Daily Archives: September 2, 2010

CL Financial – CLICO Investment Bank scandal. Inspector of Financial Institutions Carl Hiralal part of the cover-up.

Afra Raymond calls Carl Hiralal’s affidavits “disturbing”, “unbelievable”, “stunning”

The House on the Corner

by Afra Raymond

Some insights into CIB – CLICO Investment Bank

I am starting to look at the CLICO Investment Bank (CIB) and its operations, as revealed by the ongoing bailout.

CIB is a very interesting part of the saga, because even prior to the collapse of the CL Financial group there was a widely-held view that CLICO and CIB were parts of the group which were responsible for raising finance for their ambitious plans.  Even though the interest rates offered by CLICO and CIB were incredibly high – about twice the average offered by others – it would have been much more expensive for the CLF group to borrow those funds via loans.  The view was that the group had a legitimate method of harvesting funds on terms advantageous to them.

In April this year the Central Bank applied to the High Court to have CIB ‘wound-up’, due to its insolvency, estimated in that submission to be of the order of $4.7Bn.  That application to wind-up is being opposed by the NGC and the National Insurance Board (NIB).  Those matters are still before the Courts, which I only mention because the documents filed there give a disturbing insight into the CIB mystery. Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Freedom Of Information

Flags only, no signs at the 9/11 rally against the Islamic supremacist mega-mosque at Ground Zero

Above all, never give up. Never give in. Freedom forever.

The 9/11 rally organisers, Pamela Geller and Robert Spencer, respectfully request that those of you who will be attending the protest against the Ground Zero mega mosque bring American flags, not signs. 9 x 12 sized flags. Nothing with big poles: the NYPD won’t allow big poles. Please get the word out now.

Signs will be confiscated.

FLAGS. Tens of thousands of flags.

It is a solemn day. No signs. FLAGS. Tens of thousands of flags.

Please help meet the expenses of this massive undertaking. Americans can make a tax-deductible donation here. Supporters from outside the United States can donate through Paypal.

(Click on the banner for more details about the September 11, 2010 rally at Ground Zero.)

28 Comments

Filed under Barbados, Human Rights, Religion

Another Barbados lawyer buys his way out of criminal charges. A system rotten to the core.

Attorney Alvin David Bryan wouldn’t look at camera.

Three Lessons:

1. No deterrent for the next thief lawyer.
2. Bajan lawyers cover up for their own.
3. Foreign investors and real estate buyers who live overseas are still nothing more than victims-in-waiting for Barbados lawyers.

All that talk by the justice system and the Barbados Bar Association about cleaning up the legal profession is just so much talk. You need look no further than the latest case where Attorney Alvin David Bryan (also called David Alvin Bryan) was charged multiple crimes for stealing over $226,000 from TWO different clients over a long period. At least one of the victims was a foreign investor living over and away.

After being criminally charged, lawyer Bryan paid the money back to the victims and walked a free man. That’s the normal penalty when a lawyer is caught thieving in Barbados: they have to pay back the money and then they can continue to practice law.

One law for the lawyers, and another for the rest of us. Continue reading

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Filed under Barbados, Corruption, Crime & Law, Ethics, Offshore Investments, Real Estate