Wall Street swindler Bernard Madoff was sentenced Monday to 150 years in jail for masterminding an “evil” multibillion-dollar investment scam that cheated thousands of people around the world.
“It is the judgment of this court that Bernard Madoff should be sentenced to 150 years in jail,” Judge Denny Chin said as he handed down the maximum term possible on 11 charges of fraud, theft and perjury.
He described Madoff’s crimes as “extraordinarily evil” and said it was “not merely a bloodless crime that takes place on paper but one that takes a staggering human toll.”
The tough sentence came even after Madoff, the former chairman of the Nasdaq, made a courtroom apology to his victims. “I am sorry,” he told them simply. “I don’t ask for forgiveness.”
“I leave a legacy of shame to my family. I am responsible for a great deal of suffering and pain. I live in a tormented state,” said the disgraced 71-year-old financier who now faces spending the rest of his life in prison.
Judge Chin gave Madoff 10 days to appeal, but noted there had not been a single letter from friends or family testifying to his good deeds. “The absence of such support is telling,” he said.
Madoff’s wife, Ruth, finally broke her silence Monday to lash out at her husband, saying: “All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to.
“The man who committed this horrible fraud is not the man whom I have known all these years,” she said in a statement.
White House spokesman Robert Gibbs weighed in later by saying the maximum sentence handed to Madoff would send an effective warning to other investors.
“The judge wanted to send a very strong signal to anybody that invests money on behalf of others of the amazing responsibility that they have to those investors and to the country,” he said, adding “that message will be heard loud and clear.”
Prosecutors say about $13 billion was handed to Madoff. The financier himself has talked about losing some 50 billion dollars, which is believed to be the amount that would have been paid out had the funds been properly invested.
Among Madoff’s victims were Hollywood and international celebrities, several of the world’s bestknown banks and Jewish charities, some of which were forced to close after the scheme unraveled.
The funds were then used to pay out “dividends” to investors in what is known as a “Ponzi scheme.”
One lingering issue is how to return the stolen funds. Of the billions of dollars that were lost, prosecutors say only one billion has been recovered. (manila times)
A long times ago I warned the Victorina council regarding the airworthiness of Zest Air’s MA60. I even told ABS-CBN’s RG Cruz that the Chinese made MA6o that were being sold cheaply to third-world countries like Zimbabwe, Congo, Zambia, Laos, Indonesia, Bolivia and other countries and Africa is bad news. During a raffle, I was given a free round trip ticket to Caticlan but I never bothered to use it.
Yesterday, Zest Airways flight Z2-863 overshot the runway at Caticlan prompting the Civil Aviation Authority of the Philippines (CAAP) to close the airport. Investigators are now verifying eyewitnesses’ reports that the plane landed almost at the middle of the 1,050-meter- long runway. Just last January, another MA60 plane overshot the runway. Reports said strong winds caused the aircraft’s landing gear to explode, hitting the airport fence. After swerving 180 degrees, the plane was, with registry number RP-C8893 crashed into the airport’s passenger lounge.
Zest Air owner Alfredo Yao said the MA60 plane with tail number RPC 8992 exceeded the runway of GodofredoRamosAirport in Caticlan, Aklan because of the abnormal weather.
There were no reported injuries among the passengers, comprising of 50 adults, four children and one infant. The passengers were evacuated from the plane by the responding airport rescue team and were ferried to the terminal by bus. Caticlan is the seventh busiest airport in the Philippines and the third busiest in Western Visayas. It is also the hub of Southeast Asian Airlines serving the most destinations in and out of the neighboring Malay, Aklan.
Gokongwei-led Cebu Pacific Air Inc., canceled some of its Caticlan flights because of the Zest Air incident. The trustworthy SEAIR, diverted some of its 12 Manila-Caticlan-Manila flights after CAAP closed the airport. PAL Express, also canceled its six Manila-Caticlan-Manila flights while mounting extra flights to Kalibo to accommodate their affected passengers.
Joseph Estrada was been found guilty beyond reasonable doubt of plunder by the Sandiganbayan and was later pardoned. He was charged with violation of Republic Act 7080, or Anti-Plunder Law on four counts and also for perjury for lying about his Statement of Assets, Liabilities and Net Worth (SALN) for the year 1998. Estrada should have faced a penalty of reclusion perpetua, or imprisonment ranging from 20 years and one day to 40 years, with civil interdiction of marital authority and of disposal of property, and perpetual absolute disqualification from public office or profession based on RA 7080, or Anti-Plunder Law. The anti-graft court ordered the freezing of Estrada’s accounts estimated at $87 million including protection money from illegal gambling operators, embezzled tobacco taxes, and commissions from insider trading.
The PLUNDERER was later set free!
When Former South Korean President Roh Moo-Hyun was tried by his country for corruption, he left a suicide note for his family that family lawyer Moon Jae-in handed out to South Korean media. The former Korean President said;
"I am in debt to too many people," the note reads. "Too many people have suffered because of me. And I cannot imagine the suffering they will go through in the future." Roh's suicide came amid an investigation into a bribery scandal that had tarnished his reputation. Prosecutors were investigating the former president for allegedly receiving $6 million (ONLY) in bribes from a South Korean businessman while in office. Roh's wife was scheduled to be questioned by prosecutors Saturday, and Roh was planning to answer a second round of questions next week.
Roh had said he was ashamed about the scandal… I commend him for his remorse for the sins of his past. I hope PLUNDERER Estrada follow the footsteps of the former Korean Premiere. Maybe your nation can forgive you!
The proclamation made by nuns that they will go with Jun Lozada wherever he goes — even a jail cell — seems to be tickling the funny bone of some “journalists” like Ellen Torsesillas. Though the nuns’ objectives may seem noble, for a lot of people this image is quite idiosyncratic of Lozada- a crooked Chinese carpetbagger who has illegally amassed wealth from dishonesty. This brouhaha may just turn Lozada into a senator in 2010 especially with the interest shown by the party of Manny Villar to include him in their senatorial slate. Babes Rumualdez thinks that this may backfire on Manny Villar since a lot of people have become a bit cynical of politicians, particularly presidentiables, with the perception that everything at this point is calculated to give them the edge for the 2010 election.
"...clear the names of those who are innocent asp, ngayon ang nangyayari pati yun mga lumalaban sa bundok nasasabit na sa usaping ito..this should not drag those who are continuing to provide service to this country." BIAZON
The senior reporter of the Manila Times, Efren L. Danao reported that Biazon said the Gadian case has two aspects—the threat on her life and the alleged embezzlement of Balikatan funds by some military officers. He emphasized that the court order was focused on the threat on her life. “It has not established from which direction the threat is coming, and based on the ruling, it seems that is does not come from the AFP as proven by the directive of the court which mandated no less than Sec. Teodoro to provide the protection for Nancy Gadian,” he said.
(Ed Cabanlig with the US Marine troops in Balikatan excercise)
Biazon had earlier volunteered to provide protection to Gadian after learning of her fears about going public with her expose. He said that with the court order for Teodoro to secure her, he would no longer pursue that offer. “I am confident that Secretary Teodoro can put together a security measure to ensure the protection of Nancy,” he said.
But even after being placed under Teodoro’s custody, Gadian and her supporters remained concerned about the former Navy officer’s safety. They would prefer her to remain with her current guardian of religious leaders. “While Gadian has good reasons to be truly elated with the CA decision, we at the Center for International Law who acted as her lawyers for the Petitioner, her sister Nedina Diamante-Gadian, still have reasons to be very concerned,” Roque stated in a statement.
The lawyer said Teodoro showed “bias” in his statement on May 23, when he asked the court to review the petition of Gadian as it could affect the chain of command and the implementation of the disciplinary system in the military. Another reason for concern was about the apparent security risk posed by military personnel protecting a whistleblower in scandal involving men in uniform. Teodoro earlier assured that the Defense department would provide security to Gadian as ordered by the court. Sen. Pia Cayetano said the Senate must now get the testimony of Gadian on the alleged embezzlement of Balikatan funds after she secured the writ of amparo. “With the granting of the amparo petition, Lt. Gadian will now be more at liberty to testify and provide further details to support her accusation that her superiors had misused the funds intended for the 2007 Balikatan war games,” the senator said. She delivered a privileged speech on May 26 calling on the Senate to take custody Gadian and to undertake a legislative probe on the Balikatan funds mess. The inquiry has been referred to the Senate blue-ribbon committee with the Senate Committee on National Defense as secondary committee.
The justice system in the Philippines is totally screwed. The council members have talked about this time and again and have come to a consensus that our justice needs an overhaul- or else. Our very own Brian Gorrell has been screaming for justice but to no avail.
Dan Maraino of the Manila Times talks about the issue!
Judge’s Pyrrhic victory
By Dan Mariano
“
"This is one occasion I find myself commiserating with the PNR boss. I have not always agreed with Defensor’s political stance and affiliation but I cannot help but feel sorry for him…Despite his close association with the Arroyos, Defensor is still a citizen who is entitled to his right to seek redress for what he apparently considers are grievances as well as to seek justice for the wrong he believes was committed against him."Dan Mariano
Judge Jorge Emmanuel Lorredo must still be celebrating. During a hearing in his sala last week, Michael Defensor, the former presidential chief of staff, formally withdrew the perjury charges he had filed against NBN-ZTE witness Rodolfo Lozada Jr. Lorredo has many reasons to celebrate.
First, he was able to browbeat Defensor into submitting to the court’s wishes that he withdraw his case against the so-called whistleblower.
Second, he poked fun at President Arroyo and her husband, Jose Miguel—and has apparently gotten away with it.
Third, he has delivered a performance worthy of a professional stand-up comic with no less than the entire nation as his audience.
And fourth, he has demonstrated to his fellow judges a “new method” to avoid having to try cases in their courts that may require the appearance of personalities they find offensive.
You’ve got to hand it to Judge Lorredo. He has put one over Defensor and the Arroyos; he has even managed to portray himself as a martyr—if not a champion of the anti-administration crowd.
Judge Lorredo, who presides over a sala at the Manila Metropolitan Trial Court, managed to grab the entire nation’s attention after he issued an order in connection with the perjury charges filed by Defensor against Lozada.
In that order, the judge—deliberately or otherwise—subjected Defensor to ridicule, calling him “Mr. Railroad Man” and mocking his current post as chief of the Philippine National Railways (PNR) by referring to “old, dilapidated, rusty trains” that he said Defensor plays around with.
The judge’s mighty judicial pen did not spare the President and her husband from similarly scornful digs. He warned that he would have Mrs. Arroyo arrested by Manila Mayor Fred Lim, or by opposition Sen. Panfilo Lacson Jr., or by jailed Sen. Antonio Trillanes 4th—in collaboration with his fellow 2003 Oakwood mutineers.
The judge also went to some length to portray Mr. Arroyo’s current health problems in droll light. Lorredo even insinuated that the First Gentleman’s ailments are a punishment heaped on him by heaven.
The order was seen as a stinging rebuke on Defensor for trying to use Lorredo’s court to obtain justice. No way, the judge seems to have told the erstwhile Malacañang factotum.
But what disturbs observers—yes, even those who share some of the judge’s anti-administration views, such as this corner—is his seemingly less-than-evenhanded treatment of Defensor’s plea.
According to Defensor, he had no choice but to withdraw his complaint against Lozada believing that he could not expect a fair hearing, much less a favorable ruling, from Lorredo.
This is one occasion I find myself commiserating with the PNR boss.
I have not always agreed with Defensor’s political stance and affiliation but I cannot help but feel sorry for him.
Despite his close association with the Arroyos, Defensor is still a citizen who is entitled to his right to seek redress for what he apparently considers are grievances as well as to seek justice for the wrong he believes was committed against him.
Unfortunately for Defensor his plea for justice landed in Lorredo’s sala. In his bid to be given his day in court, the judge seems to have said, this isn’t your day, Mr. Railroad Man.
Defensor will have to accept that this has been a setback for him; Lorredo has got him checkmated, as it were.
After issuing the berating order and announcing his plan to hale even boxing champ Manny Pacquiao to his court, the judge revealed that he was under pressure from the Palace.
Thereafter, any attempt by the administration to even up the score with the judge could only confirm his contention that in this telenovela of a case it is he who is the victim.
Defensor cut his—and the administration’s—political losses by backing off, and the judge basked in the adulation of anti-GMA forces for his clever resistance to what he alleged was Malacañang meddling.
The judge successfully berated Defensor and subjected the President and her husband to national ridicule. Moreover, he has denied them an opportunity to get back at him. Now, that took some doing.
Unfortunately, the judge’s victory over Defensor and his political principals could prove pyrrhic.
Lorredo may have to contend with the public perception that his sense of fair play has become questionable.
True, the disdain he heaped on Defensor, the President and the First Gentleman elicited laughter—if not, guffaws—from not a few quarters. But it could have also given rise to unfavorable views about his own equanimity.
The judge may have succeeded in denying Defensor his day in court. However, the stunt may have also created fear among other potential litigants that they, too, could be denied access to justice if their case ever falls on Lorredo’s sala.
The judge may have achieved his goal of preventing Lozada from facing perjury charges in his court. However, he may have also created the impression that Lozada could not have gotten away with this “vindication” if Lorredo had not cowed Defensor into withdrawing his complaint.
Judge Lorredo may have triumphed over Defensor, but many quarters doubt if his celebration would last very long.
Madame Imelda Marcos was seen weeping on national television. She feels victimized by our nation because she wants her jewelries back! Newsweek magazine named Imelda Romualdez Marcos, spouse of the late President Marcos, as one of the 11 greediest people of all time.Mrs. Marcos was notorious for spending $5 million on shopping sprees in New York City and Rome and for amassing the world’s largest collections of gems and about 3,000 pairs of shoes.The Burmese ruby was 150.1 carats and was valued at $290,000. Meanwhile, the diamond brooch, bracelet and earrings were priced at $1.4 million.
Previous reports said that for 19 years, the “Malacañang” and “Honolulu” collections were stored at the Bangko Sentral ng Pilipinas (BSP), while the Bureau of Customs stored the “Rou-meliotes,” said to be the most expensive jewelry collection of the former First Lady. Commissioner Ricardo Abcede recently announced that the agency was planning to auction off Marcos’s jewelry, which he estimated to be worth around P15 billion.
The Manila Times recently obtained a two-page letter dated June 4, 2009 in which then Justice Secretary Raul Gonzalez oradered the Presidential Commission on Good Government (PCGG) to return to Marcos the pieces of jewelry that were confiscated from her. In the letter, former DOJ Sec. Raul Gonzalez explained that his order to return the Marcos jewelry was based on the demand made by the former First Lady “for the immediate return of all her pieces of jewelry, which were: (1) taken by the PCGG from the Malacañang Palace during the 1986 EDSA incident; and (2) those turned-over to PCGG by the US Government.”
Indeed, all human suffering springs from unbridled desire. Unless one extricates oneself from the clutch of greed, one will not free himself from the fetters of sorrow.
Secretary Raul Gonzalez vowed Wednesday to pursue the celebrated Dacer-Corbito double murder even if it would mean quitting his new job as chief presidential legal counsel to ensure that justice will be served to the families of the victims.“I will pursue the case. That [Dacer-Corbito case] is my main concern,” Gonzalez told reporters in a farewell lunch he hosted, adding that he had already discussed the matter with Executive Secretary Eduardo Ermita and her successor, Solicitor General Agnes Devanadera.
Gonzalez said he knows everything about the case as he started it and has in his possession the affidavits of the two suspects, former police Senior Supts. Cezar Mancao 2nd and Glenn Dumlao, and all pieces of evidence that are vital to the solution of the twin murders. “It’s unfair to Mancao and Dumlao if we will just throw them to the elements,” Gonzalez said, citing the promises he made to the former police officers: “That they will be properly protected, that they will not be left to twist in the wind, that we will not leave them to their own device.”
“I think it would be decent on the part of the government to treat them properly,” he added.
Gonzalez said he would not hesitate to quit his new post and “offer myself as lawyer for Mancao and Dumlao if this case will not be handled well, not because of the incompetence of the prosecutors but for other reasons.”Mancao is already in the country. He executed an affidavit last February linking Sen. Panfilo Lacson and former President Joseph Estrada to the murders of publicist Salvador “Bubby” Dacer and his driver Emmanuel Corbito almost nine years ago.
Mancao named Lacson as the one who gave the order to liquidate Dacer. He also mentioned in his affidavit a codename “Bigote,” allegedly referring to Estrada.
Both Estrada and Lacson deny the charges of involvement in the murders, and allege that the revival of the case is political harassment by the Arroyo administration.Gonzalez said if Mancao corroborates his affidavit before the courts, government prosecutors would recommend him to become a state witness.
If the court grants the petition to make Mancao a state witness, he would be dropped as an accused in the murders of Dacer and Corbito and would be acquitted. Dumlao, on the other hand, is still in the United States waiting for his extradition to the Philippines.
Gonzalez said that Dumlao has also expressed his intention to testify.
“The case can open a wider horizon,” Gonzalez further said, referring to the other celebrated murder case like the “Kuratong Baleleng” and the “Bentain” cases, which all happened during the Estrada administration when Lacson was the Philippine National Police chief and concurrent head of the defunct Presidential Anti-Organized Crime Task Force. (Manila Times)
Edgardo Bentain was suspected of being the source of a video tape showing then Vice President Joseph Estrada playing cards in a VIP room at one of the casinos. The videotape was handed to Manuel “Manoling” Morato, Erap’s political nemesis, during the 1998 presidential campaign.
Edgardo Bentain was later murdered (please watch the reenactment- http://www.gmanews.tv/video/42034/Case-Unclosed-Ang-pagkawala-ni-Edgar-Bentain) !
This is from a Senate hearing on 17 August 2001 into the activities of Ping Lacson:
... He then related how the PAOCTF men abducted Pagcor employee Edgar Bentain and said he saw Bentain alive immersed with cement inside a drum...He identified ousted president Joseph Estrada’s son, JudeEstrada, as having given a black bag, which he said had contained money, to Aquino purportedly as payment for the killing of Bentain.
“The case can open a wider horizon,” former Sec.Raul Gonzalez said, referring to the other celebrated murder case of “Edgardo Bentain”, which all happened during the Estrada administration when Sen.Ping Lacson was the Philippine National Police chief and concurrent head of the defunct Presidential Anti-Organized Crime Task Force.
Mancao named Lacson as the one who gave the order to liquidate Dacer. He also mentioned in his affidavit a codename “Bigote,” allegedly referring to Estrada.
Raul Gonzalez said he knows everything about the case as he started it and has in his possession the affidavits of the two suspects, former police Senior Supts. Cezar Mancao II and Glenn Dumlao, and all pieces of evidence that are vital to the solution of the twin murders.
“It’s unfair to Mancao and Dumlao if we will just throw them to the elements,” Gonzalez said, citing the promises he made to the former police officers: “That they will be properly protected, that they will not be left to twist in the wind, that we will not leave them to their own device.”
Gonzalez said he would not hesitate to quit his new post and “offer myself as lawyer for Mancao and Dumlao if this case will not be handled well, not because of the incompetence of the prosecutors but for other reasons.”
Mancao is already in the country. He executed an affidavit last February linking Sen. Panfilo Lacson and former President Joseph Estrada to the murders of publicist Salvador “Bubby” Dacer and his driver Emmanuel Corbito almost nine years ago.
The latest Pulse Asia survey still shows a deep distrust for President Arroyo. Only 25 percent of the people have a big trust in her; half or 48 percent have either a small or no trust at all.This is sad. Among all presidents, she has done the best for the economy.
A strong economy is Arroyo’s defining legacy. The first eight years have seen 32 quarters of consecutive and sustained economic growth, the best and the longest in the country’s history.
Average per capita GDP growth was nearly 5 percent during the first eight years. Average per capita GNP growth was 5.5 percent. Per capita GNP at current US dollars doubled, from $967.3 in 2001 to $2,060.6 in 2008 or a daily income of $5.64.
Middle class country
This makes the country middle class because the World Bank and global benchmark for middle class income is between $2 and $10 a day.
In GNP terms, President Arroyo greatly expanded the size of the economy from $68 billion in 2001 ($967.3 per capita times population size of 70 million) to $185.4 billion ($2,060 per capita times 90 million). That’s a growth of 173 percent in eight years or 21.6 percent per year. In less than a decade, the economy increased in size 2.72 times even as 20 million more Filipinos were born during her presidency.
The NSCB has warned of a recession because GDP grew by 0.4 percent in the first quarter. In Australia, the GDP grew at half that rate, by 0.2 percent. Yet, the Australians see growth ahead. They were supposed to be in recession and yet, it did not happen. To me, a 0.2 percent growth is a statistical error. Yet, the Australians are euphoric and we are not.
All presidents, from Ferdi-nand Marcos to Joseph Es-trada, suffered either a recession or a massive decline in growth in their final year of their reign. Can President Arroyo escape this jinx?
My view is that recession need not happen. President Arroyo has instituted substantial economic reforms to make the economy competitive and keep growing. The consumer base has expanded by almost three times under her.
The Philippines’ major Asean neighbors, notably Singapore, Thailand and Malaysia, are all having a recession. Only Indonesia and the Philippines have eluded the ignominy, thanks to their large consumer base.
Manuel V. Pangilinan, in his speech before the MAP in January, declared the Philippines will not escape the unpleasant effects of global financial crisis. But he remained optimistic, for one reason: “A large portion of the country’s gross domestic product [84 percent] is accounted for by domestic consumption and government expenditures, while net exports account for no more than 4 percent of GDP.”
Pangilinan suggests infra spending, focusing on the country’s core-growth areas, rather than spreading it around the country. These core areas include the National Capital Region, the Central to Southern Luzon growth corridor, the Metropolitan Cebu area, and the Metropolitan Davao area. “Not only the government but also the private sector should mobilize, direct and focus their infrastructure spend in these strategic locations,” he said.
Private sector role
Indeed, it is time for the private sector to pitch in. The taipans and tycoons of this country tripled their wealth during Arroyo’s presidency. True, some of them suffered sharp declines in wealth in the last quarter of 2008. The market cap of their companies went down by as much as 85 percent. Since then, however, stock prices has risen dramatically, such as Ayala Corp. whose share price has climbed 77 percent from its November low of P171 to a near-high of P302 as of June 8.
Areas that can be ramped up to prevent a recession include housing, telephony; electricity and water services, other services, and agriculture.
Increasing housing inventory now makes sense because interest rates are at historic lows, construction material costs have come down by at least 30 percent from their early 2008 highs, it is job generating, and it has spillover effects on 15 other industries. Developers have plenty of internally generated cash from IPO proceeds (VistaLand for instance raised P15 billion last year) and profits from sales of low to medium housing units.
We have 50 million cellular phone subscribers—26 million of PLDT-Smart, 15 million of Globe, and nine million of Sun Cellular.
In other countries, cellular phone ownership equaled if not exceeded the population figure. If rates come down, networks are expanded, and content is improved, the Philippines can double subscriber base to 90 million. Ayala’s Manila Water will increase capex this year to P10 billion from P8 billion in 2008. They just got their water franchise renewed for another 15 years. Manila Water says it will generate 21,000 jobs every year and provide P5.3 billion in concession fees to the government.
