$700 Million Bailout?? Is this for ColinaImperial?

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James Smith, Chairman of ColinaImperial and former minister of state for finance like on ZNS last evening.

Nassau, Bahamas: Either ZNS made the biggest ‘boo boo’ ever or ColinaImperial’s  chairman, James Smith is selling a message to the Bahamian taxpayers. Bahamas Press was hinted with this news late Friday evening after the newscast was aired. Our source asked, “DID YOU SEE THE 700 MILLION SIGN ON ZNS?” ZNS interviewed Smith asking his views on the Unites States’ $700 BILLION bailout proposal now stalled in Washington.

Yes, the largest bank in the United States, Washington Mutual INC. collapsed Friday, it is the 11th large financial house to windup, and so James noted that rough times are ahead for Bahamians.

Bahamas Press asks, could this $700 million bailout – if it was not an error by ZNS – be a hint that the Bahamian taxpayer might soon bailout the largest  insurance company in The Bahamas? Is ColinaImperial having problems?

Now this is SERIOUS, as we believe ZNS has several competent editors, who know the US story well, and know that it is $700 BILLION (WITH a B) and not $700 MILLION! But here is the PLP’s former minister of state, James Smith , smartly dressed in his red tie, now working for Manny Alexiou, as Colina’s New Chairman.

Now we understand how Imperial Life was approved for sale to Colina despite the strong voices of opposition to it. Something that make go hmmm!

  • Once again, Joe Blow is making sense.

  • Drama King

    This is solid advice, Joe Blow. I will definitely be looking into it.

  • Can anyone say if the shares in Colina are insured and if so to what amount? Who is the insurer? Do we need to lobby for a law to cover this. Media, where is your investigative reporting?
    Mmmm! Mr. Smith is the former Minister of State for Finance and a PLP but Colina (Alexiou) is an FNM supporter?
    As to bank accounts, the same questions can be asked. Don’t remove your money but you may want to put funds in some kind of guaranteed and insured money management account. Visit your bank agent and asked some hard questions in order to protect yourself.
    While our laws do not allow for accounts in other countries we should be seriously thinking about lobbying to have that changed. You can bet all those politcal power boys have lots of money secured, for rough times, in banks off these shores.Canada is looking more secure at the moment and they have a pretty solid banking system.

  • WOW!

    Drama King I will back you up in that drama. They will have to pay us.

  • Drama King

    MUCH MORE proof is required. My money is tied right up with them and trust me if they go belly up, Manny Alexiou and his crew of donkies will have to find my money. I would have to unleash my NEGRO ROOTS on them.

  • I have read what they had to say and I still do not trust these people. This website is no help, they are trrying hard to make everything look rosey, I am not buying into it. More proof is required.

  • Drama King

    That in itself is disrespectful to its customers. ColinaImperial is something else. NO respect !!

  • Drama I agree with you. They need to grant their customers a press conference, so we can address various concerns in person. Not type out some words on their website and we are suppose to digest whatever they are telling us.

  • Drama King

    Mere words cant fool us policy holders. Hold a press conference and show us PROOF that ColinaImperial is stable.

  • Blackberry

    Have you seen this website? Guess they are tired of the negative press.

    http://www.colinaimperial.com/truth/?p=63

  • Drama King

    Exactly!!

  • Drama the government has no integrity to its citizens when it comes to money, this country have always been up for sale. These people would sell their own mother when it comes to money. That is why Colinaimperial have been allowed to do so much damage.

  • Drama King

    Kim…pay attetion…..Emmanuel Alexiou is one of the biggest financial contributors to the Free National Movement…..that party is now governing the country……he is has also bought the media….he runs things and the FNM government is NOT going to go against their money man. They will always need his money.

  • Media Colinaimperial had to of have some connections in government that’s why they were able to buy out all these other businesses with ease. They were a little insurance company when they brought Global Life and then later pursue Imperial life two major insurance companies in the country at the time. Now they have started to buy out all the media.

  • That’s the same thing Alexiou is saying, he is telling the staff the company is financially stable. If the company is stable why are so many people losing their jobs?

  • Zeno that’s what I am so afraid of, the government has a way of stepping in when all is already said and done. We know that our banks and insurance companies will be affected in some way, because of what is happening in the US, but we do not know to what degree. Nobody is talking with any clarity. It is just left up to us decide what is best for us, which is kind of hard to do if you don’t completely understand what is going on. You don’t want to go in and withdraw all of your monies off your accounts and bring it home and then somebody rob you of all your life’s worth Then if you leave it in these financial institution they close down abrupt and leave you with nothing. It’s like being between a rock and a hard place. It would be good if the government could assure the Bahamian people there is no need for these concerns, we will not allow these financial institutions to shut down with out paying their clients the monies that is owe to them first. Their silence on this matter is very scary.

  • media

    ZENO if you remember this (http://www.bahamaspress.com/?p=1750) it was in AUGUST we publish this story on the RECESSION. But you know, Hubert has bought media. He went to the US and like John McCain he said the Bahamian economy is strong!

    Well my goodness! Like Margaret Thatcher would say, “he must be living in ‘co co land’!

    Bahamas Press/ Editor

  • Zeno

    Check out the real estate section of the dailies. Banks are foreclosing left right and centre and nobody saying or doing anything. It’s only when they no longer have buyers for these properties will the government stop and take notice. By then…..it’ll be too late.

  • Drama King

    Colina needs to address their situation so that their customers are in the clear.

  • That sign in the picture is really making me nervous, I feel like it’s a clue.

  • ZNS needs to rebroadcast this, I miss it. I was waiting to hear from Colinaimperial and the government for sometime now and they were not saying word. Now when they final get the chairman for the company to come out and say something, he come out with this 700 million dollar bailout sign in the back of him. What is this suppose to mean? Is he saying Colinaimperial is in financial trouble and they will need $700 million dollars for the government to bail them out? I really hope that is not the message, because I will be there Monday morning to close out all my accounts. Anybody knows this company’s financial standing right now?