Finsac's ruined lives

[Mosiah]

I wonder if these are the kinds of stories they swap over martinis at their "Let's Bash Omar" get-togethers.

Can someone post a real case that involves a businessman with a brain who was really and truly finsac'd by Omar?

Thanks!

[Mosiah]

and you are designated to make that call?

[Muadib]

yes

[Karl]

you forgot one simple factor.

A same thing a happen in America yah now, nuff people can't honor their obligations. What you certainly are not taking in consideration the economic downturn which took place. It is also normal that Banks are taken over but is it normal that a bank like Bear Sterns or Countrywide are given away? Is it normal for inflation to go through the roof at the same time the dollar droping by as much 60% of its value?

If that ever happen in America all a we FART.

Tell me slowly how what you describe above would affect a "loan contract" with underlying use to manufacture & supply 1800 items where only 532 items were supplied?

[Muadib]

No, there is no such case.

Government Policy had nothing to do with the events leading up to FINSAC.

It was Black Men and Women stepping out of dem place.. serve dem right.

[Mosiah]

say hello to karl for me, if you can, because i am not sure shady pines allows the mentally deranged (YOU) to mix with the regular residents.

[Assasin]

let us just assume that the man is telling lies and Betty Ann is just making it up.

It is just easy to cast people as liars only that there is a trail of not just one or two but many.

[Mosiah]

Let's see the many! Is it more than the many who took out mortgages and loans and invested in an "institution" that promised 10% per month and now want their money back?

Confucius didn't believe in democracy because one fool makes many!

[Assasin]

It have nothing to do with it Karl just as subprime loans have nothing to do with our economic collapse that is taking place and the Bush Admin have nothing to do with the gas price we are now paying.

[Muadib]

Damn right.. only a fool would borrow money from a Jamaican Bank to engage in anything other than investment in Govt Bonds...

Black People need to know dem place.. 9-5 and pay dem taxes..

[Karl]

For starters, if me can't fulfil my financial obligation, then seize my goods and put it towards my loan, but don't friggin walk in to my business and destroy my products and raw material! That is BULL****************!! That is tantamount to one can't meet them mortgage payment, and your lender come and burn down your house!!

Come on man, there are ways of doing things, Justice must not only be done, but appear to be done!

What did the gentleman's note your note say?
If the "receiver" had no legal right to go into that property...the receiver would not have been there!

The lender would have no legal right to burn the house if you were still the occupant!

...and if the lender had repossessed the house I just do not see the lender burning it to the ground?

The letter writer...is just plain...lying by omission of salient facts (material facts, Sir Gamma wudda seh?)!

[Assasin]

the difference is many took it from legitimate banks and not from scheme. Many who put the money from the schemes had a choice. Many good businessmen and women didn't have a choice then.

Red flags were all over these schemes, the international agencies all came out early on it. It is big difference when there is a run on a legitimate bank.

And nobody is denying that the Pozi scheme never happen.

[Mosiah]

Damn right?!?! Are u agreeing with me?

Let me make myself clear - I would not doubt that Finsac was unkind, unfair, or cruel to some entreprenuers, but I also think that many companies and individuals went under due to their own ineptitude and to the vagaries of doing business. I have had companies that have not become Fortune 500 and I don't go placing blame where it doesn't belong. Some of that is happening here.

[Me]

I am not buying that destruction of property nonsense? The letter is a 'lying piece' of crap!

Let us assume the 'receiver' was at fault where damages to property was concerned...do you (and does the letter writer) want me to believe that the "astute" businessman would not have taken steps to 'recover' for damages? Do not believe it for a minute...as that would assume that 'astute' gentle man is a fool!

---------------

...as to still owing - Have you ever heard about "deficiency judgements"? If you...any business person wants to get away from that...and commonsense tells us all that if we owe "X" the lending institution shall attempt to collect "X" and all associated charges and fees that have to be expended to make that collection. If assets have to be liquidated to assist in fulfillment of obligations...then so be it. If after the liquidation there is a deficiency then the lending institution has the right subject to the "loan contract" you entered in to take all appropriate steps to fully satisfy the debt.

It makes no sense arguing with you if you are going to say the destruction is rubbish. You making up your own story.

Based on what has been presented in the article, such behavior was wrong.

[Muadib]

A LIE DEM LIE !

Thou shalt not utter words that might directly or indirectly impune the PNP.

The First Commandment.