-
- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
-
https://www.youtube.com/watch?v=OlB9d6ee8y0
Karl mussi smile bout dis... those evil, incompetent Businessmen !
-
So this guy (Who is he? ...besides his grouses does he have any other agenda? - Kent Gammon?) states:Originally posted by Muadib View Posthttps://www.youtube.com/watch?v=OlB9d6ee8y0
Karl mussi smile bout dis... those evil, incompetent Businessmen !
I) Omar Davies was Min of Finance during the period in which FINSAC was established...and he claims Omar Davies was FINSAC;
2) The FINSAC report was finished save typing compilation;
3) He has offered to do that typing and production of the report for presentation;
4) The FINSAC-(ed) assets were sold off at 20+ cents on the dollar;
5) He is upset with the assets not offered to Jamaicans...and the terms - inclusive of waiving of a GOJ tax;
6) He is angry, at whom and exactly why I am not sure, that the inquiry finished during the Min.of Finance Audley Shaw's regime did not have its report published.
NB: Context
1.
FINSAC was a saviour to thousands of debtors - Hylton
Jamaica Gleaner - Published:| May 27, 2011
One key thing we must always remember is that FINSAC never originated any one of these loans.
They were acquired not because FINSAC wanted them, but because removing them from the intervened banks was a prerequisite to those banks' rehabilitation.
Our mandate was to extract value from those loans as would have been attempted by the legacy banks if they had retained them as a part of their own attempt at rehabilitation.
The important question which arises, then, is whether or not FINSAC established a sufficiently robust and fair process and framework for extracting value from these loans, and how well did FINSAC execute against this framework.
A consideration that is worth repeating is the nature and condition of the loans being managed.
http://jamaica-gleaner.com/gleaner/2...business3.html
2. Jamaica Meldown - Wilberne Persaud - Excerpts from Jamaica Gleaner
http://jamaica-gleaner.com/gleaner/2...business6.html"Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."Comment
-
As I have always said, Sass - You have to know how each entity was managed (inclusive of how debt obligations were being serviced) before comments such as your above can be rationally assessed.Originally posted by Assasin View Post
For example: The gentleman states that he borrowed $15,000.00 dollars and at a particular initial interest rate. He mentioned that ballooned to more than $150,000,000 that he repaid. Unless he also informs on type and manner of servicing, attaches the amortization schedule, his payment schedule and the various revisions on interest, amortization schedules and payment schedules we have not a clue on what went on in terms of fairness in the context of his servicing of his loans as per the contract obligations he took on.
For Example - Did he make no payments for a number of years or ad hoc payments and if so, when and how? Did his manner of 'servicing his loans' trigger his and his lenders contracted penalties?
I think, understandably, that the vocal decriers of FINSAC deliberately let *half-truths=outright lies to pressure for what they hope will be recovery of at least some funds. ...that is, they are presenting 'their side' as best they can. Unfortunately, I believe they are not interested in truth...but again understandably, some financial gain.
*deliberate attempt to mislead=deliberate/intentional false statement to a person or group made by another person or group who knows it is not the whole truth"Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."Comment
-
did you listen it? The man said the bank couldn't provide that info. Who do you blame then???? Banks in US do the same thing and have to settle for billions of dollars.
The man said at some stage he couldn't pay it, what difference does that make? They could have settled and recouped more than what the intial payment would have been, instead they sold it for cents on the dollar.
You say is half truth yet you claim the whole truth is published on FINSAC.- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
Comment
- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
-
who were the thousands. It is said the people who had 200 thousand or less in banks got 15% of the money the government disbursed, who got the rest?- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
Comment
- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
-
Why can't we get the Report ??
Jamaica has still not recovered from this event over almost 20 years ago.. the reason why the Region has left us in the dust when it comes to innovation and production and why we are owned by Trinidad and Barbados...
Fairly significant event in the History of Jamaica..
Why did an Enquiry take so long and why can't we get the report ???
Comment
-
That was not what the gentleman said. He said when you lump all of the assets of the banks that went 'belly up' it was only 15% of that sum that was needed to save those who stood to lose $200,000 or less. That is completely different from what you said above.Originally posted by Assasin View Post
Many who had larger sums in the banks where given a percentage of their loses.
It would be good to have a full accounting. How much money was realized via sale of the assets; if there are still assets being held; how all the money recovered by the GOJ was used? Total number of persons whose savings were saved.
This latter comes to mind as I seem to remember that the former Government Saving Bank - (managed by the Post Office - Postal Services Department now renamed The Postal Corporation of Jamaica Ltd. and now having no Government Saving Bank) - became Workers Bank. That bank had a reported 95,000 savers at some time. (Suh-suh poor people money). I think when Workers Bank disappeared those accounts were gobbled up by another bank that eventually went under. The thought is there were hundreds of thousands who were 'saved'."Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."Comment
-
who were those and why not everybody given a percentage?- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
Comment
- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
-
A general ruleOriginally posted by Assasin View Post
is the customer=borrower must be able to service the loan!!! ...many would have to be given 100% forgiveness!!!
...if such cases: difficult (iffa laff a dead) for banks to use the depositors funds as "give a-ways".
Aside: Wonder if you would agree to your bank making less than prudent decisions with its funds?
...or even if you would agree for the GOJ to give all FINSAC'd persons 100% forgiveness of loans plus the property (properties) used as collateral?
Additionally - Sass: I think many persons are forgetting (or wish us to forget) that the properties were seized as a result of borrowers not fulfilling loan obligations to BANKS and other FINANCIAL LENDING INSTITUTIONS.
Surprise!!! ...that enforcing of liens resulting in loss of property and none return of lawful payments is what lending institutions do!!! You cannot negotiate and hope to succeed when the modification of your loan still results in another default.
...you do understand that these borrowers entered into succeeding contracts to pay after succeeding granted modification of their loans or ignored requests for payments without even responding to lawful requests for same from their lending institutions?
There is also the calculation on impact on the entire financial system if forgiveness of a percentage of loans or full forgiveness (reasonable expectation of same) became institutionalized. Such would destroy=cause a collapse of an entire financial system.
The individual borrower must always believe he/she has "skin in the game" ...serious motivation to service loans/repay. Fear of losing the collateral is great motivator. ...greatly assists in ensuring continued viability of FINANCIAL Lending Institutions.Last edited by Karl; June 3, 2013, 08:23 AM."Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."Comment
-
100% Interest is not accounted for in the book yuh reading..
Skin in the Game ?
Get real.Comment
-
Karl a bet you this. If the banks and government ever published what them do a whole heap a people a go surprise and maybe lawsuits as they screwed a lot of people, some directly and indirectly.
You see how Obama admin went ahead and sued BOA and others as they messed up people mortgages? You of all person should know that the bank should publicly show what they did. What are they hiding?- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
Comment
- Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.
-
Why would banks or farin shark seek to abuse clients and cheat them out of their assets ???
When you ever si dat in Jamaica ??
Mek dis did happen ovah suh.. si how much man dead.. and mi nuh mean suicide..
Dem lucky..Comment
Tweet
Comment