Author Topic: Lawrence Duprey/Clico Thread. (Read 41015 times)

TriniCana · « **Reply #30 on:** January 31, 2009, 08:02:28 AM »

so uhmm the government now have control over Clico and Methonel and 55% of Republic Bank (dat FCB controlling) with a clause that CL Financial will buy back Republic, CMMB and Methonel. Didn't say nothing bout buying back Clico.

Wha' happening with Clico

Brownsugar · « **Reply #31 on:** January 31, 2009, 05:47:32 PM »

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....

weary1969 · « **Reply #32 on:** January 31, 2009, 06:51:09 PM »

Intresting 4 sure.

capodetutticapi · « **Reply #33 on:** January 31, 2009, 07:11:27 PM »

from what i hear is de insurance sector that fail.

lefty · « **Reply #34 on:** January 31, 2009, 07:20:31 PM »

Quote from: Brownsugar on January 31, 2009, 05:47:32 PM

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....

may I Suggest The First Bank of Lensyl and these

d interest not good dey too but u go be sure it in a safe place

kaliman2006 · « **Reply #35 on:** January 31, 2009, 07:31:12 PM »

Quote from: Die.Hard.Warrior on January 30, 2009, 12:33:22 PM

clico need bailout, central bank takes over clico investment bank

Oh gorsh man! Why mus Trinidadians copy EVERYTING that happens in America?! So because America have bailout, we must have bailout too!

Seriously though, any economists on here? Would a bailout be a prudent fiscal option for CLICO?

dinho · « **Reply #36 on:** January 31, 2009, 07:34:18 PM »

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..

TriniCana · « **Reply #37 on:** January 31, 2009, 07:39:54 PM »

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

weary1969 · « **Reply #38 on:** January 31, 2009, 10:37:04 PM »

Is d peeps who go loose dey wuk in my church 1 get send home from HCL, 1 sure 2 go from CIB and a girl wukin Radio 97. So nuff peeps will loose dey wuk.

Blue · « **Reply #39 on:** February 01, 2009, 04:15:04 AM »

Quote from: Sheneneh on January 31, 2009, 07:39:54 PM

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.

TriniCana · « **Reply #40 on:** February 01, 2009, 06:50:17 AM »

Quote from: Ryan on February 01, 2009, 04:15:04 AM

Quote from: Sheneneh on January 31, 2009, 07:39:54 PM
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.

So what den do you suggest Ryan ?

verycute1 · « **Reply #41 on:** February 01, 2009, 07:41:44 AM »

Quote from: omarldinho on January 31, 2009, 07:34:18 PM

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.

TriniCana · « **Reply #42 on:** February 01, 2009, 08:27:05 AM »

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

weary1969 · « **Reply #43 on:** February 01, 2009, 02:16:54 PM »

Trini u 4get Tesheira d Minister bailin out she late husband company. Is 2 her benefit dat dey stay around.

TriniCana · « **Reply #44 on:** February 01, 2009, 03:14:10 PM »

Quote from: weary1969 on February 01, 2009, 02:16:54 PM

Trini u 4get Tesheira d Minister bailin out she late husband company. Is 2 her benefit dat dey stay around.

How though

I was aware Nunez-Tesheira late husband was an Executive at Clico, but he dead and she and kids were the sole beneficiaries or she was the administrator of his estate. End of that phrase of her life ent ?? So I doh understand how bailing out Clico would be to her benefit.

I think if it was Guardian or Tatil, she would have done the same thing. Not so

Uhmm well not she but the Government....

weary1969 · « **Reply #45 on:** February 01, 2009, 06:05:13 PM »

Where u feel she invest d money he leave she? Is just ironic dat she bailin out he company.

Bakes · « **Reply #46 on:** February 01, 2009, 06:39:58 PM »

Quote from: weary1969 on February 01, 2009, 06:05:13 PM

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...

Allyuh doh fed up talk shit on dis board?

Brownsugar · « **Reply #47 on:** February 01, 2009, 07:14:32 PM »

Quote from: verycute1 on February 01, 2009, 07:41:44 AM

Quote from: omarldinho on January 31, 2009, 07:34:18 PM
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.

Well girl I eh goh lie, I going and take mih money out of CMMB bright and early in de morning......ah beginning to feel that if ah continue to listen to these professsionals who keep telling mih every alright, everything OK, when dey damn well know that ent true....I looking out for me right now yes....

So the plan is to move mih money from that Money market fund ah have with CMMB and put it on a fixed deposit....ah eh even considering Unit Trust right now, nutten that says Mutula fund not appealing to me right now.....

Then ah going to do the same thing with mih Republic mutual fund account....but ah wouldn't move it from the bank just to a fixed deposit....so yeah the interest definitely eh the same but ah will feel a bit more comfortable until this whole thing blow over.....

Ah waiting with bated breath to see what the Government will eventually do with Republic's shares.....

Brownsugar · « **Reply #48 on:** February 01, 2009, 07:17:18 PM »

Quote from: TriniCana on February 01, 2009, 08:27:05 AM

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

I have a friend who told me on Friday evening while we discussing the unfolding events that she has a policy with CLICO. Now at the time I didn't have the full picture as to what was happening so we both thought it was only CIB in problems....as the weekend wore on I realised that CLICO had problems with liquidity too.....lord fadder....what next??

weary1969 · « **Reply #49 on:** February 01, 2009, 07:26:06 PM »

UTC and Sagicor is meh option always had a problem wit CLICO as dey were a private company. Need 2 call meh agent monday.

TriniCana · « **Reply #50 on:** February 01, 2009, 08:17:00 PM »

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

Girl panic or no panic I was pulling out everything cent and policy bright and early Monday morning.
According to Omar, this is just the beginning. My hard earn money wasn't going to jump up oui

But from inside sources at Clico, apparently some of the employees knew what was happening prior to last week. A dear friend of mine worked at Clico up until November last year. Dry so he email me last year saying he fire dey wuk. Now he only was employed there for 1 year and some months, and all of ah sudden he left. When I asked him why, he said the company was unstable and it's not only he resigning. I replied saying well what job is stable these days, and I left it just so. Now as I think about it, i'm sure there were rumbling in the company late last year.

Look lemme go Cayman Islands eh

weary1969 · « **Reply #51 on:** February 01, 2009, 08:21:37 PM »

Quote from: TriniCana on February 01, 2009, 08:17:00 PM

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

It have Presidencial but me eh know if dem is a subsidary of 1 of d big 1.

TriniCana · « **Reply #52 on:** February 01, 2009, 08:28:38 PM »

Ah now answering meh self

Association of Trinidad and Tobago Insurance Companies
http://www.attic.org.tt/members.htm
20 Insurance Companies.

weary1969 · « **Reply #53 on:** February 01, 2009, 08:50:03 PM »

Capital d worse when u get in an accident and d next person with Capital just fix yuh car.

Brownsugar · « **Reply #54 on:** February 02, 2009, 07:21:19 AM »

Quote from: weary1969 on February 01, 2009, 08:50:03 PM

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....

TriniCana · « **Reply #55 on:** February 02, 2009, 04:27:03 PM »

Quote from: Brownsugar on February 02, 2009, 07:21:19 AM

Quote from: weary1969 on February 01, 2009, 08:50:03 PM
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....

......where people are people. ya know what ah mean

kounty · « **Reply #56 on:** February 02, 2009, 04:49:00 PM »

manning dollars tall. bail out mr manning! bail out! no signs of preparing for the low gas price that going and stay for a while to come.

TriniCana · « **Reply #57 on:** February 02, 2009, 05:08:10 PM »

Any new news today locals base ??

Deeks · « **Reply #58 on:** February 02, 2009, 05:32:39 PM »

Bounty killer,
What low gas prices. If you feel price of gas going any lower, dream on.

verycute1 · « **Reply #59 on:** February 02, 2009, 07:19:40 PM »

Quote from: TriniCana on February 02, 2009, 05:08:10 PM

Any new news today locals base ??

I not local but the express online said First Citizens telling people next week monday 2/9 Investors with CIB can get their money back