Cash plus olint equals high drama

money1.jpg I have often heard people talk about the class divide in Jamaica and often shrug this off as nothing, but never has the class war shown its ugly head more prominently than in the current Cash Plus and Olint saga that plays out on our television, radio and daily newspapers as power brokers and captains of industries battle in the propaganda, judicial and financial trenches in the hopes of destroying each other for the almighty dollar.

But is this really a war of the money titans or is it a well orchestrated lynching of all “alternative investment schemes” by the big banks to secure their seat at the top of the money chain that they continue to hold so comfortably.

Just recently Scotia bank posted record profits and NCB continue to post better results year after year. A lot of the banks profits come from loans to Jamaicans to buy cars, homes not to mention the Americanization of the Jamaican populous with high interest credit cards . They brag in the media all the time about their loan portfolio and how it continues to do well. All these conditions are ideal for making money and have the captains smiling all the way to the bank.

Oh wait a minute,they are the bank.

I have never seen the banks so concern about ordinary Jamaicans until ordinary Jamaicans start moving their lifetime savings to other pastures where the grass is supposable greener. I was shocked one evening to watch the news and observe a major bank boss talk about “poor people money”. I almost fell off my chair and never recover.The newly found sympathy for the poor should drive them to ease the wicked charges they cast upon our backs for every contact we have with them either in person or ABM. They wouldn’t mind charging us for walking into their banks and inhaling air.

Excuse me sir there an oxygen fee of $50.00 for inhaling the banks air.

Fact is they are greedy and selfish ,but give unto Cesar what is due unto Cesar. They do some charitable works here and their and should get credit for it.

David Smith who started Olint another alternative scheme investment “club” is a former former employee of a the Bank of Jamaica and JMMB where he use to trade foreign currency for them. The very same US dollar you sell to the banks and brokerages for a dime they themselves turn around and trade in the FOREX market making themselves healthy handsome pips,therefore I conclude they are hypocrites.

Cash Plus and the others have been badly beaten by the banks. First they close the alternative investment schemes accounts on the grounds of some customer agreement mumbo jumbo and secondly not accepting checks from Cash Plus and other alternative investments clubs members. The evil plan is to cause a run on the clubs by frustrating the members. This sets the stage for the game call fear and alarm the masses. Images on television of crowds rushing these clubs to voice their concern will sure scare the shit out of those who are considering to join and terrify existing members to make a quick U-turns with there money.

The role of the media is paramount in the scheme of things. the constant portrayal of a shady existence of Olint and Cash Plus help the big boys bark. They even dig up the felonious pass of Carlos Hill and splashed it across the Jamaica Observer and the Jamaica Gleaner.

“MiPhone pulls plug on Cash Plus’ MegaFone – Case in court over indebtedness”- Jamaica Gleaner

“Angry investors storm cash plus”-Star

“The trials and convictions of Carlos Hill”- Jamaica Observer

“No haven in St Kitts for Olint”– Jamaica Gleaner

If the media went after crooked politicians and urban terrorist in the same detail comprehensive way as they did going after Carlos Hill and David Smith then a lot of the corruption in Jamaica would dissipate for fear of exposure.

The pressure does stop there. The financial securites commission has to get a piece of the action probably from complaints and cheering leading from the banks. There part in the lynching include raiding the offices of Olint issuing cease and desist orders and demanding information from Cash Plus.

All the jurdicial mumbo jumbo that follows all of this is truly facinating. Well first Cash Plus had to get an injunction from stopping NCB from closing its accounts, then get extentions blah blah blah…..

The Supreme court rejected Olints injunction against the FSC twice, they also sued the FSC for $300 million claiming claiming wrongful intrusion after their offices where raided. According to the FSC Olint was in breach of section 7 and 8 of the securities act.

I don’t know much about the law but if section 7 of the law says you can not give investment advice without a licence then thats clearly breaking the law. I mean how are you going to ofer people an opportunity to put their money in your business without “telling” “advising” them about the investment.

But it gets even more interesting. If I started trading currencies online and told my brother about it and invited him to give me his money so I can share the wonderful returns with him wouldn’t that be “advice” . What if I invited a few more of my close friends say 25, 50 or even 100.(who have 100 friends), but who cares I am calling them my friends, ok to get the FSC off my back I am going to call my group of 100 friends and family a “club”.

The real question is where does friendship-membership starts and a real financial business beings. Its a hairy situation and I would love to listen lawyers from both sides play semantic with words and splitting hairs.The truth is its not that straight forward at all.

Both Hill and Smith have strong financial backgrounds and should have envision these problems and walk the staight and narrow road, although it would have taken a much longer time. Jamaicans appeitite has been wet with the scopes of earning huge money and the banks in their old comfortable ways can not stop inevitable change that is comming.

Think about it, the world is a much smaller place with technology and there are always decedents or people with a conscience from the top who knows how the world works and are willing to spill the beans to the wider society can benefit. We will know if the Golding administration is serious about transforming Jamaica in an offshore financial center based on how they deal with this issue. Legislation needs to be enacted, amended,drafted or what ever they do over there at Gordon House to ensure that Jamaica is not left behind in the opportunities lay before us.

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~ by RB on December 27, 2007.

8 Responses to “Cash plus olint equals high drama”

  1. LEGISLATION NEVER WORKS FOR THE POOR – SO LEAVE LEGISLATION OUT OF THE MIX.
    AFTER TAXING US TO THE NINES, WE ARE SURELY ENTITLED TO THROW ANY SURPLUS WE CAN SAVE AFTER THE BANKS AND THE FINANCE MINISTRY GOUGE OUT OUR EARNINGS IN TAXES AND FEES.

    SUPPOSE I WANT TO TAKE MY MONEY AND SPEND ON HORSES? DONKEY RACES? DOMINOES? IS GOVERNMENT GOING TO WANT TO REGULATE THAT?

    SUPPOSE I WANT TO TAKE MY SURPLUS AND BUY A FEW YOUNG WELL ENDOWED BOYS ( I AM AN AGING FEMALE BY THE WAY) JUST FOR THE HECK OF IT? GOVERNMENT GOING TO REGULATE THAT TOO? SAME BANKERS AND GOVERNMENT ALL OF WHOM HAVE A ‘LIKKLE TING’ ON THE SIDE? PAYING RENT FOR? BUYING CAR FOR? GOVERNMENT EVER TRY TO REGULATE SEX AND MONETARY BEHAVIOUR SO THAT WIVES AND CHILDREN ARE NOT ROBBED OF THEIR INVESTMENT AND INHERITANCE?? NO!!!!!!!!!!!!!!SO BUT OUT OF MY MONEY THAT I MANAGE TO SAVE AFTER MY HUSBAND SPEND IT ON YOUNG GIRLS, NEW COLOGNE AND THE BANKS. I WILL PUT MY MONEY WHEREVER I DAMN WELL PLEASE AND IF THE GOVERNMENT OR BANKS PLAY ROUGH – WELL, WE CAN PLAY ROUGH TOO!

  2. […] finish off cash plus I notice that the last time I blogged about cash plus I had quite a few views. A lot of traffic from search engines found me based on […]

  3. Mary you are right everyone wants to control what everyone else does with their money, but all other countries in the world has set up rules and regulation for trading.

    Don’t you thinkits better to have atleast that?

  4. […] Cash plus olint equals high drama source […]

  5. […] Cash plus olint equals high drama source […]

  6. I have taken the step of closing my NCB account and would encourage others to do so, if only to give the Bank a taste of its own mwdicine.

  7. Personally I don’t have an account with them by choice, my work require an account with them but other wise I do not use hem either.

  8. […] headline that Carlos Hill’s Cash Plus is broke. The two articles I did a couple months go “Cash plus Olint equals high drama” and “FSC finish off cash plus” had their highest views yesterday even though their relevance […]

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