Wednesday, February 18, 2009

Follow Up : Bushidoff’s list

Nabil El-Bushi’s case has not finished yet , in fact it has just started,the man is already in Dubai and has returned yet. The victims’ lawyers in Egypt are trying to include his name to the Interpol wanted list.

The media in Egypt I know is waiting for more details about the so-called blessing lists of El Bushi , oh yes El-Bushi made threat that if he is arrested in Egypt ,he will reveal the ministers currently in office and their sons who gave him money to invest it in the stock market. There are rumours that he gave a return on investment equals to 180% !! Again do not ask me how !!??

This is expected , just like the Old Riyan and his blessing lists. I do not think that he was bluffing after all the names  in the list for sure were his key to attract those celebs and businessmen in Egypt to trust him with their millions in this way.

It is highly expected that El-Bushi will join his friends from the runaways either in London or Athens or Switzerland for his silence , it is a rule.

An interesting side Remark :

Egypt saw 600 Ponzi schemes in the last 3 years, the total money losses in these schemes are L.E 4.5 Billion !!

Also speaking about the Ponzi schemes , we should not forget about Madoff , the biggest Ponzi schemer in the world , already they should change the term Ponzi Scheme in to a Madoff Scheme. Now here is the complete list of Madoff’s victims “about 163 pages to be accurate”

3 comments:

  1. ANONA;
    He is better be careful, these days winds are strong in Cairo and London and can cause people to lose their balance off balconies !!

    ReplyDelete
  2. The difference is that in Madoff's case he was the only one to blame because he was a real swindler. People have no problem with their names coming up in the list of victims because they are regular people who pay their taxes and report their earnings to the IRS. They invested their money in Madoff's "COMPANY" not into Madoff's hands with hidden contracts and sometimes no contracts at all.

    However with Nabil we still don't know if it was a Ponzi scheme or not. The media is making it look this way because we don't have any experience other than swindlers taking our money and running, ya3ni we never really had someone legally invest our money and lose it all in legitimate business. I've been watching the media for some time now on this case and there is a big concept that everybody is dancing around but nobody wants to touch:

    "People do not want to pay taxes. People feel that the government is too corrupt and they don't see the effect of their tax money"

    If everyone was so transparent and open about how much money they had then they wouldn't have gone to someone like Nabil in the first place, they would have invested their money in transparent and legal schemes without fear of the government asking them for taxes or asking for the sources of those incomes.

    What the government should do is to transform our country into a cashless society, make everyone receive their paychecks in a bank account. The people can either keep their salaries and savings in the bank earning interest or if they think the bank's interest rate is too low they can anonymously transfer their money to private investment firms sanctioned by the capital market authority. This way private companies and government institutions can withhold income tax when paying salaries and remit it to the tax authority, and at the same time the tax authority can ask the investment firms to withhold a percentage of the investment income as taxes.

    Now assuming that the government can keep the hands of corrupt officials off the tax revenue, this system should restore people's faith in the tax authority. Only then can the tax authority start introducing new laws that make our financial system more compatible with the rest of the world.... elli e7na feeh da esmo este3baaaat!!!! El nas betesta3bat 3ala ba3d w 3al 7okooma... wel 7okooma shaghaala este3bat 3ala el nas w 3ala nafsaha.

    ReplyDelete
  3. @anonymous, be sure that he and all other Egyptians running to London learned the lesson very well !! no balconies

    @Mo,it is not about the tax revenue officials corruption I am afraid. Do not forget that many of El-Bushi's victims themselves are corrupted ,they earn the money from illegal ways otherwise why they fear taxation in the first place, it is like money laundry
    Why someone give to a man like Al Bushi a 6 digit sum without any documentation at all !!?
    Still I agree with you we do not know much about the scheme or rather if it were a scheme or not but for sure some big names are involved.
    Do not wait our government to do anything because it is more corrupted than El-Bushi

    ReplyDelete

Thank You for your comment
Please keep it civilized here, racist and hateful comments are not accepted
The Comments in this blog with exclusion of the blog's owner does not represent the views of the blog's owner.