Mr Lee Posted December 2, 2008 Posted December 2, 2008 It appears the Legacy group banks may be doomed.I hope no one will lose their money if it does happen. It sure seems like at a time like this, govenments would be more forgiving and not try to enforce the rules. http://business.inquirer.net/money/topstor...vs-Legacy-banks High court favors BSP vs Legacy banks By Daxim LucasPhilippine Daily InquirerFirst Posted 04:04:00 12/02/2008The central bank, Bangko Sentral ng Pilipinas (BSP), has scored a victory against a group of rural banks that regulators have tried Link to comment Share on other sites More sharing options...
tom_shor Posted December 2, 2008 Posted December 2, 2008 Oh Oh. :o :lol: Link to comment Share on other sites More sharing options...
Mr Lee Posted December 2, 2008 Author Posted December 2, 2008 Oh Oh. :o :lol:Sorry, I never invested in Legacy, but I am too much of a chicken, and in hand I trust, so I preferred condos and money in the US banks. Link to comment Share on other sites More sharing options...
chimellie Posted December 3, 2008 Posted December 3, 2008 I invested a small amount in Lagacy Group. I checked my account last month and the 20% interest gain was deposited into my account. Maybe that was the last of it. Oh well I tried.Thanks for the bad news MrLee Link to comment Share on other sites More sharing options...
Mr Lee Posted December 3, 2008 Author Posted December 3, 2008 Sorry Chi, it is not really bad news yet and maybe the Philippine government will wake up and go slow until some of the banks have a chance to recover. I personally do not think the Legacy is such a bad idea, but governments usually do not like to let people make money unless they get their share and from what I understood about the Legacy deal, there were no taxes being paid in like on a regular bank account, and I believe the government of the PI would never allow that to go on for long. Link to comment Share on other sites More sharing options...
tom_shor Posted December 3, 2008 Posted December 3, 2008 Glad I was too poor to invest. At least till we see what happens. Link to comment Share on other sites More sharing options...
johnrxx99 Posted December 3, 2008 Posted December 3, 2008 Well, I fail to understand what it means. Are the banks suspended, closed or what?The worst result is that they are suspended as they may cease to pay interest but depositors may not be able to make a claim under the government compensation scheme.I don't invest as I never thought such easy money would be continued with the coming credit crunch but if I did, I'd be making enquiries fast.Has anyone here found out more information? Link to comment Share on other sites More sharing options...
Mr Lee Posted December 3, 2008 Author Posted December 3, 2008 (edited) The way I read it, the courts gave the go ahead for the pdic to do whatever it wanted to do with the Legacy banks, but my guess is that they would have to re-audit them since so much time has passed, but then again, this is happening in the Philippines and no rules seem to apply, so in the near days to come, we will see if the pdic closes down the banks or not. Like a turtle is the speed of the Philippines government at work, unless you piss someone off and then they can work very fast.added I do think it would be unfair to close them down without at least another audit because it has been over a year since the last one found them deficient and they are still up and running. Edited December 3, 2008 by Mr. Lee Link to comment Share on other sites More sharing options...
Mike S Posted December 3, 2008 Posted December 3, 2008 I would imagine at the very least they will make the people pay the tax on the interest they have earned unless they reinvested in the program ....... more than likely the BIR will get involved :th_signs083: ...... either way it won't be pretty :D ....... there is an old saying applied here but I think we are all old enough to know what it says with out putting it in to print ...... well actually 2 but ..... bahala na ....... :rolleyes: :D Link to comment Share on other sites More sharing options...
Mr Lee Posted December 9, 2008 Author Posted December 9, 2008 Could this be the beginning of the end for the rural banks and the Legacy Group? It sure looks like it! http://www.abs-cbnnews.com/nation/regions/...oliday%E2%80%99Two Cebu rural banks declare Link to comment Share on other sites More sharing options...
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