10° 40' N, 61° 30' W

Monday, December 30, 2002

The Barbados Advocate carries a report of a meeting of the Caribbean Association of Indigenous Banks (CAIB). To quote:

An official of the association said banks within that body “benefit from working together... we share ideas and in some instances pool resources to the ultimate benefit of our clients”.

The association provides a range of services to members to facilitate their effectiveness and profitability, and to influence policy in the Caribbean, particularly policies that impact banking.

This brings to mind a much-overused aphorism of Adam Smith, but no less applicable in this circumstance: "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."