Rumor re. Banco del Progreso

[HOWMAR]

If one of my friends was getting beat up by several guys outside, I would not think twice to jump in and help him , even if that means me getting my butt kicked with him...
We always ask more and more from our banks, Progreso obviously has been standing up to the plate...now that there is a simple rumour with out any substancial evidence, people want to jump in and pull out there money.
Now that is exactly the kind of attitude that will make the bank crash!!!
If everybody starts pulling there money out at the same time, then it will be kaos...
Do you people really beleive that if the bank was collapsing they would let you withdraw large amounts of cash...offcourse not!
How many of you saw the signs before the Banister collapse???
This things usually don't have no signs,no rumors...the few chosen one's that know it's going to happen, keep it very quiet so they have enough time to pull out there money.So beware of rumors, the medicine might be worst then the pain!
Let's not let paranoia be the cause of our own destruction!

You asked for it...............Stupid....maybe not you, just your idealistic reasoning.

the few chosen one's that know it's going to happen, keep it very quiet so they have enough time to pull out there money

And you know that it is still there?

We always ask more and more from our banks, Progreso obviously has been standing up to the plate

gee, I don't even remember getting a free toaster from them.

 

[NALs]

We always ask more and more from our banks, Progreso obviously has been standing up to the plate...now that there is a simple rumour with out any substancial evidence, people want to jump in and pull out there money.
Now that is exactly the kind of attitude that will make the bank crash!!!
If everybody starts pulling there money out at the same time, then it will be kaos...

There are many people here who are with you while things are good, but the moment trouble begin to creep up that's when they are most inclined to let you drown!

It's like I posted on another thread, most expatriates say they do things that are in the best interest of the DR, defending all sorts of people from perceived abuse, doing this, doing that.

I will bet (and I am not a gambler) that if the country was to fall into real anarchy, the vast majority of expats would get on that plane out of this island, and that is the time when the country needs their "good will" the most!

This story has been repeated over and over again in country after country worldwide, the people that can help a place abandoning when the place needs them the most.

Why would they treat a good solid bank any different?

And to think that people here were complaining on another thread about being self centered!

-NAL:surprised

 

[iluvdr]

Well said Nal0whs!
We got to stop this luv and hate relationship between us...How could we think so much a like but be so different (the haitian thread...)???
Bottom line. I am going to bed tonight with out a fear in the world that my money will still be there tomorrow morning.
It's a matter of fact my branch manager at progreso, told me today that they were ready to give me 17% for another deposit and I am seriously considering it. (if only the pesos would stabalize...).
Call me a fool, but alot of people felt that way back when I invested in Central bank CD's at 38% with the pesos being in the 50's!!!
I don't mean to brag...but I sincerely beleive that progreso is going to be fine and that we are making a storm in a glass of water...
HOWMAR thanks for the tip anyways...

 

[gerd]

How many of you saw the signs before the Banister collapse???

I don?t know how many, but keeping an eye at the dr1 message board hepled me decide to withdraw all of my money a couple of weeks before the BanInter collapse.
I have no idea what is going on with Banco del Progreso though.
But since then I prefer not having more money in any dominican bank, than I can afford to lose.

 

[arturo]

"Better safe than sorry" makes a lot of sense to me just now

I don?t know how many, but keeping an eye at the dr1 message board hepled me decide to withdraw all of my money a couple of weeks before the BanInter collapse.
I have no idea what is going on with Banco del Progreso though.
But since then I prefer not having more money in any dominican bank, than I can afford to lose.

Wise, very wise. If you aren't a bank employee, why take the risk of standing by a bank that is clearly not being clear in its public statements. As of today, Progreso's most definitive explanation has been "Castillo had been making decisions without the approval of the board." This suggests to me that the board is distancing itself from some potentially unpleasant news. Be careful...

 

[HOWMAR]

I will bet (and I am not a gambler) that if the country was to fall into real anarchy, the vast majority of expats would get on that plane out of this island, and that is the time when the country needs their "good will" the most!

We come here, bring our money here, spend our money here. In return we expect a country free of anarchy. Nobody has ever said the role of the expats is to spread "good will". It is a pure business transation. A willing seller (the DR) selling to a willing buyer (the expats).

Why would they treat a good solid bank any different?

The operative words being " a good solid" bank. Only the insiders know. We know as much as the employees of Enron and Worldcom knew.

 

[Chirimoya]

I will bet (and I am not a gambler) that if the country was to fall into real anarchy, the vast majority of expats would get on that plane out of this island, and that is the time when the country needs their "good will" the most!

- as would many Dominicans, including those with visas and the resources to move elsewhere, as well as the usual 'economic exiles'.

 

[carina]

There are many people here who are with you while things are good, but the moment trouble begin to creep up that's when they are most inclined to let you drown!

It's like I posted on another thread, most expatriates say they do things that are in the best interest of the DR, defending all sorts of people from perceived abuse, doing this, doing that.

I will bet (and I am not a gambler) that if the country was to fall into real anarchy, the vast majority of expats would get on that plane out of this island, and that is the time when the country needs their "good will" the most!

This story has been repeated over and over again in country after country worldwide, the people that can help a place abandoning when the place needs them the most.

Why would they treat a good solid bank any different?

And to think that people here were complaining on another thread about being self centered!

-NAL:surprised

I live here, I spend money here, I even pay taxes here.
I am here legally, I work, I help individuals when I can... but you know what,
my role in life is not to support a failing system, whatever it might be.
Or where ever it might be.
If I don´t trust a bank, here or elsewhere in the world, Yes I take my money out.

If there would come a day when I don´t like it here, if it will become unsafe for any reason, or as you state "a real anarchy"... I will move.

 

[thepiper]

If the bank is admitting that the previous administrator was "misusing fonds" I don't see what is wrong with being cautious with your money and getting it the heck out of there. The truth is that that so called administrator was financing personal business ventures with your money. Sound like Baninter to me. And when it walks like a duck, sound like a duck and looks like a duck the safest bet is to treat it like a duck.

If a person I felt uneasy around, volunteered to watch my kids I would absolutely say no. So if the person watching the money I have worked for all my life makes me uneasy I "just say no".

 

[Mirador]

If the bank is admitting that the previous administrator was "misusing fonds" I don't see what is wrong with being cautious with your money and getting it the heck out of there. The truth is that that so called administrator was financing personal business ventures with your money. Sound like Baninter to me. And when it walks like a duck, sound like a duck and looks like a duck the safest bet is to treat it like a duck.

If a person I felt uneasy around, volunteered to watch my kids I would absolutely say no. So if the person watching the money I have worked for all my life makes me uneasy I "just say no".

...

ROTM

 

[NYC_Girl]

Anything new regarding Banco Progreso?

 

[MrMike]

Got my money out and stopped thinking about it...

 

[suarezn]

So the news finally broke out on the newspapers today.
http://www.dr1.com/forums/newreply.php?do=newreply&noquote=1&p=344658

You gotta give it to these bankers. They steal big...

Amongst the goodies (the ones we know about) this guy bought with the bank's money are:

- An appartment in Vail Colorado - US$ 4.5 million
- An appartment in Anacaona Ave., Santo Domingo - US$715,427.00
- An appartment in Palma de Mallorca, Spain - US$232,138.38
- An Intrepid sport boat - US$402,859.00
- Another boat (54 feet Bertram) - US$ 1.3 million
- Another property in Anacaona Ave. - US$158,000.00
- A helicopter - US$383,298.00 + US$450,000.00
- Spots to "park" his boat at Casa de Campo Marina - US$139,000.00

We all know what happens next...Just look at Baninter for a roadmap...

 

[jasanchez]

suarezn,
where did you find the list and values of all of Pedro Castillo's assets? I was looking around and saw a lot of lists of the different stuff he bought, but I didn't see anything that listed the values of each...

 

[suarezn]

Don't remember...this was two years ago. I would suggest you do a search on papers from that date.

 

[Jon S.]

Man, if I didn't know some people I'd agree with most of the posters....the shareholders decided to back the accounts with their own monies to the tune of a couple billion dollars in order to avoid more of the chaos that the Baninter and Bancredito bank collapses brought to the DR. Clave Digital had a link from the 11th Judicial Circuit Court for the verdict handed down, it was for about U$ 107 million against Pedro Castillo.....and there's more in store with the DR trial this week.

 

[Jon S.]

I found the verdict from the 11th Judicial Circuit Court in Miami...here's the link:

http://www.clavedigital.com/ktmllite/files/uploads/Progreso/Sentencia en Miami vs Pedor Castillo.PDF

And in Spanish as well:

http://www.clavedigital.com/ktmllite/files/uploads/Justicia/Progreso/Banco del Progreso.pdf