UP Ibalon Bicol: greed

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Presidential candidates accused of plunder and corruption

11/10/2009 | Posted by Anonymous | Edit Post

The circuitous trial and conviction of plunder and corruption of ex-pres. Joseph Estrada came to an abrupt end. The transcript of his trial was foul and sickening to read. He was hastily pardoned by his fellow politician Pres. Gloria M. Arroyo soon after his conviction. Arroyo used her executive power to give away clemency. Her decision jibed well with her striking corrupt reputation.

Though one of the stipulations in Arroyo's pardon was for him not to come back to politics---i.e. not run in the 2010 presidential election, Estrada was confident to defy the prohibition. The ex-president from San Juan, Metromanila got a sizeable backing in the old political machinery. Kicked out of Malacanang Palace, it didn’t matter if he was a convict and notorious womanizer who got away from serving jailtime. He wanted to the president again.

In next year's the presidential race, Estrada will face Hermogenes Ebdane, Jr, the former public works secretary who along with members of the Road Board are facing criminal charges of alleged misuse of P56.5 billion road user’s tax. Like Estrada, the former officer of the Philippine National Police (PNP,) is accused of plunder and graft.

Ebdane's corruption charges stem from the collection of the road user’s tax which is part of the vehicle’s annual registration fee. Senator Miriam Defensor-Santiago wants the road user’s tax, in the tune of billions of pesos deposited in the National Treasury and included in the National Budget. She asks Ombudsman Merceditas Gutierrez, another controversial figure (criticized for failures to quickly investigate the corrupt contractor rigging of bids in highway projects) to probe Ebnane.

In Santiago’s recommendations, she wanted the former military officer to account for his money dealings as a public works and highway secretary and road board chairman. Doesn't this sound familiar? Cynical and disappointed Filipinos think the outcome of this investigation will end up empty. Like in the past, almost no one will be made accountable (even if the money loss in government is obviously staggering.)

“With Santiago's charge, speculations are rife that Ebdane, who proclaimed his bid for the presidency yesterday, is just making a mockery of justice. Ebdane, who resigned as DPWH secretary might have proclaimed the bid to skirt the corruption issue and prevent it from infecting the entire Arroyo administration. Others say that Ebdane should be prevented from running in the elections since it is now highly suspicious how he got the money to spend for his electoral bid. Many believe that Ebdane is now using those anomalous billions he got from the Road User's Tax and diverted it to fund his election machinery. Remember that election funds are still unaccountable.”---http://newphirevolution.blogspot.com (11/10/09, Mangubat, P.)

Though the 60-year old Ebnane who is a Philippine Military Academy (PMA) graduate has not yet been tried, Filipinos rather have presidential candidates who do not have dubious integrity. The greed and insincerity of many influential government officers are legendary.

For many years, there are those who live discordant lives without regard of public opinion. They exploit the system to advance their personal ambition, warped morality, the power and money they want to exploit. (Photo Credit: Clipart.com) =0=

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Labels: Department of Public Works and Highway (DPWH), election, Erap, graft and corruption, greed, Hermogenes Ebdane, Philippine Military Academy, Pres. Joseph Estrada, Totie Mesia

Teary-eyed, Imelda Marcos swears on poverty anew

6/12/2009 | Posted by Anonymous | Edit Post

In a tragi-comic declaration, Imelda R. Marcos, the ageing widow of strong-man dictator Ferdinand Marcos asked the Sandiganbayan to spare her from “persecution” citing she is old and poor. The well-known extravagant lady complains of having to pay a P750,000 travel bond in her recent trip abroad.

Insisting on her innocence and protesting the sluggishness of the judicial rulings on the corruption charges she was accused of since the 1980’s, the 79 year-old pompous former first lady, said,

"Why is this taking so long? When they filed these cases in 1986, I was only 56 years old. In three weeks I will be 80! Justice delayed is justice denied. Ano bang kasalanan ko? Maawa naman kayo sa akin… I did so many projects … Heart Center, Lung Center, Kidney Center… and I am being punished for it.

Bakit hanggang ngayon kinakastigo ako. Ganito ba talaga ang judicial system sa ating bansa? Bakit ako ginaganito? Ano ba ang naging kasalanan ko? Minahal ko kayong lahat," she said. Malaya (06/12/09, Tabingo, P.)

It's unclear whether her audience is taking her seriously.

In April 6, 2009, GMANews.TV reported that Imelda came out in Newsweek magazine's most greedy people of all time along with Marcus Licinius Crassus, Genghis Khan, Pope Sixtus IV, William Vanderbilt, Willam Tweed, Empress Dowager Cixi, Charles Ponzi, Ivan Boesky, Dennis Kozlowski, and Bernard Madoff.

The flamboyant lady traveled to Singapore last June 2, 2009 for eye treatment. She appeared in Sandiganbayan to comply with the stipulations of her travel permit that she presents herself before the Clerk of Court within five days of her return. She said her travel was paid for by her children. (Photo Credit: ReikoChan) =0=

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Labels: Bernard Madoff, Charles Ponzi, Corruption, entertainment, graft and corruption, greed, human interest, Imelda Marcos, poverty, Singapore, Totie, travel, traveler

In spite of a collapsing financial world, $18.4 billion were spent for greedy bonuses in Wall Street

1/30/2009 | Posted by Anonymous | Edit Post

If there is consolation to American taxpayers damaged by the economic meltdown, Pres. Barack Obama criticized billions of astounding spending. He decried as "shameful" and "irresponsible" the $18.4 billion bonuses distributed during the past year for workers in Wall Street. Yes! In spite of a 44% cut on yearend perks given to the money merchants, the amount clearly shows the extravagance and greed of the people who are partly to blame for the financial crisis. A staggering $18.4 billion was spent as giveaways in spite of the $700 billion bail-out they asked and handed over by the government because of a crumbling economy.

This news doesn’t help the effort to bring back trust in the system. The disclosure speaks of top officials still engaged in reckless spending, some using large amounts of money in the shadows to continue their vice.

Amidst joblessness, home sales slump, and poor stock performance, Obama is facing the challenge of making the public believe. Congress has just approved the $825 billion “stimulus package” which is basically another big spending to mitigate the damaging effects of the financial mess. More enraged Americans fear that unless transparency and ethical practice in business is restored, there is little reason to hope that confidence will come back and the economy will be fixed in due time. (Photo Credits: Epicharmus x 2)=0=

Labels: Accountability, bonus, business, financial, greed, stimulus package, Totie Mesia, Wall Street

The Coming Crisis of 2009: Some Thoughts (Part 2)

1/04/2009 | Posted by myty555 | Edit Post

I am continuing this series in order to provoke some thoughts. In this way we might have a better understanding of the crisis that is coming to our shores.

Finance capital, monopoly capital, "hot money". What do these all mean?

Finance capital is basically wealth producing wealth. Investors lend money for profit and it will always seek the greatest return. Monopoly capital and finance capital are similar up to a point. "Hot money" is the behavior of finance capital.

In the later stages of capitalism finance capital dominated industrial capital. The industries are now at the mercy of banks, finance houses and more lately by various kinds of funds including hedge funds. Their "worth" now rise and fall with the movement of finance capital. "Bubble". Just like Henry Sy "earned" S1.1B in the first 9 months of the year and his fellow taipans "lost" hundreds of millions of dollars.

Finance capital can also be exported. And withdrawn. And that is the problem of national economic planners. In the development of a country more and more its planners and its legislatures are no longer the dominant factors. Their economies shrink and expand and their exchange rates change with the movement of "hot money" finance capital. The size of this money dwarfs the national savings of nations.

And that is the reason why our exchange rate is on the downslide. "Hot money" is being withdrawn. Our equities and stock market earned 30% per year from 2003 ton 2007. All because of the "bubble" created by the inflow of "hot money".

Our local economy was not responsible for that "prosperity" (but it certainly helped Mrs. Arroyo survive). But woe to those that do not understand this kind of "investment". They will have to be content with the 3-4% interest the bank gives for time deposits which is not even enough to cover inflation.

In the competition of nations, we will be left by Vietnam, a country ravaged by war not so long ago. Our $1B direct foreign investment (DFI) per year is but a fraction of their $7B. And we better learn how to kowtow to China which receives $1B a day at its peak. They will be our investors and buyers in the future.

How do we catch this elusive "hot money"? It is simple as long as one country's economy can guarantee it will earn handsomely. That is why former developing countries like China and India are fast becoming powerhouses. They will not be left holding the proverbial empty bag because they have real wealth--their manufacturing sector, export market, capital market and technology is own the way to development and they can now absorb flights of "hot money".

"Hot money" without outlet is a dangerous thing. Arbitrageurs and fund managers became too "creative" in inventing new kinds of investment vehicles and this led to the "sub-prime" woes in the US. They have to show enough "profits" so that they wont lose their (finance capital) investors. After all their earnings are based on percentage and on the rise of their own shares.

And this is the reason for the rise of Madoff schemes (seems Madoff is on the way to replacing Ponzi in the dictionary). We can just speculate how many Madoff schemes are out there in the world.

Whatever financial conflagration that will happen finance capital will find a way to seek profits in all parts of the globe. It won't even matter if it is a conflict area, a dictatorship for as long as there is reasonable guarantee they will get their money back with interest.

So this crisis, in essence, is just a temporary thing. The world economy will "recover" when finance capital gains enough "confidence" again. But it is gullible, the suckers and the small fries that will bear the brunt of their activity.

Is this what is meant by greed?

[photo credits:huffington post, wired newyork]

Labels: "bubble", "hot money", "sub-prime", DFI, equities, finance capital, greed, Henry Sy, industrial capital, Madoff schemes, monopoly capital, national economic planners, taipans

UP Ibalon Bicol

Presidential candidates accused of plunder and corruption

Teary-eyed, Imelda Marcos swears on poverty anew

In spite of a collapsing financial world, $18.4 billion were spent for greedy bonuses in Wall Street

The Coming Crisis of 2009: Some Thoughts (Part 2)

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