Private citizen Villar? EDITORIAL 04/24/2010

Private citizen Villar?

EDITORIAL Click to enlarge 04/24/2010 Reacting to reports that Nacionalista Party (NP) standard bearer Sen. Manuel “Manny” Villar, when he was Senate president, met with Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) in relation to getting his 180 day lock-up shares being freed and sold on a secondary level within the same period his companies’ IPO (Initial Public Offering) hit the stock market, which was then on a boom cycle, a Villar company official admitted that indeed Villar did meet with these officials, but claimed he met with them, not as Senate president, but as a private individual. This is the hoariest explanation given yet from Villar’s camp, after Pwersa ng Masang Pilipino (PMP) presidential candidate former President Joseph Estrada and Senate President Juan Ponce-Enrile exposed the Villar scam that not only probably impoverished the overseas Filipino workers who had bought the shares, in anticipation of making money (OFWs were targeted by Villar and his companies as share buyers with a roadshow yet), but also a lot of other stock market players who may have lost a lot of money, not even aware of the fact that, as they were buying up the shares, Villar was dumping his shares, and making billions out of it.... MORE Source:  The Daily Tribune URL: http://www.tribuneonline.org/commentary/20100424com1.html

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