14 Oct 2008

The end of the line

The liquidator put in charge of the Hindu Credit Union by Commissioner for Co-operative Development, Charles Mitchell, yesterday started the process of disposing of the assets of the failed co-operative society...

...Members of the beleaguered credit union, many of whom invested their life savings in the co-operative led by president Harnarine, will be at the end of the line in terms of getting their money back.

"We are getting into the assets now, trying to sell off to pay off creditors and we will see if there is anything left for the members," Rampersad said.

The end of the line, not only for the Hindu Credit Union, but also for many people who invested all their life-savings into the credit union. I shudder at the thought that there will be pensioners who depend on their savings for future medical and other needs. I shudder at those who will lose millions after working (no doubt) extremely hard for decades.

I can't help but wonder if this was Rhand or Eastern Credit Union, if the same sort of action would be taken, or whether a bail out would be in order, as is happening in to the biggest banks in the world, by the biggest governments in the world. We all know how Pa-trick likes to show off, so I suspect that those credit unions might have gotten a 'godfather', or at least a Pastor.