The founder of the Legacy group of companies thinks he knows who is to blame for the virtual collapse of his business empire: virtually everyone but himself. Evidence is mounting, however, that his business was built on a fatally flawed business model. His attempts to explain exactly why his companies should have remained viable have backfired; in fact, they tend to show why his business was not sustainable at all.
“I have a story to tell. I have the records to show,” Celso de los Angeles told the Inquirer early this week. Later, at the Senate, he blamed the financial woes of his rural banks (13 of which closed down last December) and his pre-need firms (now inadequately capitalized) on “regulatory harassment, adverse and irresponsible media reports, extortion, and the general economic situation.”