OFFICIAL CLICO THREAD

neilsingh100 · Postby **neilsingh100** » April 15th, 2009, 9:59 pm

anyone had any recent dealings with Clico?

what are the interest rates they offering on EFPA's now since governemt took over?

Postby **eliteauto** » April 19th, 2010, 8:50 am

Duprey has subcontacted the tuner backpedal center:

http://www.trinidadexpress.com/index.pl ... =161633775

and CIB is applying for liquidation:

http://www.trinidadexpress.com/index.pl ... =161633781

Razkal · Postby **Razkal** » April 19th, 2010, 1:37 pm

^

@ tuner backpedal center

neilsingh100 · Postby **neilsingh100** » April 19th, 2010, 2:03 pm

Clico policyholders will most likely get shaft from what I hear.

Couple of persons got letters from the central bank saying they are no longer guaranteeing their EFPA policies so they setting things up to offer people cents on the dollar.

TriniVdub · Postby **TriniVdub** » April 19th, 2010, 4:02 pm

^^^oh lorse boy anther retard jus wilding up people. Leh me guess yuh hear dis from your patna, muda, fada, neighbour's, tanty?

Redman · Postby **Redman** » April 19th, 2010, 7:53 pm

neilsingh100 wrote:Clico policyholders will most likely get shaft from what I hear.

Couple of persons got letters from the central bank saying they are no longer guaranteeing their EFPA policies so they setting things up to offer people cents on the dollar.

Yep
and all other annuities will then come into question.

I believe its guaranteed by law-Insurance Act-So the GOTT cant back away easily if at all

Later[/i]

neilsingh100 · Postby **neilsingh100** » April 19th, 2010, 8:12 pm

The traditional annuities and pension plans they will guarantee not the EFPA's which everyone knows was a deposit instrument (that paid above market returns).

BTW, by all calculations CL Financial and by extension Clico is still technically insolvent even after the government put in $5 billion dollars.

Redman wrote:Yep
and all other annuities will then come into question.

I believe its guaranteed by law-Insurance Act-So the GOTT cant back away easily if at all

Later[/i]

DRAGULA · Postby **DRAGULA** » April 22nd, 2010, 12:49 pm

is anybody here still paying their annuity and life insurance premiums with CLICO?

De Dragon · Postby **De Dragon** » April 22nd, 2010, 11:24 pm

DRAGULA wrote:is anybody here still paying their annuity and life insurance premiums with CLICO?

Why would you stop?

mitsutt · Postby **mitsutt** » April 22nd, 2010, 11:44 pm

De Dragon wrote:
DRAGULA wrote:is anybody here still paying their annuity and life insurance premiums with CLICO?

Why would you stop?

Why would you continue?

De Dragon · Postby **De Dragon** » April 22nd, 2010, 11:45 pm

mitsutt wrote:
De Dragon wrote:
DRAGULA wrote:is anybody here still paying their annuity and life insurance premiums with CLICO?

Why would you stop?

Why would you continue?

So you're uncertain about CLICO's future, you stop paying your life insurance premium. You drop dead.... guess what? SALT!

neilsingh100 · Postby **neilsingh100** » September 11th, 2010, 7:41 pm

The new plans for Clico have introduced instability in the financial system as the government backed away from it guarantee to policyholders with more than $75,000.

Many financial institutions including credit unions, banks, cooperation's used Clico EFPA's as investment vehicles and now coming to the reality they have fallen in value significantly by the measures presented in the budget.

Many credit unions are now technically insolvent and many persons/businesses that use these policies as collateral for loans now plan to default on them and let the bank take the loss.

It is ironic in that measures meant to introduce certainty has done the opposite and a government guarantee depends on who is in government.

zcarz · Postby **zcarz** » September 11th, 2010, 7:44 pm

it have 100 neil singh in trinidad?

VexXx Dogg · Postby **VexXx Dogg** » September 11th, 2010, 8:26 pm

quick, PM Winston Dookeran!

mazdatt · Postby **mazdatt** » September 12th, 2010, 2:16 pm

People voted for change now to realize what they get was short changed.

There are also plans to get rid of 50% of the contract employees in the government.

Somehow I feel this new government will kill this economy.

mazdatt · Postby **mazdatt** » September 12th, 2010, 2:18 pm

BTW, there is a group in FB for people that don't like the new bailout plan.
http://www.facebook.com/clico911

aidan · Postby **aidan** » September 12th, 2010, 2:36 pm

VexXx Dogg wrote:quick, PM Winston Dookeran!

ent admin done talk bout this PM ting... steeups.

JoKeR1980 · Postby **JoKeR1980** » September 12th, 2010, 3:23 pm

aidan wrote:
VexXx Dogg wrote:quick, PM Winston Dookeran!

ent admin done talk bout this PM ting... steeups.

1onewaytriptobantanamo

Postby **eliteauto** » September 12th, 2010, 3:32 pm

the budget's plan is to stimulate low and mid level economic activity and entrepreneurship but there continues to be excess liquidity/high inflation/low consumer and investor confidence......... 75K and less depositors will unlikely take that cash and invest they will possibly park it in assumed safer savings plans (called investments lol ) or some will go on the consumerism route possibly heating up inflationary conditions

I wait to see

pugboy · Postby **pugboy** » September 12th, 2010, 3:37 pm

the gap between have/nots will simply widen, we have plenty people with plenty money and plenty who thought they were going to get plenty by putting their money in hcu/clico

VexXx Dogg · Postby **VexXx Dogg** » September 12th, 2010, 4:11 pm

errr I meant PM as in Prime Minister (Ag). Umm, yea that's what it was.

hottgirl · Postby **hottgirl** » September 13th, 2010, 10:18 am

mazdatt wrote:People voted for change now to realize what they get was short changed.

There are also plans to get rid of 50% of the contract employees in the government.

Somehow I feel this new government will kill this economy.

Contract staff make up roughly about 10% of the public service and some of those persons on contract are not even qualified to hold those positions.

angel_player · Postby **angel_player** » September 13th, 2010, 1:45 pm

Im on contract.. and if it was that simple it would have been cool to simply sort out the lot of contract employees. However i dunno about u guys but our Minister handling her staff like sheit. She jus wanted to get us all out without warning or anything... a highly disrespectful move, considering many of us gave our time and hard work. For crying out loud the Minister NEVERRRRRRR even sat down to even understand the friggin workings of the department, she jus came one day and wanted contracts to not be renewed and afterwards when she realized the sheit she was doing... she wanted to know what our jobs where about!!!!!!!!!! like wtf is wrong wit these People Partnership people!!

Picasso · Postby **Picasso** » September 13th, 2010, 2:29 pm

I love this country is ah setta political arseness going on all the time

VexXx Dogg · Postby **VexXx Dogg** » September 13th, 2010, 2:30 pm

Picasso wrote:I love this country is ah setta political arseness going on all the time

Politicians come and go, people's problems will stay.

The sooner we realize this, the better off we'll be.

Picasso · Postby **Picasso** » September 13th, 2010, 2:39 pm

Long live the queen!!... smh

Country_Bookie · Postby **Country_Bookie** » September 13th, 2010, 3:00 pm

neilsingh100 wrote:The new plans for Clico have introduced instability in the financial system as the government backed away from it guarantee to policyholders with more than $75,000.

Many financial institutions including credit unions, banks, cooperation's used Clico EFPA's as investment vehicles and now coming to the reality they have fallen in value significantly by the measures presented in the budget.
.

Anyone who works in the finance industry and invested a significant portion of their funds in CLICO EFPAs was just being reckless. Prudent investment management dictates that your exposure to any one institution does not exceed a certain percentage…..go read the prospectuses for the money market funds from commercial banks and you’ll see it’s 10%.

So these credit unions who invested 90% of people money with CLICO so they could pay a higher rate to their depositors knew they were doing crap. There’s one constant in finance: If you want higher returns, be prepared to take higher risk. None of these credit unions ever bothered to ask CLICO how they could guarantee 11% returns when everyone else was paying 6-7% returns. And don’t tell me they thought CLICO was ‘risk-free’. There’s been murmurs since the 1990s that CLICO was insolvent, and Ramesh Lawrence Maharaj even said so publicly in 2001 when he fell out with Panday.

They were reckless or incompetent with their client’s funds and now the government must pull $12 Billion out of their ass to pay them back?

There must be a price to be paid for risky and reckless behavior, in order to prevent that behavior in the future. It will be hard for those who stand to lose a lot , but it is necessary to prevent a re-occurrence of situations like this. Do some reading on moral hazard.

ronsin1 · Postby **ronsin1** » September 13th, 2010, 3:08 pm

Country_Bookie wrote:Anyone who works in the finance industry and invested a significant portion of their funds in CLICO EFPAs was just being reckless. Prudent investment management dictates that your exposure to any one institution does not exceed a certain percentage…..go read the prospectuses for the money market funds from commercial banks and you’ll see it’s 10%.

This is quite true. Many people believe in have all their investments in one location which is not worth while in the long run.

People need to do research

back in the day when HCU had their run. They were claiming that they did not have any liabilities and their assets were over 2 billion TT

The question I had asked a lot of people during that time which major institution does not have liabilities. Once you are in business you will have liabilities.