FINSAC: They kicked me out of my company

[Mitty]

Right, and were those loans adjustable with no cap, or the government can just do what they want. How can any business thrive in an environment where loans cost can double without any increase risk. A joke ting dis.

[Karl]

the fact is when Trump Casino failed, the bank made a deal with him and give him lower interest, time to sell or sell at reduce price.

Now forward that prinicple to FINSAC and you will see how Trump would have to give everything he owned, not just the Casino. How can a man borrow 4 million, lose his home and still owe 1. billion dollar? Tell me how is that possible when you didn't borrow from the MOB.

It is not about sticking with failing business because it nuh matter how much profit you make, at 70% interest rate unless a drugs you sell and I mean illegal drugs there is no way you going to pay that back and image the fact that it is government institution giving people that rate.

...and the time this man had?

Sass: Did you read what this man said on the time it took from receiving his first loan until he was removed from the premises? The number of years?

...and did you just state that Trump made a deal...not with the US Goverment but "the bank"?

This man, as he explained, could not make a deal with any bank! ...and you do know there is not one bank that rejects an opportunity to make money if the risks are within policy guidelines?

So Sass, why do you think this man could not find a bank willing to risk its money with this man and his business?

Sass: You are my friend...so as a friend I suggest you remove the JLP blinders from your eyes! Leave the blinders to Lazie and Maudib!

[Muadib]

Karl once again you are blowing smoke..

70% Interest rate.. which Business can survive this ? (legal)

Did the Govt have a part to play in the decimation of the black entrepreneurial class in the 90's.. Yes or No ?

[Assasin]

Karl stop talk foolishness. The fact is if Trump debt interest rate moved from 10% to 40% he would have gone under. Instead he was given options to get rid of his problem without incurring further liabilities.

The fact is it shouldn't take so long if the businessman can't replay it. They could have sold it within a year but to keep it for so long at that interest rate is what killed the man. If the bank see the man business as not profitable then why would they move from say 20% interest rate to 70%? That make him more competitive?

The good thing about America is you can declare banckruptcy walk away and start again, not so in Jamaica and that is what killed these entrepreneurs. The ability to clear themselves of their bad debt and start again. This is not something FINSAC was interested in.

If you remove your PNP blinkers you will see that. I am talking about business here not politics.

[Karl]

Karl stop talk foolishness. The fact is if Trump debt interest rate moved from 10% to 40% he would have gone under. Instead he was given options to get rid of his problem without incurring further liabilities.

The fact is it shouldn't take so long if the businessman can't replay it. They could have sold it within a year but to keep it for so long at that interest rate is what killed the man. If the bank see the man business as not profitable then why would they move from say 20% interest rate to 70%? That make him more competitive?

The good thing about America is you can declare banckruptcy walk away and start again, not so in Jamaica and that is what killed these entrepreneurs. The ability to clear themselves of their bad debt and start again. This is not something FINSAC was interested in.

If you remove your PNP blinkers you will see that. I am talking about business here not politics.

That is a red herring!

You look at your business in the climate as it is. Then you make decisions!

The guy was in a climate such as it was. He made the decision to borrow and plough ahead in that climate...and that you and the rest of the JLP maniacs could bawl blood about...that was fact!

He then could not manage his business successfully!
He failed...miserably!

You are acting like he was the only one who lived through those times who ran a business?

Some failed...he certainly did...and many, many more succeeded!

He could not adapt and adjust to the climate in which he found himself. Those who could succeeded! That by the way is life!

E.g. So Highway 2000 bypass some villages. Fact!

Well those who have businesses that depended on and now no long have the traffic to sustain those businesses must make some decisions...or like that crazy man bawl and fail!

Life is like that you adapt or die!

If there are devaluations and they affect prices of raw material. Manufacturers must adapt or die.

If the demand for the goods you sold died...you find other products where demand is solid...you adapt or die!

If as it was interest rates were increasing at astronomical rates...if you had not the wherewithal as we did at Grace to hold meeting and predict those movements and act on the decisions that came out of those meetings, then ask what those who were succeeding were doing! ...you think...think...think...arrive at decisions and then act in yiour best interest.

Well I am saying the man was foolish = out of his league...if after all his thinking and actions his best decisions brought him ruin. It is not a government that made him fail and other succeed...it was the individuals' and company decisions that brought success or failure.

The fact is, he could not handle the environment in which his business was being operated. ...and he obviously never acquired the expertise to solve his problems.

He certainly spoke to the Commission like a "know it all".

[Muadib]

lol !!!..

The Climate ? What was the Climate ?

All now yuh nuh ansah mi bout wha Gayle Nelson seh... respond or stap di yapping !

[Assasin]

the best financial anaylsts in the world wouldn't predict that rise in interest rate.

You are just ranting without looking and comparing. Any economist will tell you 70% interest rate is not one friendly for business. If you could run a business without borrow money then you would be successful which is one of the reason some business survived or borrowed from foriegn sources.

The fact is that he failed. There is no reason why he should owe Billions when he only borrow millions. How they expect him to pay it? I am sure somebody at the bank looked at the asset he owed at the time and the risk analysis before giving him a loan.

Nuff people right now who bought house had problems paying for it and in the US and the bank don't at that kind of hugh interest rate, the either try a short sale, foreclosure and the bank can only go after what was owed or possilbe refinance. In England Judge decide if the homeowner can pay and make a very easy deal but in Jamaica the money you owe goes up by 100 percent. You can't see nothing wrong.

[MdmeX]

the fact is when Trump Casino failed, the bank made a deal with him and give him lower interest, time to sell or sell at reduce price.

Now forward that prinicple to FINSAC and you will see how Trump would have to give everything he owned, not just the Casino. How can a man borrow 4 million, lose his home and still owe 1. billion dollar? Tell me how is that possible when you didn't borrow from the MOB.

It is not about sticking with failing business because it nuh matter how much profit you make, at 70% interest rate unless a drugs you sell and I mean illegal drugs there is no way you going to pay that back and image the fact that it is government institution giving people that rate.

And after him loose his pants, underpants, shirt, house, wife, pickney and his DIGNITY, how the B-A-C-K-S-I-D-E do you expect him to repay??

It's those kinds of conditions that lead people to commit mass MURDER & SUICIDE!

[MdmeX]

the best financial anaylsts in the world wouldn't predict that rise in interest rate.

You are just ranting without looking and comparing. Any economist will tell you 70% interest rate is not one friendly for business. If you could run a business without borrow money then you would be successful which is one of the reason some business survived or borrowed from foriegn sources.

The fact is that he failed. There is no reason why he should owe Billions when he only borrow millions. How they expect him to pay it? I am sure somebody at the bank looked at the asset he owed at the time and the risk analysis before giving him a loan.

Nuff people right now who bought house had problems paying for it and in the US and the bank don't at that kind of hugh interest rate, the either try a short sale, foreclosure and the bank can only go after what was owed or possilbe refinance. In England Judge decide if the homeowner can pay and make a very easy deal but in Jamaica the money you owe goes up by 100 percent. You can't see nothing wrong.

There's a term for that - "BLIND LOYALTY"!