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akshay, I don't mean to be rude. And you are certainly entitled to not invest in anything you wish.

 

Now, before I post my view, what specific plans are you talking about?

 

Thanks,

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akshay, I don't mean to be rude. And you are certainly entitled to not invest in anything you wish.

 

Now, before I post my view, what specific plans are you talking about?

 

Thanks,

 

All of it. I don't mean to be rude either. These banks, in my opinion, are only open cuz of a technicality: my interpretation of everything I've read is that Legacy has gotten a "judge" to block the BSP from taking the necessary actions to close them.

 

http://www.manilastandardtoday.com/?page=news4_aug22_2008

 

"THE central bank has asked the Court of Appeals to proceed with putting 10 rural banks, owned by former housing chief Celso de los Angeles, under receivership for insolvency."

 

"That followed the petition it filed on June 17 seeking an order from the same court to stop Manila Regional Trial Court Judge Nina Antonio Valenzuela from interfering in its duty to protect depositors and the public from financially troubled banks."

 

Why would anyone, in their right mind, want to put their money in banks that are in such shaky financial straits, and in my opinion almost expected by most reasonable people to go belly under sooner rather than later. BSP WANTS TO CLOSE THEM AND YOU'RE TELLING PEOPLE TO INVEST IN THEM? :kidding:

 

It's so ridiculous. In my opinion, nowhere else in the world would a judge be able to block the CENTRAL BANK from closing a bank due to it being allegedly insolvent. Do you realise just how ridiculous something like that is? BSP investigates banks. BSP claims banks are financially deficient by P 2.5b. BSP wants to shut banks down. Judge blocks it??? Huh??? :)

 

(Everything I said, just my opinion and interpretation, protected by free speech laws.)

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First, let me say that I have been investing in Legacy for year. Regardless of what you think or feel, if you haven't dealt with legacy, in any capacity, or having had invested in any of their plans, then you are talking without doing complete research.

 

I don't know what you do, or how much you invest, nor is it any of my business. But, I refer the agent that I do, who has a number of plans to offer his clients, because he is (and always has been) straight up and honest with me. This, I can state without any reservations or doubt.

 

Next time, certainly prior to posting additional Legacy investing comments on this forum, please make it a point to meet my agent and discuss the company and any aspects of the company you wish. The information I have received has always been spot on. The checks I have always received have been as good as gold, and the word of Nestor has always been 100% straight up.

 

 

EDIT: I was working on several things at once. I needed to change the last line, above.

 

------------

 

Oh, freedom of speech does not exist, entirely anyway, on these forums. Read the rules, please.

 

Thanks,

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First, let me say that I have been investing in Legacy for year. Regardless of what you think or feel, if you haven't dealt with legacy, in any capacity, or having had invested in any of their plans, then you are talking without doing complete research.

 

I don't know what you do, or how much you invest, nor is it any of my business. But, I refer the agent that I do, who has a number of plans to offer his clients, because he is (and always has been) straight up and honest with me. This, I can state without any reservations or doubt.

 

Next time, certainly prior to posting additional Legacy investing comments on this forum, please make it a point to meet my agent and discuss the plans they offer.

 

------------

 

Oh, freedom of speech does not exist, entirely anyway, on these forums. Read the rules, please.

 

Thanks,

 

Technically, you're only getting your own money back for the 5 years until you get your principal at the end of the 5th year.

 

I don't need to get into a pissing contest because I've already stated my viewpoints. I mentioned free speech because I don't need any lawyers up my butt for simply stating my opinions. Just covering my butt that's all. Playing it safe.

 

We agree to disagree. Let's leave it at that and remain friends :).

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Technically, you're only getting your own money back for the 5 years until you get your principal at the end of the 5th year.

 

I don't need to get into a pissing contest because I've already stated my viewpoints. I mentioned free speech because I don't need any lawyers up my butt for simply stating my opinions. Just covering my butt that's all. Playing it safe.

 

We agree to disagree. Let's leave it at that and remain friends :).

 

It doesn't matter how you look at it, you are still getting a return of 100%, over 5 years, with the plan you are speaking of anyway. A friend has his in a plan that I wouldn't consider, personally.The one year, double your money at Php 6 Million. But, that is his choice and so far, so good. I think I want to hook up with him the day he cashes the next Php 500,000 check. I will be happy to help him spend it. :)

 

I have my own lawyers who watch the forums. If there is a question, they will contact me. Not really. That is a lie. But, it sounded great, didn't it? :kidding:

 

Now, I don't know that I know you, so I can't say if you are friend or foe, or somewhere in between. (I have plenty of each here, believe me.) Either way, that is not the only plan that Legacy offers, or is offered through my agent. I will stick with them, regardless, for now. I'm happy with my returns.

 

Okay. I'm done.

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  • 1 month later...

hi i have just been told today nov 1st that all my post dated cheques from legacy group . :D will not be honerd(union bank and eastwest bank) but thay will be replaced with new ones anyone else have same :huh: iff any of you have get in touch its just a bit (lot) worring. so anyone else post on here gazzzzzzz

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  • 4 weeks later...
hi i have just been told today nov 1st that all my post dated cheques from legacy group . :wink: will not be honerd(union bank and eastwest bank) but thay will be replaced with new ones anyone else have same :D iff any of you have get in touch its just a bit (lot) worring. so anyone else post on here gazzzzzzz

 

That does'nt sound too good.

 

Can you give us some updates on this situation.

 

I heard they where reissuing new checks with interest. Is that true ?

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LastManStanding

I can't believe there are westerners who still fall for these ponzi schemes...

 

GREED

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A_Simple_Man
I can't believe there are westerners who still fall for these ponzi schemes...

 

GREED

So its safe to assume that you are not one of the Canadians who invested in Bre X?

http://en.wikipedia.org/wiki/Bre-X

Just sayin :any-help:

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A few random points.

 

ALL banks are technically insolvent, according to normal business accounting standards.

I wont elaborate on that here as it is getting off topic.

 

 

Do the maths, and you will soon find that it cant be a Ponzi scheme.

 

 

There are numerous investments in many countries that give returns far higher than "we" are used to seeing. The major difference is that in the Philippines (and a few other countries) one can enter them with modest amounts.

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I can't believe there are westerners who still fall for these ponzi schemes...

 

GREED

 

words right out of my mouth

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Okay, I resemble that remark. But Legacy did run for a long time, almost 12 years. Which is a lot longer than most "ponzi" operations. However, the end result is very likely to be the same. Now, there is a difference between the double your money and the 3 year 48 percent interest plans compared to the rural bank programs which are offered all over the Philippines by different banks, not just Legacy and which have PDIC coverage (up to 250k). Those pay 15 to 20 percent interest, which should have been enough for all except the most greedy. Don't ask which group I fall in please. :any-help:

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It is very likely that the current credit crises will eventually get out of control and spill over to Asia. I don't think that a government guarantee like PDIC is worth anything at that point.

 

.

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It is very likely that the current credit crises will eventually get out of control and spill over to Asia. I don't think that a government guarantee like PDIC is worth anything at that point.

 

.

 

Scianna, you may well be correct. I am not suggesting that I would run to put money in PDIC insured rural banks, but I would consider such investments sounder than the Legacy uninsured investments at this time.

 

On the other hand, I think that after they print a few trillion more greenbacks to give away as part of the "bail out" in Washington that the US dollar will be worth somewhat less than toilet paper, which as all of us that live in the Philippines know, you are not supposed to flush down the toilet. Too bad they don't treat the dollar with that sort of respect back in the USA.

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  • 3 weeks later...
A_Simple_Man
I can't believe there are westerners who still fall for these ponzi schemes...

 

GREED

 

words right out of my mouth

 

I guess there is a lot of greed in the west . . found this link on another forum . . . now I have a good idea where Legacy learned their tactics.

 

http://www.tribune.net.ph/business/20081216bus1.html

 

12/16/2008

 

London

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