Credit Unions have different checks and balances than banks do, and different instruments set up to protect their shareholders/investors. Banks have deposit insurance and Credit Unions have their membership (who must vote on everything that their executive does) along with CUNA Mutual insurance set up to provide debt relief when a member dies (the debt dies with the debtor).

When a Credit Union fails the membership must bear responsibility as they are the ones who have given approval for the direction of their own finances, as they are the owners of the institution. When a bank fails that is another matter, but the depositors (who are not the owners and who may not be shareholders) can at least recover a part of their monies through the deposit insurance protections that banks by law must set up.

It must also be noted that a Credit Union is not a bank, however, they can provide banking instruments and still not be called banking.

I must admit, last Friday made me wish I did Economics in university instead of IT, or at least paid more attention in the Econ 1 & 2 classes. Right now the world must be an exciting, scary place for Economists and the like...for the rest of us it is just plain scary. I mean did our Gov't cause our recent tottering on the brink of financial instability? Did they use the "Global Financial Crisis (GFC)" as a good excuse to go in and cause (by NG and other gov't agencies and employee withdrawals) Clico to be in an unstable position? Was Duprey a victim because he allied himself with the opposition? Why are they (we the people) now the owners of Clico shares? Is that part of the "bail-out" process? Did the gov't risk a financial panic in this country to gain more control? Or are we really a 3rd World victim of the GFC? What about Republic Bank? How stable is that institution now that the gov't has control of it? Should I withdraw my money until these questions have been answered? So many questions, so little (true) answers.

Many of your comments can be answered by pure mismanagement and a government that is more concerned with small boy picong in Parliament than doing the job for which they were elected. I don't buy into the 3rd world victim idea except in the case where we are victims of our own choices, whether they are political choices or simply choices to remain silent while knwoing something wrong is happening. Like most 3rd world victims in the post colonial era, we are too busy filling our own pockets with other people's money and fighting imaginary power struggles with grand delusions and intrigue.

Think about this for a moment. The cash machines were Clico, CIB and HCL. They provided Lawrence with depositors money which he took and went on a global acquisition at high debt to equity ratios. He would borrow from Peter to pay for Paul. Except in this instance he was borrowing money that he should not be using for these types of investments. All of Cl Financial assets are over leveraged and with the global market adjustment, these same companies have now reduced market values and in several instances are negative equity assets which make them toxic asset now. There is no more cash machine to dip into and stabilize these bad assets. And there is no more acquisitions. it is only a matter of time now since the scheme has been clipped before the CL empire falls. Very soon.

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