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Trinidad & Tobago Bailout

Trinidad & Tobago Bailout

The government of Trinidad & Tobago is to spend billions to bailout CLICO, British-American and CIB so that the assets of people do not go under. Duprey says that its all because of the global economic problem and insists that he ran the company properly.

Bailout Tobago and Trinidad

I am not sure which one is worse, CLICO in financial trouble or the mere thought of the government having to take over CLICO by financial assistance. I believe that what was instrumental in CLICO's downfall was Duprey chose to do too many projects and did not have the hindsight to see how serious the global crisis really is. I suspect the WOODBROOK ONE project, was instrumental for CLICO suffering a huge loss. I remember someone told me that HCL (one of CLICO's group of companies) was forewarned by another construction company, to exercise caution while building WOODBROOK ONE because there was a possibility that the construction could undermine the stability of Pizza Hut. HCL scoffed and laughed at the person's warnings. Then about one week later, HCL contacted the same company and begged for assistance since Pizza Hut was complaining about the building slowly being undermined and leaning towards where WOODBROOK ONE was. I understand that the managing director, Mr Fifi was politely asked by Lawrence Duprey, to resign, even though he was due to retire. WOODBROOK ONE was Mr Fifi's project and CLICO suffered huge losses.

I am looking at the type of companies acquired by CLICO and they are excellent. Angostura is quite a solid company and imagine CLICO is struggling financially. I was very suspicious when they chose to withdraw their sponsorship from the Jazz Festival. But so much politics goes on everyday that the public thought that there was a disagreement somewhere and hence the reason why CLICO withdrew its sponsorship. But we were all wrong! It was a signal that all was not well with CLICO. I think Mr Duprey made a few bad business decisions and expanded too much.

But I hope this recent fiasco with CLICO will help Trinis to wake and realise that rainy days are here and we really need to start shopping wisely and saving more.

Trinidad & Tobago Bailout Caribbean / Tobago & Trinidad

You think they will have to bail out the car industry as things are slowing?

Bailout Tobago and Trinidad

Could be. Falling economies always cause a ripple effect. Once one big business is falling the rest fall like dominoes. I'm still amazed that the government is refusing to say we are heading towards recession.

Bailout Tobago and Trinidad

Confidence, credibility and broken promises

THE CLICO "bailout" is now the new talking point, having pushed the UDeCOTT Commission of Enquiry and Summit of the Americas down the ladder a little ; and this is expected as CLICO is not only a major player in the insurance industry but contributes significantly to the economy. Ref. Source 8

Trinidad & Tobago Bailout

Bailout bills passed

Govt: No intention of taking over Republic Bank The bailout bills are now law. The bills, which were deemed too crucial to fail, were enacted in record time. They were passed in the House of Representatives on Wednesday, then passed with amendments in the Senate yesterday morning at 2.30 a.m. with support of all the Independents, and later yesterday, the amendments were approved by the House. Ref. Source 7

Trinidad & Tobago Bailout

It has begun. CLICO Investment Bank workers (100 of them) have been sent home. Are people watching? Are they beginning to see that you cannot spend wildly anymore?

Trinidad & Tobago Bailout Trinidad & Tobago / Caribbean

The government doing the right thing yes. If they didnt bailout Clico you know how much people would be bawling for they money?