Where we stand‎ > ‎News & Comment‎ > ‎


posted 20 Oct 2011, 21:14 by Gerry Kangalee
Like the view one sees of the slimy, nasty and ugly things hidden below a rock when it is lifted, the revelations made at the Commission of Enquiry into CLF, CLICO, CIB and BAICO have exposed the vulgar, selfish and greedy conduct of the "captains" of the finance and banking gang in TnT.

The testimony of the former Financial Director has thrown light on the area of darkness which the movers and shakers who led these businesses operated in. They lied to and fooled tens of thousands of hard working and retired citizens into placing their monies in their Ponzi schemes on the premise that they would not only make returns but were protected from rip-off because their deposits and premiums were protected by State regulators like the Central Bank and the Ministry of Finance.

The EFPA depositors, life insurance policy holders, Credit Union members, Pension Plan members and even the big institutional investors like NGC and NIB have learned just how wrong they were to believe the jacket and tie gang led by Duprey, Monteil, Sakal et al.

The evidence before the Commission of Enquiry makes clear the gang of executive management thieves was more engaged in paying itself and its various local and foreign accomplices obscene fees and engaging in extremely risky 'investments and acquisitions' with people’s insurance premiums and savings deposited than conducting prudent and commercially sound business so as to deliver the contracted returns promised to policy holders.

What is even more scandalous is the vulgar collusion which clearly occurred between these modern day pirates and the State regulators who were responsible for protecting people’s monies from precisely what happened.

While no audited financial statements were filed since 2007 by CLF and CLICO repeatedly failed to meet its statutory reserve requirements Duprey's collaborators in the PNM Minister of Finance and Prime Minister all looked the other way while their friends Duprey, Monteil and current PP Minister of Planning Bhoe Tewarie ran a Ponzi scheme so large that when it crashed it wrecked economies and financially destroyed people from Guyana to Antigua.

Many of them are retired and sick people who need their money for medical treatment and now are facing death because of these white collar criminals who straddled the Board rooms of HMB, CLF, BAICO and the Central Bank.

Their conduct is no different from that of felons like Madoff and Stanford who together with the AIG, Lehman Bros and Goldman Sachs of Wall Street ruined the lives of millions of people in the US and pushed the world into economic crisis. The difference is that unlike their US counterparts who are already in jail, our local lords of finance are all walking around free.

And to rub salt in our wounds their friends and protectors in the PP regime have passed new laws to protect the big fish from being held accountable in the Courts. The big State depositors have been instructed not to take them to court and NGC made to withdraw the case which was already underway. 

The lessons here are that these "good citizens" and their friends in organs of the State and political parties’ offices are all really the architects and managers of the new economic slavery. Whether COP, PNM, UNC, and now even NJAC and MSJ they are committed to greed, selfishness and denial of rights to the people, no matter what they say because it is 'by their deeds ye shall know them'. The people who put their hard earned monies into these State protected schemes must demand that the bandits be made to pay for their economic crimes against the people.

Credit union members as owners of the monies in their credit unions must aggressively take back their cooperatives from the Duprey clones that have been running the credit unions like if they are banks. They must pursue the recovery of all the monies deposited in the Duprey, Monteil Ponzi scheme which the State failed to protect them from.

The people must demand that the State punish all the criminals, regardless
of which Party or regime they belong to!