CLICO-BAICO STILL MAKING US SING BOB MARLEY, 2013 Buget Pt 9

KENNY SAYS  IT'S SOLVED...Kinda...Not Really

"I don't wanna wait in vain for your love..."

Duprey playing deaf

Remember when CLICO was falling apart and the British American people told everyone not to worry cause every little thing was going to be alright. Well, they lied. In July 2009 when British American went under judicial management, everyone got to know what a persistent bunch of liars they were.

“Lives were shattered, investments lost,” Kenny Anthony told Parliament. Kenny wasn’t in power then. But everyone in the OECS knew that if the governments didn’t get together to foot the bill for capitalism’s most unapologetic conmen, it would be ordinary people who would suffer the most. And ordinary people don’t have anyone else to take their frustrations out on, except their democratically elected leaders. And so….

OECS scrambled their jets. They had to protect depositors, prevent systematic risk (better late than never) and craft an OECS solution.

“The outcome is now reasonably successful.”

That's my money!

The three stage strategy includes a $5 million trust fund. More than half a million in claims have been settled. SAGICOR has bought the life portfolio. EC governments injected $38 million to make it feasible. There are no changes to the policies included in the sale – which is all policies. SAGICOR is supposed settled everything in the next two months. Amalgamation with SAGICOR is on August 1^st.

“But progress on CLICO International Life is not as advanced. No solution can be found without the government of Barbados.” Great.  Just great. The only thing we can be thankful for is that the Antiguans are not on the Bajan side - if they were, we guarantee you, this would be just another great idea that wouldn't fly until it was too late.

Freekin Bajans