2 Dec 2010

Now playing - spit roast

Am rushed for time today. Punks is getting a school award and I want to be there.

One thing to comment on:

Laurence Duprey, who recklessly ran CLICO into the ground, negotiated a deal with the Government (PNM) to bail out the company, is still calling the shots….

Despite an agreement with the Government over the bailout, Duprey sold a subsidiary 3 days after the agreement was signed and for a reported 1/5 of the value of the subsidiary.

CLICO Energy was sold to Proman on February 2, 2009, just three days after the then-PNM government signed a Memorandum of Agreement with Duprey on January 30 to provide an initial $5 billion to rescue CLICO, CLICO Investment Bank and other financially troubled subsidiaries.

Interesting scenario. Duprey orchestrated his own company's troubles, got the Government to bail it out via cash injections, then orchestrates a takeover after the rescue. One wonders what deals went on in the backroom with the PNM crooks, besides Tax-sharer getting out ALL her money before the company collapsed.

In the meantime, the shareholders go after the present Government for even more funds, instead of waiting to collect from the man who shafted them up the nether hole while continuing to live high on the fatted hog.

The poor tax payers: first shafted, now spit roasted.