UPDATED: November 9, 2011 – 6pm
Afra Raymond testified today at 2pm before the Colman Commission into the CL Financial collapse. No word if the video or audio of his testimony will be made available.
CL Financial bailout – The Final Solution?
The new bailout formula was approved, as two new Acts, by Trinidad and Tobago Parliament on 14th September, 2011…
The first one prevents any lawsuits against the Central Bank by claimants, while the second gives the Minister of Finance the right to borrow up to $10.7Bn and places the Republic Bank Ltd. (RBL) shares formerly held by CLICO into a new investment vehicle, NEL 2.
A perversion of our Treasury
These seem to represent what I am calling the Final Solution, in that the clamour and protest which had marked the last year seems to have been fading away. There have been queries from the various ‘Policyholders’ groups’, but those have been limited.
Whatever one thinks of the actual bailout, which I maintain is a perversion of our Treasury, there are valuable lessons to be learned from all this. The main lesson for me is the Power of the Few.
In that although only about 16,000 investors were affected, they were able to mount a successful campaign to improve their position. We need to note that lobbying and campaigning can be effective in gaining benefits for limited groups. To all the weak-hearts who say nothing ever changes, please take note. Continue reading