Anybody woking or know somebody woking CLICO downtown?
I hear police outside dey with guns and commotion going on.
Waiting for the news to hear the bacchanal.
Hmmm so First Citizens now own Republic?
Watch all dem people who money jump up with HCU cry foul/racism/class-warfare etc etc.
Hmmm so First Citizens now own Republic?
Watch all dem people who money jump up with HCU cry foul/racism/class-warfare etc etc.
Trini's fear not, the Right Honorable Patrick Obama Manning will take
care of all failing institutions with a Government backstop, ...........
errrrrrrrrrrrrrrrr, that would be using tax payor funds, of course.
For those folks in Trinidad, yuh ent see nuttin yet.
Restaurants closing down, housing prices on the decline,
bankS in trouble (don't fool yourself and think for one minute
it's only Clico facing pressure). The global recession/depression
(educate yourself, and Google the name Nouriel Roubini) is going
to hit Trinidad very very hard.
Be prepared!
Hmmm so First Citizens now own Republic?
Watch all dem people who money jump up with HCU cry foul/racism/class-warfare etc etc.
dais dem own fault when enill say investigate harry gather up the tribal troops cause he knew d anti-PNMism and other isms woulda overshadow good sense, I personally here a indian woman say "doh leh dem nigga interfere wit we money" around that time. ah not sayin it good that dey loss money but, we does let dis nigga/coolie shit f**k we up to much
Hmmm so First Citizens now own Republic?
Watch all dem people who money jump up with HCU cry foul/racism/class-warfare etc etc.
dais dem own fault when enill say investigate harry gather up the tribal troops cause he knew d anti-PNMism and other isms woulda overshadow good sense, I personally here a indian woman say "doh leh dem nigga interfere wit we money" around that time. ah not sayin it good that dey loss money but, we does let dis nigga/coolie shit f**k we up to much
so wait nuh
FCB is for black people money and RB was for indian money ??? look doh kill meh here today nuh :rotfl: :rotfl: :rotfl: :rotfl:
So where dey white people money, dey dougla money and chinee people does go den ???
Fishs was it you or somebody else and me that had a nice thread going on like lass year bout CLICO and ANSA McAL ???
ahhhh money management is ah hellahva ting eh :-\
mine under meh mattress :sleepy:
Boysie Sing
Mano Benjamin
Trini's fear not, the Right Honorable Patrick Obama Manning will take
care of all failing institutions with a Government backstop, ...........
errrrrrrrrrrrrrrrr, that would be using tax payor funds, of course.
For those folks in Trinidad, yuh ent see nuttin yet.
Restaurants closing down, housing prices on the decline,
bankS in trouble (don't fool yourself and think for one minute
it's only Clico facing pressure). The global recession/depression
(educate yourself, and Google the name) is going
to hit Trinidad very very hard.
Be prepared!
Boysie Sing
Mano Benjamin
dem fellahs was teefin people money too?
Well I was in transit most of the day yesterday so while I heard bits and pieces is only when I pick up a Guardian this morning I see Republic Bank getting taken over by FCB....well yes....tell dem FCB reach.....
Now I was sitting comfortably all this time de mess melting down companies all over de world and while I knew the global crisis would have affected us at some point, I really eh envision this direct hit....hear nah all yuh ah have half mih savings with CMMB (part of CL Financial) and de other half wid Republic....in Mutual Funds....
Den it dawn on mih....IF any thing should happen, I goh lose ah good chunk a mih saving cuz dem thing eh covered by DIC funds....
I seriously considering putting mih money now in a good old fashion Fixed Deposit....less interest but ah covered for at least $75K IF anything more dramatic than what happened yesterdy should occur...
Well yes....we are indeed in interesting times....
clico need bailout, central bank takes over clico investment bank
Browning....hear meh girl. UNIT TRUST Mutual Funds. Doh touch it, juss leff it "let it grow"....ah know what ah telling ya. Nothing out dere safe. Ever since Royal Bank Canada take over RBTT ah watching dem reel close - cause meh money to plant peas in Tobago in dere.....
Or do like somebody say in here, is to take out every damn cent and put it under dey mattress >:( Because with today's economy nothing ain't increasing or growing. Interest rates is ah BIG steupse, so you might as well have dey same amount that ya put under ya pillow next week.
Could you imagine your hard earn dollars you ain't even spending, deceasing because of somebody dotishness ???
Datz ting to go postal oui
Browning....hear meh girl. UNIT TRUST Mutual Funds. Doh touch it, juss leff it "let it grow"....ah know what ah telling ya. Nothing out dere safe. Ever since Royal Bank Canada take over RBTT ah watching dem reel close - cause meh money to plant peas in Tobago in dere.....
Or do like somebody say in here, is to take out every damn cent and put it under dey mattress >:( Because with today's economy nothing ain't increasing or growing. Interest rates is ah BIG steupse, so you might as well have dey same amount that ya put under ya pillow next week.
Could you imagine your hard earn dollars you ain't even spending, deceasing because of somebody dotishness ???
Datz ting to go postal oui
Dat might work in North America or Europe, but inflation in TnT is still 15% per annum, so yuh money will be worthless in no time at all.
the biggest concern now is that people will start to quake about their funds and withdraw money in mass amounts to put it in safer places..
once this panic cycle get started, this will precipitate the fall of the financial sector in T&T as they lose their ability to honor their commitments.. Right now, the government need to work real hard to avert that crisis and prevent just that from happening..
CLICO hands so deeply set in our economy that like it or not, government backing is the best option right now. And its good that it is not a handout and the government is getting something for this.
but this is only the beginning..
Trini u 4get Tesheira d Minister bailin out she late husband company. Is 2 her benefit dat dey stay around.
Where u feel she invest d money he leave she? Is just ironic dat she bailin out he company.Ahh... so de bailout is really about Karen and not tuh de benefit of the local economy...
the biggest concern now is that people will start to quake about their funds and withdraw money in mass amounts to put it in safer places..
once this panic cycle get started, this will precipitate the fall of the financial sector in T&T as they lose their ability to honor their commitments.. Right now, the government need to work real hard to avert that crisis and prevent just that from happening..
CLICO hands so deeply set in our economy that like it or not, government backing is the best option right now. And its good that it is not a handout and the government is getting something for this.
but this is only the beginning..
You already know what happening monday morning. My father already tell my moms take all the money they have left in Republic and put it in scotia monday am bright and early. She kinda on the fence and I tell her hear what, you already know trinis go make a mad rush on the bank to take the money out. And we already know that the bank probably dont have enuff cash, to cover all the deposits at the moment. SO if man rush to take funds out and bank dont have cash to cover it and they say they cant cover withdrawals then at some point it going to get nasty. And what will happen to those who choose to sit and wait for a few days? Is a gamble you taking, either way. Yes by next friday all may be settled and things will be cool and you money will be safe, but the flip side of the coin could be that enuff pple take so much money out that the bank start to fail too. I tell her listen to the man and take the money out. Is enough money that if they lose it it will sting a bit. ANd they have insurance policies at Clico that they kinda already writing off as lost. We will see.
Gosh this morning my mind ran on this former Clico agent Neil Jones. You know the good looking guy with grey hair that always dancing on a desk. He passed away about 6 years ago from Cancer. Actually during his time he was the top insurance agent/premier of the Caribbean. I think he was one of the few agents that took Clico to #1 back in dey day.
Well they ain't start to audit Clico yet, so ya might as well see what you can get out from the policies girl.
3 more to go: The Tatil Group, Guardian Life Aligico ent ? Or it have more insurance companies? I cyah even remember now steupse
Now allyuh ah really out of dey loop with Insurance companies back home. Which is ah damn shame because...uhmm anyway
Meh question is other than The Tatil Group, Guardian Life, Clico and Sagicor who else it have ???
Capital d worse when u get in an accident and d next person with Capital just fix yuh car.
Capital d worse when u get in an accident and d next person with Capital just fix yuh car.
Girl ah young boy mash up mih car about 2 years ago and when he hit mih the first thing run through mih mind was "lord fadder ah hope dis idiot have good insurance"....turns out he had full comprehensive with Tatil.... :whew: :whew:
Any new news today locals base ??
Any new news today locals base ??
Bounty killer,lol the price of oil going back up? in the future? thaz the end of oil homeboy, windturbines goin up like crazy. obama done say dey could keep the oil. who they goin and sell it to? what going and drive the price up?
What low gas prices. If you feel price of gas going any lower, dream on.
right- well the thing is that with the legislation the govt will have access to people's personal Insurance files.....so you could imagine- and to make us more nervous the PM said in parliament yesterday (or was it last night???) that he would look through the records to get info on Panday's apartment- if CLICO is holding Insurance for his apartment in London..
now I don't know about allyou folks, but that makes me very apprehansive about how this gov't will be using personal info ...
and that's why it needs the 3/5 majority - it infringes the population's individual right to privacy.
what you think about that? think that could happen when the US or UK govt takes over their banks?
ha! that's democracy T&T style! ???
look at problems now it them people go and start withdrawin all they money now
shhh.look at problems now it them people go and start withdrawin all they money now
Over ah million dollars was withdrawn from Republic Bank last Saturday. That now they limited the amount of money they put in dey ATM
Capo ya know dat bank eh? :devil:
yuh know jus among people i know, they have a quite a few who decided to forego playing ina band this year...but thing is, for every person selling a costume, they have someone willing to buy it...
personally i one of de stupid ones ;D comin home for carnival for first time in a four years
So the first 100 from CIB went home yesterday. Heard people needed counseling, because no one was ready or could of imagine this would happen. Also heard last week WASA sent home some Managers and Executives (dem on vacation for 1 year) for non performance. But told the public they down-sizing. :-\
Strangely I ain't hear any one mention that costumes sold out in any of the 4 main mas band ie Harts, Revellers, Island People and of course Tribe.
Fete lovers, how dey crowds looking at the all inclusive fetes and dem ??? Or is it that common sense prevailing these days???
As for the fetes....dem sell out too....
Soooooooooo dat means dat Trinidadians ain't too worried bout dey economy during Carnival and hence dey shouldn't worry bout after Carnival too...
arigh' ah go hear bout allyuh
Soooooooooo dat means dat Trinidadians ain't too worried bout dey economy during Carnival and hence dey shouldn't worry bout after Carnival too...
arigh' ah go hear bout allyuh
Soooooooooo dat means dat Trinidadians ain't too worried bout dey economy during Carnival and hence dey shouldn't worry bout after Carnival too...
arigh' ah go hear bout allyuh
Nah word on the street is that we goh tighten we belt AFTER Carnival....
Don't u think dey should lock up this man and throw away de key because how he indiscriminately spend we money. I reading the papers this week and see de man invested in some high profile properties in Florida using we hard earned money. What de :cursing: Now people go lose their jobs because he was on a spending spree. Trinidad really soft yes! If it was America, he would already be in a cell with Bubba and de soap.
Don't u think dey should lock up this man and throw away de key because how he indiscriminately spend we money. I reading the papers this week and see de man invested in some high profile properties in Florida using we hard earned money. What de :cursing: Now people go lose their jobs because he was on a spending spree. Trinidad really soft yes! If it was America, he would already be in a cell with Bubba and de soap.if he was in usa it would not have made any difference.check bernard madoff.he lose 50 billion.ponzi scheme.
They haven't implicated him in any illegal activity yet. Until they do so he just another greed capitalist exploiting the system.
unless LD tief or commingle,they cyar lock him up,nobody could have foreseen this recession,the man made some business deals that didn't pan out.They haven't implicated him in any illegal activity yet. Until they do so he just another greed capitalist exploiting the system.
Cosign especially d part bout d greddy capitalist.
unless LD tief or commingle,they cyar lock him up,nobody could have foreseen this recession,the man made some business deals that didn't pan out.They haven't implicated him in any illegal activity yet. Until they do so he just another greed capitalist exploiting the system.
Cosign especially d part bout d greddy capitalist.
So my question is....isn't there a annually audit done on companies anymore ???
Or just to go further, an internal audit dept ? Ent all insurance companies muss have either an internal audit or actuarial dept ???
ah juss asking, because back in meh day, you either had quarterly and/or annually audits.
So my question is....isn't there a annually audit done on companies anymore ???
Or just to go further, an internal audit dept ? Ent all insurance companies muss have either an internal audit or actuarial dept ???
ah juss asking, because back in meh day, you either had quarterly and/or annually audits.
So my question is....isn't there a annually audit done on companies anymore ???
Or just to go further, an internal audit dept ? Ent all insurance companies muss have either an internal audit or actuarial dept ???
ah juss asking, because back in meh day, you either had quarterly and/or annually audits.
I think it was stated when this whole thing first broke that PWC were/are CL Financial's auditors.....thing to make yuh go hhhhhhhmmmm....yuh see apparently since CLICO was private, they could have done what de hell dey want without having to adhere to the stringent rules required by a publicly listed company....
Girl, I feel it have more story to break out....dis only now start....
true conservatives are still against bailouts.only if they are not the ones benefiting from said bailout :devil:
The great irony of this whole Clico debacle is the whole notion of laissez faire economics. Limited gov't intervention(least amount of regulations) especially when the markets are hot. That is the mantra of consevatives and free marketeers. The fever did caught on the the Caribbean especially in TT. Now the market bust, it is the gov't who has to bailout everyone. Duprey and Clico shareholders lucky Patrick did not spend all the money as yet.
Guyana hunts for bloggers after false bank report causes panic6.35 million guyanese is like $100.00 tnt money.
Last Updated: Monday, March 2, 2009 | 8:54 AM ET
CBC News
Police in Guyana say they are looking for bloggers who caused alarm with a false report that a commercial bank in the South American country had requested a $6.35-million bailout to avert a collapse.
The Guyana Bank for Trade & Industry said it fielded thousands of calls from worried customers after a website posted a report Thursday that the bank was seeking government aid, which it said was not true. The bank said there was no mass withdrawal of funds and the government's central bank said the institution was sound.
A police statement issued Friday called the blog report "erroneous, wicked and intended to cause public mischief" and it said officers have asked for international and local help "to verify who is hosting this website" and pursue other information.
The website, www.livinguyana.blogspot.com, displayed a message Saturday indicating it had been "eliminated."
The website earlier had removed the original report and published an apology, accepting that the information was "100 per cent incorrect." It said it "relayed information by someone who was duped by a wicked person whose aim was to use this blog to create mischief."
The website, launched in 2005, is run by an anonymous blogger who goes by the name of "Media Critic" and who jokingly refers to himself as "a miserable old disgruntled goat." It says he lives in Guyana.
"The writer has already apologized on the blog, so we have to see what the next step is," said police Cmdr. Paul Slowe.
The false report came just hours after the government took over Guyana's Colonial Life Insurance Company, the local subsidiary of the Trinidad-based CL Financial Group.
Guyana hunts for bloggers after false bank report causes panic6.35 million guyanese is like $100.00 tnt money.
Last Updated: Monday, March 2, 2009 | 8:54 AM ET
CBC News
Police in Guyana say they are looking for bloggers who caused alarm with a false report that a commercial bank in the South American country had requested a $6.35-million bailout to avert a collapse.
The Guyana Bank for Trade & Industry said it fielded thousands of calls from worried customers after a website posted a report Thursday that the bank was seeking government aid, which it said was not true. The bank said there was no mass withdrawal of funds and the government's central bank said the institution was sound.
A police statement issued Friday called the blog report "erroneous, wicked and intended to cause public mischief" and it said officers have asked for international and local help "to verify who is hosting this website" and pursue other information.
The website, www.livinguyana.blogspot.com, displayed a message Saturday indicating it had been "eliminated."
The website earlier had removed the original report and published an apology, accepting that the information was "100 per cent incorrect." It said it "relayed information by someone who was duped by a wicked person whose aim was to use this blog to create mischief."
The website, launched in 2005, is run by an anonymous blogger who goes by the name of "Media Critic" and who jokingly refers to himself as "a miserable old disgruntled goat." It says he lives in Guyana.
"The writer has already apologized on the blog, so we have to see what the next step is," said police Cmdr. Paul Slowe.
The false report came just hours after the government took over Guyana's Colonial Life Insurance Company, the local subsidiary of the Trinidad-based CL Financial Group.
Don't u think dey should lock up this man and throw away de key because how he indiscriminately spend we money. I reading the papers this week and see de man invested in some high profile properties in Florida using we hard earned money. What de :cursing: Now people go lose their jobs because he was on a spending spree. Trinidad really soft yes! If it was America, he would already be in a cell with Bubba and de soap.
Don't u think dey should lock up this man and throw away de key because how he indiscriminately spend we money. I reading the papers this week and see de man invested in some high profile properties in Florida using we hard earned money. What de :cursing: Now people go lose their jobs because he was on a spending spree. Trinidad really soft yes! If it was America, he would already be in a cell with Bubba and de soap.
Duprey didn't take anybody's money.
ooohhh guuudd....Ramesh back in town!!.... :devil:
shows that the govt willing to listen and re-think its policies
Hear we go again. Another in a long list of C o I. Will anything result after it is done?
shows that the govt willing to listen and re-think its policies
Look lefty righty and lefty again...den look in d 2nd line....tell me wha yuh see
Look lefty righty and lefty again...den look in d 2nd line....tell me wha yuh see
ah not blind d post was edited not to long after I posted
Geez and ages!!!.....Greed boy, greed....
People on the brink of financial collapse (e.g. pensioners who put dey whole life savings in CLICO) and these nasty, greedy, stinking people was hoarding off millions.....
And de hard part is Duprey would never make a jail in this 2 x 4 banana republic....steups!!
Where were the checks and balances from Govt? These deals were possibly illegal as allegedly policyholders funds were being misappropriated. This enquiry is costing a fortune and I hope that at the end, criminal charges will be laid at the feet of those responsible and assets seized to repay policyholders.
Dey all operated within the parameters they were allowed. If d Central Bank guided by d big goat Ewart Williams and d Supervisor of Insurance refuse to check Clico, CLF and whoever else, den Duprey and he team shoulda take ALL d damn money!
CL aint collapse overnight...
Dey all operated within the parameters they were allowed. If d Central Bank guided by d big goat Ewart Williams and d Supervisor of Insurance refuse to check Clico, CLF and whoever else, den Duprey and he team shoulda take ALL d damn money!
CL aint collapse overnight...
Another "big goat" before Ewart Williams was..........*drum roll*
Winston Dookeran.......
So Duprey, Sakal, Monteil & Co take money and like deyself................it wrong, it bad, shameful, sad, greedy, call it whatever is d best/worst adjective yuh could find.
Dey all operated within the parameters they were allowed. If d Central Bank guided by d big goat Ewart Williams and d Supervisor of Insurance refuse to check Clico, CLF and whoever else, den Duprey and he team shoulda take ALL d damn money!
If I wukkin in a company dat allowin me to approve payments to myself without secondary questionin...i takin more dan 30m. I takin all. It could have commission of inquiry from here to Timbuktu....we all know nutttin comin out of it. D only 'crime' dese ppl could be charged wit is greed and wickedness.....and d kinda money den gone wit makin it easy to live wit dem tags.
CL aint collapse overnight....when folks was reading how Duplrey makin all kinda fancy deal dey wasnt concerned with how he acquirin d funds to do it...nah...dey greedy too....so dey invest more and more in CL hopin to get piece of d pie. Dey wanna put in 1m to get back 1.5 and so on. Investors was greedy too....jus dat Duprey was smarter dan all ah dem
Dais y ah like Jack Warner and dem.....in trinidad d name of d game is greediest win. And jack and Duprey and dem is d greediest bitches in d world...dat is no exaggeration. So congrats to dem and all d greedy investors hull allyuh tail....allyuh loss d game.....yuh cyah be a greedy fish and wanna jump in a pond wit greedier shark
Football Supporter.....your response betrays that which you so quickly attempted to impose upon me.....a complete and utter lack of comprehension. Further to that, you seem to possess an innate tendency to misconstrue the context of postings. Nevertheless, I will attempt to elude your obvious ignorance and seek to populate your mind with the explanation that so obviously sailed over a shallow mind.
Mutual funds, savings plans, endowments etc are all symptomatic of greed. Perhaps it is here that I lost you. Greed is good, for it is this greed which allows us to provide for our families and futures. If you Football Supporter, do not understand this, then not only are you below the intellectual poverty line, but you also suffer from an ailment that knows no cure - indefatigable idiocy. The problem arises when individuals become so greedy that mutual funds et al no longer satisfy them and they actively seek increased revenues by whatever means they see fit.
My feelings for JW are well known and I hide behind them not. We live in a capitalist society where greed is the name of the game and those who are better equipped to handle,and manipulate it are the victors. Like it or not, immorality is not a crime. Seedy business deals is not a crime. Corporate advantage is not a crime. Paying oneself, as long as one is empowered to do so is not a crime. What it is, however, is a shame. A blatant lack of respect and consideration for investors. How will you suggest one be punished for such indiscretions? Only morals can guide or lead to retribution. Clearly, the heads of CL do not have morals. As does JW. And I applaud them wholeheartedly.
I myself had funds invested in CLICO...not a significant amount by any means mind you, but enough to prompt a withdrawal of same funds upon hearing of the numerous acquistions by the CL Financial Group. Acquistions that due diligence on the part of any investor would have led to the more than credible hypothesis that so many ventures in such a short space of time would have been a strain on the liquid resources of CLF and as such would have made payments to investors upon maturity dates a bit difficult.
Your assertion that "A company can't just say "we think we're gonna make 20% on this deal", it has to show how it arrived at that figure etc" is not entirely accurate and again reveals your limited understanding of such endeavours. For that I fault you not. A prospectus shows past performance and future projected performance. It by no means guarantees any of the figures that are illustrated. Investore rarely, if at all, ask to see how and where funds were invested in years prior. If you Football Supporter, are a shreholder at a bank or credit union, do you question the validity of the published annual reports of the banks? Do you, Football Supporter question the accuracy of your credit union dividend cheque? Of course if an institution has been accurate in its projections over a specific period, it is easy to buy into the notion that they would perform similarly in the future.
I take pride in not only Trinis, but anyone's ability to ride the proverbial jackass until its dead.
Where were the checks and balances from Govt?
1. It is the role of a company's directors to protect the interests of the policyholders. The board is there to ensure this is done. If, as in this case, bad decisions were being made, without due diligence and increasing the risk to policyholders without any protection in place, then the entire board may be sued by policyholders.
2. If a company's board has been deemed to put the interests of directors before the interests of policyholders, those directors can be investigated and prosecuted. The directors have a legal responsibility to put the interests of shareholders and policyholders before their personal interests.
3. Directors who knowingly withold information that could effect decisions from board members and policyholders are infringing several company and financial laws.
4. Directors, company secretary's and financial officers who issue payments to themselves without authority or good reason are not necessarily acting outside a companys rules. However, shareholders and policyholders have the right to question these payments and make redress via civil courts.
5. Although many of the incidents may not have broken specific laws, the failure of senior executives to install efficient checks and balances, to prevent via board voting certain rash decisions, to fail to advise authorities, shareholders and policyholders of their concerns can mean they can be guilty of negligence, particularly with regards to financial transactions.
6. I'm not sure of the laws here, but I'm damn sure that the outcome of this enquiry will be recommendations from Sir Anthony Coleman to the DPP inviting criminal charges to be made.
7. Once the Central Bank put in place an investment committee, things should have steadied, but it appears that directors either lied, misled or ignored its recommendations.
FS, how you could write all that given what is known today about de financial crisis over the last few years, the ponzi scheme known as "securitization" and de incentive structures for CEOs of financial corporations? you are out of date hoss.
Clico's failure rests on the weakness of the government and legislation of this country. The politicians fail the shareholders of this country. On one side Duprey paying for Panday's children education and giving gifts. On the other hand Monteil is Pnm treasurer. Everybody high up knew something was up with Cl financial but to afraid to go against Duprey and them. All of them culpable in this. No if's about it. :pissedoff: :pissedoff: :pissedoff: :pissedoff:
Football Supporter.....your response betrays that which you so quickly attempted to impose upon me.....a complete and utter lack of comprehension. Further to that, you seem to possess an innate tendency to misconstrue the context of postings. Nevertheless, I will attempt to elude your obvious ignorance and seek to populate your mind with the explanation that so obviously sailed over a shallow mind.
Mutual funds, savings plans, endowments etc are all symptomatic of greed. Perhaps it is here that I lost you. Greed is good, for it is this greed which allows us to provide for our families and futures. If you Football Supporter, do not understand this, then not only are you below the intellectual poverty line, but you also suffer from an ailment that knows no cure - indefatigable idiocy. The problem arises when individuals become so greedy that mutual funds et al no longer satisfy them and they actively seek increased revenues by whatever means they see fit.
My feelings for JW are well known and I hide behind them not. We live in a capitalist society where greed is the name of the game and those who are better equipped to handle,and manipulate it are the victors. Like it or not, immorality is not a crime. Seedy business deals is not a crime. Corporate advantage is not a crime. Paying oneself, as long as one is empowered to do so is not a crime. What it is, however, is a shame. A blatant lack of respect and consideration for investors. How will you suggest one be punished for such indiscretions? Only morals can guide or lead to retribution. Clearly, the heads of CL do not have morals. As does JW. And I applaud them wholeheartedly.
I myself had funds invested in CLICO...not a significant amount by any means mind you, but enough to prompt a withdrawal of same funds upon hearing of the numerous acquistions by the CL Financial Group. Acquistions that due diligence on the part of any investor would have led to the more than credible hypothesis that so many ventures in such a short space of time would have been a strain on the liquid resources of CLF and as such would have made payments to investors upon maturity dates a bit difficult.
Your assertion that "A company can't just say "we think we're gonna make 20% on this deal", it has to show how it arrived at that figure etc" is not entirely accurate and again reveals your limited understanding of such endeavours. For that I fault you not. A prospectus shows past performance and future projected performance. It by no means guarantees any of the figures that are illustrated. Investore rarely, if at all, ask to see how and where funds were invested in years prior. If you Football Supporter, are a shreholder at a bank or credit union, do you question the validity of the published annual reports of the banks? Do you, Football Supporter question the accuracy of your credit union dividend cheque? Of course if an institution has been accurate in its projections over a specific period, it is easy to buy into the notion that they would perform similarly in the future.
I take pride in not only Trinis, but anyone's ability to ride the proverbial jackass until its dead.
FS, how you could write all that given what is known today about de financial crisis over the last few years, the ponzi scheme known as "securitization" and de incentive structures for CEOs of financial corporations? you are out of date hoss.
http://www.clfhcuenquiry.org/ (http://www.clfhcuenquiry.org/)
That's the way persons accused of white collar crimes in T&T behave. They ignore, deny or simply subvert the law altogether.
That's the way persons accused of white collar crimes in T&T behave. They ignore, deny or simply subvert the law altogether.
I never disputed that he wasn't obligated to attend I was pointing to a general culture of disregard for legal proceedings of this type. I could add Panday, Monteil , Ish, Steve and Jack to the list of 'offenders' .That's the way persons accused of white collar crimes in T&T behave. They ignore, deny or simply subvert the law altogether.
Except Duprey did none of those in reference to this particular incident. The key word here is "accused"... followed closely by "law". Until he has a legal obligation to show up, why should he?
I never disputed that he wasn't obligated to attend I was pointing to a general culture of disregard for legal proceedings of this type. I could add Panday, Monteil , Ish, Steve and Jack to the list of 'offenders' .
Even if he isn't legally obligated to attend considering all of the fallout caused by the demise of the conglomerate he appears to have no interest in even entertaining any examination of his stewardship of an organization that received a massive public bailout.
5. With respect to your query about what Mr Ramlogan’s response would have been had he been Mr Duprey’s lawyer, we are instructed that he would have advised his client to return home to the country where he amassed his billion-dollar fortune and accept service of the Witness Summons.
So Duprey, Sakal, Monteil & Co take money and like deyself................it wrong, it bad, shameful, sad, greedy, call it whatever is d best/worst adjective yuh could find.
Dey all operated within the parameters they were allowed. If d Central Bank guided by d big goat Ewart Williams and d Supervisor of Insurance refuse to check Clico, CLF and whoever else, den Duprey and he team shoulda take ALL d damn money!
If I wukkin in a company dat allowin me to approve payments to myself without secondary questionin...i takin more dan 30m. I takin all. It could have commission of inquiry from here to Timbuktu....we all know nutttin comin out of it. D only 'crime' dese ppl could be charged wit is greed and wickedness.....and d kinda money den gone wit makin it easy to live wit dem tags.
CL aint collapse overnight....when folks was reading how Duplrey makin all kinda fancy deal dey wasnt concerned with how he acquirin d funds to do it...nah...dey greedy too....so dey invest more and more in CL hopin to get piece of d pie. Dey wanna put in 1m to get back 1.5 and so on. Investors was greedy too....jus dat Duprey was smarter dan all ah dem
Dais y ah like Jack Warner and dem.....in trinidad d name of d game is greediest win. And jack and Duprey and dem is d greediest bitches in d world...dat is no exaggeration. So congrats to dem and all d greedy investors hull allyuh tail....allyuh loss d game.....yuh cyah be a greedy fish and wanna jump in a pond wit greedier shark
He was awarded the nation’s second highest honour by then President ANR Robinson for service in the field of business. “If they want it, take it...I don’t need it,” Duprey said. The policyholders, in a media release and letters to the editors of newspapers, called on Duprey to give up the medal because of his involvement in the collapse of the CL Financial group and his failure to attend the commission of enquiry into the collapse of Clico.