OFFICIAL CLICO THREAD

[Snags]

Do you guys have an annuity and you need cash now? Because you can always call JG WENTWORTH! 877-Cash-NOW!

[nismoid]

now is the perfect time to open a company like that,,,, maybe thats why the government did this?
maybe jack is secretly starting a company like this?

[janfar]

BREAKING NEWS!!!

Prime Minister Kamla Persad-Bissessar has announced that there will be a Commission of Inquiry into CLICO and the Hindu Credit Union.

http://www.trinidadexpress.com/news/Bre ... 83974.html

Too much words for posting... if interested see link!!!

[pugboy]

commissions of inquiries are the promised land for lawyers

[bushwakka]

CNC news,

for those who say CLICO not insolvent and been arguing their case
liquidation difference = $8billion in the red

take my taxpaid money in your 75k and hush
you should buy us all lunch once a week for the next 20 years

................

[pugboy]

CNC3 now
poor fella blaming everything on regulators
says high interest rates were possible because CL cutout the middleman

[sMASH]

take back out my tax from clico. let it go bankrupt, liquidate all assets to pay out what it can, and let it die.

OUTTTTT, wit allyuh greedy mofo's

[SmokeyGTi]

i also heard clico saying that people renewed policies based on the strength of the previous administration's backing

who in their right mind go renew policies after the company buss?
is either clico mgmt/shareholders blatantly lying or all a dem is some real arse.

[Country_Bookie]

So post January 2009, they were renewing their policies at the same astronomical interest rates (12-17%) ? Did Nunez Taxsharer and Ewart Williams not see anything wrong with this?

[DRAGULA]

does anyone know what is going on with the long term (registered) annuities?

[hydroep]

does anyone know what is going on with the long term (registered) annuities?

Fully covered, running as normal. People who've run their annuity to term and supposed to be collecting their monthly payments/lump sum payments are being given priority.

If you decide to surrender it early, you'll still be paid your monies, including accumulated interest, less Government Tax of 25% but such payments are subject to the availability of funds. Some people surrendered their annuity last year and still waiting on payment.

Note as well that interest stops accumulating from the date that the B.I.R. decommissions your annuity eh, not the date that the check is cut.

[bushwakka]

CNC3 now
poor fella blaming everything on regulators
says high interest rates were possible because CL cutout the middleman

so what wud u do if a company sold u a car at a bess price, and then it turns out something was wrong with it?

Hindsight is always vision 2020.... i marvel at the amount of ppl here who are suddenly pundits and seer men overnight and who saw the writing on the wall.....etc

[sMASH]

^^ me not no economist, but 8 yrs now i see that there was a clico financial, clico investments and a clico energy. if u runnin a business but u playin de arse, and it would ah buss the first month, but ur family sendin down us dollars so u usin that to grow u business and live it up. plenty people would think that ur business take off and if plenty people doin business wit u then u must be good.
when the us dollars stop, ent u go crash?

as the money from the energy stop flowing in, they would have crashed. and the big wigs who saw what was goin on *sne theifcheira eze aaaaaahhh ngc choooo* pull out while there was still left to pull, it would fall even more.
so, i did not know when, just had an idea of how it could happen,,, so said so done. me eh put nuttin i had a choice with in clico

[sMASH]

Trouble appears looming for top Nigerian businessmen as the Economic and Financial Crimes Commission (EFCC) ordered them to pay up the huge debts owed the five troubled banks or risk jail.

President, Nigeria Stock Exchange (NSE), Alhaji Aliko Dangote; Chairman, African Petroleum Plc, Mr. Femi Otedola; Chairman, Global Fleet Group, Mr. Jimoh Ibrahim; Stockbroker, Mr. Peter Ololo; Mr. Henry Imasekha; Mr. J.I.A. Arumeni-Johnson; Chief O.B. Lulu-Briggs and Alhaji Abdulazeez Arisekola-Alao were listed among several others whose companies owed the banks non-performing loans to the tune of N747 billion.

The five banks, whose managing directors the Central Bank of Nigeria (CBN) sacked last week are Union Bank, Intercontinental Bank, Afribank, Oceanic Bank and Finbank.

Chairman of the EFCC, Mrs. Farida Waziri gave the debtors a week ultimatum to pay up their debts or face arrest, prosecution and seizure of their assets
She gave this ultimatum while fielding questions from journalists at the Nigerian Bar Association (NBA) annual conference holding in Lagos.

Waziri said: “We already have the list of the five banks’ debtors with us in EFCC and they have just one week to bring in their cheques or drafts to us or we begin their arrest and prosecution as well as confiscation of their assets because they are people of enormous means.”

She explained that the anti-graft agency had to go tough on the debtors because of the urgent need to salvage the financial sector from total collapse and also restore discipline in all stakeholders in that sector.
“What we are doing with the case of the sacked bank executives should be a strong signal to all the debtors no matter who they are, that we mean serious business on the recovery of these funds. We have been doing it quietly before now because we already made some recoveries but now it is time to go full blown with them. No one is above the law and our law is no respecter of persons,” Waziri stated.

The anti-graft agency’s boss stressed that it was in the interest of the debtors to comply with the directive rather than wait for arrest and prosecution.

“I will advise the debtors whose names had already been published by the Central Bank to take advantage of this ultimatum by issuing their cheques and drafts in the name of EFCC for proper and coordinated recovery after which we restitute by returning the funds to the appropriate banks,” she added.
Speaking while addressing a forum of lawyers in the media at the NBA conference, Mrs Waziri challenged members of the bar, the bench, the media and the general public on the need to come together to combat the evils of corruption, in the overall interest of the nation.

She said that owing to the “pervasive and debilitating effect of corruption on national development,” it was important for all stakeholders in the polity to work together to frontally attack all the evils of corruption.
“The bench, the bar, the media and the public are all stakeholders alongside others in the war against corruption. Every stakeholder has to play its role within the ambit of the rule of law , due process and the constitution”, she said. On the part of members of the bench, the EFCC’s boss charged judges to remain impartial and incorruptible to be able to adjudicate on matters of corruption.

“In adjudicating over cases , the judge must act as an impartial umpire”, she said, adding that “the judge also has a duty of probity, honesty, objectivity and fairness in the determination of the matters before him.”
Besides, lawyers, she said, should always remember that they are “first and foremost ministers in the temple of justice” and should always eschew selfish considerations in the prosecution of cases.

Waziri frowned against un-ethical practices among some members of the bar and charged them to be driven more by patriotic and honourable desires, removed from pecuniary interests. “It is now a shameless art for many a defence counsel to exploit and abuse the judicial process to stall prosecution of cases by frivolous and endless interlocutory applications, and appeals. Some engage in blackmail and intimidation of judges, and all kinds of schemes which delay and frustrate trials,” she said.
http://news.onlinenigeria.com/templates/?a=7289

The EFCC boss also charged the media to continue to discharge its roles without fear and favour. She also emphasized the need for the media to always operate within the confines of the rule of law.
“In carrying out its role, the media should not usurp the role of the court by carrying out trials and reaching conclusions on the guilt or otherwise of persons who are accused of having committed any offence that relates to corruption or any other on the pages of newspapers or electronic media,” she stressed.

[DRAGULA]

does anyone know what is going on with the long term (registered) annuities?

Fully covered, running as normal. People who've run their annuity to term and supposed to be collecting their monthly payments/lump sum payments are being given priority.

If you decide to surrender it early, you'll still be paid your monies, including accumulated interest, less Government Tax of 25% but such payments are subject to the availability of funds. Some people surrendered their annuity last year and still waiting on payment.

Note as well that interest stops accumulating from the date that the B.I.R. decommissions your annuity eh, not the date that the check is cut.

But what does fully covered mean? I thought the EFPA's were fully covered and look what happened. I opened long term annuities because I thought they were guaranteed investments, covered by a reserve but now I don't know what to think

[hydroep]

does anyone know what is going on with the long term (registered) annuities?

Fully covered, running as normal. People who've run their annuity to term and supposed to be collecting their monthly payments/lump sum payments are being given priority.

If you decide to surrender it early, you'll still be paid your monies, including accumulated interest, less Government Tax of 25% but such payments are subject to the availability of funds. Some people surrendered their annuity last year and still waiting on payment.

Note as well that interest stops accumulating from the date that the B.I.R. decommissions your annuity eh, not the date that the check is cut.

But what does fully covered mean? I thought the EFPA's were fully covered and look what happened. I opened long term annuities because I thought they were guaranteed investments, covered by a reserve but now I don't know what to think

Borse, don't let anybody fool you. Nothing is guaranteed in the true sense of the word. The most you can do is reduce the risk of being wiped out in case of a company's failure by diversifying your investments and not putting all your eggs in one basket.

[pugboy]

unfortunately many people still think guaranteed is cast in stone in this day and age

[bushwakka]

does anyone know what is going on with the long term (registered) annuities?

Fully covered, running as normal. People who've run their annuity to term and supposed to be collecting their monthly payments/lump sum payments are being given priority.

If you decide to surrender it early, you'll still be paid your monies, including accumulated interest, less Government Tax of 25% but such payments are subject to the availability of funds. Some people surrendered their annuity last year and still waiting on payment.

Note as well that interest stops accumulating from the date that the B.I.R. decommissions your annuity eh, not the date that the check is cut.

But what does fully covered mean? I thought the EFPA's were fully covered and look what happened. I opened long term annuities because I thought they were guaranteed investments, covered by a reserve but now I don't know what to think

Borse, don't let anybody fool you. Nothing is guaranteed in the true sense of the word. The most you can do is reduce the risk of being wiped out in case of a company's failure by diversifying your investments and not putting all your eggs in one basket.

u shud go read sum lawbooks then.....also, if u ever happen to buy anything like a TV, fridge, car etc etc......and it spoil......jus buy a new one right....doh bother to take the seller to task for it

most foolish thing i ever heard, no such thing as guarantee, the courts will be the judge of that, ppl in trinidad for too long have been allowed to say what they want with no consequences

[bushwakka]

^well, ur money not growing, it shrinking

[hydroep]

does anyone know what is going on with the long term (registered) annuities?

Fully covered, running as normal. People who've run their annuity to term and supposed to be collecting their monthly payments/lump sum payments are being given priority.

If you decide to surrender it early, you'll still be paid your monies, including accumulated interest, less Government Tax of 25% but such payments are subject to the availability of funds. Some people surrendered their annuity last year and still waiting on payment.

Note as well that interest stops accumulating from the date that the B.I.R. decommissions your annuity eh, not the date that the check is cut.

But what does fully covered mean? I thought the EFPA's were fully covered and look what happened. I opened long term annuities because I thought they were guaranteed investments, covered by a reserve but now I don't know what to think

Borse, don't let anybody fool you. Nothing is guaranteed in the true sense of the word. The most you can do is reduce the risk of being wiped out in case of a company's failure by diversifying your investments and not putting all your eggs in one basket.

u shud go read sum lawbooks then.....also, if u ever happen to buy anything like a TV, fridge, car etc etc......and it spoil......jus buy a new one right....doh bother to take the seller to task for it

most foolish thing i ever heard, no such thing as guarantee, the courts will be the judge of that, ppl in trinidad for too long have been allowed to say what they want with no consequences

LOL...so you're equating a 'product guarantee' to a 'guarantee' as used with respect to a financial investment and you're telling me to check the law books?

No wonder some of you got taken...

[AbstractPoetic]

First Consultation Meeting schedule for today at 4pm.

Please email all alternative proposals and suggestions at proposals@clico911.com. We look forward to hearing from you.

[Duane 3NE 2NR]

don't think these were posted in here

8 parts

[pugboy]

excellent, to have on record the reasoning from that clown

[bushwakka]

Fully covered, running as normal. People who've run their annuity to term and supposed to be collecting their monthly payments/lump sum payments are being given priority.

If you decide to surrender it early, you'll still be paid your monies, including accumulated interest, less Government Tax of 25% but such payments are subject to the availability of funds. Some people surrendered their annuity last year and still waiting on payment.

Note as well that interest stops accumulating from the date that the B.I.R. decommissions your annuity eh, not the date that the check is cut.

But what does fully covered mean? I thought the EFPA's were fully covered and look what happened. I opened long term annuities because I thought they were guaranteed investments, covered by a reserve but now I don't know what to think

Borse, don't let anybody fool you. Nothing is guaranteed in the true sense of the word. The most you can do is reduce the risk of being wiped out in case of a company's failure by diversifying your investments and not putting all your eggs in one basket.

u shud go read sum lawbooks then.....also, if u ever happen to buy anything like a TV, fridge, car etc etc......and it spoil......jus buy a new one right....doh bother to take the seller to task for it

most foolish thing i ever heard, no such thing as guarantee, the courts will be the judge of that, ppl in trinidad for too long have been allowed to say what they want with no consequences

LOL...so you're equating a 'product guarantee' to a 'guarantee' as used with respect to a financial investment and you're telling me to check the law books?

No wonder some of you got taken...

u serious? forget the clico ting for a moment here.....if a judge tell u that the law says that it is legal to lewwe say, fly yuh kite in de savannah (gives u a written legal opinion an all).......yuh go still stop an question it?

excellent, to have on record the reasoning from those clowns

*fixed

[hydroep]

LOL...so you're equating a 'product guarantee' to a 'guarantee' as used with respect to a financial investment and you're telling me to check the law books?

No wonder some of you got taken...

u serious? forget the clico ting for a moment here.....if a judge tell u that the law says that it is legal to lewwe say, fly yuh kite in de savannah (gives u a written legal opinion an all).......yuh go still stop an question it?

Why not? Judges sometimes make mistakes. Do you think the justice system has an appeal process in place just for style?

In any case borse, how is this relevant to the CLICO situation?...

[nismoid]

hydro most of the times you offer really good and sound opinions based on facts, but now yuh sounding really inept.
I have a letter in my hand right now which states " the principal and interest is guaranteed for the duration of the term" this letter is signed and is printed on a clico letterhead.
In february 6th 2009 the CBTT printed a full page ad in all newspapers which states in a nutshell " the cbtt will honor ALL clico policyholders guarantee"
so the issue people are trying to explain to you is " if the government said its guaranteed, do you still have to ask?
so when unit trust fails,, who you gonna blame? the depositors? or the government? or the utc?
when all the utc depositors come calling on the government for a bailout, would you disagree?
the point is, the efpa policies were guaranteed by both the cbtt and after feb 6th 2009 it was backed by the government.

[neilsingh100]

I also want to say the EFPA policyholders have taken a responsible stance despite the government breaking the guarantees given by CB and previous administration. This group of 15,000 policyholders control a large portion of wealth in the country and by aggravating them could cause other financial institutions to fail and everyone would suffer.

Remember these are 15,000 policyholders that are owed 12billion dollars i.e. average of 750k per policyholder so they are not small fries.

[hydroep]

hydro most of the times you offer really good and sound opinions based on facts, but now yuh sounding really inept.

LOL...Buh borse, I'm not doing anything differently. Could it be that your perception has changed because you believe that you're on the losing side of this one?...

I have a letter in my hand right now which states " the principal and interest is guaranteed for the duration of the term" this letter is signed and is printed on a clico letterhead.

Good lawd, this was dealt with already on page 16:

"I'd really like to see an example of this alleged letter. I gave up my EFPA some years ago and I don't recall seeing one.

In any case, as I understand it, the statutory fund was designed to protect long term policyholders and motor vehicle policy holders only. I'd class the EFPA as a short to medium term investment vehicle which would exclude it from being covered by the statutory fund. That would render any "guarantee letter" void, IMO".

In february 6th 2009 the CBTT printed a full page ad in all newspapers which states in a nutshell " the cbtt will honor ALL clico policyholders guarantee"
so the issue people are trying to explain to you is " if the government said its guaranteed, do you still have to ask?

the point is, the efpa policies were guaranteed by both the cbtt and after feb 6th 2009 it was backed by the government.

Look at yuh, repeating stuff again. Like I said (also on page 16):

"...4. For all intents and purposes, it was a Government guarantee through the CBTT, based on the circumstances prevailing at the time. Governments change policy all the time depending the circumstances and they are entitled to do that if they believe that it's in the public interest. Surely after the truth about #2 surfaced, changes in direction were warranted - regardless of which administration was in power. Anyone who expected otherwise is hopelessly naive...".

so when unit trust fails,, who you gonna blame? the depositors? or the government? or the utc?

when all the utc depositors come calling on the government for a bailout, would you disagree?

If the UTC should fail, once the circumstances are similar to the CLICO situation then it should be handled in a similar manner. So if the regulators are at fault, they should be partly responsible, and if the depositors are stupid enough to put all their eggs in one basket based on a 'guarantee' then they're also partly responsible. The latter would be guilty of poor money management and they would be damn boldface if they wanted to get back all their money on their terms.

[nismoid]

hydro most of the times you offer really good and sound opinions based on facts, but now yuh sounding really inept.

LOL...Buh borse, I'm not doing anything differently. Could it be that your perception has changed because you believe that you're on the losing side of this one?...

I have a letter in my hand right now which states " the principal and interest is guaranteed for the duration of the term" this letter is signed and is printed on a clico letterhead.

Good lawd, this was dealt with already on page 16:

"I'd really like to see an example of this alleged letter. I gave up my EFPA some years ago and I don't recall seeing one.

In any case, as I understand it, the statutory fund was designed to protect long term policyholders and motor vehicle policy holders only. I'd class the EFPA as a short to medium term investment vehicle which would exclude it from being covered by the statutory fund. That would render any "guarantee letter" void, IMO".

In february 6th 2009 the CBTT printed a full page ad in all newspapers which states in a nutshell " the cbtt will honor ALL clico policyholders guarantee"
so the issue people are trying to explain to you is " if the government said its guaranteed, do you still have to ask?

the point is, the efpa policies were guaranteed by both the cbtt and after feb 6th 2009 it was backed by the government.

Look at yuh, repeating stuff again. Like I said (also on page 16):

"...4. For all intents and purposes, it was a Government guarantee through the CBTT, based on the circumstances prevailing at the time. Governments change policy all the time depending the circumstances and they are entitled to do that if they believe that it's in the public interest. Surely after the truth about #2 surfaced, changes in direction were warranted - regardless of which administration was in power. Anyone who expected otherwise is hopelessly naive...".

so when unit trust fails,, who you gonna blame? the depositors? or the government? or the utc?

when all the utc depositors come calling on the government for a bailout, would you disagree?

If the UTC should fail, once the circumstances are similar to the CLICO situation then it should be handled in a similar manner. So if the regulators are at fault, they should be partly responsible, and if the depositors are stupid enough to put all their eggs in one basket based on a 'guarantee' then they're also partly responsible. The latter would be guilty of poor money management and they would be damn boldface if they wanted to get back all their money on their terms.

exactly my point,"as you understand it"
You got it all wrong, who told you the guarantee was for long term and motor insured?
see? there you go again believing in hearsay, the guarantee letter covers the EFPA,and it forms part of the contract ( the contract, application form, any addendum and the guarantee letter all form part of the entire efpa contract) it is unfortunate that your agent didnt give you a guarantee letter ( if you ever did have an efpa policy, personally i think you are lying).
so wherever or whoever gave you your information is clearly keeping you in the dark with respect to the efpa policy.
Heres what. go to the cbtt and get a copy of the insurance act, together with a copy of the statuary fund policies, read them and stop taking what 'people tell you' for gospel.
oh and yeah i got a $hitload of money there and i also own a company that is contracted with clico that has another $hitload of money there, so unlike you I aint talking outta my a$$. what i say is directly out of cbtt's lawbook. go check for yourself, and when you do that, then come here and try to argue with me about what should happen with respect to the laws governing the cbtt.