'FINSAC ruined me' - Man loses business, home during '90s me

[Muadib]

Dodging and hiding...

Common sense would set you free.

Any business that had a loan out at the time and did not have the cash to make a demand payment to escape 100% interest rates would have been affected.

That is basic common sense.

The GDP of the country fell by 44%... do you need a MAP ?

What are you running from ? Yuh sound guilty... what a gwaan ?

[Muadib]

more so the worst of times....

What is your point ?

Any debate of vibrancy was made irrelevant in the context of the interest rate insanity which prevailed...

[Karl]

Dodging and hiding...

Common sense would set you free.

Any business that had a loan out at the time and did not have the cash to make a demand payment to escape 100% interest rates would have been affected.

That is basic common sense.

The GDP of the country fell by 44%... do you need a MAP ?

What are you running from ? Yuh sound guilty... what a gwaan ?

Is there some previous action that triggers a demand for payment?

You need to stop the foolishness!

[Muadib]

Heh, heh.

You can't handle the Truth... Karl wuss..

lol !

[Muadib]

Speaking of Workers Bank.. mi unnastan seh a big politico had major interest that bank.. of course his interest was protected..

Yuh right bout di corruption ting...

lol !

[Karl]

Heh, heh.

You can't handle the Truth... Karl wuss..

lol !

Handle 'The Truth'?

Let's see....let's continue to watch it being revealed through this FINSAC Commission of Enquiry, nuh?

...an yuh an Lazie need fi stap di nonsense unnuh spoutin fi years!

Hopefully the banks that were shutdown by FINSAC will have subpoenas issued for there documents to be brought before the FINSAC Commission and examined. Let us see what were the actual positions of those banks and the entire history of the 'victims' loans.

Wouldn't it be great to have documents exposing the position of Century National Bank and the Paul Chen Young financial entities see the light of day? Wouldn't it be great for the Jamaica public to see the truth, the whole truth and nothing but the truth? Yes?!

[Karl]

we really needed this enquiry. what is the truth in all of this?

If the Chairman of the Commission and its other members are honest brokers...they will review the evidence and examine the supporting documents...and if necessary, seek further supporting documents and review (possible calling in experts in the disciplines that review and interpret such matters - e.g. impartial retired bankers, impartial retired bankers with expertise surrounding loan portfolios of the types under review, auditors, etc...) and give their findings and conclusions.

i.e. they will 'dig deep'! ...and let the facts all 'hang out'!

[Mosiah]

i would hope that all parties would have been satisfied with the chairman and his crew before the enquiry started. wi don't need that to muddy the waters.

but i see that you are trying to cover all the bases, Karl. if the commission determines Omar screwed up, you'll just come back saying that the commission was not made up of "honest brokers" and they did not "dig deep".

we don't praise you enuff for your consistency, Karl!

[Muadib]

I suggest you read a book called:

Ethnicity, Class and Nationalism: Caribbean and Extra-Caribbean Dimensions.

Educate yourself.. if you dare.

"It can be argued that this comprised the People's National Party's larger effort to create a black entrepreneurial class and black economic elite. At the time, the new "indigenous" banks were held up by the government and the media s nationalistic examples of Jamaicanness, and often too of black entrepreneurship - images that were key to the implicit identity of the governing party and its political rhetoric, particularly during the 1993 election in which P.J. Patterson is widely held to have played the "race card." These banks invested widely in real estate, tourism, and agriculture. And while these extra-banking forays were retrospectively seen as a major cause of the later fallout, these investments were undertake "in the mood of the 1980's and early 1990', when there was official government policy support for the expansion of the domestic financial sector into the productive sector"

"Dr. Omar Davies in a bold speech in the pre-election period, admitted to two errors. One, that he indulged in some amount of social engineering by encouraging indigenous participation in the ownership and control of major banking institutions. Two, that in his zealousness to achieve a sociological (as opposed to an economic) objective, he stepped over the line in giving "blys" to individuals who would be proved by subsequent developments to be either unworthy or such considerations or incapable of making good on them.
The admission is innocuous enough in that it points to a fault or weakness in the minister that almost any progressive or nationalistic-minded Jamaican would forgive"

"The consequences of this "experiment" were disastrous for the banking system, the economy, and the individuals involved. A summary of the condition of the banks that were taken over by FINSAC, including the Worker's Bank, found a litany of woes, including unreliable financial statements, inaccurate Bank of Jamaica reporting, nonexistent investments recorded on bank accounts, loans diverted to subsidiary companies to avoid reporting as past due, and mis-stating financial statements and inflating balances, among many, many other findings. Except for a very brief prison stay for one bank, none has yet been prosecuted, but they are all either living outside of Jamaica, or in much humbler circumstances just a decade after being held up as splendid models of entrepreneurship, success, and possibility..."

Lengthy but once again.. the profundity and the experimentation under the PNP once again led to the demise of the Jamaican economy... Black Man Time...

"The road to hell is paved with good intentions.."

Di New PNP seh dem sorry bout di 70's ting..dem get a likkle out of hand.. but now dem realize seh is money run tings.. dem have a NEW PLAN to escape di oppressor...

That plan bettered the 25% hit in the 70's with a 44% hit in the 90's.

But is allright cause dem INTENTIONS is good...

Now I undertand how man like Omar Davis can look at himself in the mirror and proudly expound in Parliament... "Good Intentions"

Dem seh strike 3 and you are out... keep that in mind next election..

lol !!

[Shatta]

Self hating in its greatest manifestation

The USA have their Small Business Associations to help their own and so forth But we bend over backwards to reach out to Spaniards and Whites to invest in our country but put stones on the back of our own.

No wonder our children will have to come to wipe out these infidels as they have pulled us down far enough. Its time!!!

http://www.youtube.com/watch?v=vbMvS...eature=related

[Muadib]

Is wheh di rath wrong wid dis internet..

[Karl]

News 'An incestuous affair!' Attorney accuses Finsac...

News
'An incestuous affair!'



Attorney accuses Finsac of insider dealing
By PATRICK FOSTER Observer writer fosterp@jamaicaobserver.com



Thursday, December 10, 2009



ANTHONY Levy, the attorney-at-law representing Thermo-Plastics, yesterday charged that the Financial Sector Adjustment Company (FINSAC) undervalued and sold the assets of the company to connected parties in an incestuous affair after the 1990s financial meltdown.
Levy was posing questions to FINSAC general manager Errol Campbell in the ongoing enquiry at the Jamaica Pegasus hotel in Kingston.


According to Levy, National Investment Bank of Jamaica (NIBJ), then headed by Rex James, acquired the assets of Thermo-Plastics from FINSAC and sold two properties at Twickenham Park in St Catherine for $35 million and $9.4 million respectively.


The attorney, however, contended that the assets were grossly undervalued, saying that the tax department had a valuation of $145 million for the property that NIBJ sold for $35 million. He added that the combined value of both properties was closer to $183 million.


Levy, who told the enquiry that the case was now before the courts, said that records show that James was also a director of FINSAC-subsidiary REFIN as well as a director in the company that purchased the $9.4-million property.


"This was an incestuous affair," Levy commented during the proceedings, adding that public notice was never given, as required by law, nor was the sale advertised.


Thermo-Plastics, a container manufacturing company considered at the time the largest of its kind in the Caribbean, was sold in 2002 after racking up over $100 million in debt.


Campbell, when asked if he knew who did the valuations for the sale of the properties, told the enquiry that he did not have that information.



In his second day of testimony, the FINSAC general manager was again hauled over the coals for an apparent lack of preparation or intentional evasiveness.


In response to question after question, Campbell said that he was either unaware or did not have records to adequately answer.


Commission chairman Justice Boyd Carey, forced to intervene, read the mandate of the enquiry and instructed Campbell to either answer questions or provide information to the Commission.



"Somebody has to answer," Carey remarked.



Levy, in the meantime, suggested that James as well as Thermo-Plastics receiver Richard Downer be called to give testimony in the enquiry.

[Karl]

News
'An incestuous affair!'



Attorney accuses Finsac of insider dealing
By PATRICK FOSTER Observer writer fosterp@jamaicaobserver.com



Thursday, December 10, 2009



ANTHONY Levy, the attorney-at-law representing Thermo-Plastics, yesterday charged that the Financial Sector Adjustment Company (FINSAC) undervalued and sold the assets of the company to connected parties in an incestuous affair after the 1990s financial meltdown.
Levy was posing questions to FINSAC general manager Errol Campbell in the ongoing enquiry at the Jamaica Pegasus hotel in Kingston.


According to Levy, National Investment Bank of Jamaica (NIBJ), then headed by Rex James, acquired the assets of Thermo-Plastics from FINSAC and sold two properties at Twickenham Park in St Catherine for $35 million and $9.4 million respectively.


The attorney, however, contended that the assets were grossly undervalued, saying that the tax department had a valuation of $145 million for the property that NIBJ sold for $35 million. He added that the combined value of both properties was closer to $183 million.


Levy, who told the enquiry that the case was now before the courts, said that records show that James was also a director of FINSAC-subsidiary REFIN as well as a director in the company that purchased the $9.4-million property.


"This was an incestuous affair," Levy commented during the proceedings, adding that public notice was never given, as required by law, nor was the sale advertised.


Thermo-Plastics, a container manufacturing company considered at the time the largest of its kind in the Caribbean, was sold in 2002 after racking up over $100 million in debt.


Campbell, when asked if he knew who did the valuations for the sale of the properties, told the enquiry that he did not have that information.



In his second day of testimony, the FINSAC general manager was again hauled over the coals for an apparent lack of preparation or intentional evasiveness.


In response to question after question, Campbell said that he was either unaware or did not have records to adequately answer.


Commission chairman Justice Boyd Carey, forced to intervene, read the mandate of the enquiry and instructed Campbell to either answer questions or provide information to the Commission.



"Somebody has to answer," Carey remarked.



Levy, in the meantime, suggested that James as well as Thermo-Plastics receiver Richard Downer be called to give testimony in the enquiry.

...and if they are found to have acted in an irresponsible manner?

They must suffer the consequencies! After all is said and done the properties were then government assets...and if actions taken by Rex James, the Receiver and other parties were not above board...they were not exercising their fiduciary responsibilites...then they must pay!

*In a fiduciary relation one person (entity), in a position of vulnerability, justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.

Source - Wikipedia

[Muadib]

Mi nuh tink yuh waan guh down dat road...

lol !

[Karl]

Mi nuh tink yuh waan guh down dat road...

lol !

I tink yuh figet seh a mi seh "corruption abounds"...an PNP, JLP an no P suh-madi wuk tigedda innah corrupt business?