Sass, Willi, Ben, Lazie

[Jawge]

Mdmex and others (sorry if I forgot names). Let me ask these puzzling questions (for me at least).

The main intent for all businesses is to make a profit? Yes?

Isn't it that; not all businesses will succeed? yes?

BTW if the business makes profit in a non communist country, should most of the profits go to the state? Yes?

Please free to answer my question above as you see fit. Thanks.

[HL]

KKing Jawge...please lay off the bush tiger. Yes?

Thanks in advance.

[Muadib]

lol !

mi did fraid fi ansah.. mi nuh suh good wid di Twilight zone sinting...

[Jawge]

Bush tiger? H ah serious tings mi ah deal wid boss.

[Jawge]

Okay Ben said he was afraid (and rightly so) Willi and Co. why are you guys running? Unnuh read dis:

Finsac nightmare - Real estate dealer tells how $10m loan grew to $113m
Poyser suggests debt write-off from JRF properties sale
BY PATRICK FOSTER Observer writer fosterp@jamaicaobserver.com
Wednesday, March 16, 2011

LASCELLES Poyser tried hard yesterday to put on a brave face as he related how a $9.8-million loan from Horizon Merchant Bank in 1993 not only caused him to lose acres of property across the island, but resulted in him still owing $113 million.
Poyser, a once powerful real estate dealer, appeared before yesterday's sitting of the Financial Sector Adjustment Company (Finsac) enquiry into the 1990s financial sector meltdown.
According to Poyser, the debt has ballooned to a current $113 million despite him repaying approximately $100 million and losing acres of property across the island to debt collectors Jamaica Redevelopment Foundation (JRF). Finsac sold what it termed non-performing assets to overseas-based company JRF for cents in the dollar.
Poyser yesterday admitted that repayment on his loan went into default after Finsac took over Horizon's assets, but he alleged that the JRF breached subsequent arrangements for a settlement of the debt. "If they had kept their agreement I would not be here giving evidence," Poyser told the enquiry.
Poyser, in his witness statement, said among the lands lost was a 12-acre property at Discovery Bay, St Ann, which was put on the market for US$1.5 million in 2004, despite him having an agreement for a subdivision of the property and 60/40 split from the sale of the lots. He said the JRF would have received 60 per cent of the estimated $228 million proceeds from sale of the lots.
Yesterday, Poyser suggested that in order to make the enquiry meaningful for entrepreneurs affected by the meltdown, Government should give up its portion of the balance expected from the sale of JRF properties. "They should give that money back to the debtors as write-off," he said.
Government receives a percentage of the proceeds from the sale of properties by the JRF.
Witnesses at the ongoing Finsac enquiry have repeatedly testified that in the early 1990s the Government's high interest rate policy in many instances pushed repayment on bank loans above 90 per cent per annum.
Borrowers, as a consequence, found loan repayments onerous, if not impossible, leading to the collapse of banks, insurance companies and the shutdown of more than 100,000 small business enterprises islandwide.
However, the effect of the fallout, it appears, has not resonated with Jamaicans at large.
At yesterday's sitting of the enquiry an empty room at the Jamaica Pegasus Hotel greeted commissioners Worrick Bogle, Charles Ross and retired judge Justice Henderson Downer.
Former chairman, retired justice Boyd Carey was booted last year by the Courts after lawyers representing JRF and former finance minister Omar Davies -- who has taken a lot of flak for the meltdown -- accused him of having a Finsac debt which made him unfit to lead the enquiry.
Davies, ex-financial secretary Shirley Tyndall, former Finsac chairman Patrick Hylton and the JRF, in addition asked the Court to declare the enquiry null and void but were unsuccessful.
The lack of support for the Finsac enquiry is in stark contrast to the soap opera atmosphere of the current Dudus/Manatt Commission of Enquiry being held at the Jamaica Conference Centre, downtown Kingston.
At the end of yesterday's sitting of the Finsac enquiry close to 4:00 pm, the Talk-of the-Town on the 17th floor of the Jamaica Pegasus remained as empty of observers as when the sitting commenced two hours before.
The enquiry continues today.



Read more: http://www.jamaicaobserver.com/news/...#ixzz1GpXLgYjz

[HL]

You are a good sport King J !!

[Willi]

Please explain how your geniuses cause 49 factories to close in Span Town under their watch.

[Jawge]

49 factories Willie?? Do you really believe that? What were they making, "drops" and Gizzada".

Willi come better please. BTW let me know if the state should get a huge sum of the profits from these ventures. Thanks.

[Willi]

What you know about the industrial history of Spanish Town.

Before yuh chat, do some research! LoL

Battery, polish, brassieres, buttons, cigarettes, pasta, electronics, textiles, the factory that used to release the noxious vapours (We used to call it acid factory...), Steel tubes, concrete blocks, many food processing facilities, etc etc. All this just from the top of my head.

Yuh think seh is minor damage Omar cause?

[Don1]

I don't hold Omar in high regard and think he should be retired in the public interest as his credibility is shot... however..

It is too simplistic to say that Omar "caused" the disappearance of industry..

The root cause of the demise of those operations is globalization and the so-called Washington Consensus policies which mandated open markets.

Those industries are not economical fo Jamaica to operate...we have no competitive advantage to produce those items as they cannot compete successfully with imports...whoever is in charge those industries will fail

Where I fault Omar for his gross mismangement of liberalization ...and even the current set in power.... is a failure to totally reorient Jamaica's economy to where we have competitive advantages and can move to higher valued added production..

The underpinning of that necessary reorientation is a massive emphasis on education and training...especially in technical areas... not borrowing massive sums like US$400m to fix roads (not even BUILD-- but repair) in order to win lickylicky votes

None of the tribes have a clue...or care a damn... except retaining power

[Jawge]

is a failure to totally reorient Jamaica's economy to where we have competitive advantages and can move to higher valued added production..

The underpinning of that necessary reorientation is a massive emphasis on education and training...especially in technical areas... not borrowing massive sums like US$400m to fix roads (not even BUILD-- but repair) in order to win lickylicky votes

None of the tribes have a clue...or care a damn... except retaining power

We are in the same boat on the above.

[Don1]

ah now mi start fret

[Willi]

fret yes!

More to this than what you say. Still too simple.
Some were taxed up the wazoo till they left. Some were denied protection and support and most died under the yoke of usurious interest rates.

The full has never been told. Dont mek di apologists tell you any different and YES, the tribes are both essentially clueless, but only one has the DEATHSTAR called Omar.

[Don1]

yuh cyan gwaan wid di parsing ... mi nuh si nuh pogress inna nun ah dem...strait

[Willi]

Fair enuff, but the Deathstar wicked and wile!

Pick up nuh!!! Waapen yuh fraid fi di link? LoL