President Arroyo Heads to Wall Street to Meet Bankers

Inquirer.net reports that President Gloria Macapagal-Arroyo will meet with financial and banking experts in New York this week to find out more about the U.S. financial crisis. As if she’s in any position to do anything about it.

Her ostensible reason is to attend the 63rd session of the United Nations General Assembly. The visit had been previously canceled due to pressing domestic concerns. This was before the Lehman Brothers collapse. Suddenly, she decided to push through with the trip.

Now rumors are rife about her real reason for going to New York, which is to attend personally to some damage control regarding family investments which may have been jeopardized by the upheaval on Wall Street. Why else would she need to go there if her sole purpose is to have a better understanding of the situation ? She has a Ph.D. in economics and years of experience as a trade and industry official. She would have no difficulty grasping the intricacies of high finance. All the info she needs are available at her fingertips right here. But she has to see the whole sorry mess herself. What for ?

The U.S. government is ready to unroll a $700 billion recovery package but this is meant to shore up the entire financial system, and is not intended for the rehabilitation of banking institutions which have already gone under, like Lehman Brothers. Creditors of those in bankruptcy will have to stand in line like everyone else, including governments and heads of state.

As they say “Sorry na lang“.

Local creditors are joining the worldwide rush to secure exposures and grab remnants of collapsed investment banking icon Lehman Brothers, with Metrobank jumping the gun and filing suit to secure its P2.4-billion loan to domestic Lehman units ahead of the others.

Urgent efforts to lash together a $700 billion rescue plan for the U.S. financial system stalled.

Asian markets fall sharply after U.S. lawmakers rejected a US$700 billion bank rescue plan aimed at stabilizing the U.S. financial system.

3 thoughts on “President Arroyo Heads to Wall Street to Meet Bankers”

  1. If so, i.e., to oversee damages to her own family’s investments (but where on earth did they this woman and her family get the money to invest in Wall Street?), tough! She deserves all the bad things that may happen to so-called personal or family investments…. May they be worthless as the ground she walks on.

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