Why not perah the MBs?

What would be the end game for the whole 1MDB fiasco?

The company’s grossly indebted with iffy revenue generator to service this debt.

Muhyiddin has asked for the Board to be sacked. And then what?

Everything would be fine and dandy?

No, Sir. The debt is still hanging over us.

Yes, US. EPF’s in it. So is KWAP. The government has apparently guaranteed everything good and sundry it seems.

Maybe, maybe not.

And yes, supposedly 1MDB assets (paper valuations notwithstanding) is enough to cover the debt.

All hunky dory? The BIG IF is in who 1MDB can offload these assets to.

The “missing billions” factor is the cruncher as this overloads the debt content by having no tangible, umm, collateral to the money pumped in.

To make 1MDB “work”, there is really no choice but to plug these leakages and proceed with the plans it already has in place.

It needs to be sincere in implementing these to the point of being a hermit.

The Board should be worked for free. Basic allowance of nasi lemak and teh tarik ONLY for their meetings and no others. Ikan bilis only. No sambal kerang or jackshit.

Consultants should be discarded. All consultancy worked should be inhouse. Have to do OT without being paid? TOUGH.

Former banker should use his expertise in ensuring all monies are accounted for. And yes, he should also be paid peanuts. Nasi lemak and teh tarik during meetings the only perk he gets.

Najib? He should just cut himself out of 1MDB. His being in the loop corrupts everything by short circuiting governance.

He can have his nasi lemak and teh tarik elsewhere.

Perhaps this could turned 1MDB around.

It would be take bloody many years to pay all its debts, but hey, us layman has been there before.

Lets perah all the MBs for all their smugness while the nation worries.

That would just, I think.

In the meantime, here's to hoping that Nur Jazlan and his merry men (and women) of the PAC do a good job in finding the ones we (as a nation) have perah the hardest.

Dismally Diss-full Disdain

I had wondered about this weird maths that is the 1MDB debt and liabilities when the RM42b (At least? At most? Nobody knows?) was being bandied about.

By blogging about it, Che Det has sort of enabled the mainstream whatever to tap onto his comments and pursue this same line of enquiry.

Really, what were the billions used for and how did it grow that large?

On a micro economic level, people (you, me and everyone else who still cringe when they see the GST word on the receipt) largely knows how one’s debt grows: your unfettered credit-fueled spending like its nobody-else’s business.

Usually, it is none of anyone’s bleeping concern, except for those directly impacted by your orgy in maxing-up credit lines.

Could the same analogy be drawn when we talk about 1MDB?

BNM has pointed out that runs on the 1MDB debt liabilities would not cause a systemic risk to the local banking system.

Maybe, maybe not. At most some people would be getting less in their bonus payment, perhaps.

So what is it about 1MDB debts and liabilities that so rile us (meaning those who cares enough to follow the tech-filled saga closely) up?

Could it be the dismal adherence to governance aka “ikut suka aku, aku punya pasal la” stance to public scrutiny?

Bleepping Kitty Dipping

"The EPF is assisting the rakyat to own houses; it is commendable that EPF is doing a public service."

Please. The EPF fund is not a Tabung Sosial for all and sundry.

It is OUR Simpanan Hari Tua, and we expect the fund to be managed for OUR BENEFIT and the way I see it, the huge RM402 billion fund is nowadays the Main Kitty for the government.

No wonder PMNTR was so smug with his declaration that Malaysia does not need to borrow from the IMF, bla bla bla..

Of course. Not when there’s a huge Piggy Bank with an almost open access to its content to be dipped into.

Assisting the Rakyat to own houses? Yeah, right...

It took me a long and often financially painful journey to be able to finally afford a home which a chunk of my hard-earned savings plonked into the EPF helped purchase.

Now, it seems that some Rakyats will get their loans to Perumahan Murah from the same EPF fund.

A small portion, I must concede, but the dipping into the kitty has been going on for years now like nobody’s business.

Who know what else the EPF fund has been subsidizing of late.

According to the Big Kahuna who seems to be popping out everywhere these days, (Side comment: A bid to propel him as THE MAN in view of an upcoming GE13 battle against Nurul Izzah perhaps?) there is nothing to worry.

"If the buyer does not repay the loan, then action will be taken. The house will be forfeited and sold to some 30,000 other housebuyers who are eagerly waiting for a chance"

Funny Ha Ha.

And where - pray tell - will these other 30,000 house buyers – whom I assumed will similarly come from the poor and down trodden to qualify for this – get their funding from?

Together now: THE SAME BLIPPING EPF-CREATED FUND.

As the Malays are fond to say: Gali lobang tutup lobang.

Stop dipping your greasy palms in the kitty as one fine day, it will dry up.

All it needs is like some 400 similarly-conceived schemes to supposedly HELP the RAKYAT.

KUNUNNYA.