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November 17, 2006

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To Augustine Mesebel and Jo Toribngong: since you guys don't have a clue as to what the objectives of the FIA are, the "tragedy" you've brought upon the people of Palau warrants you just say nothing and pass the amendments to the FIA. Glad to hear you've passed them on first reading but we'll be watching. And while you're at it, please show productivity on the $500 you get paid for each session individually by reviewing other related laws that will permit wronged parties (like the PSB depositors who lost millions of dollars) to bring the PSB management and board to court to claim their monies. FIC efforts to recover lost deposits should be complemented by other law-based efforts of depositors to take legal action on their own!

Ores,

Let's also ask Members of the OEK who are involved in this mess to donate their next paycheck towards a special fund to help those depositors who are most in need on this Holiday Season.

Exactly, what are the objectives FIA are? No matter what " tragedy" Palau, or depositors are experiencing, will make OEK members to just shut up and forward bill. This is even worst than accepting $20 million that has brought up to the rescue.$500. nor the constituents trust would never compromised or meant for our delegates, senators to be in such characteristic of pea-brained. We have victimized from their gamesome, cruelsome political but for us to demand them for shshsh.. because PSB, FIC, President, and maybe Pension Plan together fucked up, I don't think so..
We will get through with this soon or later like any crises human being have endured but let the opportunity for justices, lessons take its toll.

Ores,

Pardon me for disappointing you but, if you read again Ms. Imelda's posting on FIC, she seems to view the proposed FIA amendment pending HOD and OEK action with reservation.

What do we do?

MY QUESTION IS: if the FIA bill is passed both houses of OEK, will the depositors get their money back?


Santy, what you say since you are the only brave heart in the OEK to venture into this forum?

And all you proponents of the bill?

Do tell!!!

uchelmelis,

Like any other legislation, I believe improments can be made to FIA of 2001, and therefore I am open to review the proposed ammendments.

But to insinuate that it is to rectify the demise of PSB is where I draw the line. First, our legal counsel is in no position to give us legal opinion on conflict of interest clause as he himself has money in PSB. Until I am cleared of slightest public suspicion that my judgement is colored by saving my own personal money in PSB, I definitely will recuse myself from voting on this bill.

PSB failed partly because of lack of ethical and proper accounting practices among the board and top management. As senator, I believe it is for the greater benefit of the Palauan people if I hold myself to higher ethical norms, especially in events like this. And I think this where you demand your leaders to come out clean and not bend rules.

Secondly, I do not understand people talking about saving PSB by passing "managing and/or operating" clause to the existing law. The Court order did not only declared PSB insolvent but dissolved. Dissolved to my understanding of plain English means dead, non-existent,disappeared, or no longer in its original form. Pick your choice of word but PSB is no longer legally recognized as a business in ROP by the book! Maybe that is why the ammendments calls for effectiveness of the bill to be retroactive which leads to my next point.

Thirdly, it is unconstitutional to make legislations retroactive. This is fundamental because imagine us OEK members and President passing laws to mend our past crimes. How do you like that?

I hope that you can begin to see the magnitude of this PSB mess that we have pulled the entire Republic into.

That is all that I can say for now. At this point, I am expectant of the reciever's full report showing the road PSB took with all the turns and curbs leading to Nov.09, 2006 final day of the bank. Until then people are shooting in the dark at best.

mesulang,

santy

My good Senator Asanuma:

Thank you for clearing what has become a constant issue and that everyone seem to think that by passing "the" bill somehow the depositors can get their money. Maybe now they can stop blaming OEK for what apparently was a bad "investment." The public should have learned their lessons from PMA.

Senator:

You have articulated what I fear could be a horrible nightmare for the depositors, through this partial comment of yours above to Uchelmelis, "Thirdly, it is unconstitutional to make legislations retroactive. This is fundamental because imagine us OEK members and President passing laws to mend our past crimes. How do you like that?"

Please prove me wrong on this one. People's monies (deposits in the PSB) have been lost through legal, risky lendings and at the end of the day, no law has been violated. Thus, no one is legally bound or liable to return pay back anything. Right? What, if any, are the available legal venues through which depositors can institute a legal action to get their monies back?

This is an important issue to dissect, because- and this will be a major disappointment to many of you especially those who had their monies in PSB- the government should not have to bail out PSB by compensating its depositors for their lost savings/deposits/investments. The law has to be invoked to address the existing problem in search of remedies, and if the law is inadequate, what's next?


I meant, "legal avenues" and "return or pay back" in the second paragraph of my comment above to Senator Asanuma. thx

Ores,

Let the reciever finish his work first. Then some things will be a lot clearer than now.

At this point, what any body offers or says tends to be political and still need to go through the process of policy making. Typically that means more questions will have to be asked before we deal with possible solutions.

Unfortunately, people have to wait and see what the reciever will do to garnish assests to raise funds to pay off PSB's obligations to its depositors and creditors.

mesulang,

santy

Such little country, such big problems. I'll give it two to three years before light is shed on this matter for ALL depositors and creditors to see their money or at least some of it.

Such pity to PSB. Talk about being stabbed in the back! this is brutal!

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