Medellín, November 22, 2008
DMG and pyramids
is necessary to make several readings of the dire problem of the pyramids, not only for the money that they to lose the spunky and innocent savers, but for the future implications on our economy at a time to move clears the storm of global recession, we have the productive and financial apparatus powerfully strengthened.
The main cause of mass access of people to the pyramids, I have no doubt the easy money corrupcióny culture of our country & iacuI, s. Is the main cause, but not alone. Although it hurts, not the parliamentarians and the only corrupt politicians in this country. Moreover, in any unfair generalization in this regard. Since children in the municipalities, districts and villages have heard that some butchers and shopkeepers alter the balance. Many coffee premium coffee sold, but the central part of the filled bag pasilla. The rural and urban orchards sell their packages of fruit, placing the visible, very good quality, while the rotten or defective, the camouflage in the middle of them. Some mechanical parts placed second, butfirst charge. The jewelers will put copper gold to anyone who is left. Priests in parishes report less real income to send the bishop a fee for the required period. It is probable that the bishops do the same with the Vatican. The average premium system for retirement was busted by the large number of fraudulent and excessive pension received some trade unionists and friends of the owners of the companies in the private sector and politicians in public sector. Not to mention thoroughly pastry students and teachers abusers and stalkers. The press is not free of guilt.
so on, could fillr is written with similar examples, but it is not the case, the main idea has been expressed. However we have heard all these respectable people outraged about corruption in Congress and in government.
The reality is that corruption in high places, that there and it's an undeniable truth, first, there is widespread and second is the final manifestation of the culture of corruption money easy, beginning with the poor and displaced, past the middle class to infiltrate the army and police, continue the business and end in Congress.
Anyone with more than twoa brain knows that at any time and place, the investment can yield 100% return month. I have no doubt, that deep down most of these people, seudoinversionistas, at least they suspected something suspicious in this business. Much made loans to family and friends and even the banks to reinvest in the pyramids and so pay the minimum interest charge them the financial system or the Lenders in good faith and make a huge difference, effortlessly.
If it was a pyramid or not, it did not matter. If only the first benefits were to the detriment of investors that they hadthe obligation to keep the pyramid, it did not matter. If there was drug money, less care. Nothing mattered but the exorbitant yield a totally speculative capital, in most cases or loaned to other banks.
do not think this bad experience will serve to lessen the culture of easy money, wherever it comes from, which prevails in our country, but not in most people, because we must emphasize that there are many good people in Colombia, in all social strata. People who are hardworking and thrifty.
Many people will lose their money and the money of others. The demand will contract, especial at Christmas, so it is possible to reduce employment rates in early 2009. It is known that many of the goods sold by DMG, were not of the company, but deposited by producers, which could make the situation more critical of the economy formal in the first half of 2009.
We have no doubt that if there is a possible return, even partially, will be at the expense of the formal economy and perhaps at the expense of a new tax reform, which distribute loss of the ambitious and corrupt, in all of Colombian society. So what we want, is that seudoinversionistas, recoverpart of their investment, but that is what is achieved seize the pyramids, which I think will be very little. DMG
gave lower earnings to 100 million in 2007 and paid 21 million pesos in taxes. Ridiculous figure, equivalent to what they pay in taxes, two executives of a multinational. I do not see where, on the same investments, you can withdraw money to pay investors. That money was wasted on the outside, buying Maserati and Ferrari cars and luxury.
A close reading of this episode, I'm almost certain to be repeated in the future in another way, is that the formal financial system also has a dosis of guilt. The 4 by 1000, what little savings paid for the formal, high cost of bank loans and high financial intermediation, are an additional ingredient and an incentive for investment is not formal, with all risks involved.
Juan Fernando Sanin
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