Hantu Laut
L'économie mondiale est dans le fait d'aller d'un pas traînants. C'est mauvaises nouvelles après un autre. Pas seulement il y avait mismanagment étendu du système financier il y avait la fraude aussi massive commise par quelqu'un s'est fié et a donné de l'argent à la charité, mais est la plus grande houlette dans ce monde.
La découverte du projet de Bernard Madoff Ponzi fraudant des investisseurs peut-être le bout de l'iceberg. Il peut y avoir d'autres fonds de haie qui peuvent avoir recouru au même projet de pyramide.
Le cas du Madoff est la plus grande fraude jamais commise par un homme simple sur les investisseurs crédules au cours de beaucoup d'années sans être découvert par les autorités. La dérégulation était la cause de l'effondrement du système financier aux Etats-Unis.
Alan Greenspan et le gouvernement américain, partisan et implementer de dérégulation du système financier aux Etats-Unis ont beaucoup pour répondre pour le désastre financier et la crise financière et économique sans précédent qui ont apporté des dégâts à l'économie mondiale.
La capacité de Madoff d'arracher ses costumiers à l'air de $50 milliards et a été en mesure de se cacher ses activités s'effraie pendant de nombreuses années esprit. Il va montrer que l'américain a complètement en haut baisé leur système de chèque et de balance. Il n'y a aucune probité et responsabilité dans le système.
L'américain vilain a vissé en haut le monde de nouveau.
Sunday, December 21, 2008
The World 50 Most Powerful
Hantu Laut
Newsweek has compiled a list of 50 of the most powerful people in the world from those doing good to devilish and murderous personality like Osama bin Laden.
COVER STORY: THE GLOBAL ELITERead more..........
Newsweek has compiled a list of 50 of the most powerful people in the world from those doing good to devilish and murderous personality like Osama bin Laden.
The Story of Power
The study of power is not only diverting (which Homer and Shakespeare knew), but illuminating. A biography of an ancient human impulse.
Read more..........
Saturday, December 20, 2008
Sime Darby:Raiders At The Gate ?
I am in complete agreement with our former Prime Minister Mahathir Mohammad here.Why repair something if it ain't broken.
There is nothing wrong with the IJN. Probably, the only government agency doing an excellent job and is the pride of the nation.It has saved many lives of those who can't afford the high costs of treatment.It's the government's social obligations to the people.
Is the government running out of ideas or running desperately out of funds that it has completely lost touch with reality or is there something more sinister than what the eyes can see?
As former Prime Minister Mahathir Mohammad has said one has to be discernible with what can be privatised and what not.
How would it make sense that Sime Darby a profit-oriented corporation is interested in an organisation that have to fulfill the government's social obligation and responsibility towards the people or are they only interested in making life easy for themselves by collecting the subsidised portion from the government, everything on the platter, a ready-made IJN and constant flow of revenue from the government.
You don't need smart people to make this type of decision.
Government should only privatise those agencies not doing well due to bad management by idiotic and bureaucratic civil servants.Why sell something if there is nothing wrong with it, unless there is gleam and greed in some one's eyes.
The pumping of IJN into Sime may lead to other things, A takeover of Sime by interested party later is not an impossibility.I don't know how much is the government's stake in Sime Darby.If the government owned less than 50% than Sime can be subjected to takeover bid, hostile or otherwise, by any party that already have significant equity in the company or by outside entity that have access to huge financial resources and allowed a takeover with the blessing of the government.
In December 2007 Sime Darby became the biggest corporation on the KLSE with market capitalisation of RM66 billion after a re-listing exercise, surpassing Malayan Bank and IOI.Upon re-listing the share price debuted at RM11.20 and peaked in January 08 at RM13.40.Yesterday its share price closed at RM5.45.
With the bleak economic outlook and a saturated palm oil market the share price is expected to decline further.This golden goose is ripe for takeover bid and don't be surprised if there are already discreet plan to make hay while the sun shines.It would be a steal to takeover Sime at current market price.
The government has already dug about three feet deep of its grave and continuing with its arrogance and ignoring the people wishes would complete the six-foot depth required to bury them by the time the next general election comes around.
The unsolicited proposal should be thrown out of the window.
Friday, December 19, 2008
Good God ! Are We Dumb ?
Hantu Laut
Being a businessman for many decades and dealing with the intricacies of the banking system, international trade and UCP rules(Uniform Customs and Practice) for Documentary Credits and reading the frivolity of the explanation given by the private secretary to the Yang DiPertuan Besar of Negeri Sembilan Tuanku Jaafar goes to show that the private secretary has little grasp of how the banking system operates.
It is true Tuanku Jaafar didn't take a direct loan from the bank but he has irrevocably committed himself to pay the amount of the Standby Letter of Credit in the event of a drawdown.
Standard Chartered Bank(SCB) must have with the agreement of Tuanku Jaafar issued an 'Irrevocable Standby Letter of Credit' to Connecticut Bank of Commerce (CB) for a specified validity period which means the LC cannot be revoked before its expiry or without expressed consent of the beneficiary. Tuanku Jaafar has also agreed to pledge his fixed deposit as security to SCB which is also irrevocable.
A Standby LC is a form of guarantee issued by banks to other banks either for a third party specific performance or for the beneficiary bank to give credit to a third party whom the beneficiary bank may not be comfortable with unless the party concerned can provide tangible security usually in the form of 'Banker's Guarantee'.A Standby LC instead of 'Letter of Guarantee' is the preferred instrument if the transaction is in a foreign country.
Other instrument used to make advance payment to a third party overseas is 'Red Clause Letter of Credit', mainly used for short-term trade transactions where the supplier may need additional working capital to complete the goods purchased by an overseas buyer.Such arrangement is only possible between parties that have long term business relationship and trust each other.
By the arrangement with SCB Tuanku Jaafar become a guarantor to any liability incurred under the Standby LC.Disputes about the beneficiary’s right to draw should be settled outside the letter of credit transaction.It means SCB cannot become a party in the dispute.
An injunction issued by the Seremban High Court and served on CB which is in America may not be enforceable.
The statement further said “It is clear from the facts that Tuanku Ja’afar did take steps to rescind the LC and prevent a call on the LC before any alleged funds were released by CB to Texas Encore. Despite these steps, CB called on the LC and payment was made by the bank,”.You can't legally rescind something that clearly says 'Irrevocable'.
It is not about Tuanku Jaafar took a loan or not from the bank, it is about probity, that's why the court ruled in favour of SCB.
Being a businessman for many decades and dealing with the intricacies of the banking system, international trade and UCP rules(Uniform Customs and Practice) for Documentary Credits and reading the frivolity of the explanation given by the private secretary to the Yang DiPertuan Besar of Negeri Sembilan Tuanku Jaafar goes to show that the private secretary has little grasp of how the banking system operates.
It is true Tuanku Jaafar didn't take a direct loan from the bank but he has irrevocably committed himself to pay the amount of the Standby Letter of Credit in the event of a drawdown.
Standard Chartered Bank(SCB) must have with the agreement of Tuanku Jaafar issued an 'Irrevocable Standby Letter of Credit' to Connecticut Bank of Commerce (CB) for a specified validity period which means the LC cannot be revoked before its expiry or without expressed consent of the beneficiary. Tuanku Jaafar has also agreed to pledge his fixed deposit as security to SCB which is also irrevocable.
A Standby LC is a form of guarantee issued by banks to other banks either for a third party specific performance or for the beneficiary bank to give credit to a third party whom the beneficiary bank may not be comfortable with unless the party concerned can provide tangible security usually in the form of 'Banker's Guarantee'.A Standby LC instead of 'Letter of Guarantee' is the preferred instrument if the transaction is in a foreign country.
Other instrument used to make advance payment to a third party overseas is 'Red Clause Letter of Credit', mainly used for short-term trade transactions where the supplier may need additional working capital to complete the goods purchased by an overseas buyer.Such arrangement is only possible between parties that have long term business relationship and trust each other.
By the arrangement with SCB Tuanku Jaafar become a guarantor to any liability incurred under the Standby LC.Disputes about the beneficiary’s right to draw should be settled outside the letter of credit transaction.It means SCB cannot become a party in the dispute.
An injunction issued by the Seremban High Court and served on CB which is in America may not be enforceable.
The statement further said “It is clear from the facts that Tuanku Ja’afar did take steps to rescind the LC and prevent a call on the LC before any alleged funds were released by CB to Texas Encore. Despite these steps, CB called on the LC and payment was made by the bank,”.You can't legally rescind something that clearly says 'Irrevocable'.
It is not about Tuanku Jaafar took a loan or not from the bank, it is about probity, that's why the court ruled in favour of SCB.
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