'Executhieves' and the piggy bank
With all the information coming out of the CLICO enquiry, it's glaringly apparent that self-dealing, double dealing and underhand deals were at the epicentre of CL Financial's collapse.
While "liquidity problems" seem to be the popular catch phrase used to explain away the ills associated with the collapse, that problem seemed to have vanished when paying out obscene bonuses, granting "un-repayable" million-dollar loans and even writing off said loans.
It now appears that "any and everybody else" but the person in the witness box is to blame for what happened!
Executives at CL Financial, CLICO and CLICO Investment Bank (CIB) seemed to have used these companies as their personal "piggy banks" with little or no regard as to where the money was coming from.
People's funds were treated as if they were bequeathed to the "executhieves" at CLICO and CIB.
How could any self-proclaimed caring government force policyholders to accept their hard earned savings over a 20-year period and not sue the responsible parties in an attempt to recover all bonuses and bad loans? If this is not the epitome of white-collar crime what is?