CL Financial Scandal gets more sordid
The slogan of CL Financial’s CMMB was “Intelligent Investing” but the reality is shown by their return on assets for the five years before their collapse:
2005 – 1.22%
2006 – 0.97%
2007 – 0.0015%
2008 – 0.0043%
2009 – 0.0094%
Yours truly, Robert, managed to average an annual 7.32% return on my personal investments over the same period and I know virtually nothing about investing.
There are big, big questions about the CL Financial, CLICO debacle: most of them unlikely to be answered by those with dirty hands. Our friend Afra Raymond kicks off the new year by continuing to ask questions in his usual devastating manner which I liken to a stiletto in the heart of the CL Financial and CLICO “executives” and their enablers: the politicians and PricewaterhouseCoopers auditors…
Given the very low profits earned during CMMB’s operations, there are two inescapable questions arising – “What is the real reason for the CL Financial group to hold onto this company?” and “What was in it for them?”
From the new AfraRaymond.com article The CMMB story
PricewaterhouseCoopers – Devouring widows’ houses
“Which devour widows’ houses, and for a shew make long prayers: the same shall receive greater damnation.”
Luke 20:47, King James Bible
How many lives did PricewaterhouseCoopers ruin because they did not do their duty?
How many old folks will end up losing their savings, selling their homes and working nights at fast-food outlets because PWC continued providing their stamp of approval to Duprey, Leroy Parris and Clico’s lawyer David Thompson long after any reasonable person knew that something was wrong?
Compare the 2005 and 2009 opening comments on the PWC auditors’ report for CMMB shown at Afra Raymond’s blog and you’ll see what we mean. PWC went into “cover thy ass” mode big time as it became apparent that they hadn’t been doing their job protecting innocent investors. Compare the Consolidated Balance Sheet and Consolidated Income Statement in each report for more fun!
Afra Raymond was fired by the Trinidad State-owned broadcast house CNMG because his weekly columns were too devastating, too accurate and impossible ignore.
You owe it to yourself and your children to stay interested in the CL Financial, CLICO story because after privatizing and pocketing the profits, the elites want us to socialize the losses and let our children pay for their Florida mansions.
Head on over to AfraRaymond.com and discover how badly you and your children are being robbed.