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slick wrote:Stewps...HCU and CLICO were based on the same financial model, anyhow you take it they would have ended up in this situation. Look up what a Ponzi Scheme is. The more "investors" you can get, the longer a Ponzi stays afloat. Harry had to look for funds in all ethnicities just to keep the Ponzi going. As for depositors, you all have a long way to wait, and if you do get back any money, it's going to be a small fraction of what you put in.
crash dummy wrote:slick wrote:Stewps...HCU and CLICO were based on the same financial model, anyhow you take it they would have ended up in this situation. Look up what a Ponzi Scheme is. The more "investors" you can get, the longer a Ponzi stays afloat. Harry had to look for funds in all ethnicities just to keep the Ponzi going. As for depositors, you all have a long way to wait, and if you do get back any money, it's going to be a small fraction of what you put in.
Sooooo clico was a ponzi scheme??? ROFL
Sometimes when ppl dont have a clue they should shut the hell up
shogun wrote:big bump.
Harry Harnarine: HCU Commission of Enquiry tainted
Former President of the Hindu Credit Union, Harry Harnarine, is adamant that the HCU is not getting a fair hearing at the Commission of Enquiry examining the credit union's collapse.
Speaking on C TV's First Up Programme, he said the Enquiry is polluted and he feels as if he is being personally attacked.
"From all evidence so far, we are certain that the Enquiry at this point in time is taking an approach that is personalizing all witness."
Mr Harnarine denied that his attorney is taking advantage of vulnerable witnesses during cross examination.
"If you really look at, if the media really examined Mr Scoon's cross examination, it was never an attack on the members. He was sympathetic towards the members, he was asking the members pointed questions, whether or not you understand the by-laws of the Credit Union, whether or not you understand that you are shareholder and not a depositor, whether or not you understand that you are not covered under the DIC. So we are saying that it is an attack and the whole Commission of Enquiry is polluted."
The former HCU President does not accept responsibility for the collapse of the HCU, but he understood and sympathised with the suffering of the credit union members.
He also empathised with those who are now crying before the Commission and shared his own views on why the HCU failed.
"Just what is happening in the People's Partnership today, just what happened in the UNC. There is something in the genes of East Indians that they continue to be not stable. There is jealousy. There is hypocrisy and I stand by it."
When the hosts protested this bold declaration, he insisted he could support his claim.
"I can bring recordings from IBN, from Radio Jaagriti, I can bring cut-outs written by Mr Devant Maharaj who is a Minister today, the Attorney General. We had an advertisement in the credit union of a mixed person with an East Indian girl and check websites and I will pass the information to you, and you will see the attack I faced for that."
He expressed hope that the Enquiry would change its Terms of Reference where credit unions are concerned.
http://www.ctntworld.com/LocalArticles.aspx?id=29274
~Vēġó~ wrote:so smug about the entire thing eh.....it's a wonder that all clients' files have not been mysteriously destroyed in a fire.....got away with it before...."alleged"
RadeonHD wrote:Me eh know what to think of this man but people want back they facking money.
Interesting article though. Seems like Harry refuses to leave and give back people they money, he say he plans to keep it as long as possible and he believes HCU going to revive wtf???
http://www.trinidadexpress.com/index.pl ... =161556326As he has said before, Harnarine squarely blames the start of the financial run on a call by a group of local Hindu leaders for a boycott of the credit union, after it was opened up to depositors of all ethnicities and religions.Waiting for an answer on the HCU
Thursday, November 12th 2009
The collapse of the Hindu Credit Union left thousands of depositors and shareholders out of pocket and hoping they will eventually get their money and investments returned to them.
Analysts have argued for more than a year after the financial meltdown of the HCU group of companies that its collapse resulted mainly from management’s decision to stretch the credit union’s assets into real estate and other non-credit union business ventures, including a security company, a media and communications outfit and housing development project.
One of the main criticisms was that under HCU president Harry Harnarine’s watch, the credit union’s assets and funds were stretched too thinly across other ventures that could only realise a profit in the medium to long term.
Two weeks ago the Opposition UNC filed a motion in Parliament asking that HCU depositors and shareholders be given immediate help in the form of a financial rescue similar to what was afforded to cash-strapped CL Financial, once led by billionaire businessman Lawrence Duprey.
Government responded that the HCU’s assets proved to be more encumbered than anyone initially let on.
In the meantime, a liquidator has been appointed to dispose of most of the assets of the HCU to allow creditors who are owed millions of dollars a chance to get their money.
Unfortunately, the original shareholders and savers, many of whom invested savings amassed over their entire working lives, are still waiting.
HCU boss Harry Harnarine is also attempting to rebuild a successful group of companies from the remains of the failed credit union.
But it may well be time to make a firm decision on what the future could hold for the thousands of HCU savers still waiting for an answer.
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