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Public Incompetence And Corporate Corruption:The Legacy Pre-Need Scam

March 10, 2009

legacy-scam-montage

If there are times when Filipinos get so exasperated out of their wits and wish against their religion that vigilantes strike it must have been during the live TV coverage of the Legacy Affair.

Laid bare was the combined incompetence and susceptibility to corruption of the quasi-judicial corporate regulatory body, the Securities and Exchange Commission, and the seemingly heartless, and greedy business ‘wizardy’ of a businessman who is con-currently an elected town mayor.

SEC Commissioner Jesus Martinez was quite literally caught with his hand in the cookie jar.

Malacanang, in kneejerk damage-control mode is even trying to sound pro-active by saying Martinez should go on leave while published news reports were already saying Martinez’s 7-year term was expiring on March 12!

On the part of Sto. Domingo, Albay Mayor Celso Delos Angeles, all the dirty linen has also come out, with even his personal laundry expenses being charged to Legacy operating costs!

There is, on the sidelines, also an all-too apparent operation to discredit the witnesses: ex-Legacy executives.

It may even be true that the two lady witness now allied with the Parents Wnabling Parents Coalition do have ‘gravy stains’ from the scam, but the documents, including cancelled checks representing the pay-offs cannot lie.

Congressman Eduardo Zialcita has even been exposed as a “consultant” of Delos Angeles though now the ‘honorable’  solon he claims the monthly disbursements which have totaled 1-million pesos over time were simply “donations for my projects.”

To top it off, all the aging chairperson of SEC could only ‘assure’ that they will investigate, with Martinez, off course, being given “due process.”

To the tearful appeals of the victimized parents all, all the Ateneo and AIM-educated Delos Angeles could say was “mababayaran din po kayo mula sa trust fund ng Legacy [[your claims will be paid using Legacy’s trust fund], funds which have either been dissipated or become grossly devalued.

Expletives are not enough.

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