Baninter finally taken over by Banco Central

Those who followed the much read Pepegate thread remember, if you paid attention, that I kept mentioning the fact that Ramon Baez(Figureo)Figueroa....(the "Figureo" nickname was my own baptizing of this infamous personality, who has now fallen in disgrace due to his bank failure) should have resigned after the Pepegate scandal. I also mentioned many times how this man's demise at Baninter began with his scandalous multimillion wedding.

Well, it is now official. Banco Central has now taken over Baninter as published in a memo all over today. His name has been missing from the statement and he is totally out of the picture. The other remaining question is where is Banco del Progreso in all of this, since the transaction to take over Baninter has also been placed in the waiting list. Can Progreso have a problem too?

What is going on. I was lucky enough to pull out substantially out of Baninter the minute I heard the earth shaking. However, Banco Central guaranteed today all the savers' interests. What one doesn't know is if banco central also guarantees holders of "fixed-certificates" which were paying over 27% for amounts over $1,000,000 and up.

What can Hippo say now. Remember I kept saying that Hippo, Pepe and Figureo were too close together. Any banker or businessman who gets close to this government administration is going to get burned. But Figureo was burned from day one, the minute he decided to hold office as a banker and act as an entertainer and jet set figure. The two don't go hand in hand. Bankers are supposed to be conservative and hidden from so much publicity.

The most outrageous thing is that media, entertainment, music and news people in DR are all lining up to thank Figureo and give him public recognition for all the bank money he used to patronage all these people with his ads, promotions, etc. which created a cult to his personality. So much so, that people even began to clamor this man as the savior of DR and humanity.

The dominoes keep falling. It's hard to know what to do now. Is my new bank credible? Is any bank in DR credible?

The new Banco Central certificates are not getting many takers. Hippo says they are to pay debt. How can they pay the interest if they go to produce nothing?

A joking question...what is the new name of Los Duques de Baninter? Well it's not going to be Los Duques del Banco Central. I suggest that these Diablos Cojuelos from Las Vegas Carnival, if they ever exist again, be named Los Aterrizados del Figureo.

TW/golo

Jojocho

You're right. Besides all the hanky panky with Pepegate I heard that a well known TV personality with a Middle Eastern name who bought a P.R. baseball team and also owns a DR team has a huge debt with Figureo's former bank from all these transactions.

The word is that the take over bank got scared-off when they looked at the bottom line and found that most of the loans were in areas that banks usually stay away from, fitting exactly the image I have of Figureo. Notice I blasted his involvement with RNN News and his association with the man who is the cause of the Reformist Party's woes, who is one of the owners of this station, which I often wonder how they could call themselves MedCom, without having a trademark conflict with the world known medical supplies firm.

That man is the one Porky Pig blames for buying off the Wolfman's primary victory. This is the same guy that along with Anibal a.k.a. Furgon or "Container Anibal"(my own nicknames) used to fill in the neighborhood of Mirador Norte with ship containers full of cheap toys which every Christmas were distributed at Maximo Gomez 25 and created that miserable mob scene every year and a "beggars lifestyle" still operating today. These two guys created also the brown bag with $1000 pesos given at political rallies.

Note that even The Lion was not able to stop this system of buying people and had to brown-bag money wherever he went when he was president.

TW

Offshore money

My understanding is that while Baninter savers and holders of certificates of investments in pesos can make withdrawals and claims for their money, those who opted to have certificates in dollars placed in Baninters offshore site in the Cayman Islands must take their plight to the Caymans directly.

The Central Bank, from what I have heard, will not honor those certificates or investments.

For those who believe that investments in dollars are safer, also be aware that other banks place your certificates in offshore locations. For instance, the BHD bank has Cayman Island depositories too. I am not sure what the liability is in cases like this.

However, savings accounts in dollars are supposed to remain in the DR.

TW