investforlife
jay
nocotecHow will the financial crises in the USA affect the global community and Jamaica to be very specific?
Some are saying that the current crises affecting Wall Street is reminiscent of the financial crises that decimated the Jamaican financial system in the 1990’s, but are there any similarity between the two.
The opposition spokesman on finance Dr. Omar Davis was on Nationwide News Network(Friday, 19th Sept 2008) and while not saying directly appeared to be hinting that he has been somewhat vindicated based on the USA government reaction to its own crises.
Dr Davis said, the vehicle used for the bail out (Finsac) is very similar to what the USA treasury dept is currently doing in taking over the debts of the some of walls street largest companies and giving them substantial loans, designed to prevent a catastrophic meltdown of the worlds largest financial system.
JMMB has indicated( and correctly so) that it has a small exposure to one of wall street former giants, Lehman Brothers, but this involves propriety funds i.e. funds owned by the company and went on to make the point that its clients funds are not exposed.
Michael Lee Chin – AIC has indicated that it has exposure to both Lehman Brothers and well as AIG, which could impact investors with AIC, who have in the past 3 years experienced a serious decline in their investments.
http://www.radiojamaica.com/content/view/11723/52/
The local arm of AIG – located on Dominica drive has indicated that it has no exposure associated with its parent company financial troubles, but are they being truthful. We may never know, as now that the FEDS have loaned the parent company US$85B, the company may be able to save itself.
http://www.radiojamaica.com/content/view/11724/52/
The larger question however, is how will all this affect the following in Jamaica.
- The inflation rate, which is already running away.
- The marco-economic policies of the government.
- Government borrowing on the international market, as loans become harder to get.
- Earnings from tourism.
- Earnings from Bauxite.
- Remittances.
The question on many persons mind is, what about my money, is it safe.?
Where can I find a safe investment.?
I have even heard of persons who have invested with JMMB making their way to the investment house with the sole intent to withdraw their funds, having heard of a link between JMMB and Lehman Brothers.
The comments were as follows ” I have lost too much in the alternative investment schemes already and I just cannot take another loss”.
The coming weeks will be very interesting times for all investors.
Filed under: UFOs |
Real Investments For Life 
Not that we are sufficient of ourselves to think of anything as being from ourselves, but our sufficiency is from God….
Another reminder in the following article
In Crisis Wall Street turns to prayer
http://www.christianitytoday.com/ct/2008/septemberweb-only/138-53.0.html
Lets all keep or money under our mattress!
RSI – Not a particularly safe choice in Jamaica as the bad men will coming “knocking” at your door, looking for the loot.
Seriously however, its very “trying” times for investors who are very very worried about whats next for them.
Then there are those who we saw on TV packing their boxes and leaving their offices, without job,401k in trouble, and foreclosure looming.
Its indeed tough times ahead.
From La Times :The spectacle across the ocean has left a lasting impression on many Europeans. Hanna Evers of Berlin, a cellphone retailer interviewed in the shopping district of Wilmersdorfer Street, said she was angry about the amount of money that had been “burned” in recent days.
“And I’m furious when I see the pictures of Americans who thought they were on the sunny side of life and now have lost their homes and have to live in their cars,” Evers said. “I definitely do not feel sorry for the bankers who lost their jobs in the last couple of days. I can’t believe that a country like the U.S.A. could have been so careless on a money issue!”
“I was taught that the U.S.A. is the motherland of moneymaking,” she added. “And now all I can see is a herd of headless chickens running around on Wall Street.”
FBI has opened an investigation into Fannie, Freddy, AIG, and Lehman collapse. They will be investigating possible fraud committed by the CEOs and top management.
You know the thing about time? It runs out on everybody….from the christian solidier to the world’s greatest trader. The thing is what you do with your time. do you only react when time has run out? Sad.
Mi case….
Do you want me to take the money from those who were paid? You really want that?…..mi case
As for the belonger thing. You must be joking to step right into my sphere of influence like that. You need to call boss……you need to act.
You know what? I going to step up the pace a bit. I do not like disrespect nor do I like dilly dally. You of all people know that.
All AJ and JJ you going to let fall? Betta you beg dem some real money.
You want to belong? Or you don’t want to belong? ‘For the stone that the builder refused shall be the head.’
WS has the number.
Days Smithy, not weeks….Days. I await your decision.
Ask Barnett dem. Even though the man from the round table want you. That not going help. If you think that then your ears going ring when you watch the others come home while you behind bars. Not everybody can go behind the bars.
Sirach….
For us poor folk not in the know, (or at least able to decipher what you’re saying, it seems a little cryptic). Could you be a little clearer? I mean afterall you’re posting public comments on a public blog.
I mean that with no disrespect
I am cryptic. What have the schemers been then?
The Cynic: Re Sirach A big person can speak with confident a weak person always knows there place. So sirach knows that she has to remain a weak person or else she will disappear for a next few weeks and be rebuked by the master that holds the key. Can’t you see through sirach?
As they say for the vision is yet for an appointed time; but at the end it will speak, and it will not lie. Though it tarries, wait for it; because it will surely come, it will not tarry.
4:16
Sirach, Smitty and Wayne disrespect all of us especially we who defended them the loudest. Defenders trust and faith dry up and worse no news just silence. Wayne trying to keep him ass out of jail but dont care about those who trusted them and now suffering. David and Tracey get enough time to so tell us what you know.Talk you talk because them abuse all the trust. Yes the time run out so talk you talk but not in riddles. Smitty and his cohorts need to understand that you must respect people and there hard earned money.
poor Sirach, a wonder when was he released,hope the chinks were not unberable.
Sirach. Club runners have been many things, dishonest, vague, cryptic, arrogant, etc… we can all agree and see that VERY clearly. Even the people who support club runners will agree to this.
In this instance however, they’re not posting on a public forum. So I think being vague and cryptic in discussion on a public forum is just as meaningless and when one of the Olint fanboys come on here and spout garbage like “dont worry David soon pay up, its MLC or NCB or Mohammed or Zeus that’s fighting him down”.
Cynic…..they call the name of God more than they do any of the names you mention. Never forget that.
HAHAHAHAHAHAHAHA!
Come back after all this time and still have nuttin.
Sniff……Sniff….something stink round here.
Sirach my friend,
I am sorry I rubbed the bottle and brought you back up from ‘Never-never Land’
You are talking nothing but gibberish!!!
Please go back to where you were these past several days.
Rehab didn’t work.
No stunts. Full stop.
Holding a running conversation with yourself is really not entertaining to others, especially when we do not know the question or the point you are responding to.
Seh fe.
You have not made any sense in a long while, I sense that you have gone mad…another silent victim of DS
yeah…must be mad. Cally you can read me like a book. You have my ticket. You great.
Was it because you built up all this great expectation and just couldn’t deliver?
Or that you are full of empty promises like DS?
Yeah empty promises. Busted. nothing beat a try ehh.
I am sorry people built up expectations.
When I look back, from the day you promised to reveal the ‘full hundred’ you started chatting foolishness….yu’ ‘tink sumaddy obeah yuh fi nuh talk?
If what you are doing is having a personal conversation with DS, man, email him directly or call him on the phone….this is not the place to have a private conversation or to work out a private vendetta.
Yu know seh we fas’ an’woulda waan know yu business if yu bring it inna we face
Sirach Is like a dam sore man! You see here popping up all over the blogs. Serious what kind of security work you doing sirach? I hope you are punching in the time clock at guardsman because they must not miss you.
You are quick to dis hardworking security guards ehh. Yeah man. I know the type. Yu come see and love to stomp on hardworking honest people.
Cally you will just have to bear with me tonight. Try ignore me then cally.
O.K. seems the stance is to fight. Seems that you read my accusation loud and clear. So then comes confession. Why do you think I posses only one or two solid accusations?
look…..the christian preacher is no match for me. even the man of the round table knows this as do many. I told you it is better that you ask the diehards for some serious corn.
Scapegoating will be considered as an “against” stand by me. Do unto others as you would have them do unto you. (the preacher can not quote the good book ….but I assure you I can).
You seem to doubt my knowlege. Certain idiots on this blog have been begging and getting flustered for it. Yet I still have to this point left a window of opportunity for you. You still stand against. That is your choice so be it.
Now to lying. Save them for me directly. Lying to certain people I hold in high regard will not benefit none.
I said no stunts. You made your choice.
No stunts. One way. My way.
Can anyone shed some light on JMMB It has been all over the place regarding people pulling funds, does any one know if the money is safe?
Doth god pervert judgement? Or doth the Almighty pervert justice?
If thy children have sinned against him, and he have cast them away for their transgression;
If thou wouldest seek unto God betimes, and make thy supplication to the Almighty
If thou wert pure and upright; surely now he would awake for thee, and makethe habitation of thy righteousness prosperous
Though thy beginning was small, yetthy latter end should greatly increase.
For inquire i pray thee, of the formerage, and prepare thyselfto the search of their fathers:
for we are but of yesterday, and know nothing, because our days upon earth are a shadow
Shall not they teach thee, and tell thee, and utter words out of their heart?
Can the rush grow up without the mire?
Can the flag grow without water?
Whilst it is yet in its greeness, and not cut down, it withereth before any other herb
So arethe paths of all that forget God; and the hypocrite’s hope shall be cut off, and whose trust shall be a spider’s web
He shall lean upon his house, but it shall not stand: he shall hold it fast, but it shall not endure
He is green before the sun, and hisbranch shooteth forth in his garden.
His roots are wrapped about the heap, and seeth a place of stones.
If he destroy him from his place, thenit shall deny him, saying i have not seen thee.
Behold, this is the joy of his way, and out of the earth shall others grow.
Behold God will not cast away a perfect man, neither will he help the evildoers:
till he fill thy mouth with laughing and thy lips with rejoicing.
They that hate thee shall be clothed with shame; and then dwelling place of the wicked shall come to nought.
Your money at JMMB is safe.
Part of the problem with many Jamaicans is that they need an education in financial matters.
How can any financially literate person compare CashPlus, Olint and the other scams to a company like JMMB.
They were the ones to state their 3% exposure to LEHMAN BROTHERS, and with the exception of AIC no other company has stated their exposure .
I therefor would not rush to move my funds from where I know what the company exposure is (the funds are the company funds) not that of its clients.
Those folks rushing to pull(some) are they very same ones with money in CashPlus, Olint, Lewfam etc and for the most part are spreading a baseless rumour.
That is my take on the matter
Do you really know your exposure?
Is it really 3%.Have they shown any proof of 3%.
Put it this way,if they were hurt badly,will they tell you,or try to cover it up?
Also,Do we really know NCB’S EXPOSURE?
These are just 2 institutions.What about the rest?
Probably,every financial house in JA has been hit hard.
It is now who can hide it from the public best.
MRS…
So people who are invested in JMMB need to find out if their money insured by the Jamaican government similiar to the FDIC…Federal Deposit Insurance Corporation?
I
ask Jmmb how much exposure do they have in the overseas market?
What sectors are they invested in heavily?
How many financial stocks not only in the U.S. but world wide are they invested in??
As long as your guaranteed s certain amount of your money back….then no need to panic.
If there is no agreement in washington on the passing of the bill by friday…all hell is gonna broke loose.
I dont trust John Mccain….the man will try anything to win an election.
(munch, munch, munch) … yow Sirach … me and Punchie only ‘ave one word for yuh … “FE!” …
But punchie can’t spell? BTW It seems Fe was said to one more radical and less leinient than me……..munch munch…….what you say there nyamy?
You guys spreading rumours about JMMB are playing a dangerous game. In whose interest is it to create panic and confusion?
The people say that they are only exposed up to 3% of their OWN FUNDS, not CUSTOMERS.
I would rather believe them (unless we have evidence to the contrary) than some nameless, faceless people I don’t know. You guys were all falling over yourselves to give your money to a man you didn’t know and with no track record of competence nor integrity.
Stop trying to damage others who have.
@ Jay..
We cannot say our Money in JMMB is safe..
the biggest companies in the most regulated country have failed.
Regulators have often painted the wrong picture.
We cannot blame investors for panicking, because when things crash, there is no recompense.
If one should lose their money in JMMB ( investments are not covered by deposit insurance) will anyone here offer them a dime to help them out.
All will be offered is more analysis and what should be done.
I will advise anybody to do what they want with their money. Pull if you feel like, or leave it if you feel like.
Up to the last, people in Financial Orgs usually say all is well.
That is true, but on what basis would you advise someone to pull their money, and would you say that would be a fair and reasonable advice?
Why don’t you first look at their books first? They are a public company and everything is publicly available.
That is a more responsible approach.
the latest victim of forex rage….
pastor tells his story
http://www.mthebrongroup.com/capitalblu/
I cannot understand the point of this story, if it is true.
Someone makes an investment in a clearly risky venture and is now shocked/hurt/disappointed that he lost 80%.
Where is the beef? High reward…high risk.
Clearly this ‘pastor’ is a conservative investor….what is he doing in that type of investment?
cally you are right. I see no wrong doing on the part of capitol blu. They did not cheat the guy. They merely made bad trades.
At least he had transparency. He could see what they traders were doing and could have a decision based on what they were doing.
We cannot say the same for david smith or Olint. No one knew what the heck was going on and what happended to their money.
The other blog is calling Cap blu theif. But base on all the documents I reviewed there are no criminal wrong doing. The only thing I see is bad trades by poor traders who basically gambled the preacher money away.
catd:
Isn’t there the allegations that they were issuing false financial statements to their investors and refusing to cooperate with NFA investigators?
thats true dave, but thats another issue. In terms of the trading data provided by the pastor that was not fictitious or maybe i am reading the transactions incorrectly.
Dave the great news is that cap blu members know what the deal is $0 but olint we not sure up until now. I hera him have $12.5M left. that aint enough to pay all members plus the feeders.
my family have money in lew. lew latest verbal update is a joke. The latest I’m being told is that between another month or 3 Lew will be paying everyone their principal…lol. My family has filed a report with the authorities. I think lew are trying to stave off lawsuits right now by letting members think they are trying to make an effort to pay. L statement from months back….”we are trying to secure alternative funds to make payments until we receive funds from the trader”
Where the hell dem ago get that kinda money…must be outa dem ass.. The only possibility I can see is the owners personal funds or loans. Who ago lend dem money unda these conditions.
I know people have started to correct their taxes and write off as bad debt. one friend file bankrupcy and a couple of foreclosres, 1 pickney drop outa college. The sad thing is Olint not talking and the feeders…mi nuh waan badda talk.
Washington Mutual bites the dust
Rsi: they are safe JPMorgan Chase will acquire massive branch network and troubled assets from Washington Mutual for $1.9 billion. So even if they did it just another headline.
US financial problems being experienced now took on this cancer from as far back as 98-99. It is now time for the Chemotherapy . Coming to the agreement on how much Chemo each side will receive is what is tying this deal up.
Both DNC and RNC members will attempt to peg the tax payers ( again ) with as little radiation to them as possible.
Wall St don’t trust BHO , when his poll numbers go up wall st go down , i can only speculate that the ones handling the bailout want guarantees as to taxation and payout it he wins .A deal will happen as BHO says what he has to for political
expediency and gain , i would expect to see a deal before market close today………..If no deal , there will be an appearance of one as to not let other world markets suffer over the weekend .
WaMu customers deposits are safe.!
wow, I wish a had some money to buy some foreclosures cash!
poor people can’t buy house again. The rental income is guaranteed…
location… location… location
I hear there is a run on JMMB because WaMu ‘isnt’ as safe as you’re saying Jay.
Whether it is or not. You know how Jamrock stay. (especially after so much people suck salt after being olynched) From the word go around that there is a run on JMMB, that’s it.
Look at Eagle. One headline (which had nothing to do with Eagle) saying ‘Is Eagle next?’ after a few other small banks bit the dust, and the next day Eagle was no more.
Wachovia has become the lastes casuality in this financail meltdown, and has seen its banking operation acquired by Citigroup.
http://www.cnbc.com/id/26940550
With all that is happening with Citigroup acquistion of the banking arm of Wachovia, does that have any implication for Olint investors (Assuming that there is money there ).
World in a crises, and its not yet over.
Olint date has come and pass and no communication.. what now ?
CullKull what date was that? Even there website has come and gone no access to Olint website anymore. I guess there is nothing new for them to communicate anymore.
JMMB issues statement on Financial Crises
Click to access JMMBMediaAdvisory.pdf
I see they are using my headline 🙂
http://www.jamaicaobserver.com/magazines/Business/html/20081007T210000-0500_141052_OBS_HOW_WILL_THE_CRASH_OF______AFFECT_JAMAICA_S_ECONOMY.asp
How stupid the Jamaican regulators look now!
Bruce we need a bailout!