Que? Leonel caused Baninter collapse???

[DesiArnez6]

http://www.listindiario.com.do/antes...blica/rep4.htm

According to Listin Diario, and a member of the PRSC, Leonel knew in his first term that Baninter was in financial trouble, and gave millions of millions of pesos while ignoring irregular management within the bank. Why did he have the Central Bank issue such money, and if this happened on his watch would it not make him equally responsible for the collapse of Baninter? I consistently hear from others the assumption that Baninter was hipolito's fault. This would seem to show otherwise.

I understand that Hippolito's guarantee of funds stored in the bank did hurt the value of the currency, contributing to part of the crisis, but had he not, wouldn't the country have found itself in a complete banking crisis when foreign observers lost confidence in all of the banks and the governments unwillingness to iinsure them? What would happen to the United States if it didnt guarantee atleast $100,000 dollars (approximately $2,880,000 pesos currently) through the FDIC? Soeither way no matter what Hippolito had done the country would have suffered whether bank funds were guaranteed or not, so....

I would also like to know how much Leonel's non-repaid loans to Baninter aso affected the economy as that would effect the economy in the same manner as bank guarantees, raising inflation. Now part of the crisis was also dependent on the collapse itself. If Leonel was negligent in his oversight of Baninter allowing the collapse and placing Hippolito in a basic lose-lose predicament who would be responsible? In my opinion both PLD and PRD, because i believe hipolito was also negligent in the beginning, though i believe he made the right decision to help preserve confidence from a national perspective of the banking system. I do however believe that while hipolito may just have been ignorant as to what was going on, I do believe that by the actions taken to move funds fom the Central Bank to Baninter during Leonels first administration, that it puts the crisis right at his lap and shows a degree of knowledge of the matter beforhand, for this, and the fact that it took place before the mejia administration is why in the end i hold leonel with a much higher percent of the blame for the economic crisis

Top that with the sudden increases in crude oil prices, september 11, and americas economic troubles, and worldwide economic hardships, any rise in price of imports would exponentially increase with the inflation of Baninter further exacerbating the burden on the Dominican people. Leonel faces this problem today. That is why he promised to lower prices, and yet gasoline is over 100 pesos per gallon, and it will keep rising, just as it did with hipolito, because sadly as a third world country the economy is more fluid and vulneravble. I feel that people have put an undue burden against Hippolito, as many of his "problems" do not fall short from Leonels own.

Maybe you disagre. Either way, just to give you all a perspetive from a PRD supporter, if you disagree, than try to convince me. I, as well as many others that see it the same i should hope, are open minded and would probably like to see why supposedly Leonel can wipe his hands clean from the crisis as if he had no part. And as a side note, this is the article that began to shift my views away from the PLD, a month before I was so fet up with the crisis that even I was singing "ojalá que vuelva Leonel" from his commercial to he tune of that song "Ojalá que llueva café". I remember reading it in disbelief at a public library while in Santo Domingo. From there i bega my quest to find who was really responsible for the crisis. Then with my views against privitization, and fear of the party of Balaguer, I made my PRD alliance. Its prbably not important, but it is just one of the many stories of the avg dominican i guess, a window from the other side maybe i am wrong.

[Rocky]

Desi,
I see now that you're hell bent on trying to sway some people over to the dark side. I know nothing of the Baninter story and I do know that you will twist any data you can get your hands on to suit your purposes.
You must have figured out by now that it's not going to fly around here.
Trying to make Leonel look bad, right or wrong, is not going to change the fact that the Hippo was the worst scurge of DR modern times.
You are doing a dis-service to this country if you influence anybody to vote that party in, ever again.
Although you sound intelligent and courteous, both good qualities, you seem to fall a bit short when it comes to morals & ethics.
This is not a matter of political beliefs and one's right to disagree.
This is a matter of honour, courage, truth, heart & soul.
If you do not do what is right, in this life, you'll never get another chance.
I don't know if you have something personal to gain, or if you think this is all a game, or maybe you're just displeased with your present financial situation, as we have to live through some tough economic times to repair the damage Hippo left behind, but it does not matter what your reasons are. You need to do some soul searching, then stand up and be counted.
It's not as if there was any doubt about Hippo.
No matter how much you nitpick at Leonel, there simply is no comparison.

[bob saunders]

This is one outside view on the DR . Look under newsletters.
www.trading-safely.com/sitecwp/ ceen.nsf/vwNL/05B6AF3EFCA8878CC1256E1A0049BA55

The Dominican republic has always had pervasive institutional corruption that was finetuned by Balaugher(PRSC) and Jorge Blanco(PRD). Under Leonel the corruption continued but was cleaned up a lot(it takes more than 4 years to change something so deeply ingrained in a society) Leonel also had to award poltical favors to the rich power brokers(ie BanInter) that truely control the DR Economy(along with many large Foreign Corporations) So is Leonel and the PRD without fault or NOT guilty of corruption(if they were they would be the first Political party in History)
When the PRD was elected, Hippo made many pronouncements on establishing anti-corruption legilation...etc. All these fine pronouncements of what the PRD were doing for the country all turned out to be smoke and mirrors( the corruption expanded and all the small advances that Leonel had made, like a post office that actually worked most of the time, disappeared). Is Hippo responsible for Baninter collapse, no, but neither is Leonel. All the loans that the PRD made to develop all sorts of projects ended up in private hands with none of the projects finished. But all the money still has to be paid. Fiscal mismanagement combined with corruption, a sure recipe for disaster for a country. Ultimately the Dominican people(like yourself) are to blame because they do not demand honesty in government, they accept the corruption. An outsider that had the time could write a 1000 page book on all the reasons not to vote PRD and 100 page book on the rest of the political parties in the DR.

[Rocky]

Originally Posted by bob saunders

This is one outside view on the DR
www.trading-safely.com/sitecwp/ ceen.nsf/vwNL/05B6AF3EFCA8878CC1256E1A0049BA55

I just get a blank page from that link, Bob.
Copying & pasting didn't work either.

[AlaninDR]

there was a space
http://www.trading-safely.com/sitecw...256E1A0049BA55

[Hillbilly]

I think you must be, too.

The most basic fact of all is that Mejía authorized the Central Bank to pay back all deposits, violating more laws than you can shake a stick at.

That, Desi, is what screwed this country so badly. All of the top banking officials got all of their money out of there, including Guaroa Liranzo!!

Atallah and the other sheep running the Superintendencia de Bancos, el Banco Central and the Secretaría de Finanzas are equally responsable, but the chief idiot has to be Mejía, who, in the end, authorized it all.

Mejía also authorized the rank of captain for Quirino Paulino Castillo, his brother in law took Quirino's money for the PPH campaign...What's more to know? The guy and his government stunk up this place to high heaven!!

HB

[Robert]

What Hillbilly said!

[project9]

.. Two months before the presidential elections, some candidate (vp) for a party attacking the candidate for president for another party based on nothing a thus providing nothing to support his accusations ... oh yes he provided a 2+1=21 sort of reasoning: if the Central Bank approved some aid for the bank then Leonel knew about the bank's "wrong doings" ...

I agree, let's burn Fernandez. Bring back Hipolito, ahora pa' lo tiempo bueno.

[Rick Snyder]

Some people seem to forget, not know or don't want to know the facts. I as an American opened a bank account here 9 years ago. One of the first things I did was to determine how much the banks here guaranteed in the event of a collapse. The answer I received from all banks was DR $500,000. From the first I knew not to put more then $500K into any single account,dreaming that I should have that much LOL. With this law established and known then it only stands to reason that when Baninter collapsed no more then $500K should have been paid to any single account. IT IS A FACT THAT 74% OF ALL THE MONEY PAID OUT TO THE DEPOSITORS BELONGED TO ONLY 89 PERSONS AND ORGANIZATIONS. 74% OF HOW MUCH? THOSE 89 DEPOSITORS HAD MUCH MORE THEN $500K IN THEIR ACCOUNTS. DesiArnez6 if your bald headed buddy had obeyed the law that was established by this country then the DR would not be in the sad shape he made it into.True that depositors such as Sammy Sousa would have been out of DR$80,000,000 and Funglobe out a boatload also but IMHO if you are stupid enough to deposit more then the bank guarantees to pay back then that is the price you pay in the event of a collapse. No different then if you were to deposit more then $100,000 dollars in a single account in Bank of America as an example. It might or might not be a fact that Lionel knew and it is a fact that FATSO knew the banking situation but as I see it the collapse of the bank was not the straw that broke the camels back but rather the payment of ALL monies deposited back to the depositors. Your fat, stupid baldheaded, LADRON buddy broke the law to appease 89 depositors at the expense of all Dominicans. HOW IN THE HELL CAN YOU DEFEND THAT? (NADIE ESTA POR ENCIMA DE LA LEY!!!!!)

Gee, the audacity, (or ignorance) of some people!