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Posts Tagged ‘unexplainable wealth’

Have you guys heard of the report by the Philippine Center for Investigative Journalism (PCIJ) about GMA’s “unexplainable” increase in net worth? The report provided GMA’s net worth when she was still a senator, and compared it against her net worth now. According to the report, her net worth did not just doubled, not just tripled but multiplied 2000-fold! But hey, I won’t be dwelling on that fact (it is a fact). I want to dwell on how PCIJ and some congressmen played their cards. They are saying that GMA’s unexplainable wealth should be subject to investigation because of the following (well, among others):

  • At a salary of [I can’t remember but I think it’s in the 50K area], the President cannot acquire much wealth.
  • Even if the President has investments in the stock market, she cannot amass such wealth because of the recession.

I say… that PCIJ and the congressmen who made this assessment are either of two things:

  1. Stupid, just plain stupid.
  2. Or committing a moral crime of trying to deceive the people by manipulating information for their own benefit.

Either way, I hate them. One – Buffett, Gates, Jobs, or Villar, Tan, Sy, and even Velarde did not become multimillionaires because they are salaried employees… Oh, no, they are not salaried employees at all! So, for PCIJ and some congressmen to assert that GMA’s wealth should be investigated because her salary as a President cannot explain it is just so ridiculously funny and absurd. Why? Well, of course the salary won’t explain it. According to the GMA’s spokesperson, GMA has other sources of income. Which brings me to the next item…

Two – The President has investments in the stock market, hence, the increase in net worth. These same people are saying that with the recession we are experiencing, it’s really unlikely that anyone would profit from the stock market. Again, please refer to items 1 and 2 I mentioned above. Why? I am a PolSci graduate, a trying-hard writer, basically a nobody in this world. BUT I know that there is such a thing short-selling in the stock market, dividends from blue chips, and rallies from time to time. The President, on the other hand, has a PhD in economics, has been a Trade secretary before, and, I am very sure, has exposure in the market for years already. I am quite sure she can make decisions that can give her huge profit in the stock market. Yes, even and specially during a recession. I am not taking away the possibility that GMA’s net worth could have been augmented by means that may not be morally acceptable, but my point is really not about or against that. I just hate the fact that people criticize GMA and try to gain the people’s trust by deceiving them.

Did they really think GMA (or any previous presidents) has only one source of income (which is their salary as president)? And did they really think a PhD in Econ, an economic analyst, a former trade secretary cannot gain profit in the stock market during a recession? Stupid.

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