Protected: The Numbers Don’t Seem To Add Up…

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40 Responses

  1. Hmmm, investing in dollars in the 60’s , 70’s will it really balloon in interest like what happen to his money????

  2. i went to BPI the day after Corona’s appearance and ‘demanded’ that they give me the kind of interest on time deposit that the chief justice has.. one that can balloon a time deposit to millions. ;-)

  3. I suppose what we can do is simulate how he was able to save up to $2.4M over time since the 60’s (let’s assume for the sake of argument that he was, as MM puts it, “a brilliant foreign exchange investor in his early teens.”)

    It should be easy to track his career and estimate how much he makes, then factor in the assumptions, like cost of running the household and sending the children to school. These are, after all, all he said they spent money on. Then the $2.4M should be able to take shape, if he was telling the truth.

    Regardless of whether or not his statements about how he came upon having this much savings are true, I got a bit worried about the security of his family, especially the grandchild (grandchildren?) whose school was also divulged during the hearing. I hope they put extra security on the kid/s.

  4. MM, please share with me some of your oodles and oodles of fantastic lard. I want to fry this LIAR! The sad part about this is that our beloved country always winds up the biggest loser.

  5. While I don’t think anyone working in the government has a spotless record, I do hope that the justice system works from time to time to convict corrupt government officials (big time and small time), just so they know that they are not untouchable. While CJ may have owned some of those dollars, it is highly probable that some of those $ came from corrupt practices. I do hope that he gets convicted and some semblance of justice is served.

  6. It is possible (and perhaps probable) for a person that young to trade in forex. But what is not probable is the value of his forex transactions during that time. Even if he was trading as a brilliant investor, it would be “small potatoes”, certainly not enough even with compound interest to account for the present USD 2M or USD 3M balance.
    But you know what’s so funny? He was narrating his forex trading in front of Enrile who was in power at that time and who would certainly know about the blackmarket.

  7. it gave me chills and goosebumps watching him lie through his teeth and twist the law into so many “interpretations”. if dollar accounts are not supposed to be reported, they might as well scrap the whole SALN requirement.

    i couldn’t take more sh_t last friday so off we went to watch “Men In Black”‘; that turned out to be more real than this dramedy that we are all being forced to believe, actually. i really hope and pray the filipino people get a fair decision this time.

  8. Gigi, I don’t think you could have even OPENED a personal dollar account before 18 years of age, which he wasn’t until October 1966, and I wonder if bank’s even offered dollar accounts to the public then, so it’s not likely actually… :)

    The Philippine Daily Inquirer Corona coverage is currently running a poll, and of 42,000 votes received, 28% are for acquittal, 72% for conviction…

  9. There is a decorum/protocol to be observed, strictly followed in court – regardless of the level of the court. The most basic being to show proper respect to the court, the law and the people involved within. When the ‘highest representative’ disregards this basic court behaviour by walking out (without being given permission to leave or be dismissed), it is representative of his character, values, morals and ethics and is not qualified to wear the robe nor represent the very institution he has disrespected.

    Thief justice…liar….the new professions…

  10. MM, there are similar results for Philippine Star – 76% for conviction, 24% for acquittal.

  11. Just a question to MM and the readers: If there is an acquittal — not a guilty verdict with a mere reprimand, but an honest to goodness acquittal (i.e. 8 or more Senators vote to acquit or abstain), will you respect the decision of the Senate Impeachment Court?

  12. Ipe, I suppose we would have no real choice but to respect the decision of the impeachment court, as that is the group that decides in this case. Not to respect it is the beginnings of anarchy I suppose… However, if that happens, I think there are other routes to take, as with pursuing the complaint with the Ombudsman/woman who would check into ill-gotten wealth. Also, I sure as heck would remember the folks who voted for acquittal when the next elections roll around… unfortunately, those seem to be the reasonable options in a democracy…

    For me, personally, the two main issues are really FITNESS to serve in that position, and secondly, the hidden assets that were NOT DECLARED. As again, in a democracy, presumably, ultimately, it is the opinion of a majority of people that matters. And I know, that is a double-edged sword, as opinions can range from informed and factually supported opinions to the other end of the spectrum, opinions for the sake of having opinions, whether they are based in deceit, emotion, perception, etc. If it were up to me, and I know it isn’t, he should have resigned SOLELY on the basis of being a “MIDNIGHT APPOINTMENT” of the previous President. I would never have accepted that appointment as it was at best, questionable to begin with.

  13. @Dragon…amen to that! the nerve saying…and now , the Chief Justice of the RP wishes to be excused… such arrogance!

    @ Gigi…despite his martial law background, i’m now beginning to like JPE. i was really impressed how sharp his mind is business wise (well he should be considering how bag JAKA is now) especially when he reprimanded CJ on the purchase price of BGEI by CJ’s daugther.

  14. for the current Chief Justice to say that dollar deposits should not be included in the SALN because of the secrecy provision in the FCDU law seems tantamount to saying – “all you corrupt politicians and government officials with stuff to hide – just change all your peso to dollars and you need not worry about anything!”

  15. btw, MM, don’t know if you read raissa robles’ site, but she has some really well-researched stories there and very thought provoking questions …

  16. and what was last friday’s “reconciliation drama” all about? does it really have to be done inside the court room? will CJ give another 3-hou speech to explain why?

  17. the result of the impeachment has been to involve this cj in partisan politics. if acquitted, any decision he makes now will be viewed against the backdrop of this experience and accusations of not being impartial, if he has been that at anytime in the past. it may have happened ever so slowly through a number of presidents, that he himself probably failed to recognize just how involved he had become with incumbent administrations. it is really too bad because just like every politician, he may have started off with real well meaning intentions, until becoming sidetracked by the untenable pressures of political patronage in an immature political climate. another interesting angle that is coming out is that it is really the surveys that should decide if he remains or goes. everyone will have to abide by the desire of the majority. unfortunately, the cj cannot resign because of all the lawsuits waiting to be filed against him. he will have to take his chances with the senators vote. in reality, it is not the senate, but sws, mahar mangahas and other survey takers who will likely decide his fate.

  18. Right after TJ’s first court appearance, a good friend of mine who works for one of the senators told me that it doesn’t matter what anyone says, the TJ will be acquitted for the simple reason that more senators “do not side” with the president. A senator’s vote is based on allegiance, not evidence. He said, as of Friday, there were more senators inclined to acquit the TJ but were a bit concerned about the people’s reaction if they go ahead with their decision (except for Santiago who has already made up her mind even before the proceedings started)! OMG, it was the most depressing conversation I had!

    I am no legal expert but I know that TJ is interpreting the law to his own benefit. As soon as he is acquitted, I will inform my politician relatives to convert their money and all assets to dollars so they can’t be traced! What’s good for Juan must be good for Pedro!

  19. MP, all the current discussions on TV and among other commentators is that there are potentially 4-8 senators who might vote for acquittal, so the numbers are close… but I don’t think they will be a majority for acquittal. On the other hand, only 8 acquittal votes are required…

    Btw, have people forgotten that lesser court and government officials have been relieved of their jobs for failing to declare far less than the the amounts talked about in the most recent case at hand??

  20. As I’ve said before, this is the reason why there is no justice in the Philippines. Ordinary people are expected to follow the law. Ignorance of the law excuses no one. But if it’s someone powerful and rich, there are excuses and exemptions and technicalities. Deliberate misreading of the law by the Chief Justice of the Supreme Court is inexcusable and criminal.

  21. Indeed you raise a very valid issue MM. A former SC Davao staff (not sure about the place) was terminated for failing to declare her small grocery store in her SALN. As the CHIEF of the highest court, Corona needs to demonstrate integrity way beyond what is expected of an “ordinary” judge or “ordinary” government employee for that matter. It’ll be really tragic if senators let go of the perfect opportunity to show us and the world that morally corrupt civil servants need to be shown the door out – although my hubby says that if that’s the case, there will be an exodus! :-)

    And by the way, my friend said one of the senators who will vote to acquit TJ said, he will make sure the TJ will be strongly reprimanded and that should serve as a “consolation” to the people…. I don’t normally wish ill of people but I think I will be forgiven for hoping that this senator drops dead right before he casts his vote!

  22. Let’s say that Corona had a legitimate source for his dollar accounts. However, he still did not disclose this in his SALN. That is perjury! His “secrecy of bank deposits” excuse sounds hollow when you consider that the constitution – the highest law in the land – requires public officers to disclose their assets, liabilities and net worth.

  23. “PALUSOT” – Good one! The prosecutors found that one word, that clear and simple sound bite, that will resonate with the vast majority of the populace… Now, just one more day until the results are known… though I wonder if the battle ends there or will there be more maneuvering after that… As for all government officials, all I can hope is that they better revisit their SALN’s at the end of this year and adjust them to accurately reflect their real assets and liabilities and net worth…

  24. Government officials cannot reflect their true net worth in their SALN’s by year’s end. I don’t think we have enough jail space to house all those officials who have unexplainable millions or billions and are most likely guilty of graft. They will just try to hide them in overseas accounts.

  25. It was the only trial earlier today that made me laugh so hard after watching the tuesday & friday trial na gigil sa inis at asar ky thief “cj” corona the nerve! & kakapalan ng mukha talaga! . I heart Rep. Fari*nas sapul na sapul yung words niya. I surely hope for a conviction…

  26. So if he is impeached, will he be removed from office as Chief Justice or we he still fight to remain in power? Is he really telling the real truth about his asset? (Obvioulsy not!!!) Or are there more to declare? If so where did he get the money to gain such asset? Is he part of Gloria Macapagal grand scheme?

    What happened to the money that Angelo Reyes accumulated from Gloria? Did the government recover the money?

    Any news about the wealth the Garcia and Ligot (AFP) accumulated?

    How will the government recover the wealth that some high ranking military officials accumulated from Garcia/Ligot grand scheme?

    I’m pretty sure that there are more people not only some military officials but also government and civilian people that Gloria and her team gifted during her term. Will it become part of the “Chamber of Silence”

    Kawawa naman ang ordinary soldiers at familia nila na sobrang liit ang suweldo at benefits at nagpapakamatay maitaguyod lang and peace and order.

    Kawawa naman ang mga OFWs. Who are heroes for sending 20 billion dollars every year yet pag nagkasakit o nawalan ng trabaho hindi na hero and no benefits from the government.

    $40 billion dollars from export, $20 billions dollars from OWF remittance, $10 billion dollars from call centers, $5 billion dollars from domestic trading yearly.

    So how is Central Bank of the Philippines managing the billions of dollars generated? Why are they printing more peso paper money? This is one of the reasons why the traders keep on increasing the price of the commodities! Katwiran nila may big foreign money na dumarating sa Pilipinas taon taon so let’s keep on increasing the price of our products? So papaano naman iyong mga taong naghihirap na sagad na sagad na sa hirap at wala ng maipakain sa familia? Even the middle class like are crying “Foul”

    The price of US dollar is no longer that advantageous sa mga OFWs. It is going down yet the price of commodities is going up, Let’s not forget that most of the lucky OFWs borrowed money from the bank for housing and with the value of dollar versus peso kulang na ang kinikita nila pangbayad sa monthly ammortization plus pag aaral ng mga anak. Based on rumours, this December the value of one dollar is 37 pesos. So papaano na ang mamamayan?

    Tapos ang electric bill is way too much. Yet every year NAPOCOR is making billions in profit. What about the multinational corporations like PETRON, MERALCO and more. Making billions of profit at the expense of all of us

    I’m glad I got my US citizen kasi mas napabuti ang buhay ko at ng familia ko pero I always love the Philippines. That is where I was born and raised hence my heart is always aching to see the Philippines. I love the Philippines, my hometown “Sta. Rosa, Laguna” and the people that care. GOD BLESS US AND THE PHILIPPINES

  27. My head spins with all the monetary numerics every time someone is on the spot regarding ill-gotten wealth. So much money! And yet the country remains so poor. My earliest memory of the dollar exchange … $1.00 used to be P5.00 …

  28. My… What a circus this has become! Hope senators realize that they’d kiss their political careers goodbye if they vote for acquittal. Sadly, it’s during election time that people’s voices are heard. There’s really no way that cj could’ve amassed that much wealth legally!

  29. this is the day! yes, that one word ~ it all. the decision will create history.

  30. As he himself declared, “the Cheap Justice of the Republic of the Philippines wishes to be excused.” Sabay walk-out.

  31. I am currently glued to Karen Davila’s tweets for updates on the voting (This is the most convenient and up to date way I found to get fast updates while at the office in S. Korea) :-) It’s currently 8-2. I hope the senators vote using their common sense and their conscience. That we get a guilty verdict for CJ.I will hereby await Mr. MM’s post on the aftermath of the voting :-)

  32. GUILTY. 20 senators vote “guilty” to 3 senators who voted to “acquit”. A historic moment for democracy in the Philippines and in Asia. The first impeachment completed, apparently. A step in the right direction in my opinion. Though the uphill climb is still incredibly daunting, no matter what…

  33. An historic moment for the country indeed!

    Next up, the RH BIll that has been conveniently sidetracked by the Corona trial and circus. To ignore the fact that the country’s population has ballooned 20 M ( from 74M to 94M) in just 14 years is beyond stupidity!!!

    In the words of Akbayan Rep Walden Bello in his PDI Afterthoughts column:

    “The challenge to members of Congress will be to abandon narrow electoral self-interests and vote on the following choice: an irrational obscurantist stance that would keep the country in prolonged darkness and poverty, or a future marked by vigorous development, prosperity, and a democratic politics that is truly free of clerical interference, marked by a genuine separation of Church and State, and enjoying real religious tolerance.”

  34. Freedom of information bill, please :)

    On the concluded trial, it is indeed a historic moment! We don’t know if it will lead to more transparency or maybe to just more suitcase bankers flying in every month. There’s less leakage when assets are offshored ;-)

  35. I feel very sorry for CJ, if he just resigned in the first place things would be alot easier for him, considering he’s a midnight appointee from a previous administration…

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