Saturday, January 28, 2017

Back to the Future

MM Online on how Malaysia turned Forex into Genting Highlands (extracts):

keep your eyes on the ... er ... ball

KUALA LUMPUR, Jan 28 — Tun Dr Mahathir Mohamad lost his credibility after he denied involvement in the foreign exchange scandal that reportedly cost taxpayers US$10 billion, Datuk Seri Salleh Said Keruak has claimed.

In a blog posting yesterday, the multimedia and communications minister said Dr Mahathir’s denial on the matter only exposed his hypocrisy.

“As much as he is attempting to explain away the issue and treat them as if they are not material, it invariably reveals his hypocrisy and double standards,” he said.

“Without question the CIA report exposes Mahathir’s responsibility in this mega-billion loss suffered by the country. And as usual Mahathir blames others except himself for this financial disaster,” he added.

“While Mahathir refuses to accept responsibility for the BMF and Forex scandals, he is using the 1MDB issue as an excuse to topple the Prime Minister,” he added.

The forex scandal made headlines again after state-owned paper New Straits Times published an interview with former BNM assistant governor Datuk Abdul Murad Khalid in which he claimed the central bank suffered foreign exchange losses of US$10 billion in the early 1990s.

US$10 Billion in 1990, based on both the US and Australian Reserve Bank inflation rate predicted for a number of years, would be worth approximately US$19 to 20 Billion if in cash. In property it may be higher. But let's say it is a round figure of US$20 Billion today in 2017.

US$20 Billion x 4.43 = RM88.6 Billion or in round figure RM88 Billion.

That's how much using the Forex in a hope to win money had cost Malaysian taxpayers, to reiterate, RM88 Billion.

All hush hush just like the loss of approximately RM2.5 Billion by BMF in 1983, or in today's term, RM5.6 Billion.

That's how much taxpayers' money was wasted.

In both BMF and Forex, no Malaysian official or minister was ever punished. The loss in both cases were never accounted for. Those were Malaysian taxpayers' money. 

In both cases, the PM was Mahathir.

The Forex scandal was especially scary when you think of it, to wit, the Reserve Bank of a supposedly responsible nation participating in a casino-like manipulation of world's foreign exchanges in a vain hope to make money, and more interestingly, make money for whom?

That was a very irresponsible gamble (pardon the unintended pun). But as usual he f**k it up.

And Lim Kit Siang plus some Pakatan supporters bizarrely want to bring Mahathir regime and/or his acolytes back.

As I had written many times before, 
In April 2015 the now-defunct TMI published a news report titled Working with Dr M to remove PM will be a ‘disaster’, Pakatan told.

In that report we read of Ramkarpal Singh Deo's opinion on working with Mahathir (extracts):

“The question of working with Dr Mahathir is an unimaginable disaster waiting to happen."

Ramkarpal said that working with Dr Mahathir would mean that PR would just be maintaining the status quo and allow “corruption to continue”.

“I am firmly of the view that saving Malaysia can only mean a new clean, accountable and transparent government."

We know of Mahathir's 
character, we survived his draconian regime, and we finally got rid of him, BUT now many of us Pakatan people want to bring him back again with all his evil ways and sheer utter hypocrisy (masked by his own Melayu mudah lupa and refusal to repent or acknowledge his terrible faults).

Some of Pakatan people argued that Mahathir's errors were in the past whereas Najib and his alleged crime is in the present

But isn't bringing him back via his new Pribumi Party (in alliance with Pakatan) the same as his old bad ways as also acceptable for the future?


  1. Question: If ALL the PMs of Malaysia were / are rascals, who is the greatest of them all?

    Go figure! (Credit to Bruno).

    I heard someone said LKS? Wakakaka...

    1. The best of the worst, just floating on top of the cesspool created by the blur-sotongs, was Tunku.

      But then he is history!!

      The Melayu palsu eject that mamak from the 1st choice bcoz they think he is selling them out by changing course to dethrone the current favour jibby!

      The rest have zilch choice. Betul tak???

  2. 'Some of Pakatan people argued that Mahathir's errors were in the past whereas Najib and his alleged crime is in the present

    But isn't bringing him back via his new Pribumi Party (in alliance with Pakatan) the same as his old bad ways as also acceptable for the future?'

    1st, I'm no yr oft-quoted Pakatan people. I have my own set of mind!

    It's just that what u'd quoted reflects what I alway mentioned about the jibby pestilence vis-a-vis mamak's past indulgences.

    U seem to think that people like us r idiots who tend to repeat historical events.

    Just like those feudalistic blur-sotongs who r drowning themselves in their make-believe siege mentality!

    R we?

    Or r u using yrself as an example to judge us?

    Malu lah, banyakx2!!!

  3. If not for the forex losses,then there would never have been a sale of MAS to Tajuddin.Then,MAS would not have been in this deep shit hole,which have been haunting MAS,since sold and bought back again by the gomen.

    After divorcing from MSA,MAS was still the sought after company for many school leavers.After the sale to Tajuddin,corruption started to seep into MAS,with many cronies robbing the cookie jar(cash cow).That was the beginning of the end of MAS.From a well respected national airlines,overnight it had turned into a third tier pariah,like Zimbabwe.