Wednesday, February 8, 2012

Bank on this - Osmena Makes No Sense

Senator Osmena
Day 14 of the Corona impeachment hearing included the testimony of PS Bank president Pascual Garcia III on the subpoenaed alleged deposit accounts of the chief justice.

The bank president was asked by the impeachment court to present documents pertaining to 10 deposit accounts. However, Garcia came with information on five of the accounts. Apparently, the other five are foreign currency deposit accounts.

Garcia explained that there are two laws that separately govern peso and foreign currency deposit accounts, with the latter being more stringent when it comes to confidentiality.

Sen. Joker Arroyo made a manifestation of sort that during the impeachment of then Presiden Estrada, Citibank representative testified that such stringent regulations on the confidentiality of foreign currency deposits tied the bank's hands into revealing information. Sen. Arroyo reminded the Corona impeachment court that it was a precedent that ought to be observed and considered.

The venerable Senator Joker Arroyo
Senator Drilon, a known Aquino ally, took the floor and threatened PS Bank president with contempt unless he is able to provide the impeachment court with an acceptable and plausible explanation. But the Iloilo senator was forced to soften his stand when Sen. Arroyo passionately pointed out the injustice that such threat would result to.

Then along came the wily Senator Osmena who after directing clarificatory questions to witness Garcia, moved to subpoena PS Bank's board of directors and executive and management board which is headed by Arthur Ty. I would understand if in the future the Lopezes (Osmena's in-laws) won't be able to avail of bank loans from PS Bank and Metrobank.

I know that all Osmena wants to do is please his political master, Noynoy Aquino. But still it makes me wonder if the Senate committee chairman on banks and financial institutions is aware of the repercussions of his motion. Then again, for Noynoy Aquino and his minions like Osmena, everything and everyone is dispensable wnen it comes to the persecution of his perceived political enemies.

This is a case of amputating both legs just to get rid of a small wound. If you think this makes no sense at all, then the Yellow horde is, no doubt, a bunch of idiots!

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