“Tempers apparently
were running high when global bankers met in Washington over the
weekend. According to
the Financial Times, Jamie Dimon of JPMorgan
Chase launched a tirade at Mark Carney, Bank of Canada governor, in a
closed-door meeting in front of more than two dozen bankers and
finance officials. Mr. Dimon’s beef was new capital rules . . .
which he calls “anti-American,” and says discriminate against
U.S. banks.” [Financial Post, 26th Sept 2011]
The honeymoon is over.
“JPMorgan's $2 billion loss: Time to fire CEO Jamie Dimon? [The
Week, 14th May 2012]. The nation's largest bank is
scrambling to contain the fallout from a risky bet gone wrong, but
some say the purge has to start at the top.” Dimon was likened
to a “rock star” at the height of Wall Street’s implosion and
especially after his bank absorbed a couple of failed financial
institutions. But Americans saw it coming as Dimon aggressively led
the fight against tighter bank regulations, and even invoked American
patriotism.
Sounds familiar? Aren’t
some of our legislators invoking Philippine sovereignty given that
the international community is on our case re money laundering? And
we wonder why our credibility is suspect? In the land that is
synonymous to freedom, tax payers are reminded especially at tax time
that . . . “The Bank Secrecy Act of 1970
(otherwise known as the Currency and Foreign Transactions
Reporting Act) requires financial
institutions in the United
States to assist U.S. government
agencies to detect and prevent money
laundering. Specifically, the act requires
financial institutions to keep records of cash purchases of
negotiable
instruments, and file reports of cash
purchases of these negotiable instruments of more than $10,000 (daily
aggregate amount), and to report suspicious activity that might
signify money laundering, tax
evasion, or other criminal activities.”
[Wikipedia]
Writes David Brooks of NY
Times, 17th May 2012: “. . . The democracies in Europe
and the United States were based on a . . . carefully balanced view
of human nature: People are naturally selfish and need watching. But
democratic self-government is possible because we’re smart enough
to design structures to police that selfishness.” But in our
cacique environment, we don’t entertain “any threats to our
power.” We can be above all else, including the misery of Juan de
la Cruz.
And so while the country
and the economy is suffering due to inadequate and costly power, we
can have a handful laughing their way to the bank. “Since 2003,
two-thirds of foreign investments in infrastructure have gone to
Vietnam, and the Philippines was getting “change” compared to the
amount of trade investments coming into Asia and the rest of the
Asean nations . . . One of the major reasons for the lack of trade
investments is the lack of power or inexpensive power sources.”
[Phl joins list of Next 11 Emerging Markets, The Philippine Star;
17th May 2012.] We can’t just watch the tail wagging the dog.
The administration must, indeed, be front and center exercising
stepped up leadership given the depth and breadth of this challenge –
which, sadly, is a national debacle . . . and a disgrace!
Unsurprisingly, “The
senators, particularly Sen. Joker Arroyo, have raised concerns over
the ease with which Morales was able to secure Corona’s bank
records from the Anti-Money Laundering Council (AMLC) . . . The
Senate impeachment court, led by Senate President Juan Ponce Enrile,
admitted the AMLC records as evidence . . . “Senate Majority Leader
Vicente Sotto III said the administration or whoever is in power
might use the Office of the Ombudsman or the AMLC to harass or
destroy its political enemies;” Senators cite need to amend
anti-money laundering law; The Philippine Star, 17th May 2012.
And so our senators find
laws like anti-money laundering incredulous? When is engaging in
“ordinary and reasonable” banking transactions a concern? Our
senators are not like errant drivers calling traffic cops names –
because law-abiding citizens accept them as part and parcel of
civilized societies? It is what the rule of law is about – and our
incredulity confirms why we rate poorly in governance? And we wonder
why we’re underdeveloped? Try banana republic . . .
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