Beware: Paper rich firms


Alarming the number of paper rich millionaires and billionaires in Hong Kong coming from Mainland China making the news. An online news outfit from Hong Kong blares the headline, “HK paper billionaires exposed.”

It’s a very alarming news story that asserted that one of the firms listed as paper rich is here in the NMI. How come nobody caught this initially or is the new fad pocketing goodies from a sugar daddy easier and more profitable than sticking to fiduciary duty?

It involves a scheme that inflates, on paper, the stocks of the firm that is basically zero. In other words, if the firm is asked to make a million dollar payment it can’t do so because that money isn’t in its bank account. It doesn’t exist!

The NMI has been invaded with firms from China that are only paper rich. It’s an issue that can’t be ignored for it may mean the financial or investment demise of the islands. We must demand for real financial wherewithal not the dreamed up scheme where some of these sleek peeps are only paper rich.

Imagine building upon a reputation as the venue for paper rich scammers. Out the window goes the credibility of the NMI as a good investment venue.

Mea Culpa: U.S. Congress isn’t likely to listen to our plea for extension of the CW program, according to former Governor Juan N. Babauta in a radio appearance recently. “This should have been done two years ago” and not at the 11th hour, he pointed out.

Babauta recommended change of the current law that grants administrative authority to the departments of homeland security and labor. This permits for meaningful negotiations over the difficult route of policy extension with U.S. Congress that requires approval from both chambers.

Ooops! Now, isn’t it true that the NMI has a 21-percent unemployment rate of indigenous U.S. citizens? So why would anyone recommend perpetuating unemployment for our people? Something’s amiss here! The biz community must do better to erase the anomaly in the 21 percent unemployment rate here.

Moreover, the country is suffering from its problematic chain migration and visa lottery system now in place. Trump is set to kill both that effectively shuts the door for foreigners. How then do we fit our issue, legitimate as it may be, amidst such troubling national concern? Any clue what national policy formulation entails?

Shameful: It goes to show that the administration isn’t necessarily adept to seeing pending issues that have huge implications, e.g., failing fiduciary duty exacerbates huge decline in the economy beyond comprehension. Isn’t transition to U.S. immigration available since 2008 under P.L. 110-229? Someone should be tasked to handle this and other related issues so the governor knows what to expect when he takes his D.C. and Boise junkets every other full moon.

Recent appearance before a U.S. Senate subcommittee not knowing the unemployment rate here is woefully humiliating! It doesn’t lend to credibility of what we now seek from U.S. Congress. Sen. Arnie Palacios was given the information but never bothered. So he flew all the way back home to ask for the same information, again! Perhaps the guy isn’t tech-native but relative!

Babauta hinted that the folks on the hill have been sleeping on the wheels. Sorry, Governor Babauta, but Da guys have been “snoozing” not sleeping. Eh, after a heavy bone-soup lunch with tons of rice and finadeni it’s one perfect recipe to snooze off into the sunset. And they did!

Disappointing: We could call 2017 “The 80 Percent Year!” Yep! There are resounding decibels of dysfunction all over the hill. It’s almost completely disorienting. Raffy and Biktot took turns junketing at taxpayers’ expense while legislators fine-tune their snooze. They’ve got it down to an art: drooling!

Bad year for these isles that included ignoring federal laws on transition into U.S. Immigration. Woe! We tried the old mea culpa but exhausted our supply. Sad.

Kinubre: I tautau-ta ma-usune mauleg na sensian inana`e pot para umakubre haye numesessita mas ayudu. Estague` na eskalera `nai masotta i publiku ginen diskuidun mansabiun I Deni`. Kumu machule` pagamientun 80 pot sientu de hemunos haf` para u padese i tautau siha gi señgsoñg. Dios mihu!

Mauleg na guaha ayudun food stamps para ayu siha na familia i ti fumatitinas disiente na moneda gi mes. Konsidera haf` para umapadese `an taya` nu este na ayudun federat. Mauleg sa` ha choneg si Kilili` ma-inklusun iya Marianas gi parehu na apas ayudu taimanu manmanana`e iya America.

Propiu na ta atan yan ta kopbla kada unu haf` bidaña gi ma-adelantan ha`anen tautau siha. Kase kanaha` todu siempre u fan fontun guine na patte.

Kuestion: I amighu Magoo ha sentuñgu` humoñu` batuneshu piot ya kulan appenas sitbesa. Hu fahane pot para u lipague` i prohimu. Impottante para guahu humuñgog haf` sentimentun tautau siha gi señgsoñg.

Sige fumofu pot planun hatsadan apas hospitat yan presiun nesessidat siha `nai gi mismu sakudida i sueddu tatnai ha muebague` hulu`. Komprendiyun na sentimentu ginen man-otdinariu ni pumadedese diskuidun mansabiun I Deni`.

Ha kuestiona kau ti marepapara ni mansabiu haf` pinadesen i tautau siha gi señgsoñg. Tihu oppe pot para bai li`e haf` kinemprendeña. Ha mensiona dispues na mampos megai promesan gueku. Hu appunta huyuñg na mampos man-chanseru kulan mohon asuntun pretendiente.

Hu komprende ayu na sentimentu pot megai familia pumadedese makat na mattiru pot tinahuñg salape` gi monedan niha. I asuntu makat pot rason na ha nesessita kabales na adelantun ekonomia para u hatsa todu bote ti puettu. Taigue este na fuetsan ekonomia pa`gu. Gueku!

Sunidu: Gi un` dinaña` familia, un` ñietu yan ñieta makanta un` sunidu pot I Mauleg Na Lina`la` (Kailey yan Beaver). I kanta ha kuestiona kau ti inipos mana`iña ni tiha mirese yan mañge` guma` familia ni kumonduse-gue` halum dispues de minachum atdau. Para todu i mattiru ma-agradese I Mauleg Na Lina`la` niha. Esta hana` magemyu` i ma-agradese minapot mañainan niha piot i trinañkilu gima` familia.

John S. Del Rosario Jr. | Contributing Author
John DelRosario Jr. is a former publisher of the Saipan Tribune and a former secretary of the Department of Public Lands.

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