'FINSAC ruined me' - Man loses business, home during '90s me

[Jawge]

this is the problem with JA: You have a few that calls themselves very intelligent, who snobs anyone that doesn't agree with them. Using all kind of words to call their detractors fool. Mi ah eediat but mi know fi nuh put mi likkle money inna ponzi scheme.

Mi memba when yuh an Ben on yah ah call mi eediat cause mi say di ponzi ah kill Ja economy. Suddenly you are now an authority on banking. You know why I know both you and Willi are going in the wrong direction? Because you guys are linear in thought: Thinking that the PNP is wrong and the JLP is right and can fix all things.

When will you guys wake up? It's not the party it's the system of JA. Give the JLP the same eighteen years we would be right where we are and maybe worse stories in Banking. To quote Byles "the corner shop" way of doing things must come to an end. Both of you would like to tell me that the JLP would do a better Job when JA's banking system is firmly rooted in a colonial/slavery policy. What you guys won't say is that a lot of Jakans take out loans for busines but don't use it in the business. when they can't reppay they blame the govt. Do your research and see that this losing home and property isn't restricted to one party.

[Gamma]

it deeply ingrained from some serious indoctrination.....yuh think tuy a talk to smaddy coherent and den ..... WHAM ..... yuh realise seh lucidity is fleeting!

[Don1]

Willi come on you know better than that: if you tie your house in the deal to secure a loan; once you default the house is the bankers'. Even if you can find a price it's their job to sell in order to recoup their loss. As I said; there are some unethical practices in Ja's banking system (coming from the colonial times) that many of us regular Jakans forget (I don't know why. What they didn't listen to their elders?)

Willi mi serious when mi say mi would ah rather throw pardner than borrow from di Jakan bank. Yuh nuh believe mi. Wuss how Joshua dead an gone.who ah go look out fi ah humble country bumpkin like mi?

You really need to get over that Joshua sycophancy.

Seriously.

[Willi]

If the bank or recovery agency merely wanted to recover money and max returns, they would have sold for $50m or simply allow the man to sell on condition that they take their chunk first.

The fact that it sell for only $20m, means that they more than made back their money and were them giving a deal to a connected bredrin.

This is sheer hold dung tek weh.

Wake up and smell the rat.

As fi di Joshua aregument, mi a ded wid laugh. Who allow PJ fi tek over when he did know what was to come? Why didnt he spend every political capital he had to spare us the coming Tsunami? You think a likkle 1 hour speech pon ethics to the party faithful was aggo do the trick?

[Jawge]

Willi come on you know better than that: if you tie your house in the deal to secure a loan; once you default the house is the bankers'. Even if you can find a price it's their job to sell in order to recoup their loss. As I said; there are some unethical practices in Ja's banking system (coming from the colonial times) that many of us regular Jakans forget (I don't know why. What they didn't listen to their elders?)

Willi mi serious when mi say mi would ah rather throw pardner than borrow from di Jakan bank. Yuh nuh believe mi. Wuss how Joshua dead an gone.who ah go look out fi ah humble country bumpkin like mi?

[Jawge]

Same can be said of the crack era.

[Don1]

The blinded cant see the obvious scam.

It figures.

This was loansharking at its best.

I thought usury was against the law, but I guess they made themselves the law.

So sad. Now look at Jamaica.

You are right...partially.

It is impossible to understand Jamaica's condition without assessing the negative contributions of the venal, incompetent and corrupt private sector.

The private sector and elite groups...many elements of it..is just as complicit in the meltdown as the incompetent PNP government.

Just as the private sector is complicit in the class prejudices, dysfunctionality of relations, and social breakdown that is Jamaica's real underlying problem....violence is a mere symptom of this.

In Jamaica...sociology trumps economics...which is why our misleaders and those who follow them can't get the solutions right....they don't address the causes of our problem.

[Willi]

Flogging a dead horse.

You will never get it...apparently. You refuse to free your mind.

[Willi]

The blinded cant see the obvious scam.

It figures.

This was loansharking at its best.

I thought usury was against the law, but I guess they made themselves the law.

So sad. Now look at Jamaica.

[Willi]

Why yuh putting words in my mouth.

I simply said the policy you are quick to defend is an ABOMINATION.

The end result speaks for itself.

Jamaica is a basket case now and man like Bunting laughing after the faithful apologists like you now. Mi tun billionaire off whose back?

Who buy the man house for $20m when he had $50 buyer lined up? If you cant smell the rat, you nostril is blocked up.

[Muadib]

You need to listen more talk less.

I am not arguing the case for the depositors...read it again.

I am asking why there was no protection plan for the medium and small businesses that had loans for productive ventures.

I never said that Ponzi schemes were good for Jamaica's economy.

Mi hear seh Orthodondist and man selling Solar systems and Range Rover was doing quite well during the Olint days doh..

hmm.....

[Gamma]

sorry it did not say in one year...it said it balloned to 7 million. did not say over what period.

[Jawge]

Following your logic:Not reall unconsionable seeing that he was able to pay 1+ mil in that year.
Please point where in the article;where it said Mr.Willis loan balloned to Seven million in a year. Thanks.

[Sickko]

I knew an idiot like you would jump on that point but I never doubt whether the man's business was vibrant or not..all i am saying is that the report never gave any example of the vibrancy.

As for banks lending people who are not qualified/vibrant, you be the judge of that and see how many cars and house are repossessed and business fail even under the best of times...

[Gamma]

oh his hands ARE dirty..i sincerely believe so...FINSAC and the financial melt down are the results of a love affair gone bad between the finance sector and the mof known as omar davies.