This is the release of the National Union of Journalists of the Philippines on the forum on libel it organized last Thursday:
Contrary to what his lawyers are saying, First Gentleman Jose Miguel Arroyo is a public figure and will have to prove actual malice in order for his numerous libel suits against journalists to prosper.
This is what human rights lawyer Theodore Te said during a roundtable discussion this morning held at the University of the Philippines in Quezon City. Agreeing with him were more than 35 journalists, some of whom are defendants in Arroyo’s libel suits, as well several UP journalism students.
The activity was organized by the National Union of Journalists of the Philippines after learning that 43 journalists are facing libel raps from the First Gentleman. His lawyers have been quoted in media as describing Arroyo as a private individual and therefore “not fair game” for media.Newsbreak editor Maritess Vitug, however, pointed out that Arroyo handles several programs for the Arroyo administration and is therefore a public figure.
Te, discussing the constitutionality of libel and its basic elements, also said libel is “indirectly a restriction of press freedom.”
“Suing media for libel has a chilling effect, making journalists think twice before saying or writing anything. The effect is insidious because it is hidden,” he said.
Jose Torres, NUJP chair, said libel is clearly being used as “a tool to harass media”.
Aside from Torres and Vitug, among those present were Rowena Carranza-Paraan of NUJP, Isagani Yambot of Philippine Daily Inquirer, Maritess Vitug of Newsbreak, Ellen Tordesillas of Malaya, Erwin Tulfo of the axed program Isumbong Mo of RPN9, Malaya columnist Lito Banayo, Rachel Khan of the Center for Media Freedom and Responsibility, Isa Lorenzo of the Philippine Center for Investigative Journalism, Chit Estella of the Philippine Journalism Review, Inday Espina of Philippine Graphic, Nonoy Espina of INQ7.net, Leti Boniol and Jofelle Tesorio of Inquirer and Arlyn dela Cruz of Net25.
It was the fifth roundtable discussion organized by the NUJP. The first four tackled the issues of media killings, banning of “Hello Graci” tapes, implications on media of the anti-terrorism bill, and the Melo Commission, which is investigating the killing of journalists and activists.
Yeehaaaw!
Of course, Mike Fatso Arroyo is fair game…as in hunting wild boars – although I don’t hunt wild boars anymore, I’m all for going hunting and Fatso is fair game indeed.
Great! Now let the hunt begin.
Even Luli is fair game… They wanna be where they are? they gotta bite the bullet!
Is it any wonder that Gloria is wearing bullet-proof vests?
“Is it any wonder that Gloria is wearing bullet-proof vests?”
Heheheh! But Alitaptap, I said “bite the bullet”, as in figure of speech, “bite the bullet” and not the literal sense! heheh!
She’s most probably wearing one that’s why she looks so fat!
I know, Ana … just higlighting the absurd as in ‘Waiting for mr. Godot’. You may take bullet-proof vest figuratively too.
Just read this banner story in the Tribune:
“Bolante’s only options: Voluntary deportation, imprisonment
09/23/2006
With his motion for bail having been recently denied by a United States District Court, former Agriculture Undersecretary Jocelyn “Joc-Joc” Bolante has only two options left: voluntary deportation or incarceration.
The remaining choices for Bolante, alleged bagman of President Arroyo’s husband Jose Miguel “Mike” Arroyo and who had allegedly caused the diversion of more than P700 million in fertilizer funds to the war chest of the Chief Executive in the 2004 elections, yesterday were relayed to the Tribune in an e-mail by Filipino lawyer Harry Roque of the Institute of International Legal Studies based at the University of the Philippines in Diliman, Quezon City.”
Ninez is one hell of a courageous press woman, isn’t she?
Just read the way she tells the story, no round-about, straight to the point and she goes for the carotid…
“for Bolante, alleged bagman of President Arroyo’s husband Jose Miguel “Mike” Arroyo and who had allegedly caused the diversion of more than P700 ”
Atta girl, Ninez! As Ellen says here, Mike Arroyo is fair game! Go for the kill…
The numerous libel suits filed by FG are beginning to appear as frivolous and nuisance lawsuits. It is demeaning to the high office of his wife, but then such office is only valued as such – fake – hence FG has no qualms prostituting his stature.
One for the game:
“RP per capita income highest under Arroyo”
On paper, the news is wonderful! But in reality, kung ninanakaw naman ang pera bago mapunta sa taong bayan, what good does income per capita growth do?
Moreover, the growth has NOTHING to do with Gloria’s economics. She’s lying to herself. It’s the remittances that allow the Philippines to have such huge dollar reserves which explains this growth.
It’s a defense mechanism. The Fatso is reacting to all criticisms and exposes on his operation, even the propaganda for his wife now operating even in Tokyo that is in fact being reportedly connected with his propaganda outfit in Manila, because he actually wants to stop anyone from getting too nosey, and the greedy one that he is, must probably be thinking now of making more money and/or getting back his investments on people like Alan Cayetano by slapping them with libel suits!
What he does not seem to realize is he is in fact confirming all accusations against him to be true especially those exposed by the journalists he is now suing for libel especially when he and the missy are prevented from ordering them to be killed, for the more he denies those accusations and criticism, the more he looks guilty and definitely rotten.
Whatever, the journalists he is suing may just as well dig deeper to prove his bluffs. Yup, that’s the word. The Fatso is definitely bluffing!
Per capita income growth is nothing if the prices of goods are also increasing at the same rate or even higher.
One thing I noticed in particular how our Newspapers and our reporters, or even our columnist go about writing their piece when it comes to exposing or doing investigative reporting on public officials or politician wrongdoings is using the word ‘alleged’ or always followed ‘ that these allegations are not proven in court of law yet’. And so far we don’t have much cases of libel that coming especially from public officials.. Private persons, yes there are, even slander, but libel is seldom and it’s not even a criminal offense.
Public official partners or spouses (well, even our gay politicians are no longer embarrassed about their lifestyle) are off limit, because they can not hold public office (conflict of interest) except also elected one, under the spouse or partner authority, unless it is a Charity or NGOs. Even our Governor General Husband who has a few not so favorable rumor of his past political history and even our GG is also off limit in print media, due to the respect of the Crown. The rumor was about our GG separatist movement membership in the past, but as soon as the GG clarified the issue, we left it at that, instead of pursuing it, always for the sake of unity.
I remember the daughters of GWBush. They’ve maintained their privacy as citizens because they’re not doing anything for the public, they’re just students. But when they started campaigning for their father, they became “fairgame”.
So what is Mike Arroyo complaining? He’s very open in campaigning for his wife since the overthrow of Erap. He’s definitely a public figure. He’s open to scrutiny.
The number of libel cases he has filed against so many journalists betrays his use of this provision in the law to harass the press people.
Another fair game: Palparan
Here’s a repro from Newsweek as Max Soliven reports in his column:
” ‘The New People’s Army is not that capable or that good. I don’t have respect for their ability to engage me. Why should I be afraid?’ “, Palparan apparently said.
Hah! Stupid, idiotic boast.
Then tell me stupid ass! If they ain’t that capable or that good, how come after 37 years, they are still around. The NPA, according to AFP estimate is no more than 8 to 9 thousand, slipper donning rag-tag soldiers dispersed all over the¨Philippines, yet they’ve managed to outwit the AFP these past few decades.
They’re all giving the government, with its arsenal and logistics, a run for their dear money.
You freak! You can only ENGAGE young women students or helpless civilians but on the whole, you are a frigging nobody! Your method is crude as your tactic is idiotic.
You’ve managed to kill a few activists but after all these years, the power given to you to decimate them, you have nothing to prove!
You Himler monkey! You ain’t a military officer, you’re nothing but an ape! Not even a good one!
To frigging Palparan,
In a real army, a professional army, for failing to perform the duties you are called upon to do, you will be court martialled, you weired crank!
You’re only capable of having two young women, one of them pregnant! You worthless scum.
You demean the rank of officer!
Oops, should be “You’re only capable of having two young women abducted and tortured,”!
This Palparan is simply a worthless scum! Have met a few military scums but boy this Palparan one takes the cake!
He and Gloria should be shot!
The fatso’s new suits are made of libel and plays an unfair game. Palparan should also be intvited to UP and let’s see how this monkey’s gonna react to the students’ antics. I don’t think he’ll get eggs like Esperon, more like the kind of organic fertilizer should be dumped on him. Sh*t befits a scum like him.
If there’s one person who should sue for libel, it is Margaret Thatcher. Early in her term, Gloria Arroyo told the public that the FG will be like ‘Mr. Thatcher’. For that, the former British Prime Minister is entitled to sue the First Couple for sullying her late husband’s reputation.
Anong Public Figure? Baboy Figure puwede pa! Kailan naging public ang gago eh asawa ng pekeng pangulo iyan? Ang abogado niyang si Atty. Santos, madaldal at bolerong Bulakeno eh may mataas na puwesto sa gobyerno. Ang perang gamit ni Baboy eh pera ng gobyerno at ng bayan. Gamit din niya ang impluensiya at kapangyarihan ng Malacanang. Tangina, huwag na nga niya tayong bolahin!
Tingnan niyo ang mga asawa ng mga presidente ng ibang bansa, low profile lang. Pero itong si Baboy lahat na lang pinakikialaman. Counterpart ni Imelda Marcos iyan si Baboy. Di bale si Imelda may class ang dating…pero itong si Baboy…mukhang isang matabang matakaw na tabang lamig.
Anong fair game? Hawak nila ang mga fiscal at huwes sa mga kasong libel na isinampa. Balat sibuyas si Jose Pidal kapag ang kanyang mga kalokohan ang pinag-uusapan sa media. Ang kanyang kabit ay isang busabos sa technical (palusot) smuggling. Totoo bang abogado si Viagra Santos? Parang peke.
Iyang Ilonggong iyan, wala talagang ginawang tama! Makahuluya gid! He and Gonzales are just big sham to the Ilonggos! The nerve to defend his honor and dignity kuno e, hanggang baboy lang pala ang libel niya! Naku, talaga palang garantisadong matibay ang ROPE na gagamitin pag binitay ng lahat ang mga ito! Of course, Palparan should be infront of Gloria! Before hanging them, they should all be invited to speak before UP students. If this ever happens, I could just imagine what kind of welcome and goodbye await them! LOL!!!
cvj’s remark is relevant…
“cvj Says:
September 24th, 2006 at 2:09 am
“If there’s one person who should sue for libel, it is Margaret Thatcher. Early in her term, Gloria Arroyo told the public that the FG will be like ‘Mr. Thatcher’. For that, the former British Prime Minister is entitled to sue the First Couple for sullying her late husband’s reputation.”
Imagine if Dame Thatcher sues Gloria for sullying her husband’s memory?
Hah! Mrs Thatcher should give this immoral bansot one good bollicking!
ystakei-san says: “She’s most probably wearing one that’s why she looks so fat!”xxx
DEBU talaga kaya ganun! Sabi nga ni Lolo, siguro raw, masarap ang kinakain kaya nag-bloat nang ganun si glue. I replied: “Those came from the blood, sweat and tears of Pinoys who pay their tax! Same goes with da fatso gordo dorobo.
Diego: Hindi balat-sibuyas; macap[ag]al ang mga yan. kung may hiya, eh di hindi na sana nagnanakaw pa! Kun g may hiya, hindi na dadayain ang Bayan.
Natumbok lang ng mga journalists ang totoo, kaya nagpanting ang tenga ng [h]ayup na yun! “TRUTH HURTS” sabi nga!
Busog na busog na sila.
Tama na, sobra na. Sa dami na ng pera nila, aba! they can just spend the rest of their lives. They just could not stop … addicted na sila sa pera. Aside from those they were able to deposit abroad, marami siguro sa pera pa nila nakabaon sa lupa.
Suggestion: Immediately after Pidals’ reign, demonitise the peso.
I just got this in my email and I thought it was related to the topic so I’d like to share for the First Gentlepig:
“Banging your head on the wall uses 150 calories every hour.” – So, Fatso-Dumbo, what’re you waitin’ for? Start losing some of the lard, now!
“A pig’s orgasm lasts 30 minutes.” – Eeew, soooo messy! Not surprised, though; he married a maniac!
“If you farted consistently for 6 years and 9 months, enough gas is produced to create the energy of an atomic bomb.” – I say, beginning immediately, let’s all start eating beans and kamote and start filling ’em balloons. All Pinoys doing this together and we’ll have it ready for Xmas! Would love to see the day we release the bomb. I’ll call it Missile-Toh.
Tongue, the Fat Pig and the Dwarf are not sleeping together anymore. It’s been a long time especially after the discovery of Toh’s affair.
Mike Pidal Arrovo is fair game. He was alleged to be the architect and engineered the results of the last election. Legally, he is not a part of the government due to the fact that he holds no position, but, he is considered as the power behind or the least is he shares 50% of the power of the presidency. Consider his share in the appointments of the highest positions in the government, especially those that involved handling of funds. He has at his beck and call some judges and even members of Tonggress. We have seen it when he filed his cases against Cayetano, where some of his over-eager tutas from Tonggress joined him in the filing. He has proven to one and all that he has all the powers of the presidency, and The Glue is just fronting for him, so who says he is not a public figure? For these reasons alone, he can be subjected to scrutinization and make him accountable for all his actions. In other words he is fair game.
Cory by the Sea:
Will send the iron on prints and Erap’s movie today.
talo pa nila ang embalsamadong buhay sa bigat ng mga taba sa katawan. taba ng galing sa pawis at dugo ng mga pobreng kanilang pinapaniwala sa buktot na gawa.
di nga ba’t nasusulat: “mga tao na kahit alam na ang kahatulan ng Diyos, na nagsasabing dapat parusahan ng kamatayan ang mga gumagawa ng gayong mga bagay, ay di lamang gumagawa ng mga iyon kundi sinasang-ayunan pa ang mga gumagawa ng gayon.” halaw sa bagong tipan, sulat sa mga romano.
ystakei-san,
Salamat po nang marami.
Sana nakalagay ang keitai denwa banggo nyo para matawagan….;)
cvj:
On the contrary, but wasn’t Margie’s husband involved in some scandal, too, in South Africa?
Of course Mike Arroyo is a public figure. His picture was in the front page of “Philippine Graphic” magazine on March 1, 2001 when he was interviewed by Nick Joaquin. Case closed.
Link to Mike Arroyo’s interview: http://philippinecommentary.blogspot.com/2006/03/2001-leftist-rightist-coup-detat-in.html
Yuko, that would be the son – Mark Thatcher, who was arrested in South Africa in 2004 for his part in an attempted coup in Equatorial Guinea. Denis Thatcher died in 2003. The only ‘scandal’ that can be associated to the father was in 1980 when he used a Downing Street letter head to write a complaint letter to the Secretary of State for Wales. Considering that Margaret Thatcher was Prime Minister for 11 years, from 1979 until 1990, his record as FG is in stark contrast to the walking embarrassment that currently occupies Malacanang today.
UAAP Basketball Game 1 Finals result : Ateneo 73 – UST 72
Ang galing ng execution play ng Ateneo. Within 1 second naka-score pa sila?
Reminiscent of 1972 Olympic Basketball final match between USSR and USA(49-50).
Ang labo kasi ng backing violation call ng referee.
There is an adage that says, “if you can’t take the heat in the kitchen, get out!” El Gordo should heed that! But then again, he is either clueless or like Gloria DOES NOT WANT TO ACCEPT that he is not the least bit liked! A fat IDIOT, indeed!
——————–
Regarding the per capita income, it is the DISTRIBUTION OF INCOME and not the total income divided by the total population THAT MATTERS! Indeed, “the growth has NOTHING to do with Gloria’s economics. She’s lying to herself. It’s the remittances that allow the Philippines to have such huge dollar reserves which explains this growth.” Therefore, we should give credit were credit is due: our OFWs.
Nananakot si El Gordo, tutal, plain and simple abuse of power ang ginagawa nya!
Maybe the NUJP should not write anything about the First Gentleman, including his wife nalang. Let’s see who’ll suffer!
Chabeli,
May I add the following adage in view of the future judgement on Gloria for her crimes against the Filipino nation:
Don’t do the crime if you can’t do the time.
From Yahoo! Canada News
Stricken hedge fund Amaranth plans to stay in business, won’t trade energy
Fri Sep 22, 4:36 PM
NEW YORK (AP) – Hedge fund Amaranth Advisors LLC, which lost about US$6 billion trading natural gas futures this month, said it plans to stay in business but has sworn off energy trading.
Amaranth founder Nicholas Maounis told investors Friday on a conference call that the firm is putting together a plan for investor redemptions and will disclose it “soon.”
* * * * * * *
Military wants to turn soldiers into ‘journalists’ to win minds overseas
Thu Sep 21, 8:38 PM
By Dean Beeby
OTTAWA (CP) – Some Canadian soldiers are exchanging their guns for microphones as they train to become “journalists” to help win the hearts and minds of populations during military operations abroad.
The Canadian Forces recently hired an expert to teach soldiers how to become effective news broadcasters to get the military’s messages out to locals in Afghanistan and elsewhere.
F**king Stephen Harper. He is a bigger tuta to Bush than Blaire and Arroyo put together.
Josephs, Canada’s Harper won’t stay long as PM. The Parliament controlled by Liberals might now be pushing for his resignation. Never has Canada been involved in world conflict than what they’re doing now in Afghanistan. Even as a NATO member, Canada doesn’t have to be the one leading the coalition in Afghanistan. The US left the shit to these Canadians. The US started this war in Afghanistan then left it to Canada and the rest. From peacekeepers to agressive combatants…this is the new Canada Armed Force. Billions of Canadian dollars are being spent for this purpose. It’s the Canadians who shoulder this…through the taxes they pay (Canada has one of the highest taxes). I’m sure that at home, most Canadians are protesting Harper and their foreign policy just like in UK where thousands of protestors are against Blair. What about the US? Why aren’t the Americans as vocal and active as they were during the Vietman War. There’s not much street protests against Bush and war in Iraq. Or is it because America is now controlled by the Jews and these Jews themselves have oil interest?
Nelbar, too bad La Salle didn’t play this Season. Otherwise, the Archers could have easily shot down the featherless Eagles.
Hello Anthony Scalia,
just went over the comments and my apologies. it wasn’t you who branded the commenters in Ellen’s blog “mga hunghang”, it was one who appears very much a pro-Gloria commenter who calls himself “jun.”
CVJ,
Thanks for the correction. Of course, there is no comparison. Thatcher was a genius—fellow member of the Oxford U Society as a matter of fact and pretty respected unlike the Bansot, who tries to look like a genius but end up looking more like an idiot! 😛
npongo, you mentioned a few post up, that the Liberal Party controls the Parliament and may forced PM Harper to resign. The liberal at the moment is the Official Loyal opposition and can not force the resignation of the leader of another Party. The only way that PM Harper will resign if his Govt. Of Conservative Party lost the confidence of the Parliament. Although it is a minority government, the Liberal can not and will not introduce the motion of no-confidence regarding the issue of Afghanistan involvement, because for the reason that it was the Government of Liberal Paul Martin who committed our combat troops to the war in the first place. And the other party the liberal needs to form a majority to successfully pass a no-confidence vote, the Parti Québécois is not ready to see an election yet, because of their very poor showing in the last election, although anti-war sentiments is very prevalent in the Province of Quebec.
So far the expected Public Protests here do not materialize here, because the people are still on the “wait and see” attitude towards the new Minority Conservative government. Election could be called soon anytime, my estimate is by summer next year. Right now, we in the Conservative Party are busy communicating with the members for election campaign contributions preparing for the eventuality that anytime the oppositions parties may decide to dissolve the Parliament.
As for our Leader (conservative party), we are not planning to have a leadership review. Everybody or most members are happy with the way he leads the Party. That’s the way our system works, and we’re quite happy about it.
Vic, I’m not a Canadian and not from Canada; but I think you’re very active in the political affairs of Canada. Are you a politician or do you belong to any group other than being a member of the Conservative Party? How are Filipinos there? Are they well represented?
npongo, I’m not a politician or a candidate or planning to be, but I’m always active in a political process, and other than a member of the conservative, I’m just a working man like most Canadians. Filipinos, the ones on working permits or still on immigrants visas are well-represented by local Filipino organizations and the Philippines consulate, where most of the staff are career public servants, and very conscioustious with their public duties. I have not been to the consulate for a long long time, but there were not many complaints regading its service. For us, who are already citizens, we are well-represented by our members whether in Municipal council, provincial government or Federal, regardless of our party affiliation. Actually, every election I meet with opposing party candidates, and we have a very friendly discussion of the issues, even knowing I belong to an opposing party, just by the Election signs planted on my lawn and property. Nobody can post a sign on your property here, without asking permission. Also government services are very easy to access and services are dispense without much red-tape and most are in reasonable time. Actually, I can e-mail my city councilor and the next day, you can actually get a reply from his/her assistant or personally a call if you give them your number. And they also follow-up your concern. Politician here have no term limits, and they want to win every re-election and since they can’t buy votes with bribes, they have to get them with goodwill and good image plus a clean name and good public service, otherwise the media have no mercy on them..thanks
indeed, what atty. te was telling you ellen is true. but at the level of the fiscal, determination of actual malice is not a requirement for purposes of determining probable cause or establishing a prima facie case.
the absence of actual malice is a matter of defense so those who were charged by mike arroyo will have to present the evidence of absence of actual malice during the trial to secure acquittal or dismissal of these cases. please note one important observation, though, attacking the guy with extra-ordinary frenquency and at every other turn especially if facts or acts imputed to him are unverified would probably negate any claim of good faith.
this is the frustration of every well meaning citizens in this country, most government officials are really good and had perfected the arts of robbery. you know very well that so many fingers are dipping the proverbial cookies jar, but proving the crime and nailing down the thief in a different matter all together. how sad!
correction: “cookies jar” should read COOKIE JAR
npongco,
Halatang halata naman na hindi ako galing sa Ateneo diba? I’m from SCUAA/PICUAA affiliate school.
Kung pupwede nga lang mag cross enroll dyan sa Ateneo malamang nakapag aral ako noon dyan ng Pilipino subjects.
Dalawang eskwelahan kasi ang pinasok ko para mag cross enroll noong nag-aaral pa ako.
May mga nakakakilala sa akin dito, sa tema palang ng mga postings at taste ko sa news.
Kung pamilyar ka sa “graphology sa blogging” matutukoy mo kung sino ang mga gumagamit ng alias dito.
Syangapala, nabanggit ko na rin ang Ateneo. Dito galing sa opisina namin ang isa sa napiling iskolar ng Diplomatic Institute ng Spain. Fresh graduate sya ng Ateneo at bata pa talaga kung ikukumpara sa mga makakasabay nya. Iba talaga ang Ateneo.
Salamat din sayo npongco. Sa paghahanap ko sa google ng “Diplomatic Institute ng Spain” nakita ko sa wikipedia/wikinews ang :
“Brazil dismisses English language skills on Diplomatic career admission”
Mas gusto ko ang UP kesa sa Ateneo.
Para ko na rin pinili si Juan kesa kay Antonio sa Luna Brothers.
Alam mo na siguro ang ibig kong sabihin?
Ellen, may I add that “As public figure, Mike Arroyo is fair game” and may be pelted with bulok na itlog!
Nelbar, Ateneo run by Jesuits produces both good and bad eggs. The Jesuits’ reputation has long been tarnished since Edsa One when they were among the first groups to oust a duly elected President. And there’s the so called Ateneo Mafia right inside the Department of Justice as well as in other government agencies. Nani Perez is an Ateneo graduate and so is the country’s biggest crime lord, the Big Fat Pig Mike.
Walang “fair game” kay Mike “the Fat Guy” Arroyo whenever the existence of his criminal business activities is at stake. Just like the story of “The Godfather”, the police, army, politicians, prosecutors and judges were all under his beck and call. Syempre, ang lagay eh…ganun na lang ba iyon?
Mike and Gloria are the greatest promoter of bribery, kidnapping, smuggling, corruption, plundering and many newly invented criminal activities, nadaig na talaga nila sina Macoy and Meldy.;-)
dapat kay fatso itali sa roleta at targetin ng shotgun ni anna. ewan ko lang kung sumablay pa.
Goldman Sachs Appears to be Among the Winners in Amaranth Mess
Monday September 25, 5:29 pm ET
By the BullMarket.com Staff
Better risk controls implemented after the Long-Term Capital Management meltdown just eight years ago have contained the potential fallout from the huge losses at hedge fund Amaranth Advisors this month. The firm saw -60% of its assets disappear in September due to bets on natural gas prices that went the wrong way and cost it -$6 billion. Had the controls that limit Wall Street’s lending to such firms not been in place, the damage to prime brokers like Goldman Sachs (NYSE: GS) could have been substantial. Instead, by limiting the amount that firms like Amaranth could borrow against its assets, firms like Goldman and Morgan Stanley (NYSE: MS) are instead looking like winners in this debacle.
Amaranth outlined that it believes it will remain solvent. That’s backed by the fact that to date it has been able to meet its margin calls. A company like Goldman, meanwhile, has been booking fees from acting as the prime brokerage for these big trades. Goldman’s and Morgan Stanley’s ability to avoid such large hedge fund problems bolsters both their reputations and their attractiveness to investors, as they’re seen as being able to participate in the boom in hedge funds without sharing all the risk. The stocks both closed higher on the day.
They can thank post-LTCM industry changes for the improved bulletproofing from such heavy losses. Bloomberg pointed out that whereas LTMC had been able to borrow $25 for every dollar in equity it had, Amaranth was limited to about $4.50 for every dollar it borrowed.
Although Goldman did have money invested with Amaranth, the company is well diversified by not only its investments but also by the fact that it also provides prime brokerage services. Companies that are trying to gain market share on leaders like Goldman and Bear Stearns (NYSE: BSC) will likely take the problems at Amaranth as a warning not to get too free and loose with their own prime brokerage regulations.
If they lower their standards to win business, they up their risks considerably. Amaranth was the latest example of how quickly those risks can pile up into losses. Goldman’s position at the top of the prime brokerage heap looks well protected.
Indie Research
Ex-WorldCom CEO to start prison term -—–Yahoo!® News
By HOLBROOK MOHR, Associated Press Writer
32 minutes ago
JACKSON, Miss. – Former WorldCom Corp. chief Bernard Ebbers is set to start a 25-year federal prison sentence on Tuesday for his role in the $11 billion accounting fraud that toppled a company he had built from a tiny telecommunications firm to an industry giant.
Federal prison officials would not confirm where Ebbers will serve his sentence, but the two likeliest prisons are either the Oakdale Correctional Complex in Louisiana or the Yazoo City Federal Correctional Facility in Mississippi.
Ebbers left his upscale, brick-and-stucco home in a gated community in the Jackson suburb of Ridgeland about 8 a.m. Tuesday. At his home on Monday, he refused to answer any questions and told an Associated Press reporter to leave.
“You’re not even supposed to be on this property,” said Ebbers, 65, who answered the door wearing a light blue golf shirt and blue jeans.
Ebbers walked outside, with a cigar in his mouth, to watch the reporter leave his property.
A federal judge has recommended that Ebbers serve time on fraud and conspiracy charges at a facility in central Mississippi, but there is no guarantee that’s where he’ll end up.
Ebbers, a former high school basketball coach, took a small telecommunications firm and transformed it into an industry giant before the Clinton, Miss.-based WorldCom collapsed in bankruptcy in 2002.
“My overall sense of it is it’s just a sad day,” said Clinton Mayor Rosemary Aultman, whose city dealt with the economic fallout of the scandal. “The collapse of WorldCom was a tragic ending to what had been a fabulous story. So I think the overwhelming emotion continues to be great sadness and disappointment.”
Mike Truman, a U.S. Bureau of Prisons spokesman in Washington, said the location where Ebbers is to be imprisoned would remain secret until Ebbers is admitted.
Truman would not say where or when Ebbers would surrender to authorities.
U.S. District Judge Barbara Jones of New York told Ebbers during a sentencing hearing in July 2005 that she would recommend that federal prison officials assign him to the Yazoo City Federal Correctional Facility — about 50 miles northwest of Jackson — to make it easier for his family to visit him.
But even a judge’s recommendation is no sure thing.
“It’s a decision of the (prison) bureau,” Truman said.
The federal prison system usually tries to place inmates at a facility within 500 miles of their homes. Ebbers is from Brookhaven in south Mississippi, and now lives in Ridgeland, just north of the state capital.
However, a variety of other factors are also considered when placing inmates.
Beside proximity, “violence, escape attempts, how many years the individual got, and also the bottom line is how many beds are available,” Truman said. “We also try to take into consideration the judge’s recommendation.”
An announcement would be made Tuesday after Ebbers is processed, and the information would be made available in an “inmate locater” on a prison Web site on Wednesday, Truman said.
A search Monday of the federal prison database showed a listing for Ebbers’ name, but said that he is not in prison custody.
The 2nd U.S. Circuit Court of Appeals upheld Ebbers’ conviction and sentence last month. His attorney has said they will continue to appeal, but he has few options, said Ron Rychlak, associate dean of the University of Mississippi School of Law.
“I understand they’re going to ask the 2nd Circuit to reconsider the case on whole. Three judges heard the case against him originally and he could ask all the judges on the court to hear the case,” Rychlak said. “It’s pretty rare. The other thing would be to ask the Supreme Court to hear the case. That also is a very rarely granted situation.”
Ebbers’ attorney, Reid Weingarten, did not immediately respond to a message left at his Washington office on Monday.
From THE WALL STREET JOURNAL
Tuesday, September 26,2006
China sacks a top leader amid corruption scandal
China ousts official, seeking tighter control of Shanghai
Being makes push for increased control of Shanghai affairs
By James T. Areddy
SHANGHAI – China’s government fired Shanghai’s top official for his alleged role in a corruption scandal, escalating President Hu Jintao’s effort to consolidate power and restrain economic growth.
The removal of Chen Liangyu from his post as Communist Party secretary of China’s commercial capital marks a push by China’s top leaders in Beijing to assert a greater control over Shanghai, a city that has been a showcase for China’s economic overhauls and a seat of power for Mr. Hu’s rivals in the highest ranks of the Communist Party.
The dismissal, issued by top party leaders Sunday and announced yesterday, makes Mr. Chen one of the most senior leaders to be dismissed for corruption since China began economic reforms nearly three decades ago.
China’s Xinhua news agency said Mr. Chen was fired for corruption discovered in a two- month-old probe into misuse of Shanghai’s $1.2 billion pension fund. Xinhua also said Mr. Chen was involved in other “discipline violations” such as “helping further the economic interests of illegal business people,” as well as protecting staff who “severely violated laws” and aiding family members “by taking advantage of his official posts.” Now in Beijing, Mr. Chen faces further discipline from the party, officials in Shanghai were told.
Mr. Chen’s removal sends the message that even Shanghai must fall in line with the central government’s agenda. The city of 18 millions people accounts for more than 5% of China’s economic output and handles a quarter of its national trade, but has also become a prime example of economic overheating driven by speculative property investment..
Under Mr. Chen, who held the city’s top post for four years, Shanghai has seen an explosion in property prices, particularly for luxury developments. The city’s pension fund, starting before Mr. Chen’s tenure, helped fund some of the most prominent commercial towers, according to people familiar with the transactions.
“When the central leadership was trying to cool down the economy and the Shanghai real-estate market, the Shanghai authorities were not very obedient,” said Joseph Cheng, a professor at City University of Hong Kong.
Ousting such a senior official, even with allegations of corruption, is extremely delicate in China’s consensus-driven political system. The 59-year-old Mr. Chen was one of just two dozen members of the party’s elite Politburo, and the position he occupied in Shanghai has been a springboard to higher office for officials – including former President Jiang Zemin.
Mr. Chen’s dismissal left many wondering whether other senior officials may also be embroiled in the clampdown by Mr. Hu.
Political analysts say Mr. Chen’s removal marks a major victory in Mr. Hu’s efforts to assert greater authority over Mr. Jiang and his allies ahead of a key meeting of party leaders next year at which key personnel appointments, including Mr. Hu’s own eventual successor, are to be decided. Key Jiang protégés include Huang Ju an ailing vice premier who preceded Mr. Chen as Shanghai party secretary.
There could be further economic repercussions from Mr. Chen’s ouster. Already, the problems in Shanghai’s pension system have triggered a nationwide audit, which could uncover other cases of corruption. Shares in a number of Shanghai-based companies declined on the news in trading on the Shanghai Stock Exchange, as investors worried that there could be further fallout from the scandal on local companies and property prices.
The abruptness of the change also raises the possibility of further slowing approvals for a major investment in a city, where more than 120 foreign companies base their China operations.
But impact maybe muted. For U.S. businesses, “ I would suspect the implications would be minimal. The post he was in is not one that formulates trade and investment policy,” said John Frisbie, Chairman of the U.S.-China Business Council a trade group in Washington.
Shanghai’s 52-year-old mayor, Han Zheng, will temporarily assume the party secretary position held by Mr. Chen. The Communist Party is China’s most powerful institution, and party position are more powerful than their parallel government posts.
Mr. Han was shown on Shanghai TV last night sitting in front of a large party gathering where he vowed to continue development within a framework of macroeconomic controls set by the central government.
The ouster of Mr. Chen is the latest in a series of public crackdowns on corruption that have this year netted a Beijing vice mayor involved in planning for the 2008 Beijing Olympic Games and senior officials from other cities.
Mr. Chen is the first member of the Politburo to have been dismissed for corruption since the party secretary of Beijing was forced to resign in 1995. That official, Chen Xitong, was later sentenced to 16 years in prison. The current case carries other echoes of that earlier affair: Then it was Mr. Jiang, as president, who was seen to be consolidating his power by engineering the downfall of an unruly local leader and potential rival.
The pension scandal in Shanghai illustrates a long-running penchant among city officials to bend central-government rules. Shanghai openly flouted Beijing’s mandate that social-security funds should hold only ultrasafe investments, such as government bonds, in a way that may have helped inflate local property prices. Shanghai this year set its own rules for taxing capital gains to ease the pain for homebuyers of a central-government directive introduced by Beijing in an effort to cool the property market.
The pension fund also had an indirect connection to Shanghai’s property market. It entrusted money with a municipal-government-owned bank, Shanghai Pudong Development Bank Co., that established a company in the 1990’s Shanghai Anlian Investment & Development Co., to invest in property, according to people familiar with the matter. Some of the Anlian’s developments are among the most famous in Shanghai’s skyline. It has also given money to Shui On Land Ltd., a Hong Kong company that rebuilt a historic neighborhood, Xintiandi.
Investigators began zeroing in on management of Shanghai’s pension system, the nation’s largest in July. In August, Zhu Junyi who ran the system for a decade, was stripped of his job and Communist Party posts. A number of other business and lower level political officials have also been implicated.
In June, when President Hu made his second visit in two years to Shanghai, he avoided the foreign companies that local officials often point to as proof of the city’s development. Instead, the President visited a number of domestic companies, telling Mr. Chen and Mayor Han that he hoped “Shanghai would base itself on current realistic conditions, while having long term need in mind.”
—Andrew Batson in Beijing contributed to this article.
Manila Standard Today
Wednesdasy, September 27,2006
High DND official fired for holding another job
PRESIDENT Gloria Macapagal Arroyo dismissed a Defense official yesterday after upholding a recommendation to sack him for corruption.
She dismissed Defense Assistant Secretary Ricardo San Andres after the Presidential Anti-Graft Commission recommended that he be fired for graft and Executive Secretary Eduardo Ermita signed the order relieving him on Sept. 22.
With his relief, San Andres forfeited all benefits and disqualified himself from public office, Commission Chairman Constancia de Guzman said.
“This should serve as a warning that the government is serious about purging corruption,” she said.
Records showed that San Andres signed a deal with the European Commission in April 2005 to help implement a program, Health Sector Reform Agenda, for which he was seconded to the EC office from July 16 to Oct. 31 without receiving government pay or benefits.
But De Guzman said that in December, her office received an anonymous tip saying San Andres had collected his government salary, representation and transportation allowances and extraordinary miscellaneous expenses while he was with the EC office.
Defense department records confirmed that San Andres had filed his leave applications to justify his collection of benefits, and on March 10 the commission charged him with graft.
The commission is also investigating two Cabinet secretaries and an undetermined number of undersecretaries and other officials on suspicion of corruption.
The government is said to have lost P1.2 trillion to graft in the last five years. The budget department estimates that P21 billion is lost to graft in the purchases made for locally funded projects alone.
Yesterday, another official failed the government’s lifestyle check and faced corruption charges.
The finance department charged Athena Dans, chief operations officer of the Bureau of Customs, with graft after records showed her net worth came to P20 million in 2005 compared with only P261,000 when she joined the bureau in 1990.
She earns only P250,000 a year in her post, but she is said to own several vehicles and last year bought a new one worth P1 million.
“That respondent’s brazen accumulation of wealth is clearly disproportionate to her means,” the finance department said in the complaint it filed before the Ombudsman. Joyce Pangco Pañares and Lawrence Agcaoili
hanggang saan kaya ang ganitong mga pagbubunyag ng pangungurakot? lahat naman nang napadikit sa mag-asawang maligno biglang nagkakaroon ng hidni maipaliwanag na yaman, di ba? na hindi naman katakataka dahil siyempre, gawain ng namumuno, gagayahin ng mga galamay. lifestyle check? neknek! ‘yung maliliit lang at ‘yung mga kaya lang nilang gawing pasahan o tagasalo ng kanilang kabulukan. kumbaga, hampas nila sa kalabaw sa kabayo ang latay! okey din dahil kunwari nililinis ang mga sangay ng gobyerno at tinatanggal ang mapagsamantalang kung ihahambing ay barya lang ang kinukurakot. maghkagayunman, iisa lang ang kanilang mga uri. gahaman!!!!!
oooopppsss……biglang nagkakaroon ng hindi maipaliwanag na yaman, di ba? ……magkagayunman….