@ An Observer.. | March 10, 2012 at 4:32 PM |
“If Government is to be called on to bail out these policy holders , consideration must be given to the efficacy of tax payers dollars being used to the benefit of this SMALL EXCLUSIVE group in preference to the benefit of providing protection for the MUCH LARGER number of persons who might be disadvantaged by the CLICO collapse .”

NOT ONE RED CENT of taxpayers’ money should be used to pay the “gambling debts” of these EFPA’s holders. They do not hold life insurance contracts or with vested interest in a registered pension plan- either private or occupational. These EFPA’s were just pretty sounding certificates of deposits that were embellished with promises of high returns; similar to a lady of the night with a very short dress, high heels and lipstick.
Instead of leaving their discretionary savings at the conservative banks the lure of an exciting ‘quickie’ with high returns offered by slick salesmen and promises of secret kickbacks to fund managers was their greedy undoing. The adjective “Executive” says it all. Let them sue the Board of Directors for negligence and lack of due care. I am certain that the amassed personal fortunes of those who served on the Board would be far in excess than the amount required to compensate the EFPA greedy suckers. A clear case of “caveat emptor”!