A senator in the floor yesterday.
Santo Domingo.- The Chamber of Deputies approved the Executive Branch’s observations to the bill would create the Mortgage Market Development Law, and opens the door for the Government to dip into the nearly US$3.0 billion Pension Fund.
Through the Law the government seeks to use part of the nearly US$3.0 billion Pension Fund for projects to build low cost housing.
The Executive Branch’s observations were submitted to the Senate April 20 and approved in that chamber June 3.
As of June the Pension Fund has grown to more than RD$110.0 billion (US$2.9 billion), with many sectors wary of the consequences when the Government starts accessing the money of the workers.
From: United States
It would be a great idea,in particular if money distributed for Low Cost Housing projects were (1) published in the daily gazzette as public notice of intent, (2) all projects require OPEN TRANSPERENT disclosure of companies seeking to bid on projects detailing the structure and FULL and TRUE OWNERSHIP in the daily gazzette, (3) A TRANSPERENT and OPEN bidding procedure with results upon the decision of the winning bidder fully disclosed to the public via the daily gazzette ( newspaper) , including the details of at least (5) runner-up bids for the public to understand the due-diligence process, (6) Bar any companies with past problems on government projects , any companies with deliquent TAX payments or othe unpaid PUBLIC history , companies with any family connection to any public official within the Ministry or Executive Branch, any company not using Dominican Labor on projects and any company less than (10) years old without proper capital
Other than that , LET THE LOOTING BEGIN
From: United States, Fresh Water Paradise-NY Finger Lakes
Given our history, particularly regarding government integrity and lack of respect of rule of law, this law/change simply cannot be good for the people. I really envision several power people becoming rich on par with many world millionares who have earned their fortunes via legitimate endeavors.
Somehow, we must muster collective strength to stop these filthy thieves from stealing our pensions. We must do that by any means necessary. Whatever it will take.....this is where the line must clearly be drawn.
MJEV.
From: Dominican Republic, NEVER FORGOTTEN, NEVER FORSAKEN!
The bashing crew is gonna have a field day, not that I trust LF & his cronies.
From: Dominican Republic, vieja Santo Domingo
notintransit ...I have not seen you here before but great to have such an imaginative and thoughtful posting with very good ideas .Yes I agree that , if we can have very transperent protection of the funds , it is a great idea to have workers money working for workers by way of providing cheap housing. I would also like to see any person found guilty of corruption lose all entitlements to the pension funds . I would also like to see confiscated assets from guilty people given to the pension fund .
Written by: jhcl2012, 14 Jul 2011 8:54 AM
From: United States
Bueeeeeeeeeeeeno..... eso me da miedo....
(@;@)
From: United States, New York
a robaiiiiiiiiii se ha dicho compaiiiiiiiiiiii!!!
Written by: THINK, 14 Jul 2011 9:35 AM
From: United States, SDQ -- Mia --NY
Idea is good, but can we trust the Government use the money in honest ways?
From: Dominican Republic, Puerto Plata
Armageddon!
I feel for the poor suckers who thought they'd actually receive a pension.
Written by: jhcl2012, 14 Jul 2011 10:30 AM
From: United States
@WalterPolo,
Not only the workers, but also the construction promoters pay to the "Fondo de Pensiones". We payed several "miles de pesos" during the construction of Plaza Coral Punta Cana and part of the "payroll" taxes also go there.
:-(
From: United States, words of wisdom from the nutcracker
Is open season for the cookie jar dippers , dont trust the dominican government on this issue , this money belongs to the working man who sacrifised so much to reap his reward , we need a jimmie hoffa type to fight these aholes.
Written by: juanb, 14 Jul 2011 11:56 AM
From: Dominican Republic
There is a line of car salesmen outside the meeting room.
From: Dominican Republic, I dislike all politicians and their afiliated parties... "I simply say it AS IT IS!!"
This is SAD!!
Freaking politicians not tired of stealing ppl's money in front of their eyes. This is the right time to demand a clean slate of what, who, how, when this money is going to used? Otherwise, no one will see a penny. The Fix is in. Let Hipolito win and we'll blame all the crappy mess we are seting up on him.
From: Dominican Republic, Cabrera
Watch the sales of SUV's leap this quarter! The vehicle importers will have a good year for sure!
From: Dominican Republic, Cabrera
Watch the sales of SUV's leap this quarter! The vehicle importers will have a good year for sure!
From: Canada
When you bang away at the Pension Fund you bang away at the foundation of the country ...
Nortel Corporation in Ontario raided the Corporate Pension Fund and many thousands now have no benefits and ten cents on the dollar ...
A National raid on this piggy bank in order to build low income housing is a challenge to understand. Low income housing should be build by the state anyway and the Pension left to the contributors.
Why not run a vote by all those with a vested interest in the Pension Fund and get their consent ... and if they don't give it then don't take it ...
Written by: airgordo, 15 Jul 2011 12:05 PM
From: Dominican Republic
BULLS*IT!!!! NOBODY asked ME on that!! i have THOUSANDS on tha FUND!!
and 2 million pesos IS NOT a CHEAP HOUSE!!! SPECIALLY at an interest rate of 14 or 15% PER YEAR!!!
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Other than that , LET THE LOOTING BEGIN
Given our history, particularly regarding government integrity and lack of respect of rule of law, this law/change simply cannot be good for the people. I really envision several power people becoming rich on par with many world millionares who have earned their fortunes via legitimate endeavors.
Somehow, we must muster collective strength to stop these filthy thieves from stealing our pensions. We must do that by any means necessary. Whatever it will take.....this is where the line must clearly be drawn.
MJEV.
(@;@)
Idea is good, but can we trust the Government use the money in honest ways?
I feel for the poor suckers who thought they'd actually receive a pension.
Not only the workers, but also the construction promoters pay to the "Fondo de Pensiones". We payed several "miles de pesos" during the construction of Plaza Coral Punta Cana and part of the "payroll" taxes also go there.
:-(
There is a line of car salesmen outside the meeting room.
Freaking politicians not tired of stealing ppl's money in front of their eyes. This is the right time to demand a clean slate of what, who, how, when this money is going to used? Otherwise, no one will see a penny. The Fix is in. Let Hipolito win and we'll blame all the crappy mess we are seting up on him.
Nortel Corporation in Ontario raided the Corporate Pension Fund and many thousands now have no benefits and ten cents on the dollar ...
A National raid on this piggy bank in order to build low income housing is a challenge to understand. Low income housing should be build by the state anyway and the Pension left to the contributors.
Why not run a vote by all those with a vested interest in the Pension Fund and get their consent ... and if they don't give it then don't take it ...
and 2 million pesos IS NOT a CHEAP HOUSE!!! SPECIALLY at an interest rate of 14 or 15% PER YEAR!!!