Monday, May 30, 2005

Comparing Notes

The Associated Press
Updated: 3:18 p.m. ET May 26, 2005

ALBANY, N.Y. - New York Attorney General Eliot Spitzer on Thursday filed a civil suit against American International Group Inc., accusing the nation’s largest insurance company and two former top executives of using “deception and fraud” to boost the company’s stock price.

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The suit filed in state Supreme Court in Manhattan accused AIG’s former chief executive, Maurice “Hank” Greenberg, and former chief financial officer, Howard I. Smith, of orchestrating an accounting scheme that made AIG’s financial picture appear brighter than it was, misleading both investors and state regulators.

The irony of this case is that AIG was a well-run and profitable company that didn’t need to cheat,” Spitzer said. “And yet, the former top management routinely and persistently resorted to deception and fraud in an apparent effort to improve the company’s financial results.”

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We thought we would clip this article from the Associated Press to illustrate an analogous situation in the U.S. We can see how the case is being handled by the government which is clearly moving to protect investors and maintain the integrity of the insurance industry.

The similarity with PPI case is the fact that neither of the companies were in financial difficulty (as the cash dividends of PPI solidly prove). However there are yet undisclosed reasons which motivated the senior management and owners of both institutions to commit fraud.

At least in the U.S., the judicial system has a proven record of putting white collar criminals behind bars. And that is not true just for developed countries. Our neighboring country, Indonesia, recently sentenced and jailed the bank president of the largest commercial banks.

And what outcome can we expect from this unfolding, misbegotten adventure called PPI?

34 Comments:

At Monday, May 30, 2005 3:14:00 PM, Anonymous Anonymous said...

tama yan! ikulong silang lahat! make them an example.

 
At Monday, May 30, 2005 4:31:00 PM, Anonymous Anonymous said...

Interesting that you would use the AIG as an example. AIG owns Philam and there is an apparent effort by AIG/Philam thru Mar Roxas to take down CAP. It is also to their interest that AYG fails in their attempt to sutdown PacificPlans. This "conspiracy theory" thickens knowing that M. Greenberg was special adviser to GMA up to two months ago. In the end it may be just Philam left standing?

 
At Monday, May 30, 2005 4:53:00 PM, Anonymous Anonymous said...

Another paid hack attack...

 
At Monday, May 30, 2005 5:15:00 PM, Anonymous Anonymous said...

Isn't it intersting that anyone who says anything that is against PEP is considered a paid hack. Actually, poster above was referring to an article in PDI, but the story is well known in business circles.

From Philippine Daily Inquirer, May 5,2005 by Conrado Banal III

"
PERHAPS the pre-need industry is wanting in correct regulations because, while it is its own different industry, the SEC wanted to regulate it in the same way as insurance firms.

For whose benefit, everybody in the industry knew a long time ago.

The SEC rules were heavily influenced by a US group called AGILE.

And that probably inspired the head of the local subsidiary of a New York-based insurance group to put down the industry in the media even more.

While reports talked about the "crisis situation" in the industry, our bright insurance guy came out in the media, proclaiming his company as shielded from trouble.

His company is now supposedly the leader in education plans, and his gloating seemed to refer to Pacific Plans Inc. and CAP, which are in the news as troubled pre-need firms.

The industry has a problem, sure, but it does not need that kind of boasting from anybody, particularly if the big boss of that somebody's parent company is facing criminal suits in New York.

The cases had something to do with the way it did business - a rather questionable way. And here comes the local triggerman, giving us a drawing of nice things from his principals abroad.

And look who's talking. Even our boastful hero has a pending lawsuit filed by some family members, involving hundreds of millions of pesos, prompting his company to talk to a former Cabinet member to be his replacement.

Besides, it is well known in the industry that, a few years back, the same guy held a meeting with CAP officers, wanting to take full control of CAP then, with the blessing of the SEC chairperson at that time, even before all this trouble erupted.

You know -- like a white knight. Maybe literally!"

 
At Monday, May 30, 2005 7:52:00 PM, Anonymous Anonymous said...

If we stay focused on PEP and not be distracted by 'irrelevant'issues, then we are better off. Some people prefer to take potshots at other personalities -- they may have an axe to grind, for all I care -- but this is not the forum. Eyes on the ball!

 
At Monday, May 30, 2005 8:20:00 PM, Anonymous Anonymous said...

The above YGC paid hack is quoting Conrad Banal, another YGC paid hack. Wag na kayo sumali dito, mga epal! Magtayo kayo ng sarili nyong blog, with Banal as your blogmaster!

 
At Monday, May 30, 2005 9:19:00 PM, Blogger vicente said...

Unfortunetly, your choice of anecdote falls under the "nice to know but what's that got to do with this?" category. I have been following the AIG story since it hit the news months ago and it has as much similarity to our situation as an apple has to an orange. As a previous commenter said, let's keep our eye on the ball! No more of these strained comparisons, please. It's hard enough keeping track of our own issues as they develop without these off-tangent distractions.

 
At Monday, May 30, 2005 9:21:00 PM, Anonymous Anonymous said...

Iba naman ang game plan ng mga hackers ngayon. They will make it appear that they are geniune coalition members and accuse other bloggers as hackers kahit hindi in order to sow confusion and belligerence among coalition members. Gusto rin nilang maasar sa atin ang lahat ng mga plan holders ng PPI. Don't you see the cycle? First, traditional vs. fixed value. Then, traditional vs. pension/cremation/fixed value. Personal attacks on Philip Piccio for coalition members to lose confidence on him. Then anti rehab vs pro rehab. What next kaya?

 
At Tuesday, May 31, 2005 7:26:00 AM, Blogger SunTzu said...

Volunteer, Mobilize & Organize
We get bigger everyday
This is the best way to express to anyone our sentiments and concerns.

 
At Tuesday, May 31, 2005 8:13:00 AM, Anonymous Anonymous said...

Hay naku! We will just get more confused if we pay attention to who is or who is not a hack in this world of anonymous bloggers. I'm sure, at some point, Planholder A may have already accused Planholder B of being a paid hack simply because Planholder B expressed his curiousity, which may not have sat well with Planholder A. If you think someone is a paid hack, then just don't mind or respond to him! If he's really just a paid hack, he will eventually lose interest and disappear, unlike real planholders who are genuinely affected by all of this.

 
At Tuesday, May 31, 2005 9:52:00 AM, Anonymous Anonymous said...

Yes, focus on only on comments that will move the Cause forward. Totoo, there may be genuine planholders/coalition members asking honest questions. But the point is, if you're going to comment, make sure its to support the Cause - that's the whole reason why this blog is up and running anyway. Kung kontra ka, you don't have any business wasting everyone's time by posting and maraming ibang blogs na pwedeng doon makipagrambulan. Kung may honest questions, then let's try to answer them with the objective of moving our Cause forward. Pero kung may posts na pangontra lang, well, let's not loose time and effort posting replies. Ang dami pang pwedeng pag-usapan, specially discussion of strategies to move our Cause forward. Puro pasulong lang.

 
At Tuesday, May 31, 2005 9:54:00 AM, Anonymous Anonymous said...

Hey, did you watch the Bitag show by Raffy Tulfo? Platinum naman ang pinakitang hindi nakakabayad ng tuition.

 
At Tuesday, May 31, 2005 10:41:00 AM, Anonymous ostrich?...not! said...

mga fellow planholders, huwag din nating isara ang ating mga tenga at isipan sa mga ideya na kakaiba o kontra sa alam na natin. importante din na malaman natin ang pananaw ng iba para nakakapaghanda tayo ng mga sagot natin dito.

may mga strategic value din ang mga comments ng mga hacks kasi nasisilip natin ang direksyon ng mga argumento na ilalabas nila sa korte o mga pahayagan

"keep your friends close, but your enemies even closer" ika nga

 
At Tuesday, May 31, 2005 11:17:00 AM, Anonymous Anonymous said...

"Before transfer, PPI had enough trust funds for all. Walang deficiency sa trust funds, excess pa sa kanilang ARL at may net income ang kompanya."

This is because of the fixed value plans which contribute a far greater percentage to the trust fund but whose availments are lesser than the pep-trad wherein payments are skyrocketing due to the tuition increases. There was no seemingly trust fund deficiency due to the contributions from the fixed value plans.

With the separation, the real concern of peptrad came out. Now you want the fixed value plans to subsidize your availments when you are just a minority contributor to the trust fund.

 
At Tuesday, May 31, 2005 12:43:00 PM, Anonymous Anonymous said...

http://www.spynewsmanila.blogspot.com/

READ THE POSTINGS HERE AND REALIZE THE PROBLEM OF PRE-NEED

 
At Tuesday, May 31, 2005 4:47:00 PM, Anonymous Anonymous said...

Nyeh! Nyeh! Nyeh!Nyeh! Nyeh! Ang paid hack hindi maka-intindi. Paulit ulit na pinipilit ang mgz punto nya na matagal nang na-explika!
Nyeh! Nyeh! Nyeh!Nyeh! Nyeh!
Walang P3 Billion deficit. At kung meron man, problema ng Yuchengco na punuin at abonohin ito mula sa sariling pera o kita na matagal nang ilinalabas sa PPI.
Nyeh! Nyeh! Nyeh!Nyeh! Nyeh!
Kahit pa saan manggaling ang profit margin kung kailangang magdagdag sa trust fund para sa traditional, kesyo fixed plan sales, wala namang epekto ito sa planholders. Mali ang sinasabi na sinusubsidize ng fixed planholders ang traditional. Profit margins nga eh, walang kinalaman sa planholders iyon.
Nyeh! Nyeh! Nyeh!Nyeh! Nyeh!
Hindi maka-intindi ang YGC paid hack.

 
At Tuesday, May 31, 2005 6:28:00 PM, Anonymous Anonymous said...

ano na gagawin naming mga planholder na di naka pag avail ng tuition fee support sa PPI simula ng ipahold nila ito nuong may 26, 2005..... may paraan pa ba para makakuha ng support.... txt nyo naman me... 09276429367... wait ko tulong nyo. ty!

 
At Tuesday, May 31, 2005 7:25:00 PM, Anonymous Anonymous said...

ano na gagawin naming mga planholder na di naka pag avail ng tuition fee support sa PPI simula ng ipahold nila ito nuong may 26, 2005..... may paraan pa ba para makakuha ng support.... txt nyo naman me... 09276429367... wait ko tulong nyo. ty!

ang nakahold lang ung sa 250M. try to verify kung meron ka from the 341M

 
At Tuesday, May 31, 2005 7:27:00 PM, Anonymous Anonymous said...

nyeh nyeh nyeh.

taking hook, line and sinker lahat ng sinasabi ng FREAKSHOW niyo. hehehe.

obobs!

 
At Wednesday, June 01, 2005 11:48:00 AM, Anonymous Anonymous said...

'Now you want the fixed value plans to subsidize your availments when you are just a minority contributor to the trust fund...'

this guy doesnot realize it was thru the immense profits and revenues of the tradplan that ygc is able to make ppi a major player in the pre-need industry. fixed value plan evolved from tradplan. without the agents of tradplan in place, do you think there will now be 400k fixed value plan holders ? unfortunately ygc decided to dip his finger into the cookie jar and got caught by tradplan instead.

there is an old saying : marunong magnakaw ng pagkain pero hindi marunong magpunas ng puet !

 
At Wednesday, June 01, 2005 2:10:00 PM, Anonymous Anonymous said...

"immense profits and revenues of the tradplan"

Immense? Profits? Revenues? You don't know what you're talking about except those being fed by your Philip Freakshow.

 
At Wednesday, June 01, 2005 2:47:00 PM, Anonymous Anonymous said...

ang bayarang poster ng PPI walang alam

 
At Wednesday, June 01, 2005 2:48:00 PM, Anonymous Anonymous said...

at mabababaw ang argumento

 
At Wednesday, June 01, 2005 2:49:00 PM, Anonymous Anonymous said...

at malamang sasagot dito nang walang saysay

 
At Wednesday, June 01, 2005 3:56:00 PM, Anonymous Anonymous said...

Kung freak show ang paguusapan, si Helen Dee ang producer, director, at star!
Kayong mga bayarang taga-YGC circus ang pinagtatatawan ng publiko!

 
At Wednesday, June 01, 2005 6:00:00 PM, Anonymous Anonymous said...

kayo naman, wag nyo na patulan yung paid hack/ bloger na yan. Aba eh dapat may magawa sya sa loob ng walong oras na andun siya sa opisina. Sumasahod siya eh. Ala na ngang pumapasok na benta kaya ayan nakatutok dito sa blog spot. kung may pumapasok na benta dyan sa lifetime na yan, palagay mo ba, magkakaoras pa yan na kung anu-ano ipost dito? Ala, ala ngang pagkakaabalahan, eh nahihiya sa mo nilang bwitre kaya ayun, report ng report kung anu-ano daw ang nababasa niya sa blog spot-sumbong sa amo niya. para nga naman tuloy ang sahod niya na may pride pa siya.

 
At Thursday, June 02, 2005 11:03:00 AM, Anonymous Anonymous said...

Never forget that PPI had enough funds in its trust for all plans. Never forget that it had an excess over ARLs until before the transfer of assets in 2004. Never forget that it had over a billion pesos net income before the 2004 transfer. Never forget that PPI/Yuchengco committed fraud and this was all documented even in earlier years when they asked for legal advice for their planned shutdown of PPI traditional plans.

 
At Friday, June 03, 2005 6:32:00 PM, Anonymous Anonymous said...

To all the YGC paid hacks:

You have your own site. Try buybackmypacificpla..blogspot.com. It has been around since may 20 and claims to be the voice of the silent majority-yes2rehab pa ang pangalan. The site is really silent. It has 1 post and about 8 comments. It is really silent there. Silent majority nga,eh. So far, 87 hits when i looked today.

The other site is the Party of Enlightened Planholders site at partyofenlightenedplanholders.blogspot.com. Why don't you go "enlighten" each other there instead of disturbing us here? Well, can't blame you. It is a lot more interesting here. Remember reading a comment there about walking into a time warp, parang daily express,times journal at bulletin today of martial law vintage daw yung blog kasi puro puri sa PPI or something to that effect.

So go, shoo, tsupi! shoo! play dead! roll over! shoo!

 
At Wednesday, June 15, 2005 3:37:00 PM, Anonymous Anonymous said...

let's not be distracted by these side issues. that's exactly what they want -- kaya nila binayaran si conrad banal. there's no conspiracy theory involving the US etc etc -- philam is doing what any businessman in his right mind should be doing: taking advantage of the market situation. prudential is also doing that -- haven't you heard their radio commercials.

what is obvious is thyat banal is sleeping with the enemy -- he claims to be a journalist but is really just a paid hack of the yuchengcos. just like he is a paid hack of henry sy and BDO against EPCIB. and just like he was a paid hack of enrique razon and his ICTSI against filipino consumers who want to bring down the cost of shipping goods.

 
At Monday, July 04, 2005 6:11:00 PM, Anonymous Anonymous said...

For those of us who are not able to attend meetings, we would like to be updated on what is happening to our case before we go any further and look at the problems of other companies.

I get to check out this site not as often as I would like to but, more often than not, I only get to see comments of news articles.

Could someone please send us lowly people an update of what will happen to our children? Do we have the chance of getting what is due us? I know these cases takes a long time but regular update of the case would be very much welcome.

Thanks.

 
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At Friday, June 22, 2012 10:41:00 AM, Anonymous Anonymous said...

I need to know the numbers to call for PEP by Pacific Plans, Inc.
Can somebody please help me?

 

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