OFFICIAL CLICO THREAD

[Wolfie]

Think it's gonna still be in the billions after or just hundreds of millions?

^^ but it's not known yet, the liabilities are $16B TT but there are assets to offset

[eliteauto]

And what presidence does this set for other companies?

The bail out figure.... it is a lot of money

I know you meant precedent and actually whilst it may be new here, State/Government capital injections/ liability guarantees are nothing new internationally and have been par for the course in the last year both in the US and Europe

[SR]

as with any 'takeover" or change of ownership there will alawys be reshuffling to remove non performing and redundatn positions

as the new "owner" will want to recover its investement asap

middle managemnt and top posisitons will probably be looked at first and then filter down to staff

usually when it reaches down to general staff level is first in first out due to lack of experience

[Notorious Scullman]

"Technically" it's not.

In fact it is a bailout of an insolvent group of companies by purchasing viable assets instead of the troubled ones

[RASC]

as with any 'takeover" or change of ownership there will alawys be reshuffling to remove non performing and redundatn positions

as the new "owner" will want to recover its investement asap

middle managemnt and top posisitons will probably be looked at first and then filter down to staff

usually when it reaches down to general staff level is first in first out due to lack of experience

Yup...it's expected, and not surprising.

[slick]

Did they just say CL Fianancial is "divesting" the 55% sharing holding of Republic Bank to FCB and NIB?

[Notorious Scullman]

Did they just say CL Fianancial is "divesting" the 55% sharing holding of Republic Bank to FCB and NIB?

[slick]

shiet hittin d fan big time

[SmokeyGTi]

^^

oh s.hit!


Ogoooood! look at thread get lock!!!

[Notorious Scullman]

CL's auditors are PWC and were last audited in 2007.

Cat in bag?

[DTAC]

Global financial crisis really hitting home now.

[drunkenscorpion]

CL's auditors are PWC and were last audited in 2007.

Cat in bag?

08 audit going on right now. Usually takes some months to complete the audit giving the depth of the portfolio

[Greypatch]

nah will hit home on ash wednesday....or after the last las lap fete

[soundboy101]

so where does this leaves HCU, why there wasnt any intervention for them

[roadhog]

this is just the begining. same thing with LB in the states. things not gonna get any better now. CASH IS KING!!!!!!!!!!!!

[Aaron 2NR]

ok so an overall update...im at work and cant hear wats goin on over the radio..

[ray d saint]

Technically this is not a bailout folks. Stop with the sensationalism please

so what is it???... please do render u r expert opinion...

[Greypatch]

dem nah like coooolies

[SmokeyGTi]

so where does this leaves HCU, why there wasnt any intervention for them

is not the institution, is the person.

L Duprey <> H Harrynarine

[RASC]

so where does this leaves HCU, why there wasnt any intervention for them

They answered that question already...
The central bank doesn't control anything within HCU therefore-there is no vested interest by the gov't or the ppl of Trinidad and Tobago to prevent it from sinking.

Let it die is what I say.

When wholly private financials are about to die...LET them die!

[eliteauto]

The Minister is asking for responsible reporting and to avoid sensationalism
*awaits The Guardian's headline tomorrow*

[tr1ad]

look how classifieds go get fill with carnival costumes fuh sale

[RASC]

Technically this is not a bailout folks. Stop with the sensationalism please

so what is it???... please do render u r expert opinion...

A bailout would be..."Here look the cash, but you have to do x,y and z"

This is a BUY out!

[Conrad]

Technically this is not a bailout folks. Stop with the sensationalism please

so what is it???... please do render u r expert opinion...

A bailout would be..."Here look the cash, but you have to do x,y and z"

This is a BUY out!

Techinicality is a beyotch.

[SR]

yeah but its similar at the same time

please buy my non perfoming investments as i cannot afford to keep them running

so now they are no longer my headache

[eliteauto]

so where does this leaves HCU, why there wasnt any intervention for them

They answered that question already...
The central bank doesn't control anything within HCU therefore-there is no vested interest by the gov't or the ppl of Trinidad and Tobago to prevent it from sinking.

Let it die is what I say.

When wholly private financials are about to die...LET them die!

The HCU does not fall under the ambit of the Central Bank from the regulatory position, thus they could not intervene

[slick]

wonder what will be the effect on the uneducated masses...

confidence...

[RASC]

yeah but its similar at the same time

please buy my non perfoming investments as i cannot afford to keep them running

so now they are no longer my headache

Kinda sorta, but not really///
Remember the FCB is a branch of the gov't. Technically speaking it's not the gov't only...private citizens, private companies have investments/assets with them.

[aR&D]

so where does this leaves HCU, why there wasnt any intervention for them

They answered that question already...
The central bank doesn't control anything within HCU therefore-there is no vested interest by the gov't or the ppl of Trinidad and Tobago to prevent it from sinking.

Let it die is what I say.

When wholly private financials are about to die...LET them die!

The word is not "Control" it is Regulated ...and yes, the HCU, like all Credit Unions are CBTT regulated.

The CL Financial Group is a wholly private financial organization.

[slick]

yeah but its similar at the same time

please buy my non perfoming investments as i cannot afford to keep them running

so now they are no longer my headache

rbl is a non-performing investment?