The thousands of depositors (more than 50,000 as reported in the news) left by the Export & Industry bank in limbo are planning to sue its owners of syndicated estafa or syndicated fraud according to latest news reports. The clients are particularly pissed at the bank owners and operators who kept on assuring their clients about the banks' financial stability a few weeks and days befoer it went busted.
I'll get pretty upset too if I were in their shoes so I can't blame them if they want to sue the asses of these corrupt bank owners. The main purpose of putting your hard earned cash in a bank is to keep it safe from thieves and criminals and of course, to earn some decent amount of interest that these banks give. But it seems that most of the banks these days are quick on accepting clients' money and a lot quicker in running away with your dough after a few years. Now the bank owners themselves are the thieves who will steal your money! Crap! It's like you handed your cash in a silver platter to these goddamn crooks!
Most of these banks are managed and owned by by rich businessmen and often times these scumbags use the clients money and the banks assets as if it's their personal money. They divert the funds to set up new businesses , buy expensive cars, mansions, jewelry, trips abroad and sometimes use it as gambling money in casinos and to maintain their mistresses. Damn! No wonder after a few years the banks go belly up and it's the poor clients that are left in deep shit to pick up the pieces.
I know this for a fact because I knew of a small bank in my area a few years ago where the manager and the rest of the employes uses the banks' or the depositors money for their personal benefits like buying new cars, house and lots, jewelries, etc. Hell, the crook bank manager even treats his drinking buddies in expensive bars and they take out the prettiest girls to spend the night with, using the bank's funds. Yup, that bank went bankrupt too in just a short time. None of the crook bank employees went to jail though and they still have the gall to walk with their heads held up high. Scumbags!
A lot of clients of that bank cried too when it closed shop. Most of its depositors were ordinary folks like fish and meat vendors, low income people and some retired senior citizens who opted to save their retirement funds because of the bank's promised security and guarantee of keeping their money safe. Most of the depositors got their money back, those that have less than Php500,000 were immediately paid by the Philippine Deposit Insurance Commission (PDIC) but those in excess of Php500K never recovered all of their cash. These businessmen should stop playing around with innocent folks hard earned cash because someday they might find themselves hanging and swinging in the nearest tree....Yup, just like what happened to Judas. Good riddance!!!
I'll get pretty upset too if I were in their shoes so I can't blame them if they want to sue the asses of these corrupt bank owners. The main purpose of putting your hard earned cash in a bank is to keep it safe from thieves and criminals and of course, to earn some decent amount of interest that these banks give. But it seems that most of the banks these days are quick on accepting clients' money and a lot quicker in running away with your dough after a few years. Now the bank owners themselves are the thieves who will steal your money! Crap! It's like you handed your cash in a silver platter to these goddamn crooks!
Most of these banks are managed and owned by by rich businessmen and often times these scumbags use the clients money and the banks assets as if it's their personal money. They divert the funds to set up new businesses , buy expensive cars, mansions, jewelry, trips abroad and sometimes use it as gambling money in casinos and to maintain their mistresses. Damn! No wonder after a few years the banks go belly up and it's the poor clients that are left in deep shit to pick up the pieces.
I know this for a fact because I knew of a small bank in my area a few years ago where the manager and the rest of the employes uses the banks' or the depositors money for their personal benefits like buying new cars, house and lots, jewelries, etc. Hell, the crook bank manager even treats his drinking buddies in expensive bars and they take out the prettiest girls to spend the night with, using the bank's funds. Yup, that bank went bankrupt too in just a short time. None of the crook bank employees went to jail though and they still have the gall to walk with their heads held up high. Scumbags!
A lot of clients of that bank cried too when it closed shop. Most of its depositors were ordinary folks like fish and meat vendors, low income people and some retired senior citizens who opted to save their retirement funds because of the bank's promised security and guarantee of keeping their money safe. Most of the depositors got their money back, those that have less than Php500,000 were immediately paid by the Philippine Deposit Insurance Commission (PDIC) but those in excess of Php500K never recovered all of their cash. These businessmen should stop playing around with innocent folks hard earned cash because someday they might find themselves hanging and swinging in the nearest tree....Yup, just like what happened to Judas. Good riddance!!!
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