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November 17, 2006

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WAKE UP, DELEGATE TORIBIONG! Do some critical thinking before you open your mouth!

Mr Udui, Jr. and FIC's positions and public statements regarding the root of this mess are not attacks on delegates and senators! Get to work! You people got elected there to make laws that protect the many interests of the people! Obviously you've all failed this one and now are trying to deflect the blame on the very people who are trying to do their jobs but cannot because they lack the legislative/legal authority or basis to performing what the executive branch placed them to do! So heed them and see their efforts as a constructive effort reaching out to the OEK to do its jobs! As I commented previously, the initial reaction from Imelda Nakamura (HOD legal counsel) condemning FIC's initial response placing PSB under receivership was a preview of what we can expect from the HOD members! They should fire the legal counsel and hire someone with some brain!

Economists and financial and banking experts (especially those from the outside and who've been trying to help Palau) would laught at this poor reaction from a delegate of Palau!

for the sake of the people of palau, let this be seen as not a personal attack but a wake-up call for the voters to choose carefully come 2008 your delegates and senators!

Ores...I beg of you to take a look at the amendments proposed to the OEK by the President for the FIC Act. Then comment on what job has not been done. Funny, do you blame the police when your house gets broken into?
Ka bom elellakl...

Alii el rokui depositors,

The wake up call was three years ago when the bank had a run with its financial stability connected with Saipan Bank's demise (another story). I should have removed my money out of there but didn't. And I should not blame anybody for choosing PSB. That was purely personal choice not requiring the mandate of law.

One should know that FIC had enough mandate of law then to avert the recent situation from happening. This is evident as they had the same authority then to close five other banks under the current law. One of the banks cooperated with FIC and bounced back with full compliance today. And nobody lost their money.

So the real question is why didn't they close or force PSB to comply with the law. Simply because there were some powerful OEK members and high government officials who had vested interest in PSB. FIC members backed down from doing what they should have done then. Demand full compliance or close the bank.

Please read the court order and the audit report to lessen the melodrama, fanfare, and limelight attention grabbing in our discussions. Most of you on this blog are very educated so please objectively scrutinize the issues base on its factual merits. Divertive discussions are very contageous and have become very destructive in our society. We (including myself) must move away from that. Those who want copies of the court order or audit report and letter from the independent auditor let me know.

mesulang,

santy

Alii Senator,

Like you, some of my money is there and I would be lucky if it's true that those with $2K or less will get their money first. However, what concerns me and I think has become more apparent by the day is the island is overrun by people in a position of power who have lost their decency, ethics, and honor,turning this government as some sort of private domain of theirs.

I have some questions as I bet anyone would be, and I hope with your position you don't only address the deficiency of the law if there is one but also look into the role of CSPP Board and FIC and whether they abandoned fiduciary responsiblities.

What was the rationale for the Pension Plan Trust Board to invest $1 million in PSB? Did PSB solicit for investment business? Or was it a request by PSB for a loan? How and where did the idea came out to invest the $1 million in PSB? Or was there pressure from up high?

It is very disturbing to know that FIC Board could have stopped this mess from the outset but chose to ignore problem until it was too late. Why?

I would like to see PSB board and management be prosecuted to the full extent of the law, nevertheless, what I see as a much bigger problem is the government oversight board not taking their fiduciary duties seriously. As I said, this island is being overrun by those who are profit seekers who never once blink an eye for masses who placed trust on them.

Senator Asanuma,

what do you think of the PNDB taking over the PSB, transforming PSB into a government savings and loan?

Could something like this happen in Palau?
________________________
6 KILLED IN TONGAN RIOTS

POSTED: 0228 GMT (1028 HKT), November 16, 2006
Adjust font size:
NUKU'ALOFA, Tonga (AP) -- Firefighters in Tonga's capital on Friday found six charred bodies in the scorched rubble of a building set ablaze a day earlier by a rampaging mob, as authorities restricted movement in the aftermath of the violence.

The remains were among the ruins of the Shoreline power company offices in downtown Nuku'alofa, said Tonga's Lord Chamberlain, Hon. Filekepi.

The six dead were believed to be looters or rioters, as staff of the power company were all accounted for after the building was torched on Thursday, he said.

Until the grisly find, officials said there had been no serious injuries and no fatalities during a destructive outburst by a mob apparently frustrated by delays in making political reforms in the impoverished and semi-feudal kingdom.

Tonga's government restricted movements in the riot-scarred capital on Friday, a day after the riots, when gangs of youths torched buildings, overturned cars and looted parts of the city.

Prime Minister Fred Sevele declared most of the city a "proclaimed area" under the country's Public Order Preservation Act, "into which movement is severely restricted," government spokesman Lopeti Senituli said.

"That is not a state of national emergency, yet," he told The Associated Press.

Uneasy calm settled over Nuku'alofa as police and troops took control of the central city.

Smoke continued to blacken the sky above buildings left to burn at the height of the riot when the young people, apparently angry at the lack of political reform in this semi-feudal society, targeted several businesses formerly connected with King Saiosi Tupou V and Sevele.

Many other businesses were damaged as well with witnesses estimating more than half the city's shopping district had been razed by the fires.

"The priority is to secure peace so that people can feel secure in their own homes and neighborhoods," Senituli said. "Most of the fires have died down but the damage has been widespread and major."

There was no sign of the rioters or looters who had moved unchecked through the city at the height of the unprecedented violence, with many of "the drunken ones sleeping of their anger."

Police and Tongan Defense force soldiers cordoned off downtown early Friday, directing people not to enter the wreckage-strewn area.

"There are number of burning buildings ... and some ministries and businesses damaged," said Filekepa, who acts as spokesman for the king.

Chinese shops looted
Resentment at Chinese traders dominating some areas of commerce saw rioters target Chinese business, looting then torching shops in the central city and in villages on the outskirts the city.

Tonga's Chief Justice Tony Forde said fires had burnt all night and the carnage "must be devastating" to the impoverished nation's economy.

"Chinese shops all over Nuku'alofa have been looted so people will be OK for the next two weeks, then things will start to get really bad," he said, as "so many jobs have been lost and they (residents) won't have income."

An emergency meeting of the Cabinet was to be held later Friday, Senituli said.

It was likely a plea for equipment to help police and troops ensure security would be made to regional neighbors Australia and New Zealand, he said.

Both countries, which have contributed peacekeeping forces to another South Pacific trouble spot, Solomon Islands, have said they will consider such a request.

Pro-democracy leader 'Akalisi Pohiva blamed the riot on government delaying promised political reforms, saying that earlier Thursday it had proposed referring reform proposals to a subcommittee for consideration next year.

"The government made a big mistake" by delaying, he said. "They shouldn't have waited until the country fell into this chaotic situation."

Pohiva said as the riots began an emergency meeting of senior ministers, lawmakers and Sevele, had approved a plan to increase the number of elected members of the 32-seat parliament to 21 from the current nine by 2008.

Tonga, located halfway between Australia and Tahiti, has a population of around 108,000 and an economy dependent on pumpkin and vanilla exports, fishing, foreign aid and remittances from Tongans abroad.

Copyright 2006 The Associated Press. All rights reserved.This material

no..we're not that aggressive people. in the earlier days perhaps..a few skirmishes down there and up here. not anymore. we know better..

right now the real game may be enfolding real soon..as Omdui predicted, the finger pointing duel! who'll have the edges..thats what i want to know. comes 2008, he/she may well be the champ.

Dear Santy (Senator Asanuma):

Thank for your comment, and I would like to take you up with your offer, "Those who want copies of the court order or audit report and letter from the independent auditor let me know."

Please email them to Omdui so everyone can get a good sense of what may actually be the case.

Dirrek el soak el olengit rekau el senator erkid mem post ra copy era tial rokir el FIA ma ikel recent amendments el OEK is entertaining them now. Please.

Thank you, and I appreciate and commend your kind and useful participation in the blog.


Honorable Seantor Asanuma and Readers:
I got a copy of the banking law from Domestic Affairs and have some questions for you regarding this:

I. It says in one part that "no person shall make a misstatement of material fact or false representation or do anything to create a false appearance or engage in any manipulative device or practice in relation to taking of depsits."

?1. Is there evidence that this practice was conducted by the Bank?
2. I don't see any penalties for violating this part of the law; is my reading correct?

II. On page 8, it states the functios of the FIC Board: "...Governing Board must periodically assess the situation of financial institutions." I do not see where in the law it allows the FIC to esxamine or audit banks. Is this correct?

III.The law requires the FIC to "determine insolvency." Does this mean they have to examine banks and if they don't have the power to do this, how does the FIC determine insolvency?

IV. On page 10, the law talks about "commissioning periodic audits of the Commission concerning compliance with the laws and regulations that apply to the Commission." Does this mean that the FIC can only Commission audits on itself and not the Banks? If you read further it does not say anything about Commissioning audits for the Bank. Is this correct?

V. Page 16 states that "all proposed regulations under this Act shall be promulgated pursuant to the Administrative Procedures Act (APA); PROVIDED that NO proposed reulations under this Act shall become effective without approval of the OEK by JOINT RESOLUTION." Are there Regulations for the FIC and if so, has the Senate and House approved them?

As I see it, there are more rules governing how the FIC does its job rather than the Banks. Is this a correct assessment?

VI. On page 16, the law says that "all banks existing and operating in Palau as of the effective date of this Act shall be and are licensed to engage in all of hte financial activities listed in Section 51."

This is what beleive is what I beleive to be a "grandfather" section of the law and the law doesn't show what the requirements of being a "bank" are if the banks operating at the time of passage of the law don't have to do anything else but submit documents to the FIC within 180 days from the date of the law. It doesn't talk about FIC making a decision on who is qualified and who's not to be a bank. Did this cause problems because banks did not have to pass any type of test to show that than remain operating as banks?

VII. Page 18 talks about minimum capital/I take this to mean minimum equity or owners reserves. It says on the same page that existing financial institutions in Palau that are "grandfathered" are "deemed" to be in full compliance with the minimum capital requirement and an "indefinite license shall be granted. Does this mean banks at the time were considered to be "solvent' even though they may have not been and how did we know back then that this was and did the FIC have the power to verify this?

VIII. There are other parts of the law that EXEMPT local banks from CPA Audits; is this correct? and if so why is this the case that the local banks are given exceptions? Did this cause problems for PSB because we they were exempted from being audited by "third parties?"

IX. Does the FIC have the authority to exmine banks on a regular basis, as I know in the US and the FSM they are required to?

X. There are 8 banks in Palau. How much staff and resources does the FIC have to "regulate and supervise" banks and is the staff qualified to do this and what tools do they have at their disposal to implement the law. What is their budget per year? Is the Board qualified and are you saying that they had foregone their "fiduciary duties to depositors."

These are just some questions from my first read through of the banking law. I would like a response from you posted here so we can educate ourselves. Is there an electronic copy of the law available?

Just some thoughts on this and I think we should all read this law to get a better idea of this law.

Also, do you really think the FIC had all the means at their disposal to regulate banks up to the closure of PSB? Who at the FIC can we ask questions from regarding this.

I am getting more frustrated as this thing drags on. I too have money in there that I wanted to use next month. "Whatta Now?!"

Thank you and please give us some answers from the legislative side and how can you help us or is this a matter that requires OEK attention.

ORES:
I read in one of the local papers that Margo NAKAMURA Llecholech was one of the insiders in this.

Does this explain why Queen Imelda was quick to condemn the Receivership action and by the way, what has Queen Imelda done for our country to make in a better place. Don't even think about running for senate IMELDA because you are tainted and in my View, a lawyer that we would call an "Ambulance CHASER."

Read it and take it to heart. I hear its the Haole attorney that is doing all the work for Imelda, thats why they kept the Haole in after she resigned. Maybe unfair but thats my view.

Alii,

The Financial Institutions Act of 2001 is quite voluminous. I am not agile as most of you net techies so I hope I can find a way to post the entire law for all to read. Unfortunately, not all legistations have been electronically encoded for ease of retrieval.

I hope Omdui has the copies of the audit report and letter issued by independent auditor and the Court order. Nonetheless, I will find someone who can post them on this blog for those of you outside of Palau. For those in Palau you can call or text me at 775-3046 for hard copies.

10 questions have been posted by Mardingaol which are all legitimate to ask. However, it is best to allow regulators (FIC and Attorney General) to sort out and screen every piece of information against the current law.

I truly believe that politicians as much as possible stay out of the enforcement aspect of law at this point. FIC should do their job as objectively and professionally. And the sooner they complete their investigation and submit a report to the AG/SP for prosecution the better. And I too as a senator should not preempt and complicate the process.

The legistive process is more comprehensive in nature and thus extensive process that includes all idiosyncracies (considering all views and opposing views altogether) of society. That being said, it is more cumbersome than what most of us in the OEK are willing to admit.

The only constructive thing I can say is that I am considering some ammendments to the FIA in light of Tim Tauton skipping the island and the fact that locally owned banks are exempted from some of control measures in the current law like being audited by independent CPA brought up in question VIII.

Was there sufficient signs for the regulators to warn the people of PSB's fateful demise. I personally believe so. But that should be proved or disproved as investigation will commence Nov. 28. Ultimately, I hope that all wrongdoings in PSB will be prosecuted to the fullest and justice served to the Palauan people, especially depositors of PSB.

mesulang,

santy

Thank you Senator for taking time to address everyone here..
Personally I want to thank you for your words of wisdom on keeping the discussions here and at home from becoming divertive thus leaves us nowhere..

Our new nation is going thru some tough growing pains...We'll get through it with men like you in there..

You assurance of rhetoric free speech gives us hope..hope that there are responsible, decent and educated people minding our island.

This PSB debacle just shows that we need stronger and well defined financial regulatory laws..

Do take a good look at the FIC BILL...and give them the tools they need so that we dont fail our people again with another bank failure..

If there are laws that the FIC did not follow or use to prevent this PSB failure they too must be held accountable.

We have the entire financial regulatory laws and its history of the mighty Democracy of the United States to research what we need..we should not be making the same mistakes they did 100 years ago.

Thank you, Senator Asanuma.
As we look forward to examining the FIA (in portions or entirety) and all documents associated with the PSB "crisis," I would like to say a few words about a particular comment of yours in one of your blog postings.

You had stated that FIC had sufficient legal authority to have stopped the mess from culminating to where it's at now and pointed out that FIC/board basically did not do its job due to pressures from higher up. That is a possible factor in the making and nurturing of this current PSB mess, and the OEK should rigorously scrutinize the board (old and recent) and FIC management, too, just as the OEK has been propelled to consider the proposed amendments to the FI Act.

On a related note, I read somewhere that there may be lack of relevant laws or insufficient legal grounds to have the court order an individual/company (PSB in this instance) to pay back wronged parties (depositors in this case). Is this true? If it is indeed a case in any degree, I should hope our leaders take to address any existing loopholes or deficiencies in relevant laws that could help provide much needed momentum in any efforts to collect corrective "fines" to pay back depositors of PSB.

Thank you.

I totally agree with Del. Toribiong. Diak el sebechem el hire rar chad el mei mete orurt ra business er kau eal temall a udoud e kede blame ra OEK. Alsekum me tial lach a dimlak lungil loureor engeram mar chad ra FIC dimlak louchais ra buai malchub ear mengetekled louchais kung. Aikal idisel a press conference el mla momerek, dirkak a tal rengesii ar olngit mar luledubech er tial amendment mel mereched el meketmokel. It's only my view of this mess.

Ores,

I want to make a slight correction to your statement. I believe that FIC backed down from demanding compliance on PSB. Maybe because of intimidation of the very people who approve their membership in the senate and also both houses to approve their budget. One main reason is Tim Tauton was a member of FIC so there was a bit of omellengmes to push harder on PSB. Even then they demanded audit report from Palau Bank (now First Fidelity Bank) and they provided. Plus they cooperated in working with FIC to correct their system. Now PSB mistated figures on their 2002 and 2003 in-house audit reports. And finally the first independent audit report of 2005 by CPA was given to FIC almost 6 months later. Now tell me how is this related to the fact that ammendments pending before OEK for approval is the cause of PSB fiasco. Any senator or delegate is welcome to enlighten us on this fact.

mesulang,

santy

Senator Asanuma:
Thank you for your reply.

Allow me please to clarify a previous point I had relayed that may seem to be misunderstood.

I argued that had the OEK passed the proposed (12?) amendments to the FIA (relating to issues from capital requirements to reporting) and empowered FIC with broader regulatory power and resources (to give it, among other needed things, auditing capacity), PSB may have been prevented from engaging in, for one, risky lendings that culminated to the loss of depositors' investments. I stand to be corrected, but I understand this whole debate about FIA goes back to the previous OEK when then Senator Seit Andres was the senate president. I can't vividly recall the exact experience, but Senator Andres and some other colleagues of his, I believe, were also against certain aspects of the FIA (e.g. provision that provides for banks to be capitalized at present level). I maintain my position that the OEK should work with the relevant parties and stakeholders to address any weaknesses of the FIA to prevent repeat of the PSB fiasco in the future- not to rectify the recent mess. I never argued nor do I contend that addressing the proposed amendments to the FIA will cure the current PSB crisis and return people's monies. However, I understand there's among the proposed amendments a recent request from the President to enhance the FIA to empower the FIC to place failed banks like PSB to be placed under "managing receivership" so that FIC can, for one, take stock of assets and liabilities in order to prevent further deterioration and put in a suitable management to return depositors' monies(?). That may be the only amendment among the proposed amendments to the FIA that would have bearing on the current PSB crisis and have implications on the return/no return of depositors' monies. This is my infant thinking on that (recent) amendment, and I stand to be corrected.

You invited me to comment on "how the fact (OEK's previous and continued inaction to address) that ammendments (to the FIA)pending before OEK for approval is the cause of PSB fiasco."

Further to my comment above, here are some observations on the existing Financial Institutions Act of Palau.

1. Problems with the regulatory framework: the regulatory framework for our bank regulation is weak. The regulatory powers of the FIC (board and managing commission) need to be improved. While banks are required to report to the FIC Commissioner, I believe they are not required to submit audited balance sheets. This scenario denies the FIC the basic tools of bank supervision and places constraints on FIC and the public's ability to timely gauge the financial soundness of banks.

I also understand the existing FIA requires banks to maintain a minimum capital of $500,000. This is a tiny amount or requirement for setting up and operating a bank and would not be acceptable to most bank regulators in other countries. During Senator Seit Andres' tenure as senate president, he and some other colleagues of his were instrumental in supporting the strong lobbying efforts by some local banks to ease the severity of enforcing that requirement.

Palau has now up to 10 banks (down from 30 plus after independence) and the banking supervision task falls on FIC (and its board). FIC is staffed with one executive commissioner and one secretary plus two (?) financial investigators. Considering what I would call their "undercapacity" to have effectively and efficiently supervised PSB in a timely fashion to have avoided the current mess, what would be a rational reaction in view of the greater interests of the people of Belau in going forward?

Finally, your claim that FIC(board and management) may have been too lenient or fickle with PSB ought to be seriously scrutinized. You're in a rightful position to pose questions that may help shed light on such possibility when you and your colleagues review the bill with the proposed amendments. The FIA should be consistently, rigorously and fairly enforced across the board, and no body or entity in Palau is above the law. If FIC did indeed did commit such act, application sanctions ought to be applied against its board and management.

Mesulang.

Ores

Correction: I meant "applicable sanctions" in my last sentence. Dankyu!

Emelk, din't you just stripped dor few days ago for sharing his opinions and thoughts. Before you give advise, wipe your feet before you enter this blog. Sometimes, people may say or do things out of anger in order to ease the pain but I know it was wrong to call names.

thanks Ores for you calm approach...

All of these discussions remind me of someone getting into an auto accident because he was drunk. The onlookers rush to the scene of the accident and ingore the drunk, but are scrutinizing the car for defects that may have contributed to the accident. The drunk sneaks away as no one is paying attention to him.

To Senator Asanuma,

was the President of the ROP within his capacity legal right to loan $1 million dollars from the Pension Plan to the Pacific Savings Bank?

Please shed some light into this.

Diaklmad;
In your scenario, with car accident,let's hope the police gets there before the drunker gets away. Or, some brave onlookers have the courage to stop him/her from sneaking away.

Now with PSB, Who is going to be brave enough to stop them? People should come together and demand that justice be done. It can be done thru different ways. If we cannot act now, delays can only give them opportunity to get away while we stand around and sirongkawa.

NoSuch:

The president did not loaned the $1million, he deposited it.

PSB and Diakelmad:
I like the analogy but forget the police and the voyeurs, CALL THE AMBULANCE THE DRUNK MIGHT BE HURT. HA HA HA HA.

PSB...lol...Stipped dor?..noway...She's not that kind of woman..:)
and I always wipe my feet and make sure to take it outta my mouth before I enter this site..:)

I merely pointed to dors position and her opine and how skewered I thought it was...Never called her a name or said anything I could not back up...

And the name calling and personal attacks I was refer to were those said about officials or people allegedly involved in the PSB fiasco..

If I sounded too high and mighty or condesending,,my apologies to all..

Thanks

Ores,

Now you are bringing the discussion to the point of origin. You are being analytical which is required when discussing public policy matters.

The President proposed FIA to 6th OEK but it was scrapped and OEK version which is the current law was passed and signed by the President to accommodate banking interests of some of OEK members. Senator Dengokl introduced it as a compromise because it was better than not having any banking law in place at all.

Bear in mind that in case there are no laws by OEK, our legal system still can fall back on TT codes, US case laws, or common law that virtually cover all legal questions. Case law on Enron can be applied on some of the inside trading and false reporting. I am sure that if the prosecutors put it as a priority they will find ways to put the culprits behind bars.

Yes, FIA of 2001 will need to be revisited as Palau is continually subjected to more foreign exposure and expansion of banking activities. But to ensue an argument with makers of Toyota about better model could have averted the drunk driving by an idiot is absurd.

mesulang,

santy

Has any of the assets of the people involved with PSB been frozen? Has there been a formal request to the US for help in tracing movements of accounts overseas and to also freeze those accounts? It is not fair when individuals and entities have to go without their money while the players in the PSB scandal still have access to theirs. Why is the legal enforcement taking so long to react? Maybe they are doing something already and if so it would relieve some of the angst of the public if they were to at least say some effort are being made to retrieve the stolen money. "We are going to keep meeting until we find out why the work isn't done." Enough meetings and debating. DO SOMETHING!

De meral mla mo checherd a rengud ra ikal omeruul ma chelbirukel ra chelsel a beluad. some are getting richer and richer and some are getting poorer! ng meral mla mo klou a gap between the haves and have-nots ra chelsel belau and who are the victims ?! gooodness.

this PSB crisis is making everyone anxious and crazy and perhaps getting crazier.

Senator Asanuma,

FIC says OEK should pass the proposed FIA amendment. The President says OEK should pass the proposed FIA amendemnt. Seems both FIC and the President believe passage of the proposed FIA amendment gives FIC and the President a needed tool to help resolve PSB issue.

It is disturbing to see our congressmen use delaying tacting for their immediate reaction to the president as the executive arm of our government when seeking congressional support to help resolve this PSB issue.

What is wrong with passing the proposed amendements now if it will prevent recurrence of the same in the future, and not the PSB problem today. If this amendment will not secure return of PSB depositors money, what's wrong with passing it now if it will protect other depositors tomorrow and beyond.

If that is what FIC is asking, what is wrong with giving FIC this tool? As depositors with PSB, we ask the same question! Why stonewalling!

When you say FIA has to be revisited, we fail to see a sense of urgency in your statement.

Please help us give FIC and the President the tools they need to move on this issue.

To Senator Asanuma,

I'm confused. Why are we looking towards to government to bail PSB?

PSB and its executives has to pay its customers, not the tax payers, right? What PSB needs to do is liquidate all its assets and pay off its customers.

bizbuzch,

In fairness to Sen. Dengokl, his bill was inclusive of the measures that President and FIC are singing now. The question is why its teeth were knocked out in the first place.

Please read prior postings so we do not need to repeat. There are fundamental issues of conflict of interest for most senators and delegates and unconstitutionality of a retroactive clause in the proposed bill.

You ask about urgency? This same bill 7-25 was recieved by the senate January 2005 and assigned to Ways and Means Comm. You should direct that question to the Chairman Seid and the Senate Pres. We usually have monthly executive meeting for senators and monthly meeting for OEK (both houses) and Executive branch but I have not seen anyone push hard on SB 7-25. Only after the fact the trumpets are blaring and everyone is some kind of a prophet urging salvation for PSB.

I am for passage of 7-25 but not 7-180 since all the politiking has preempted its passage. If you really want to be well informed on the controversy, you have to start from the beginning. Though I was not a member of 6th OEK, I still have read their work and previous OEK to get a clear view on issues.

mesulang,

santy

My question to you Santy is

Did President or the FIC board members know before hand that this is going to happen. Did they have inside information while pushing for the passage of the proposed FIA amendment?

We have had Banks for how long? I don't know, but this problem is not common to our tiny island. All of a sudden people are pointing fingers to the OEK, because other people did not do their job. Maybe it took to long to pass this bill, but it does not mean that it would have stopped PBS from going bankrupt.

There are crooks out there who are playing this blameing game. The only way to get back the peoples
confidence and trust in our banking system is to flush these crooks out and give them proper punishment to remind all that there is actualy justice in our leadership.

Now is the time to stop talking and start working.
The damage is done. Find ways to keep those Private school from closing. And start a full scale investigation with Auditors from outside Palau.

It has to be done right and by the book. To let it slip by will result in lost hopes for not only our leaders but our justice system.

Alii,

I must admit that passage of ammendments to FIA has been stalled at the Senate Ways & Means Comm and you should rightfully critic the senators for whatever reasons each senator has for this bill to be dormant. That is for you to find out about your senators.

But passage of bill or lack of it should not be used to divert attention away from the culprits who violate the law and public trust. I still maintain notwithstanding some good iprovements in the proposed ammendments that the current law RPPL 6-3 provides sufficient safeguard to the depositors. People deliberated set out to defraud the depositors of PSB. No act of God could have stopped these evil men from the things that they did with people's money in PSB.

Yes, I believe the people should have been warned ahead of time (closure). But I think it is very complicated when government officials (in OEK and Executive) and businessmen are in cahoots to promote and protect their private interest. I say this and you have to make up your own judgement.

This PSB fiasco reminds me that leaders should not agree amongst themselves for the sake of convenience. That is why it is good that elected leaders be allowed to argue and debate exhaustively on all policy matters. This way separation of powers, check and balance, and protection of public interest are always secured in our goverment. Furthermore, the chance for cover-up is deminished. Something that I have always fought against before coming to OEK.

mesulang,

santy

Alii,

I must admit that passage of ammendments to FIA has been stalled at the Senate Ways & Means Comm and you should rightfully critic the senators for whatever reasons each senator has for this bill to be dormant. That is for you to find out about your senators.

But passage of bill or lack of it should not be used to divert attention away from the culprits who violate the law and public trust. I still maintain notwithstanding some good iprovements in the proposed ammendments that the current law RPPL 6-3 provides sufficient safeguard to the depositors. People deliberated set out to defraud the depositors of PSB. No act of God could have stopped these evil men from the things that they did with people's money in PSB.

Yes, I believe the people should have been warned ahead of time (closure). But I think it is very complicated when government officials (in OEK and Executive) and businessmen are in cahoots to promote and protect their private interest. I say this and you have to make up your own judgement.

This PSB fiasco reminds me that leaders should not agree amongst themselves for the sake of convenience. That is why it is good that elected leaders be allowed to argue and debate exhaustively on all policy matters. This way separation of powers, check and balance, and protection of public interest are always secured in our goverment. Furthermore, the chance for cover-up is deminished. Something that I have always fought against before coming to OEK.

mesulang,

santy

Ke kmal mesaul ra uldesuem e ngak a kmal medengelkau el melemalt e soam a
"Open Government". A eliteklem a kmal dirk osisiu ra uche ra bom Senator. A beluu a mla dongchau e melemolem e loldubech er tilecha luldasu el mobang. Maki mereng a sulem el melatk er kemam a rechad ra beluu, e omeklatk erkau el kmo a rokui el berrotel el tekoi a ngarngii a temel eng me emolt. Meke ngar tilechang e diak bol beot a rengum ele beluu a ousbech er kau el medemam e dingemam er a rokui el tekingel a beluu.

Ke kmal mesaul

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