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November 24, 2006

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I heart goes out to these schools. I feel disgusted with this whole PSB fiasco.
especially when you condsider that its possible and not to entirely far fetched to believe that only one person is responsible for the demise of PSB. For example just this month, an executive for KeyCorp Bank (FDIC insured) was caught and charged for embezzling 29 million. It was reported that he did it by submitting false names or entities on loan applications and then eventually diverting the money to his accounts. First reports say that he did it over the course of three years and now its being reported ten years. Which brings us back to Tim Tauton, could he have orchestrated everything as this one individual did in a US federal govt. insured banking establishment. The US executive got caught but like Liu Man Chen, Tim Tauton skipped town. Should we at least give credit to the PSB officers and Senator Reklai for staying and facing the music? Oh never mind, they probably did not have place to run to in the first place. Maybe as a jesture of goodwill, the senate president should sign over the land in Peleliu, he got from Gov. Ngiragais some years back because the only "see dollar signs" governor defaulted on some money he borrowed. I know its wishful thinking but is'nt telling the degrees of seperations between those ripe for the taking and those who rip off, no one is immune from it in palauan society.

Joe,

The PSB fiasco is a national crisis affecting government operations of more than half of the states of the republic and the lives of over 7,000 depositors. In addition to that, there are hundreds of students attending schools affected by the same. The national government under the constitution is responsible to provide for the security and welfare of the people of this republic. That is why we need our congress to act expeditiously on this issue. Politics should be put aside, and a solution for the return to normalcy of those whose lives and governments were affected by PSB closure should be priority number one.


I feel ambivalent towards ATTY/AMB/JUDGE/PREZ CAND/NGIRAKED Toribiong's request to the ROP president. OMDUI, please keep us informed about the president's reply.

Perhaps he could for once use his ambassadorial position to benefit the poor victims of the PSB scandal, since he's benefited so much from his business deals with Taiwanese folks, e.g. airline, hotel, etc.

Lol!!! It's funny how every person not linked to the mess and coming into the whole scene seems to be tainted!! How in the banana do we expect to ever reach the bottom of t his horrible crisis?

Note the part in the following PIDP article:
http://pidp.eastwestcenter.org/pireport/2006/December/12-01-03.htm
where it says "several members of the Pacific Savings Bank board of directors took out unsecured personal loans in the millions."
Many on the blog have been calling for the publication of names. Maybe this is a start based on this information to post the names of the members of the board of PSB. The public has a right to know if the national govt will bail out PSB. Transparency! Transparency!

Please read this excerpt from an IMF Report on the Banking practices in ROP. Note the section in CAPS. It has exploitation and loophole written all over it, meant to protect Tauton, Reklai et al.... but not the palauan consumer.

According to SECTION 59 of the FIA each Palau financial institution shall annually by June 30 provide the commission with a balance sheet for the financial institution as of December 31 of the previous year. Branches of foreign banks (BOH, BOG etc..) must make available to the public their annual audited reports on a consolidated basis. THE LAW EXEMPTS PALAU BANKS FROM THE OBLIGATION TO DISCLOSE THEIR FINANCIAL STATEMENTS. ONLY BRANCHES OF FOREIGN BANKS HAVE TO MAKE THEIR AUDITED REPORTS PUBLIC. AS A FURTHER DISCREPANCY IN THE LEGAL PROVISIONS BETWEEN DOMESTIC (psb fidelity etc..) AND FOREIGN BANKS, ONLY FOREIGN BANKS HAVE TO EMPLOY EXTERNAL AUDITORS.

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