Not again

When word got out that this bank chairman and PDIC appointee was no longer interested in his position, many of the bank employees including those in the subsidiaries literally partied.

After all, he is much hated by his subordinates. He raises hell and berates officers in the presence of others for attending meetings late. He even badgered a pregnant woman in a board meeting. He can be very trivial and is the type who would give senior executives under his wings a good scolding for failing to pick him up from the airport. Mr. Appointee not only has a bad temper: he is also known to have a big ego and to be a credit grabber. After running into bad deals in the past, Mr. Appointee is now into micro management which is not his role.

The euphoria over his impending exit did not last long however.

After writing PDIC that he did not want to be nominated to this bank once more, he changed his mind or was prevailed upon by somebody to stay. His name has been submitted alongside two others nominees to the bank chairmanship. The other one is reportedly a relative of a very powerful man in the House of Representatives while the other is or was part of the judiciary (both non-bankers).

It looks like someone very influential is pushing for his retention. There are reports that this sure winner in the recent senatorial election who happens to be Mr. Bank Chairman’s business partner in a capital venture company is the one insisting that he stay. By the way, this PDIC appointee also happens to be director of the foundation created to honor the would-be senator’s illustrious dad. What’s in it for Mr. Senator?

As already mentioned in this column before, Mr. Appointee is said to be the one responsible for RCBC’s credit card woes. Principally because of him, RCBC is suing Equitable PCIBank, claiming that when it was buying Bankard from the latter, the company’s credit and receivables were bloated, overstated. This eventually caused RCBC credit card losses of about P500 million. It was later found that he okayed the transaction to buy the credit card firm without conducting due diligence. The same questions on overpricing are likewise being raised on his move to buy Capitol Bank.

At another bank where he used to be president and CEO, he refused to give back the seat originally held by the owner/CEO who only passed on to him his position after he was appointed the country’s finance chief. After failing to get the Commission on Appointment’s nod, the finance czar had to step down and wanted his banking job back. After refusing profusely to vacate his post, the bank owners were only able to get rid of Mr. PDIC Appointee after giving him a handsome bye-bye package.

The likes of Mr. PDIC appointee are giving the banking sector a very bad name.

On The New President

Hidden Agenda just recently interviewed several business personalities on what they think the new President should focus on. This column unfortunately was not able to include the comment of Joey Concepcion, president and CEO of RFM Corp. Here’s what he has to say:

"What should be the priorities of the winning President which looks like GMA. First, to create a committee that will plan out how to reduce the budget deficit and what taxes to impose. There should be more direct taxes like excise tax on softdrinks and text messaging. I would propose consumption-related tax. There should also be a strict control on expenditures and the cooperation of Congress is important. Next, as promised by her, lay the groundwork of moving towards a parliamentary form of government. This will help move the priorities of government faster under a unicameral system, foster better unity and teamwork between executive and legislative branches of government. Investors’ confidence will follow the moment they see the economic and political problems being addressed. Among the more tangible ones that can show this government means business is that the new airport must open. Government must move to sell all remaining assets,TV stations, power plants... I am also glad that our electorate is starting to mature with the good choice of leaders starting with the reelection of the President and the new blood in the Senate."

For comments, e-mail at [email protected]