Maurice Greenberg charged

According to the Asian Wall Street Journal, former American International Group (AIG) bigwig Maurice "Hank" Greenberg was caught on tape ordering traders to buy as much as half a million AIG shares to prop up the company’s market price and to keep the stock from falling below $66. The New York State Prosecutor Eliot Spitzer had already charged Greenberg and several AIG officers, accusing them of manipulating financial results, propping up the stock, hiding losses, and arranging a sham deal. AIG allegedly masked losses from its insurance underwriting operations by converting them into investment losses and initiated a deal with Berkshire Hathaway’s General Re to falsely inflate AIG’s reserves for property casualty claims. Greenberg, who is idolized by some Makati businessmen as their god for "transparency and good governance," was fired sometime in March as AIG’s CEO. If one would recall, Presidential Spokesman Ignacio Bunye was quick to defend Greenberg, saying "he was a valuable member of President Arroyo’s International Advisory Board. We trust that he will continue to serve on the International Advisory Board in his new capacity as non-executive chairman of AIG," Bunye said. Malacañang keeps on saying it will not tolerate any corruption and not meddle in cases involving people around them, yet it keeps coming to the defense of these so-called local and international presidential "advisers" being criminally charged in court for graft and corruption. This equivocal stance is puzzling a lot of people. It is no wonder then that the popularity and credibility ratings of Malacañang’s present occupant is quickly sinking like the Titanic.

Cellphone virus on the loose?

If your cellphone battery gets constantly depleted and if you’re getting an enormous phone bill for MMS messages that you have not sent at all, better check if your mobile is infected with Cadir or CommWarrior. The first known virus to hit cellphones, Cadir targets units with bluetooth technology and constantly depletes battery life because it tries to beam itself to other compatible phones within range. Cadir had reportedly spread to 20 countries. CommWarrior, on the other hand, is a fast spreading virus reported in Ireland in January but is largely acknowledged to have been discovered in Indonesia in March. The virus had reportedly spread across India, Oman, Italy and even the Philippines in just a matter of weeks. It particularly targets "smart phones" or those equipped with the Symbian operating software. It also spreads through bluetooth connection, and sends multimedia messages to practically every number listed in a phonebook. Amid a flurry of text messages claiming that new worms are spreading through mobile phones, former NTC chief and now Catanduanes Rep. Joseph Santiago has urged cellphone operators to brace themselves for virus threats. Network operators should be in a position to promptly deal with subscriber complaints involving threatened or actual infection, he added. There were also allegations that some anti-virus companies have been playing up the virus scare to boost their sales.

Stiffer penalties for SSS violators

This should serve as a warning to employers who are delinquent in paying the SSS remittances of employees. Senate Bill 1994 filed by Sen. Mar Roxas increases by 10 times the penalties for companies violating the SSS law on remittances. Employers who delay the remittance of their contributions will be required to pay an additional three-percent interest on the unremitted amount, multiplied by the number of months by which the remittance was delayed. Likewise, the maximum fines shall be increased up to P200,000 for various offenses and violations of the law. The Roxas bill also seeks to address the possible future fund deficiencies of the agency. Unless corrective measures are taken, the funds are in danger of being depleted by 2015.

Consumer protection urged

If you’re among the millions of consumers who feel that you’re getting the raw end of the deal from opportunistic and abusive retailers and merchandisers, then you’d probably welcome Negros Oriental Rep. Herminio Teves’ proposal for a powerful House committee on consumer protection. Noting the rising number of consumers protesting against abusive oil firms, deceitful pre-need companies, unwanted promotional text messages, defective LPG tanks, lemon cars and even exorbitant parking fees from shopping centers, Teves urged the House to create a special committee that would deal exclusively with consumer grievances and shall oversee exacting compliance with the Consumer Protection Act and other similar laws. The panel shall also recommend new legislation to further safeguard and advance consumer rights and welfare. Under the proposal, consumers can bring their complaints directly to Congress if necessary.

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