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Feb 11, 2016

N.T.U.C.B. President Marvin Mora Says Loan is Too High Risk

Marvin Mora

The N.T.U.C.B. agrees that the approved, if not disbursed loan to the Santander Group is too risky. President Marvin Mora says that while the S.S.B. is looking at money, as an organization the union must look primarily at what is best for the workers.

 

Marvin Mora, President, N.T.U.C.B.

“The N.T.U.C.B.’s position will always differ from the position from those across the table at the S.S.B., especially when it comes to certain conditions on a particular loan venture because you have to look t the fact that the N.T.U.C.B.’s perspective is for the worker, who by all means and purposes is going to be the one directly affected should that either fail or either make it through. So our perspective is that of the worker, especially when we have to address the issue of the risk because in terms of how it is being measures across the board, we know they measure it in dollars. But to us dollars is just a means to end; the real end is the better standards of living that can be accomplished via the S.S.B. services that are due to our people. So that in essence for us is the number one priority when assessing a risk. And for us so far, we don’t know if the risk is really worth it. We are talking about twelve million dollars; that’s not easy money.”

 

Mike Rudon

“What would you say; for example we have heard today concerns from other sectors…one of them being that there is a concern that the loan is not properly secured, meaning that other domestic banks have signed on to the tune of fifty-four million U.S.  So that twelve million U.S., if the company goes bankrupt God forbid, the S.S.B. will have to stand in line behind these four banks to recover monies. And S.S.B. is a different entity, as you said, it’s the workers’ monies.”

 

Marvin Mora

“Right. You see it goes back to the very same thing that we were discussing. The N.T.U.C.B. looks at it from the mere fact that the loan itself is not as secure as we would want it again. That in itself is a red flag for us. We would never want to venture our workers’ money that is supposed to be giving them benefits down the road into a position where we are not sure if we can recover it or where the recovery for this investment would be highlighted with a myriad of issues and we would be left standing in line.”

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1 Response for “N.T.U.C.B. President Marvin Mora Says Loan is Too High Risk”

  1. Jason says:

    Here this guy goes again-he knows it all-he knows what is best for GOB, for BEL, for SSB and for investments. Why doesn’t he do a show with carter and gabb and other broke sabelotodos. SSB should do as he and the unions say and invest in uniforms for them and increase their salaries and screw the returns for the contributors later in life.

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