OFFICIAL CLICO THREAD

[eliteauto]

Seeing the wonderful comments above I feel the need to repeat myself

Anyone interested in selling their CL Financial stock portfolio please PM me

[Conrad]

I love 2NR... always have may "in-the-know" 2NRs to "explain" everything.

[å‹]

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[Silvermike]

do you people think its by accident that the government now owns 55% in RBT and now owns the media- tv/newspapers, as well as the methanol plants?

do you know where the money for vision 20/20 will now be comming from?

Do you know why clico landed in debt?

do you know who was pulling out the money to create the deficit.... since last Nov... in chunks of 30Mil USD a month? even better yet, why?

uhhh, has no one read 1984 by Orwell?

[pugboy]

^^^
this is the best conspiracy story out of all heard so far and I think it might actually be true

if you think about it why would you put your state enterprises' money in a scheme/fund only to see the scheme/fund owners privately buying up the whole of florida with all kind of kickbacks and you can't do anything about it

but the govt still has to come up with money to bail the situation though
they done having problems paying people pension

[pugboy]

well I paid $20 to get a certified cheque to own back some of my money and be an eediot
I like being an eediot

shyt...rel eediots went and withdrew their cash on friday from rep.......

fixed

[eurogirl]

anybody tried withdrawing their funds from CMMB and CIB yet ?

any hassle ?

[pugboy]

expect real people banging on the doors there tomorrow

[eurogirl]

pugboy, I hope not ...

[pugboy]

doh worry, the govt has said they are guaranteeing funds and boasting about how stable the economy is
anything like not paying people will cause mass panic and they will move fast to stop that

[Silvermike]

^^^
this is the best conspiracy story out of all heard so far and I think it might actually be true

if you think about it why would you put your state enterprises' money in a scheme/fund only to see the scheme/fund owners privately buying up the whole of florida with all kind of kickbacks and you can't do anything about it

but the govt still has to come up with money to bail the situation though
they done having problems paying people pension

see what you do is look for a way to sqweez ethe CL group into submission to further your own agenda. BY making certain deals with certain steel companies... which the methanol companies cannot pay... unless they withdraw there... lets say 120 odd Mil. USD from the CIB...

then let this 120Mil strain CL, until they come asking u for help...

ever played that game, monopoly.... when u land up on board walk, u trade your 4 railways for someone else to foot the bill...

ofcourse the government could have helped the situation by bailing the methanol companies directly, but then only they would take the fall... as its the steel to fund one of there pet proijects... the infamous smelter.... so why shhould they take the fall for their shat, when they can get someone else too...a nd then come in like knights on shining armor to "safe the scene"

its either they are brilliant.. (unlikely) or just real lucky. but this has played out well for them

[eurogirl]

holy snapple !!


nah nah Guv't and gurantee don't work in the same sentence

[TriniVdub]

The world is in a recession, the income from the Methanol plants that Clico own has dropped tremendously from $800 USD a ton to $80 USD. Companies invested with clico are also facing their own cash flow problems, so they have had to pull their savings from clico. This has caused the company to have a liquidity problem, it can only have so much cash sitting in a bank. The Company is Asset rich, besides the Government, CL Financial is the largest landowner in the country.

Mr. Duprey went to Central Bank to get the cash and give over some of the assets in exchange to see Clico through. the Governor of Central Bank also stated that the Conglomerate is responsible for 25% of the GDP of the country, so the country cannot afford to have a company of that magnitude falter.

Also in the 1980's when the country was going through the last recession, CLICO bailed out the gov't then by giving them a huge injection of cash. So in short the company is just experiencing some shocks, which they will have to absorb and move on.

[Silvermike]

^ yes, and no.

The companies invested with clico did have a cash flow problem... created by government projects.

And the other question to ask is why did clico seek government help instead of a loan? I'm sure someone would have been willing to lend then a buck or two using that 55% RBL shares as collateral.

[hottgirl]

^cld be a foreign investor which gov't did not want?

another question is how many ppl in the know withdrew their monies from CLICO in the last two weeks, including gov't?

[pugboy]

that 55% aint exactly pure capital collateral
RBL is more than likely carrying a lot of CL's debt
so that 55% may not be worth full market value if a liquidation were to take place
and enough to bailout

[Silvermike]

clico was also in poor health by itself mind u... with the meth plants taking the hit, as well as that biulding duprey is biulding in POS.

I just smell a rat thats all. theres always a rat...

the governmrnt doesnt come out owning the media and RBL without a fat stinky rat.

[pugboy]

it was always pyramid scheme running good in the good times and ready to fall
when cash stop coming in
how could one place give 12% when everywhere else could only give 4-6% for so long ?

they need to probe all them land purchases in florida and baico boats

[Trini_D]

pugboy, I assure you that RBL is not carrying CLICO or CL's debt, and remains untouched by recent developments

[soundboy101]

can anyone say if CIB offices are open today, because they not answering the phones. Also can anyone say what is positon with the Islamic Banking Service which was offered by CIB, will FCB taking control of this as well

[tr1ad]

EVERYONE GO TAKE OUT YUH MONEY TODAY!!!!!!!!!!!!!!

[slick]

had to call a couple banks today (won't call names)
both of them took really long to answer their phones
looks like ppl bombarding the banks today with phone calls

[SR]

too many stupid people making withdrawals and demanding cash instead of checks


msot people panicing for no reason and making some reel stupid mistakes


the best bet is for FCB to put the republic bank shares up for sale and watch and see how fast they will be bought by smart investors

[Computerman]

I'm not touching my investments. And I'm keeping an eye on the market and preparing to buy, buy, buy!

[SR]

so am i cuz people gonna be panic sellin tooo

[996vtwin]

Summary

CLICO INVESTMENT BANK / BRITISH AMERICAN INCURANCE COMPANY / CLICO

On Friday 30th The Central Bank Governor & Gov’t held a press conference indicating liquidity problems.

They related it to:
The Global Financial Crisis.
Decline in Ammonia / Methanol Prices.
The way CL Financial Group was being managed.
Collapse pf Real Estate Prices.

The way CL Financial Group was being managed:
Excessive transactions among companies within CL Financial Group which carried a significant contagion (moral corruption) risk.
Offering high interest rates to attract depositors which are then used to finance high risk investments in mainly illiquid assets.
High level of borrowing using Group Assets as security.
There was no corruption or bankruptcy. CL Financial did not do anything wrong. The Group does not have toxic assets and assets are solid.

Government
To take majority ownership of Clico’s 55% in RBL.
To take over Methanol Holdings Ltd (one of the largest in the world).
CIB (collapse) to be shut down and dissolve this week.
Assuming control in a regulatory capacity over the CL Financial Group (Ownership of assets will remain that of CL Financial).
Provide funding to Clico and BA to meet obligations of depositors and policy holders.
Two (2) bills to be debated in the house:
The Central Bank Amendment Bill, which allows the Central Bank to gather and share information about business and records of policyholders with other authorities across the world, and the Insurance Amendment Bill.
The Opposition will also give their support but wants full disclosure on the circumstances, the details and the implications of the bailout.

FCB
Are only taking over selected assets and liabilities to 3rd party depositors.
FCB given control of 3rd party assets and liabilities of CIB and brokerage house CMMB.

Uncertainty
No one at this point knows the gap between the values of CL Financial’s assets and liabilities to depositors, policyholders and creditors. Therefore, gov’t is giving their support in the dark.
Central Bank at this time does not have the powers of intervention over insurance companies as it has over banks and non-bank financial institution.
Budgetary operations have been further thrown into turmoil in an already constrained environment as public funds must now be diverted.

[16 cycles]

tuners....just be careful with who you talk your financial business with - please don't let your guard down cause i'm almost sure in all this - there will be con-men looking for the un-informed and they will take advantage of your insecurities

proceed with caution

[pugboy]

plenty movement on the stock market today

231k RBL shares
433k NM shares

[SR]

cnc3 now

republic bank gives its views

[Hammy Bolo]

cnc3 now

republic bank gives its views

really good discussion, and the fact are being shared- great initiative and all the stake holders are part of this discussion