Recession hits Trinidad

[haterforever]

So CL Financial need help from the government

[Redlum08]

So CL Financial need help from the government

For what? To cover the Bonuses the Execs got for Christmas?? I see a trend brewing..

[kiya]

yea looking at it now. Sigh...

[Arcmanov]

What trend?  Why that very same 'guvament' couldn't bail out the HCU as well?

It good for de poor indian and dem ent?

I HATE this f@#king PNM guvament!!!

[Archer]

Well, now things will get worse from here on.

[Redlum08]

What trend?  Why that very same 'guvament' couldn't bail out the HCU as well?

It good for de poor indian and dem ent?

I HATE this f@#king PNM guvament!!!

I was talking about the carbon copying going on with the US gov't...Just in the news, Obama is pissed at the Wall Street execs taking Bonuses amounting to $18.5 BILLION!!! dollars AFTER the Bailout money the Gov't gave them...I smell an investigation brewing..I think if they investigate and find that Bailout funds were used to pay out those Bonuses, then Prosecute ALL OF THEM! JAIL THEM ALL!! Damn rich people wanting to get more rich at the expense of the poor man paying taxes...

[W1nTry]

I believe it's ther other way around isn't it? CIB is going belly up, CLICO (insurance) will return to it's CORE business (insurance) and CF will take a substantial hit.

[~*Ashiee*~]

CLICO look for this, they never had a stable loan department. People were not paying their loans and CLICO never had a proper collections office to see who was not paying. Since then they have recently hired Mervin Assam to revamp the whole collections department.

Guess it a bit too late...and point about the government bailing out some companies over others, however please note any government does that. They all seek out for their best interest so don't cast stone on one, cause the other just as bad sometimes.

[W1nTry]

What Dupree has done was take the front before the front take him. This move is an unfortunate sign, but it is a good move on his part.

[Arcmanov]

Oh my dear Ashes, stop being so daft.  This government knew full well what it was doing when it refused to bail out HCU.  Now they have thrown caution to the wind it seems, and bailed out CIB.

Again, is poor people money, so I guess it matters not, right?

The same arguments you could give for this bailout, could have been used to justify that one too.  I hold no brief for the HCU.  It could actually be the case that there was serious mismanagement of the company's finances at the corporate level, but that is besides the point.  The same could be said of CIB as well, so I not accepting that 'any government does that' talk.

I am bloody well 'casting stone'.

I sincerely hope that this decision costs them the next election.

GREAT is de PNM...

[~*Ashiee*~]

Oh my dear Ashes, stop being so daft.  This government knew full well what it was doing when it refused to bail out HCU.  Now they have thrown caution to the wind it seems, and bailed out CIB.

Again, is poor people money, so I guess it matters not, right?

The same arguments you could give for this bailout, could have been used to justify that one too.  I hold no brief for the HCU.  It could actually be the case that there was serious mismanagement of the company's finances at the corporate level, but that is besides the point.  The same could be said of CIB as well, so I not accepting that 'any government does that' talk.

I am bloody well 'casting stone'.

I sincerely hope that this decision costs them the next election.

GREAT is de PNM...

I am just trying to curb the political talk, as I clearly stated each party seeks out their best interest so i think we both agreeing there.

Just remember there is a WORLDWIDE recession going on. Please don't think I am defending any party in particular because I am not.

[W1nTry]

To say that CIB falls in the same shadow as Freddy Mac and other american financial insitutions that went belly up would be casting a stone without sufficient information. I myself do not claim to know the dealings of CIB or their associates but I do know that Dupree isn't like those CEOs (hanging themselve high and low). I am sure he has much more longevity in mind and as such I would not say they are in the position they are in necessarily due to wild mismanagement. One must factor in how the GLOBAL financial situation has affected EVERY facet of the investment portfolio. If Arc you wish to imply that CIB knew of the bad high risk investments they were making and acted inappropriately, then i'd like you to bring forth the proof.

PS I am not invested in ANY way with Clico, however my vague understanding is that it is simply the result of many high risk investments going bad because of the global meltdown and nothing more.

[Cross]

so CLICO is apparently going to end up bankrupt, but what does this mean for CL financial or other members of the group?

Negative on that one Laertes
We not bankrupt just cutting the fat



at least AFAIK

[Arcmanov]

Oh, don't worry (Ashes), I know you're not defending anyone in particular, but whether you want to admit it or not, this decision was highly political.  The PNM knew exactly what was at stake in both instances, and move to suit, but such is life.

I guess if there was a UNC government in power things may have been decidedly different.

I not even interested in the dealings of CIB per se, but on principle, this decision is flawed.

[TheApprentice]

All I remember is them chupidee in government who said that "Trinidad won't be affected by the economic crisis.". Sigh....

[~*Ashiee*~]

Oh, don't worry (Ashes), I know you're not defending anyone in particular, but whether you want to admit it or not, this decision was highly political.  The PNM knew exactly what was at stake in both instances, and move to suit, but such is life.

I guess if there was a UNC government in power things may have been decidedly different.

I not even interested in the dealings of CIB per se, but on principle, this decision is flawed.

Well I totally agree with you it is highly political. That is why I keep saying they seek their best interests, their political as well as personal interests.

[Kaizen]

All I remember is them chupidee in government who said that "Trinidad won't be affected by the economic crisis.". Sigh....

lol thats the first game of politics control the stupid.
lets see abt those "bonds" .

[rb]

Arc is right for the most part, Govt intervened because CLICO assets amounts to about 38 Billion TT Dollars while HCU is worth a fraction of that, I personally LOL at the idiots that ran to throw all their money at HCU when it started, the board alone was reason enough to worry. Of course taking a chook in that 38 Billion dollar pie would boost the books when the recession ends. 

[Saxito Pau]

Clico Investment Bank workers will lose their jobs very soon...

[Exar_Kun]

I'd say this seems very different from the Wall Street bailout. Obviously I'm no finance guru and don't know the full details of this but it seems to me that the Government actually take a stake in these companies and therefore guaranteeing taxpayer's investment is very different from the U.S. throwing barrels of money at corporations and seeing who catch it and not laying down any rules about how they use it.

And this is totally different from HCU. HCU deserved to be left to rot. If they bailed out HCU guess what would have happened? The money woulda get tief. How do I know that? Because how you think they end up in so much **** in the first place? It was mad corruption at the top. They'd have seen that 300 million as a last chance to butter dey bread before dey leave.