Both major newspapers Sunday carried full page ads with Cash Plus boss Carlos Hill advising members of the club to consider rolling over the interests payments for the next three months while the group “restructure” into a “conglomerate” and get the necessary regulatory framework in place.
So what exactly is a conglomerate?
Well according to Wikipedia “a conglomerate is the term used to describe a large company which consists of divisions of often seemingly unrelated businesses”. A few examples of conglomerates in Jamaica include Grace Kennedy, the Carreras Group and Lascelles.
Cash plus seems to already fit into this group or definition based on their said holdings in hospitality, telecommunications, food distribution and real estate development. Basically cash plus is asking clients to give them some space to sort themselves out. Clients were asked to wait until January before they would see any payments but this was before the FSC landed the fatal blow with the cease-and-desist order. Unlike Olint and LewFam who trade the forex markets, cash plus have fixed assets in Jamaica, therefore they can not just relocate.
If you are a cash plus client first the banks mess up your Christmas shopping, then you were promised that January oh eight (2008) will be great, but that was before the financial services commission landed the final blow to cash plus. Now you will have to wait until almost Easter. Quite frankly if I was a cash plus member I wouldn’t mind waiting three months before I can touch the money. The magic of compound interest is phenomenal.
Tonight I hard a cash plus client on TVJ saying “Mi no please but mi caa do much”. What you can do my friend is sit and relax for three months and earn your hefty returns while compounding interests. Some how though I don’t think that come April cash plus can still offer the same kind of returns they currently give to their clients. I might be wrong but I am looking out for more changes.
Of course they already said that they will be turning their clients into “shareholders”. In essence thy are going to own a piece of the conglomerate if they so choose.
There was more circus at the cash plus office after the weekend events, but nothing like what we saw in early December when the banks were refusing to accept /cash checks from the investment clubs. Somehow I sense that the clients of cash plus are very aware of the class wars and are a little bit more tolerant to the ups and downs of the whole saga. I bet the conspirators were hoping for another crowd of angry investors to converge on the cash plus office. Cash plus moved first to quell its clients fears with the advertisements in the Sunday Gleaner and the Sunday Observer.
There have been reports that the staff at the FSC has to be taking security precautionary measures because of angry calls from the public after the cease-and-desist order they served on cash plus hit the press. This is similar to threats made on the banks where they had to basically hide who they were by not wearing uniforms to work and identifications when they are out of their offices. We all heard about the threats on Hylton of NCB who reportedly received death threats also.
I can share the disappointment in the way things have unfolded over the pass couple weeks. However it is ignorant and stupid to physically attack anyone because of all of this shit. Jamaica with its high murder rate these latest developments are no surprise to me. Frankly nothing can be resolved with violence. I was reading a forum today where the topic was about these alleged threats. The general theme from posters of the thread was a covert support of this type of behavior. Ever heard the popular phrase “can’t stop a man food”. I once heard a comedian said that 95% of the Jamaican people support indiscipline. Sadly he might be right. Although many Jamaicans believe there is no justice the best way to fight back is with protest which can be physical picketing, boycotting a business, lobby groups has been very effective in other countries, your votes. Writing letters is more effective than you think. I must admit I have done none of these things, except for the writing of letters and taking my small pittance away from those who have exhibited in my judgment bad behavior to me or others.