Gov't to bailout CLICO, British American and CIB

[vaio]

:? News on the ground is that they are in some real trouble.............

[TheLight]

And Government will bail them out

[snowbird]

Just for those of us 'not in the loop' (but curious like hell)..... Who, or What is 'CL Financial'?

[vaio]

supposed to be a news conference in a short while

CL Financial = Clico, CIB, Duprey!

[King B]

They have been for quite some time. Losing millions on the methanol plant and One Woodbrook place. The slow economy brought everything to the fore.

[vaio]

http://www.i955fm.com/nowplaying.aspx

coming live

[Beetle]

This is bad news, I heard the rumors this morning, I am not totally surprised.

[sylvestter]

live on the radio now

[shield_2006]

Contagious inter-related transactions-sounds like HCU. There is a plethora of literature on the dangers of this.

[sylvestter]

apparently the government intervention will be with respect to clico, british american, and clico investment bank.

[shield_2006]

I could understand how this unfolded but I do not want to add to the noise in the circumstances. Nevertheless the impact and stress on our economy took a little loner than I expected and I suspect there is more to come. No one is going to escape what was triggered by the IDIOCY in the US.

Before snowbird arrives with the void argument-this crisis was triggered by the IDIOCY in the us WITH THE UNREGULATED BUNDLING OF SPURIOUS PRODUCTS.

[sylvestter]

here's the story in a nutshell from c news, as it is appearing on the ticker at the bottom of tv screens:
http://www.ctntworld.com/LocalArticles.aspx?id=8218

T&T Gov't to bail out CLICO, British American and CLICO Investment Bank
Friday 30th January, 2009

CL Chairman, Lawrence Duprey confirms that government will intervene in CLICO, British American and CLICO Investment Bank.

Mr Duprey says this is just pre-emptive action and he does not believe that it will be a crisis.

Central Bank governor says CLICO manages 38 billion in assets or a quarter of the country's gross domestic product.

The Central Bank will immediately take control of CIB. CIB’s banking license will be revoked after sale of assets.

Central bank governor assures CIB depositors that their funds are safe.

Government to provide funding for CLICO insurance portfolio in return for equity in CLICO.

CLICO to be returned to its core insurance business.

Central Bank governor says this is not the time to take advantage of CLICO’s situation. Not a time for competition.

Minister of finance, Karen Nunez-Tesheira says international firm to be hired to restructure CLICO, CLICO Investment Bank and British American.

First Citizens CEO, Larry Howai says CIB customers should refrain from visiting First Citizens branches.

First Citizens CEO says there are regulatory and legal issues to be worked out before monies can be paid out.

[vaio]

Central Bank is taking control CIB......all liabilities of CIB and CMMB wld be trans to FCB...this is supposed to be offset by the sale of high level assets of CIB....CIB's banking license wld be revoked

[vaio]

First Citizens CEO, Larry Howai says CIB customers should refrain from visiting First Citizens branches

i like that one! :: I am sure ppl gonna panic :?

[shield_2006]

First Citizens CEO, Larry Howai says CIB customers should refrain from visiting First Citizens branches

i like that one! :: I am sure ppl gonna panic :?

To what end-if u can wait and receive your money in an orderly fashion. I am waiting for Harry and the HCU depositors group to cry discrimination-it is inevitable and expected.

Just for information-the Credit Union movement is under the control of the Cooperative Division of the Ministry of Labour and the credit unions themselves preached that they were capable of regulating themselves and did not want the Central bank involved.

[shield_2006]

Central Bank is taking control CIB......all liabilities of CIB and CMMB wld be trans to FCB...this is supposed to be offset by the sale of high level assets of CIB....CIB's banking license wld be revoked

CMMB as well????????

Interesting question :?: :?:

[vaio]

i thought i heard CMMB...cld be wrong though....

employees gonna lose their jobs from CIB for sure!

[shield_2006]

Inevitable job loss-the Company grew over the last five years on the basis of the volume and scope of the inter-related transactions. When selective assets and liabilities are hived off-there will be little left to support their employment.

[vaio]

cmmb too wld be transferred to fcb......interesting days ahead.

[sylvestter]

cmmb too wld be transferred to fcb......interesting days ahead.

seriously? i didn't see that. i have to watch the news later.

[slick]

more job losses

[sylvestter]

cmmb too wld be transferred to fcb......interesting days ahead.

vaio, i don't think they specifically addressed CMMB

[Randall]

Yep they mentioned ~100 layoffs

[shield_2006]

The thread on Trinidad being recession proof is back 4 sure!

[Maccogirl]

Talk is 30% of CL staff will be laid off, when no one seems to know