There’s a lot of hopeful thinking in Bermuda regarding President-elect Obama’s intentions about Bermuda. After all, with so much support for him locally, he wouldn’t hurt us would he?
But I’d heed the terrified warnings that are coming from the Bermuda insurance sector.
You see Warren Buffet is a top economic advisor to the Obama team –> and he controls Berkshire Hathaway –> and Berkshire Hathaway is leading the lobby group to amend US laws to block foreign-based insurers from underwriting US risks.
The proposed law is directed towards closing “the Bermuda loophole” negotiated by Sir John Swan more than 20 years ago.
And that, my friends, is a major risk to our economy.
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