Feedback: S.E.C. still sleeping on the job

By Pompeyo Pedroche, reader

Posted at Apr 27 2009 01:49 PM | Updated as of Apr 27 2009 11:49 PM

Recently on TV, we were witness to the hundreds of pre-need plan holders swarming the offices of the Prudentialife and Permanent Plans with the usual complaint: the companies do not have enough funds to reimburse their investments. Again?
This simply points to the fact that ChairLady Barin and her oversight commissioners at SEC have for the second, yes, second time shirked their responsibilities and betrayed the trust of their constituents.
Call it collective irresponsibility and incompetence or call it Barin’s old age, the Legacy experience didn’t touch the heart and integrity of these so-called protectors of the people. Even the head of Permanent Plan was saying on TV that the SEC failed to advise his company early enough before the anomaly presented itself publicly.
It is true that SEC has suspended the license of one company - but when? only when the damage has been done and when the money was already gone. Ano pa ang silbi ng damo kung patay na kabayo? Imagine, the poor clients are being appeased with coffee, tea, over the counter medicine, and memorial lots in exchange for their lost money. What idiot will accept that deal?
Maybe, Secretary Barin and her company of inutile commissioners will. By the way, Ginang Barin, bakit di na lang po kayo mag-resign o mag-retire? May pera naman po kayo from your own pension plan. Give other qualified people with younger and sharper minds the chance to take over your place.
Pompeyo S. Pedroche
Colonia, New Jersey