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Wednesday, February 11, 2009

Corruption in Public Works Projects, What Else is New?

There seems to be no stopping to the series of corruption scandals being exposed under the Arroyo Administration. The most recent is World Bank's suspension of seven big contractors, three of whom are Filipinos from participating in World Bank-funded infrastructure projects. Not surprisingly, the House cleared the contractors from any wrongdoing after two hearings chaired by a former contractor Congressman (or is he still a contractor until now). Sen. Joker Arroyo has also turned the tables against the World Bank. (What happened to Joker, I voted for him in the last elections?)

I don't think people perceive these exposes as mere political gimmicks. The problem is people seemed to have been resigned to the fact that nothing happens after all. Not one of the perceived wrongdoers gets penalized, and the whistle-blowers are instead, the ones hit.

If you have the time, you may want to watch the attached video of Winnie Monsood, former NEDA Director-General, a UP Economics professor, and well known columnist. She has an excellent take on the implication of the "WB Report". Just click the link below.

http://www.gmanews. tv/video/ 36153/Analysis- World-Bank- Report

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US President Franklin D. Roosevelt Forbids Hoarding of Gold (1933)

Executive Order 6102 required US citizens and businesses to turn in all but a small amount of gold to the Federal Reserve in exchange for $20.67 per ounce. It came in the midst of a banking crisis, when the stability of paper currency was in doubt. Consequently, many tried to withdraw their money and redeem it for gold, which was considered safer. However, there simply was not enough gold in the US—or the world—to cover the nation's debts. How many people were prosecuted for violating the order? More... Discuss

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Ruth Elizabeth "Bette" Davis (1908)

American screen legend and two-time Academy Award-winning actress Bette Davis made her Hollywood debut in 1931 and, after several flops, won acclaim for her role in 1934's Of Human Bondage. Her electrifying performances and intense characterizations of strong women made her a prime box-office attraction between 1935 and 1946, but her popularity declined thereafter. Undeterred, she launched a comeback and continued acting until shortly before her death. Why did she disinherit her daughter? More... Discuss