/OncoreV2/showdetails.aspx?id=48688783&rn=4&pi=0&ref=search

  29. Well well well Bill has had the last laugh, you go Bill!!

  30. Anybody has an idea what the settlement was?

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