Categories:
Ramblings
When it came on the scene about five years ago, Cash Plus was a godsend for Jamaica’s poor. Finally, the wealth that was controlled by the elite could be had by the poorer masses. One could invest and reap and interest rate of 10% per month, a lot more attractive than the typical bank, whose rates range from 4%-5% per annum (if I’m not mistaken). Of course there were others like Olint and LewFam, but Cash Plus was the star, mainly because it made a lot of high profile investments in the country.
I remember thinking to myself the very minute I heard about Cash Plus, aside from wondering how they got those mindblowing interest rates, is that it would be a threat to the traditional banks. And indeed it did become a great threat. People drew their life savings about of traditional banks and put it in these unregulated “investment clubs.” Some sold valuable assets such as houses and cars to find money to invest. The banks began to take notice. At first, the banks’ assault was subtle. Suddenly ads appeared on the airwaves asking investors if the organization they were investing in was licensed, if the investment was too good to be true and they knew the level of risk they were taking (which made me laugh, as one does not acquire wealth by playing it safe).
As time went on, the ads appeared more frequently, but people didn’t bite. The prospect of your money doubling and then some within a year was too great for the common man to resist, even people who didn’t have a clue what the word FOREX even meant. The banks then stepped up their campaign, and asked for some political intervention, but nothing was done. I’m guessing because they had some money in their too. They are a greedy lot after all. The banks then closed the accounts of these schemes, refused to accept cheques from them and threatened their workers with unemployment if they didn’t close accounts they had in these schemes.
Though this was a serious blow, it wasn’t long before they recovered. I was rooting for Cash Plus up to this point. Then I read an Observer article about Carlos Hill’s shady past. After that, I didn’t know what to believe, whether Cash Plus was legit, or a just another Ponzi scheme. My father was willing to invest, pushed by myself and his friends who had invested. But after that article, my mother and I asked him to reconsider. He’s still interested, but too unsure to make a move.
Now the FSC has barred Cash Plus and other investment schemes, handing them all cease-and-desist orders. I’m also hearing rumours that Cash Plus is in debt. I’m still unsure of what to think of Cash Plus. Is it a revolutionary scheme genuniely interested in developing the country and distributing wealth run by a benevolent man, or an elaborate Ponzi scheme feeding on the desperation of Jamaica’s poor run by an unrepentant con artist? And while the FSC would like to been seen as serving the interests of the people, it doesn’t take a genius to see whose interests they’re really serving. After all, this is business, and money is the object.
Well, the year 2007 has almost drawn to a close, and 2008 is mere hours away. Most of you will probably read this by tomorrow morning, as you’ll be too busy ringing in the New Year in your own way. But before we say goodbye to ‘07, I wish to take the time to take a look back at the year that was. It was quite an eventful year. Here are a few of the more notable events (not necessarily in chronological order).
