US President Barack Obama today warned that some pretty large Caribbean banks are likely to fail within the next few days, as the full extent of their involvement in financing speculative luxury beachfront condos becomes clear.
Speaking exclusively to The Baruba Post, Mr Obama said “some banks just won’t make it” but hoped that middle- and working-class 
people’s deposits would be safe. “If a bank or a financial institution is – or was – dumb enough to finance construction of condos selling for millions of dollars and especially since the sub-prime scam broke over a year ago they’re going to face tough decisions,” he said.
The president was particularly critical of those banks giving crack executives obscene bonuses for throwing cheap money at building developers who deliberately misled potential buyers by claiming their properties would be in protected, gated communities with access to private beaches.
“They don’t know about Trinidad and/or Tobago but my CIA contacts assure me all beaches in Barbados and Baruba are completely public. And it’s up to the banks when lending money to make sure their clients act properly and in the best interest of customers by sticking to the bare truth in their ads and brochures. Although in these difficult times it’s not unusual for people bogged down in the surreal estate swamp to exaggerate a tad.”
Mr Obama said he was confident his stimulation package would gain Senate approval within days and plans to make a primetime TV appearance telling the “American People” to “Stimulate Your Package” to cheer them up before dozens more banks collapse and thousands lose their, jobs, homes and SUV’s by the hour.
The Baruba Post Online 