a1307: Those lending Co-Ops (fwd)

[Bob Corbett <corbetre@webster.edu>]

From: J.David <Jedidiah@lyalls.net>

Pierre Jean mentioned this a few weeks ago.
Dokte Phillip mentioned these 'saving-lending club' things called 'co-ops'
while  I was
in Hayti in January.

I saw an advertisement on television while in Saint Marc for a finance co-op
which was paying 12% PER MONTH on deposits.

I had meant to comment on this issue earlier, but now some of these scams are
starting
to fold.

The wrecked countries of the former socialist block sprouted lots of these
phony
credit unions. Albania saw about half of the entire GDP collapse into failed
pyramid
lending schemes. Those were associated with the pro western government of the
time.
The Commies won the next election, after a Haitian style uprising. With
burning and looting, that is.

I had a hard time figuring out  how anyone could pretend to be paying 10% per
month earnings.
Then someone ( perhaps Pierre? ) mentioned that  they may be  associated with
the drug
transporters. That  makes sense, as a money  laudering scheme.
The formal banks have apparently submitted to DEA  auditing to drive the  big
cocaine money
out of the legitimate banking system.

If lots of these scams fail at the same  time, lay low.

QUOTE:
>9. Two cooperatives in Saint-Marc have ceased their financial activities.
>This has caused a great deal of concern among the population. The people in
>charge of the cooperatives cannot be found, and there is nothing that the
>people can do to retrieve their money. (2 min)
>10. The cooperation minister said that he is very concerned about the
>situation involving the cooperatives. Marc L Bazin recalls the risks related
>to the way that the cooperatives are operating in Haiti. (3 min)