Recession hits Trinidad

[Synchronomyst]

^This. This -so- hard.

However there something...strange about this all. What the -hell- caused CL to fall through between two quarters ago and now? Where the hell were they putting their investments?

Hrm. That must mean that HCL is gonna tank it soon, too. No?

[Cross]

thanks for clarification Cross,

any significant job loss expected as a result?

Um honestly on the lower level no. But yesterday saw management look like they were in a mess (as expected)

We had a meeting with the big man LD yesterday afternoon.

From what i gather from the people in the finance dept. CIB was becoming a burden on the company. As seeing that CL owns a huge amount of revenue for the country the government had to step in and intervene before CL went belly up which would have meant trinidad....well...you know

Right now CLICO returning to core business has it's plus and minus factors.

To answer your original question. I expect management to be "trimmed" as well. Right now there is a fear that they begin outsourcing which would mean job cuts but we're hoping that the negatives of such a move would weigh heavily on them.

And honestly the government loved the fact they had to step in once this recession is over a hand in CL would mean they have a HUGE hold over the financial sector of the country. I hope this recession is over soon any tighter and i can wear my watch as a belt.

People don't panic if you have investments in CLICO itself your money is safe. CIB had nothing to do with the policy holders. Mass pull out will only materialize what is going on in the states right now.

^This.

However there something...strange about this all. What the -hell- caused CL to fall through between two quarters ago and now?

Liquidity of funds....like you I'm no financial guru but i understand that the lending policies were dangerous and the money was moving around too much or something like that..maybe someone who understands finance can explain more

[DreadNaught]

*whew* haven't been here in a while?

I'm clueless when it comes to finance and economics. But my stupid question right now is where is my money safe in these times? Is it in the bank, the credit union, in places like UTC, in a box under my mattress?

Two people so far have told me to just not invest in anything right now, focus on saving. Pull my money out from where i can and save, i didn't get chance to find out exactly why as yet, but to me thats just serving to fuel the breakdown of the economy. But i dunno.... any economists in the house?

[Cross]

I know where NOT to invest

CIB

Or Guardian General or UTC

[~*Ashiee*~]

I know where NOT to invest

CIB

Or Guardian General or UTC

Hope you know CLICO who owns CIB owns 57% of Republic Bank and have shares in a lot of the big business in Trinidad. If they were not bailed out by the G'ovt about 25% of our GDP would have been drastically lowered. So to keep the GDP up, they had to be bailed.

Only Scotia Bank is safe it seems lol

[Spazosaurus]

In the states, where you have banks lending garbage collectors enough money to buy a mac mansion...what happens? Obviously they cant pay the rediculous premiums and use credit cards to pay loans and take loans to pay the credit cards. We arent quite as bad down here, but its the same principle.

It makes sense that mass exodus of funds form these institutions will fuel the problem, but what guarantee is there that when u wake up one morning, you find out all is lost? For a poor person struggling to save for years, that's a scary thought!

Also what about depreciation? I mean, that's bound to happen sometime right? Come on we need a finance expert up in here.

[Cross]

I know where NOT to invest

CIB

Or Guardian General or UTC

Hope you know CLICO who owns CIB owns 57% of Republic Bank and have shares in a lot of the big business in Trinidad. If they were not bailed out by the G'ovt about 25% of our GDP would have been drastically lowered. So to keep the GDP up, they had to be bailed.

Only Scotia Bank is safe it seems lol

*whispers to ashes "I know i work for CLICO"

[Exar_Kun]

I know where NOT to invest

CIB

Or Guardian General or UTC

UTC in trouble? Guess I not keeping up.
I'd have recommended them. Just keeping your money at home simply means that our ridiculous inflation with eat away at your purchasing power without you mitigating it in any way. And savings accounts are a laughable means of mitigating it as well.

[pablo_tt]

Cash is king this rounds. I expected the stuff to hit the fan after carnival but it looks like it's reaching there alot sooner. This means that after carnival will be worse!