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drunkenscorpion wrote:soundboy101 wrote:Can someone explain, why Duprey signed a MOU with the government and now he looking for lawyers in england to challenge the same MOU, saying its not a bailout, but rather a takeover, these people just playing with poor peopel monies. Dont talk for that bag of goons in Parliment, if them minister had known CIB going down and rush to take out they money, how we could feel comfortable if them wasnt even comfortable leaving their money
The MOU signed was to ensure liquidity was injected in the company in the event that the run on CLICO kept up. This by selling CIB and CMMB.The "run" however came as a result of STATE RUN entities pulling out their investments.......why? CIB had liquidity problems stemming from the fact that alot of foriegn institutions pulled out given the state of their own affairs abroad. CLICO stepped in and was managing the cashflow crisis there, but just barely, putting CLICO at a risk themselves. Why then did NGC and others pull their investments at the same time? Where else would this directive come from other than the gov't? Essentially to pull down the company, and then step in to take over.
Alot of information still has to reach the media.....when it does....then everyone will realise the type of people we have in power. Soon there would be no such thing as the private sector.
this is what the majority of people are missing
the pulling out of state run institutions all at around the same time period.........
as well as government ministers closing thier investments "all coincindenlty maturing at the same time in december"
smart move by anyone looking to take advantage of the economic crisis
especially when you are already in control of the economy locally
its called corporate takeover by whatever measn necessary
once in control the govenrment agencies can now re invest under new portfolios as they already now control the entire organisation
and now funds can be moved within the organisation as it see's fit to benefit themsleves
ie money to continue funding government projects that should have either been stopped or cut back due to the budget cutbacks because of the falling price of oil
in other words
everything gonna go full steam ahead
the other interestign part is calder harts involvment with NIB what impact does that now have as his company is under "investigation" for corruption
t was a case of public spiritedness prevailing over private conviction.
Keith Rowley cast his vote with the Government in the House of Representatives yesterday, paving the way for the multi-billion-dollar CLICO bailout.
According to Rowley: "At the end of the day, it was all about the public good. What was in the public interest-the saving of the financial sector or a public beheading of UDeCOTT boss Calder Hart?" he asked.
Although Rowley remains convinced that Hart is unfit to manage public assets, the question he asked himself was this: "How far do I go to make this point? And what would have been the effect of the news that Government, which has a special majority in the Parliament, could not pass a measure to save the financial sector?
"Which is worth more? The candle or the funeral?" he asked rhetorically.
The mood in the chamber was extremely tense as the House went into committee stage of the Central Bank Amendment bill and the Insurance Amendment bill yesterday. Government MPs knew the fate of those two bills-deemed vital to save the economy-lay in Rowley's hands.
At one point, when Rowley went to the men's room, Government MPs enquired frantically about his whereabouts, causing Opposition Leader Basdeo Panday to quip: "Why don't we make an announcement that committee stage can't begin because of the absence of Dr Rowley."
But on the Government side, this tension gave way to relief, then jubilation, as the vote was taken. Thunderous desk-thumping following the announcement by House Speaker Barry Sinanan that the bills had passed 26 for-13 against.
For the Opposition, which voted against the measure, and which hoped for that perfect political storm of a Government assailed by forces within and without, there was disbelief and disappointment.
"Why did he (Rowley) back down?" Opposition MPs asked.
It took three caucuses to get the bills passed. First, Government MPs caucused with the Opposition. Then Government MPs held their own caucus. And then Rowley and Government leader Colm Imbert caucused separately.
Rowley said that at the PNM caucus, individuals expressed their points of view freely.
"The Prime Minister spoke, I spoke, several times, other members expressed their points of view, we had discourse and dialogue. We met behind closed doors and we confronted the issues," Rowley said.
"The Cabinet is fully apprised. And I got assurance that the Cabinet has taken responsibility for understanding, acknowledging and treating with my concerns. And to the extent that they could give an undertaking to act responsibly, I have taken their word.
"I am not a member of the Opposition. I am a member of the Government. I should take assurances when I have discussions with the Government in caucus seriously. I expect, therefore, that the Cabinet will act responsibly. And I didn't think that I needed to go further than that, at the risk of capsizing the financial sector."
Told that some people were saying that he "caved" in, Rowley said: "I don't see it as a sign of weakness, it is a sign of strength.
"At the end of the day, depositors, policyholders and all those who have their life savings with CLICO can sleep well. We have restored confidence in the economy, while notice has been served that it is unacceptable for the Government to be in denial of what has been done at UDeCOTT. I will wait and see how the Government and the Cabinet will conduct the people's business."
Information Minister Neil Parsanlal said the 26 members of the PNM, from the very outset, had the interest of the people at heart.
"What we saw today, in terms of the vote, was testimony to that. History would record that it was a PNM Government that saved and supported the 172,000 policyholders and the thousands of depositors and all those generations who built CLICO," Parsanlal said.
"It is all about putting country before self, and today was a classic example of that."
The two bills go to the Senate today.
SR wrote:the other interestign part is calder harts involvment with NIB what impact does that now have as his company is under "investigation" for corruption
THANK u for postin an explanation to the ignorant masses who knows nothing, but quick to call blame to a brilliant man.
pugboy wrote:padna your internet forum assurance appears to be wrong
gov williams is quoted in the guardian today as saying the RBL 55% is pledged to outside partiesTrini_D wrote:pugboy, I assure you that RBL is not carrying CLICO or CL's debt, and remains untouched by recent developments
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