Hantu Laut
Why would a naval base be adorned with chandeliers,fancy wall paper and other items of luxury? Read the (AG) Auditor-General's report here. Would the Chief of Navy be upstanding and explain why he needs such pomposity.
Indeed, a very sad state of affair, money that's supposed to stimulate the economy being spent indiscriminately without due care and attention.
Even more deplorable and beyond comprehension is the AG's report here. Paying for goods that have not been delivered and accepting goods of inferior quality. It would not be too far-fetched to think that there may be element of corruptions.It should trigger the MACC to investigate.
This deplorable state of affairs will stymie Najib's chance of recovering lost ground.It's about time the PM use the carrot and stick approach to rehabilitate these good for nothing civil servants, and not the least, some of his ministers.
We need to spend to stimulate the economy is true but prudence should be the core element.Our debt to GDP ration, at the moment, is still manageable but drastic measures should be taken to bring it down.This kind of wastage if left unchecked is going to bankrupt the nation.
The AG reported current debt to GDP ratio of 50 percent of mostly domestic borrowing is a sign that our borrowing is increasing.Malaysia has reduced it foreign debt quite substantially which means we are not at the mercy of foreign currency exchange.However, the increase in total debt is not good sign.
The higher the debt ratio is, the more likely we are going to default because we have borrowed too much relative to the ability for us as a whole to repay.More reflective is the percentage devoted to debt repayment, 5 to 10% of GDP is the acceptable ratio, anything more means the country is heading for trouble.So far so good, we are still in the green zone.
It may come as a shock to you that the US and UK has almost 100% debt to GDP ratio yet still got AAA ratings.These two countries have unassailable institutions, political stability and low sovereign risk.
Unnecessary spending invites inflation which is the percursor to recession.Civil servants do no care how they spend because it is not their money, it is other people's money.
Another, very sinful wastage is the government giving of free computers to villagers.Do the villagers really need such computers to make them more knowledgeable or they would rather exchange it for cash and some people in government would be making tons of ill gotten gains from the excercise?
We, the taxpayers are the suckers.
Tuesday, October 26, 2010
Monday, October 25, 2010
PKR, " a dog in the manger"
Hantu Laut
Politicians, if I may say, make monkey of themselves when it comes to facing reality, unable to think clearly,sensibly and logically and...... all for selfish reason.
By their own undoing, the Batu Sapi by-election is a case of selfishness and greed which has spelled disaster for both the opposition candidates.
The chances of SAPP's Yong winning has now disappeared into the thick cumulus cloud all for the irrational greed of one man.... Anwar Ibrahim.
PKR knew of its poor chance of winning yet deprived Yong of a good fight against the BN.
Anwar has taken a 'dog in the manger' attitude and worse still fielded the most unlikely candidate.He is sending a message to Yong " if we can't have it, you can't have it too".
Ansari Abdullah will be vanquished not because of his own fault but the stupidity of PKR not giving way to Yong, who has far greater chance of taking on the BN. The voters will show their unhappiness in the ballot boxes.
PKR, will never be a force to be reckoned with in Sabah and I find it hard to believe that the leaders are still living in a state of denial. There is no credible leader in Sabah PKR that can garner massive support for the party.
Anwar may be big name in the Peninsula but in Sabah he has still a long way to go.Sabahans still remember the coup of 1994.
Yong is not my favoured candidate, as far as I am concerned he is no different from other shameless politicians, but the fact is, Anwar Ibrahim has ruined his chance of giving the BN a run for its money.
A ploy of last minute withdrawal by PKR to give Yong a chance will be too late and will not work.
There was a dog lying in a manger who did not eat the grain but who nevertheless prevented the horse from being able to eat anything either. (from an old Greek fable)
Politicians, if I may say, make monkey of themselves when it comes to facing reality, unable to think clearly,sensibly and logically and...... all for selfish reason.
By their own undoing, the Batu Sapi by-election is a case of selfishness and greed which has spelled disaster for both the opposition candidates.
The chances of SAPP's Yong winning has now disappeared into the thick cumulus cloud all for the irrational greed of one man.... Anwar Ibrahim.
PKR knew of its poor chance of winning yet deprived Yong of a good fight against the BN.
Anwar has taken a 'dog in the manger' attitude and worse still fielded the most unlikely candidate.He is sending a message to Yong " if we can't have it, you can't have it too".
Ansari Abdullah will be vanquished not because of his own fault but the stupidity of PKR not giving way to Yong, who has far greater chance of taking on the BN. The voters will show their unhappiness in the ballot boxes.
PKR, will never be a force to be reckoned with in Sabah and I find it hard to believe that the leaders are still living in a state of denial. There is no credible leader in Sabah PKR that can garner massive support for the party.
Anwar may be big name in the Peninsula but in Sabah he has still a long way to go.Sabahans still remember the coup of 1994.
Yong is not my favoured candidate, as far as I am concerned he is no different from other shameless politicians, but the fact is, Anwar Ibrahim has ruined his chance of giving the BN a run for its money.
A ploy of last minute withdrawal by PKR to give Yong a chance will be too late and will not work.
There was a dog lying in a manger who did not eat the grain but who nevertheless prevented the horse from being able to eat anything either. (from an old Greek fable)
Sunday, October 24, 2010
Will Batu Sapi Be Yong's Waterloo ?
Hantu Laut
Yong Teck Lee's candidacy for the Batu Sapi by-election defy description.It's a big surprise for everyone that he would stake his political career on a whim.
Yong is no different from other politicians that the people might want to throw out.He has been in PBS and stayed while the going was good.In 1994 at the behest of former Deputy Prime Minister Anwar Ibrahim he with other PBS leaders deserted the party and formed their own parties to topple the duly elected PBS government.
Soon after, his party joined the BN where he was given position and later made the chief minister on Mahathir's rotation system.He is no different from other shameful politicians that betrayed the people's trust whenever it suits them.
This is the same man who wooed the illegals voters when he was in the BN and did absolutely nothing when he was the CM but wailed and hailed about the presence of illegal immigrants the moment he is out of the BN.
For the same reason what he did to Joseph Pairin he did again with Pak Lah when he couldn't get what he wanted.Sabahans are fools if they think he cares for them.
His stratergy is to start a spat with Pak Lah making Pak Lah looked bad in the eyes of Sabahans and him a hero, leave BN, and contest the 13th General Elections under his own flag and win a few seats.He would than keep his option open, to join whoever the victor is, BN or PR.
Sabahans, are simple folks, they keep believing in the same old politicians and keep recycling them when new and younger faces should be given the chance to change the politics of this country irrespective which party he or she represents.
In the fore front with Yong are other political has-beens, ex-Berjaya Deputy CM Mohd Noor Mansoor of the famous I borrowed my mother's RM5 million for political funds when he sold the Berjaya building and the X-Man, ex-USNO,ex-PBS,ex-UMNO Nahalan Damsal.
Batu Sapi has significant number of immigrants voters and Yong would close his eyes once again and canvass for votes from the very same people he wanted to kick out of the state.Are these the kind of politicians worthy of the people's trust? The hypocrisy of 'do as I say, not as what I do' and yet Sabahans are fooled to vote for them.
One of the most controversial deals during his tenure as chief minister was the exchange of blue chip MISC shares with junk NBT and Sugarbun shares of his closed friend, a lawyer turned businessman Joseph Ambrose Lee.
Today, MISC shares are still in blue chip category and paying dividends while NBT and Sugarbuns shares are worthless, a fate worse than a toilet paper.His excuse that the collapse was due to the Asian Financial Crisis in 1997 is constructively untrue.MISC shares have recovered and are still trading on the KLSE while NBT and Sugarbun shares have been relegated to the rubbish bins.Both companies have been de-listed from the KLSE.
Yong denied he has anything to do with it and the collapse of the Saham Amanah Sabah which happened during his tenure.
It is common knowledge that he is a buddy of Ambrose Lee which used the relationship to transact business with the government, from exchange of shares to the award of FMU (Forest Management Unit).
Most of Ambrose Lee's businesses failed.Today, his assets are under receiving order (RO) but he is still a very rich man and free to travel overseas, courtesy of banks and financial institutions who care not about their fiduciary duties.After few years of RO the banks should know whether they can recover those assets or not and should adjudicate the process whereby a public examination of the debtor could be carried out to determine that there were no fraudulent transactions.
The share swaps incurred the state government agency to lose huge sums which shortfalls were supposedly guaranteed by Ambrose's company.Being insolvent the company was unable to make good the guarantee.Ambrose offered the state government another losing concern of his to take care of the shortfall.
Borneo Marble was offered with highly inflated price which was said to have been accepted by the idiot savants at Warisan but eventually rejected by Chief Minister Musa Aman who has better business sense than his boys at Warisan.
Sometimes, in making decision, dishonesty precedes logic. I have done and seen umpteen valuation of properties during my business days and most, more often than not, were overstated in value and valuers cannot be taken to court for their opinion.It's up to the interested parties to attache their own value.
Here, to confuse the audience, Mr Lee feigned not to know the reason of Musa's refusal. The state has the right to refuse not withstanding whatever the valuation is.
The Chinese voters in Sandakan may want to show they are kingmakers but I hope they vote sensibly.
It's time to kick out all these political donkeys and put new faces that can serve the people better.
Yong Teck Lee's candidacy for the Batu Sapi by-election defy description.It's a big surprise for everyone that he would stake his political career on a whim.
Yong is no different from other politicians that the people might want to throw out.He has been in PBS and stayed while the going was good.In 1994 at the behest of former Deputy Prime Minister Anwar Ibrahim he with other PBS leaders deserted the party and formed their own parties to topple the duly elected PBS government.
Soon after, his party joined the BN where he was given position and later made the chief minister on Mahathir's rotation system.He is no different from other shameful politicians that betrayed the people's trust whenever it suits them.
This is the same man who wooed the illegals voters when he was in the BN and did absolutely nothing when he was the CM but wailed and hailed about the presence of illegal immigrants the moment he is out of the BN.
For the same reason what he did to Joseph Pairin he did again with Pak Lah when he couldn't get what he wanted.Sabahans are fools if they think he cares for them.
His stratergy is to start a spat with Pak Lah making Pak Lah looked bad in the eyes of Sabahans and him a hero, leave BN, and contest the 13th General Elections under his own flag and win a few seats.He would than keep his option open, to join whoever the victor is, BN or PR.
Sabahans, are simple folks, they keep believing in the same old politicians and keep recycling them when new and younger faces should be given the chance to change the politics of this country irrespective which party he or she represents.
In the fore front with Yong are other political has-beens, ex-Berjaya Deputy CM Mohd Noor Mansoor of the famous I borrowed my mother's RM5 million for political funds when he sold the Berjaya building and the X-Man, ex-USNO,ex-PBS,ex-UMNO Nahalan Damsal.
Batu Sapi has significant number of immigrants voters and Yong would close his eyes once again and canvass for votes from the very same people he wanted to kick out of the state.Are these the kind of politicians worthy of the people's trust? The hypocrisy of 'do as I say, not as what I do' and yet Sabahans are fooled to vote for them.
One of the most controversial deals during his tenure as chief minister was the exchange of blue chip MISC shares with junk NBT and Sugarbun shares of his closed friend, a lawyer turned businessman Joseph Ambrose Lee.
Today, MISC shares are still in blue chip category and paying dividends while NBT and Sugarbuns shares are worthless, a fate worse than a toilet paper.His excuse that the collapse was due to the Asian Financial Crisis in 1997 is constructively untrue.MISC shares have recovered and are still trading on the KLSE while NBT and Sugarbun shares have been relegated to the rubbish bins.Both companies have been de-listed from the KLSE.
Yong denied he has anything to do with it and the collapse of the Saham Amanah Sabah which happened during his tenure.
It is common knowledge that he is a buddy of Ambrose Lee which used the relationship to transact business with the government, from exchange of shares to the award of FMU (Forest Management Unit).
Most of Ambrose Lee's businesses failed.Today, his assets are under receiving order (RO) but he is still a very rich man and free to travel overseas, courtesy of banks and financial institutions who care not about their fiduciary duties.After few years of RO the banks should know whether they can recover those assets or not and should adjudicate the process whereby a public examination of the debtor could be carried out to determine that there were no fraudulent transactions.
The share swaps incurred the state government agency to lose huge sums which shortfalls were supposedly guaranteed by Ambrose's company.Being insolvent the company was unable to make good the guarantee.Ambrose offered the state government another losing concern of his to take care of the shortfall.
Borneo Marble was offered with highly inflated price which was said to have been accepted by the idiot savants at Warisan but eventually rejected by Chief Minister Musa Aman who has better business sense than his boys at Warisan.
Sometimes, in making decision, dishonesty precedes logic. I have done and seen umpteen valuation of properties during my business days and most, more often than not, were overstated in value and valuers cannot be taken to court for their opinion.It's up to the interested parties to attache their own value.
Here, to confuse the audience, Mr Lee feigned not to know the reason of Musa's refusal. The state has the right to refuse not withstanding whatever the valuation is.
The Chinese voters in Sandakan may want to show they are kingmakers but I hope they vote sensibly.
It's time to kick out all these political donkeys and put new faces that can serve the people better.
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