For what it's worth, with the Tucker's Point SDO up for debate today, I don't support it. Certainly not in its current form, and potentially not at all.

This is a bail out of private investors and an HSBC loan, and neither pose a systemic risk to the Bermuda economy. Tucker's Point is an important tourism development and everyone wants it to succeed, but that will arguably be more achievable not by cutting down huge swaths of protected land and selling it to non-Bermudians so the investors can add assets to their balance sheet, but by having HSBC take a hair cut on the hotel loan, restructure it and then the economics of the hotel work better.

If Government bails out this loan by HSBC will they bail out, or require HSBC to restructure, residential loans for Bermudians which may be in trouble for example (the banks already do this I know, but I mean require)? This deal looks like a one way street with Government securing little in exchange for what Tucker's Point and HSBC are asking.

Simply giving them more real estate to sell for a very uncertain outcome doesn't strike me as worth it at all.

The US bail-out, while you can disagree on it, at least was built around an apparent systemic risk from the banking sector. This is just a bad investment if you ask me.

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