Trump will slowly drain the swamp

first_imgCategories: Letters to the Editor, Opinion If Donald Trump was not elected president, none of this would be known to the American public.It will take time but slowly as the inspector general does his job, it will prove the president correct.Donald Trump may not be the most predictable man as the leader of our country, but for sure he’s for the American people. The swamp will slowly be drained of all the people still “shell shocked” that they lost.Jerry BubniakNorthvilleMore from The Daily Gazette:EDITORIAL: Beware of voter intimidationEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Thruway tax unfair to working motoristsGov. Andrew Cuomo’s press conference for Sunday, Oct. 18EDITORIAL: Find a way to get family members into nursing homes Former FBI Director James Comey stated that his thought process was that Hillary Clinton would be voted in as the next president of the United States.Therefore, he concluded in investigating her e-mails, he did not want to have an elected president facing a criminal charge. So he concocted gobbledygook language to find her careless but not criminally liable. Is this not a double standard of the law?last_img read more

AIG gazumps UBS to get into Curzon Street

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Turning up the Heath

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Last post to deliver first class office space

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Outlook north-west: The Phoenix syndrome

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Inverness fight over as Miller pulls out

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Jones Lang LaSalle top brass is back in big bucks

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The market in minutes

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MPs blame eurocrat for ‘bizarre’ gap ban

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‘This is a conspiracy’, lawmaker says as House scrutinizes Jiwasraya mismanagement

first_imgTopics : The AGO has summoned several investment management and securities firms’ officials during the investigation and has detained holding company PT Maxima Integra director, Joko Hartono Tirto, after arresting five people in January.Uriep, however, refused to reveal the name of the products or the investment management firms.“If the products were tailor-made, I think we can conclude that this was a conspiracy,” Commission XI member and Golkar Party politician Mukhamad Misbakhun said.Two parties outside the government coalition, the Prosperous Justice Party (PKS) and the Democratic Party, have submitted a proposal for the establishment of a special committee or Pansus to launch an inquiry into the case. The lawmakers want to inquire where the money went following an allegation that Jiwasraya’s financial shortfall was a result of misappropriation in order to fund President Joko “Jokowi” Widodo’s campaign in the 2019 presidential election.However, four of the six progovernment parties have backtracked on their commitment to set up the committee following disapproval from the government and reportedly a request not to allow such a probe to be set in motion. Despite the fact that the mutual funds were open-ended—meaning that the products are available for all investors to buy – around 70 to 90 percent of the products’ assets under management (AUM) came from Jiwasraya, he added.Such an effort, he went on to say, was carried out to cover up the losses the ailing insurer had suffered following steep drops in the value of shares owned by Jiwasraya.Some of the stocks included in the insurer’s portfolio were those of property developer PT Hanson International (MYRX) and coal miner PT Trada Alam Minera (TRAM). These stocks were known to be low quality and were often used for pump-and-dump schemes. The trading of the stocks was halted by the bourse, as a result of the Jiwasraya case.Jiwasraya failed to pay out customers policies, worth up to Rp 16 trillion (US$1.2 billion), that fell due in December, prompting the Attorney General’s Office (AGO) to launch a corruption investigation.center_img A lawmaker has accused state-owned insurance company PT Asuransi Jiwasraya, and several investment management firms, of alleged investment mismanagement that has led the insurer into financial difficulties.The allegation was raised during a hearing of House of Representatives Commission XI overseeing financial affairs in Jakarta on Monday, in which a senior official with the Indonesian Central Securities Depository (KSEI) made allegations that several mutual funds owned by Jiwasraya were not transparent.“It’s possible that the asset management firms tailored the products for Jiwasraya,” KSEI president director Uriep Budhi Prasetyo said.last_img read more