TY  - BOOK
AU  - Armas, Armando.
TI  - Trilateral monopoly: mythology of destructive creation 
SN  - 9789719426110
AV  - HD 2905 .Ar54 2009
PY  - 2009///
CY  - Manaoag, Pangasinan
PB  - Manaoag House
KW  - Banks and banking
KW  - Finance
KW  - Philippines
KW  - Government securities
KW  - Monopolies
KW  - Securities fraud
N1  - Includes index
N2  - Armas narrates the continuing evolution and struggle in state capitalism and importantly investigates the following hypotheses: 1) Unlike history, mythology indicates that the wrongs that happened in the past, either economic or political events, will occur again. Financial crises will always happen again under the Basel BIS regime as under the Bretton Woods regulations. 2) In theory, the PDS Group contradicts the nature of the firm. The integration of FX trading in PDEx is absurd. Even then, the integration within the PDS Group of its subsidiaries is against the foundation of economics. Of the BAP, the PDS Holdings is most unprofitable. Even with the SEC-granted de facto monopoly, the PDS Group could not turn profitable. It charges extortionate prices in trading, settlement, and custody. 3) In fiscal history and WFE statistics, public debt papers are almost all traded at the OTC markets. No bond exchange in the world has survived on trading of government securities. Like candles in competition against the Sun, PDEx is no match against the global supremacy of Bloomberg. 4) Organized exchanges, like the Cosa Nostra, are a private monopoly to eliminate public competition. A self-regulatory organization (SRO) regulates its members to enhance their collective profits. Let the public be damned says the cartel credo. The code on honesty among thieves slyly violated social justice with impunity. As an unnecessary evil, the SEC granted SRO status to PDEx, a rent-seeking corporation - not of traders, brokers and dealers. 5) The trilateral monopoly represents evil financial repression in the 21st century. It is the best way to rob banks, stockholders and depositors. As it is against the Philippine Constitution, did the PDS Group also violate the Revised Penal Code? In defense of the integrated tollgates, BAP President Cesar EA Virata hyped the 1997 Asian Financial crisis to suppress the muted opposition against the PDS Holdings
ER  -