An investor furnished his letter from his dealer 
posted by Nina at 7:55 PM
Friday, February 25, 2005
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2 Comments:
I gave this letter that I received from by bank branch manager regarding the change in custodian.
I am happy with my bank and was upset when I received this letter. I let my bank manager know this. I trust my bank. I ahve been banking with them for more than 30 years!
If I did not, then I would not do business with them or put my money there.
I told my branch manager that this is a waste of time and money. I also said that I do not want my name to be known by a custodian who I do not know either! I think I will just get time deposits or put my money in a dollar account.
Last November, I completed an authorization letter that my bank sent me. I waived secrecy so that my bank could transfer my account to this RoSS so that they would not be penalized by the central bank.
I am know being told by my bank that everything is on hold since "magulo daw ang central bank at RoSS at hindi pa matutuloy". Meanwhile I have an authorization letter that continues to be outstanding.
8:24 AM
Mr. Investor,
In behalf of all market practitioners, I would like to offer my deepest apologies for the trouble this issue has caused. Unfortunately, we market practitioners are still deep in the thick of things, fighting to correct a system that has been surreptitiously shoved down our throats without consideration for anyone but the self-interests of those who are pushing for the system. This has gotten so bad that even the other practitioners who had been fooled into supporting the system early on are now denouncing it, as they claimed that they never saw the true implications of the whole thing, which is that it is a golden parachute for a select few. Worst of all, we practitioners are being strong-armed by our upper management, members of the BAP, to not fight the issue as the BAP itself is afraid that a failure of this system will mean a loss of face for them. This is so since they themselves did not see the "golden parachute" plans of their erstwhile member and that they are now too proud to admit that they had been had.
Please pray that there will be a speedy and fair resolution to this turmoil that is gripping the Philippine Money Markets today.
9:40 AM
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