OMGWTFIDONTWANTTODIE 2

since that comment posted by lem about the death of the policeman who was injured at the u.p. friday the 13th riot, i’ve been googling news sites and broadsheets to either confirmor deny the news but nothing, absolutely nothing, which is so weird.   so i emailed lem to ask where he got the balita and he said from a rakista, pero sadyang “hindi raw ipinapaalam sa media, ewan kung bakit.”

ganoon?  like the warrior lawyer says, sana hindi totoo, sana buhay pa at on the way to recovery si sgt. ramon mondrigo of the u.p. police.  pero kung totoo that he has passed away, what is the news blackout all about?  is it possible that mainstream media have no idea, are not interested, do not care, or can it be that they just do not care enough to let us know?  baka napakiusapan ng u.p. admin o ng u.p. orgs that organized the concert na huwag nang palakihin,  sila-sila na lang ang bahala sa mga namatayan?  OMGWTF ganoon na lang ba ‘yon?  what does that say about u.p., and about our youth, hope of the motherland!

for all our sakes i pray it’s not true, and sgt. mondrigo lives.

OMGWTFIDONTWANTTODIE

check out radical chick‘s take on the u.p. friday the 13th riot that found burgis youth freaking out, as in OhMyGodWhatTheFuckIDON’TWANTTODIE, and suggesting that the u.p. admin close the university and limit access only to u.p. people.  haha, as if u.p. were close-able.  and, hey, what does it tell us about these u.p. youth and about u.p. diliman today.  how burgis naman talaga.

in fairness, alex maximo’s post in reaction to radicalchick’s is gracious and thoughtful, more agreeable than defensive, pero defensive pa rin, of course — he was misinterpreted, he wasn’t done, it’s a stream of consciousness in process.  well, possibly.  benefit of the doubt, just because some of the thoughts are worth remarking on.  particularly the ones regarding that clear line drawn between the jologs and the burgis, and about being burgis:

For the longest time, I have been arguing that the discourse of the blogosphere is the discourse of the burgis. At one point, I considered playing the anti-burgis role in the blogosphere but dropped the thought altogether. The fact remains that I am burgis and all the people I know who blog are burgis too. I’ve resigned to the fact that there will always be struggle between classes and, as a member of the petty-bourgeois, it is inevitable for me to acknowledge the differences between social classes.

Whether the burgis guns for egalitarianism in their discourse or not is based on their own ideologies and now I do agree with Manolo in his answer to a question I personally asked him – that the blogosphere’s voice is heterogeneous.

In the context of the anti-jolog sentiment, even some of the kindest people I know who were in the Fair that night drew the line between themselves and the jologs. I really do understand why people think this current blogging discourse on the UP Fair is quite “classist.” I really do. Maybe I’d be with them in this one if not for that delectable experience of being in the middle of a sea of angry jologs with barbecue sticks and water bottles who were cursing UP, the fair, the organizers, etc…

… Oh well. I’m sounding too defensive to my distaste. I’d be a bigot for now and if this becomes a prime example of classism then I think I have strengthened one of my points regarding hegemony and the discourse of the Philippine blogosphere. Quite interesting to find myself as part of the dominant bloc in this one.

good honest thoughts, these that grapple with conflicted values.  the clearly sensed perceived line between burgis and jologs is the very line that has to be crossed, and deleted, if there is to be any hope for inangbayan.  after all, burgis and jologs share many common interests, good and honest governance, transparency and the right to information, among many others.

we are them.  they are us.  ang sakit ng kalingkingan ay sakit ng buong katawan.  being burgis but concerned for the masa shouldn’t, doesn’t have to, be so hard.  some tibaks have gotten the hang of it and do a pretty good job at balancing things.

the burgis youth have as much to learn from the masa, as the masa youth from the burgis.   imagine if burgis and masa were friends that night in u.p.  that raw energy could have been channeled constructively — they could have together helped bring down those fences to accommodate everyone along some arrangement that would keep everyone happy in place.  and the next day they could together have ganged up on the concert organizers and given them hell (well, rotten tomatoes at least, and maybe some baho tsinelas) for inciting violence.  ang saya sana.

defending celso

i’m not going to pretend i understand what’s really going on with celso de los angeles and the banking establishment.  my kneejerk response when i read that his rural banks had a ponzi-like scheme going, promising high returns to depositors, higher than that offered by the big banks, i was disgusted, lalo na’t it seemed that he was counting on the pdic to bail out his depositors just in case…

and then i read manila times columnist dan mariano‘s vilification of celso de los angeles, and it made me think again. in the wake of the u.s. economy’s crash thanks to innovative financial schemes, it’s hard to think positive of celso’s own innovations, especially because he has been painted as an incorrigible scoundrel by the mass media.

but if it’s true that big banks could actually match the interest rates he offered on savers’ deposits but big banks just won’t because it would eat into their huge profits, then talaga, it’s possible that celso is the victim of a vilification campaign that was meant to panic his depositors, thus to protect the interests of big banks rather than the interests of the banking public.

makes me wonder about the senate and house investigations.  sino ba talagang pinoprotektahan nila?  makes me wonder too about vice-president noli de castro’s deafening silence.  anyway here’s dan mariano’s column in full:

Vilification of Celso de los Angeles

If you are convinced that Celso de los Angeles is as guilty as sin, read no further.

Off the bat, let me say he is a former classmate of mine. I still regard him as a friend even if these past couple of weeks he has not replied to my calls, text messages and e-mail. Given the pressure he is under, I don’t fault him at all.

As Celso’s friend, I am ready to give him, if not sympathy, then certainly the benefit of the doubt. I am still so prepared-even in the current lynch-mob atmosphere created by certain central bank officials and other quarters.

Not too long ago, Celsotold some of his friends he was anxious about a plot to shut down his businesses. The rural banks he set up, for instance, were offering depositors interest rates on their savings that the big banks could not-or simply refused to-match lest it cut into their profit margins.

As a result, the number of depositors in Celso’s banks, which were spread out across the archipelago, grew at such a rate that the big banks began to feel genuinely threatened.

Serves the big banks right, I thought. Their interest rates were so tiny they did not even allow their depositors’ savings to keep pace with inflation. Keeping your money in one of those big banks was only a bit better than stuffing cash into your mattress, but it still was a losing proposition for the average depositors. I had thought that the aggressive marketing tack taken by Celso’s banks would ultimately stir the big banks into giving their customers a similar or an even better deal. I had hoped the big banks would finally wake up and realize that they now face a serious competitor.

Boy, was I wrong.

Instead of stimulating the big banks’ competitive instincts, Celso’s rural banks-along with his “preneed” ventures, which formed an integrated business-became the object of what amounts to corporate murder. The big banks decided to deal with the competition the only way they knew how-elimination at all costs.

For months, articles and columns were caused to be printed in newspapers and aired on radio and TV questioning the “unsound practices” of the rural banks identified with De los Angeles. Predictably, politicians saw a chance to draw free publicity to themselves and grabbed it.

In what seemed like the blink of any eye Celso had become one of the most vilified men in the Philippines.

Even before the hatchet job was completed, enough of the rural banks’ customers had been so unnerved that they understandably withdrew their money.

Result: A bank run triggered, not by the lack of assets or fraudulent business practices, but by negative publicity and intimidation by officials-far too many of whom look forward to a cushy sinecure in conglomerates that own big banks after retirement.

But was there anything intrinsically illegal in how Celso’s banks and preneed companies operated?

For an answer let me quote excerpts from a column written by Dean de la Paz in the Busi-nessMirror. Last Friday, de la Paz wrote in part:

“Despite the absence of an elementary preneed code, regulators and Monday-morning quarterbacking politicians cry illegality. Because there are no laws, to declare criminality requires some amount of creativity for the charges to stick if fraud and malice are to complement illegality.

“Let us examine a hypothetical preneed offering and see whether those are present.

“Matching revenues against costs is critical in the preneed industry. Where revenue sources and fund providers are one, through a virtual holdout feature, risks of defaults are mitigated, collections more efficient and the matching of revenues to costs closer. Note that here we have a preneed subscriber as clients of either a credit-card company or borrowers in affiliated banks.

“By enhancing this financial model, either through a compounding mechanism on the invested fund where interest earned is compounded monthly, quarterly or even semiannually, a doubling of earnings can be achieved.

“For instance, a credit-card holder paying an effective annual interest of 36 percent, or 3 percent monthly, quickly covers a holdout on the same individual whose funds provided costs a nominal 12 percent annually. By tying an investment that earns 12 percent annually to a debt, or a revenue source that earns 36 percent within the same period, a financial institution can earn 300 percent over the same base. Depending on the compounding schedule-doubling can occur in less than five years.

“In the preneed industry, a hypothetical educational plan can be offered featuring a front-end 20-percent rebate. With warrants that allow repurchases where credit-card companies buy the plan via postdated checks [PDCs], a double-your-money instrument can be offered.

“Should the plan holder liquidate prior to maturity, the 20-percent front-end rebate and the PDC repayments that double the plan’s initial value count as the cost of the investment. Matched against the credit-card company’s 36-percent-per-annum revenue, the cost of the assignable preneed plan can adequately be covered under normal circumstances.

“When offered as a contiguous package, is this patently illegal? Was fraud the intent? Are these designed to steal from plan holders? Or were they meant to offer yields matched against specific revenues?”

Some commentators bewail the fact that the deposit insurance cover for the customers of Celso de los Angeles’s rural banks will cost taxpayers some P14 billion.

Yet some of the same pundits remain mum on, say, the billions of pesos in kickbacks from World Bank projects that were reportedly cornered by a close relative of a high-ranking government official.

Now, why is that?

so long, gloria? 2

that unscheduled, and failed, trip to washington tells me how desperate gloria is for a one-on-one with the u.s. president.   i suspect she was all set to request that obama order the world bank to back off, cease and desist from, releasing any more information re corrupt practices related to infrastructure projects of her government, especially the report that points to hubby mike arroyo’s involvement.

in return kaya for what?  what was gloria prepared to offer that president obama might not have been able to resist?  maybe the acquittal of rapist corporal daniel smith?  maybe charter change and the lifting of economic restrictions?  maybe charter change and federalism and the signing of the moa-a.d.?  maybe charter change and the return of u.s.military bases?

suddenly i’m beginning to think that there’s more to the rumor that the u.s. wants gloria out and noli in, sooner than later, the better to foil an erap return, and that the world bank report is a big part of the effort to discredit the arroyos and agitate the people.  after all, it is the u.s. that is the power behind the world bank.  writes george monbiot in The Age of Consent – A Manifesto for a New World Order, 2003, page 16:

The World Bank and the International Monetary Fund, which are supposed to assist impoverished nations to build and defend their economies, are run on the principle of one dollar, one vote. To pass a substantial resolution or to amend the way they operate requires an eighty-five per cent majority. The United States alone, which possesses more than fifteen per cent of the stock in both organizations, can block a resolution supported by every other member state. This means, in practice, that these two bodies will pursue only those policies in the developing world which are of benefit to the economy of the United States and the interest of financial speculators, even when these conflict directly with the needs of the poor.

besides, it’s not like the world bank to be so high-profile rather than behind-the-scenes in its dealings with government agencies.  maybe the u.s. has finally given up on the recalcitrant arroyos?  maybe they’ve already made a deal with vice president noli de castro?

but if so, the u.s. must be rethinking its options now that noli de castro has been tainted by the legacy scandal.   as it turns out, legacy owner and operator celso de los angeles financed pala noli’s 2004 vice-presidential campaign and noli returned the favor in no uncertain terms.  writes ducky paredes in malaya:

Can Vice President Noli de Castro’s friends in the Senate (where he was part of an influential group of senators before the 204 elections) keep his name out of the Legacy scandal? He has clear ties to Sto. Domingo, Albay Mayor Celso de los Angeles, the owner and operator of the bankrupt Legacy Group of Companies.

Hundreds of thousands of Filipinos lost hard-earned money in Legacy’s fraudulent investment firm and rural banks. Can they actually forgive Noli de Castro’s role in their worst-ever experience? These people lost their life savings to someone who campaigned for Noli and was rewarded with a high post in Noli’s housing programs.

Of course, the Vice President is now distancing himself from De los Angeles after the latter’s grilling by the Senate for the questionable operations of the Legacy group and his companies’ investigation by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission.

But no matter how De Castro disowns Delos Angeles, the damage to his squeaky-clean image has been done.

Noli De Castro admits that Delos Angeles financed his 2004 vice presidential campaign, caused the printing of his campaign materials, and even bought a tabloid to help sell him to voters.

So, immediately after De Castro assumed the vice presidency, he promptly endorsed De los Angeles as head of the National Home Mortgage Finance Corporation (NHMFC).

By paying a political debt to De los Angeles, De Castro not only epitomized everything despicable about traditional politics. De Castro also helped De los Angeles lure more unsuspecting investors and depositors into putting their money in Legacy.

How does the Vice President connect to the Legacy mess by his acceptance of the 2004 election funding from Delos Angeles and his endorsement of the businessman to NHMFC?

Simple. When De Castro endorsed De los Angeles, he vouched for the latter’s integrity, leading people to conclude that De los Angeles and his Legacy Group must be clean for having been given a seal of approval by De Castro, no matter how indirectly.

In fact, although Noli had no qualms dropping De los Angeles like a hot potato, it may not have been because of complaints to Gloria Arroyo that Celso was the worst thing to happen to her housing program, we hear that the two friends had already reached a state of enmity over a pretty young thing. Of course, the TV talent chose the more powerful of the two (and refused to return the jewelry that the other gave her as gifts).

How ironic that they were both working in the Pag-ibig program. Ang pag-ibig nga naman!

With the discovery of the dubious operations of the Legacy Group, shouldn’t the Senate do what it should have done a long time ago – investigate De los Angeles’ stint as head of NHMFC to uncover possible anomalies? In fact, isn’t it about time that they take a hard look at their former colleague’s work at Pag-Ibig and the Housing and Urban Development Coordinating Council?

Are they afraid that they may find that the foundation of our Housing Program is infested with termites like Celso and other Noli friends?

and then, again, what if mababaw (sort of) ang kaligayahan ng mga kano?  what if their attitude is, anyone but gloria?  what if, as jeg suggests, the u.s. has the goods on noli, too, and whatever gloria offers, noli promises, too?

well, at least it will be interesting to watch, whatever happens, or doesn’t happen.