But before the dismissals took effect, the present chairman, Yasin Shoman, saved face by resigning with a stinging letter critical of the Senate Committee. Shoman served during the period of securitization as deputy chairman of both the board of directors and the investment committee, but he was elevated to the chair in April 2003.

Hon. Ralph Fonseca, the former Minister of Finance, appointed Shoman, but the letter of resignation was addressed to Prime Minister, Hon. Said Musa, as the present Finance Minister.

The letter, dated Saturday, July 15, 2006, lauds the Government?s securitization program and asserts that he, Shoman, was ?always mindful not only of the obligation entrusted to me?but also of the accompanying fiduciary responsibility to fortify and preserve the Social Security Fund??

Shoman?s letter goes on to fire a blow at the Senate Committee by saying: ?It is my considered view that the report manifests the inability of the investigating committee to grasp the nature of the complex transactions they were charged with investigating.?

He further asserts that the Committee has nothing on him or any other person at the SSB, for that matter: ?I am also satisfied that the report does not contain a shred of evidence to impute any wrongdoing or negligence on my part, or of any member of the Social Security Investment Committee or the Social Security Board.?

The Senate Special Select Committee?s report says on page 121 that, ??there was Negligence (sic) and recklessness in the execution of duty in approving the purchase and sale of the mortgage loans listed?and the signing of documents? As a result of these findings, the Senate Special Select Committee further recommends that all those who were members of the board and (board members who were investment committee members) including the manager at the time of the negligent actions should no longer hold office, positions nor membership on the board and positions at the SSB.?

The third member to whom the declaration applies is Maria Elena Contreras, the secretary of the board.

Shoman?s resignation letter states that, ??in order to allow your administration to continue to ensure the timely and orderly management of the vital affairs of the Board in an atmosphere untainted by partisan distrust and baseless speculation, I hereby tender my resignation as the chairman of the Social Security Board with immediate effect.?

Shoman concludes by saying that he admits no fiduciary negligence or misconduct whatsoever. He maintains that he has done nothing unlawful and/or contrary to the policies of the Government and the Social Security Board.