Being a Mean, Angry Hulk in 2016!


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(One of the best scene from the Avengers – Hulk vs a God and guess who won. I watched this scene probably hundred times and I never got bored with it. Image source: http://reactiongifs.me)

It was “bang” leaving 2015 – we all watched the new Star Wars movie and we all loved it from the start to the end.

But ever since the start of a “new” year, hardly been a time when I was not in an “angry” mode. Don’t get me wrong – I am not angry with anyone in particular but now schools have started and parents rushing to send their kids to school and then rush to work, way too many idiots have sprout out and had made things worse.

Take this morning example, there was 2 incidents of close calls between my car and another. One is after I had dropped off my kid to her kiddies, I was driving on straight road until a junction. An idiot turned to join the main lane but despite the idiot driving a small car, his turning radius unfortunately cut into my lane and that was without any warning. I high-beamed him and press my horn as well and quickly checked on my right and managed to avoid an accident with this idiot. Now here’s why I call this idiot an idiot – he was not happy I high-beamed him and started to tail-gate me. I was in disbelief but I kept my cool – I know he is not the first moron I am going to encounter this morning. After all, they do come in all shapes and sizes.

The next one happened after I wriggled out from the massive traffic jam just after the toll plaza and this was another junction. The idiot did not put up any indicators to join the main lane but somehow I was casual about it. But then it was a mistake. Just as he cut in front of me, I then noticed that the idiot was actually busy with his phone (or tab – I could not see but he was playing something on his lap). He drove slower, occasionally looking up, leaving a big gap in front and when came to another junction, he suddenly slammed his brakes and decided to change lane (the idiot has missed his turn as he was too busy with phone). It was clear that he was not focusing on his driving and the heavy traffic around him and busy with his phone. I managed to pass him and I was so pissed off that I wound down the window and showed him the finger – something I have not done for years now.

The first week of 2016 have passed and I already have turned into a mean, angry Hulk and I am not going to turn back into Bruce Banner anytime soon.

We all have walked into 2016 and despite the promise of a fresh start for the year, don’t you think there is still a very bitter feeling that nothing have changed and if we don’t do something about it, it is going to get worse?

Just look at the bullshits that had been thrown to us last year and we need to be angry when goods and services that is provided to us is way below our minimum expectations. Don’t you feel like telling the Hulk in you – “Hulk, Smash!!”?

The year 2016 has to be an Angry Year for all Malaysians and this anger at the end of the day must translate into real action (another Bersih-like street protests perhaps, registering and more importantly voting in the next election definitely, writing to spread the facts and educating others maybe, etc).

Close your eyes and think about it – there are plenty of reasons for being Angry in 2016. Let’s take a few, shall we? I know it is the tip of the iceberg!

We need to be angry on 1MDB for accumulating billions of debts through their nose and at the end of the day, sells off national assets to foreign companies. The Prime Minister and his minions are celebrating that 1MDB is in it’s way to recovery but that is not the point. Who or what caused the huge debts in the first place and why they have not been booked for high treason? Why we have not seen the fat guy in the news?

Arul Kanda has done it again. This time all the so called ‘success’ in selling off the national assets just to pay off the billions of loans they could not repay was quickly negated by their Chinese buyer merely 4 days after the ‘big announcement’. Again and again, 1MDB is exposed as a dishonest company whose words cannot be trusted.

But in the case of 1MDB, they asked people to be with them and to support them as they sell off all the crown jewels just to keep afloat. We would have expected 1MDB to pay off their debts via their profits. But at the end of the day, they had mismanaged their debts, caught themselves in financial distress, unable to fulfil all their original objectives when they set up the company, forced to admit that the company is a failure with the business model being too idealistic but, eventually had shamelessly telling the public that the process of selling off national assets just to pay off their debts is a success!

(Source)

Aren’t you angry on the rising cost of living in Malaysia? Whilst I am understand that the Government at the end of day need to remove some of the subsidies to have a more resilient economy and I support the removal of subsidies, the rush to do something and then once the arse get kicked, come out with the hands up and say that there is nothing one can do to fix the situation is simply tragic.

Still remember a Minister who said after GST, the price of goods will go down and it is best for the economy? Last year, I bought fruit juice in those small containers for RM1.20 (after the introduction of GST. It was RM0.90 before that) and moving into 2016, the lady behind the counter charged me RM1.50 for same brand fruit juice. Which Einstein said price of goods will go down after GST again?

The simplistic notion that GST is better than Sales and Service Tax (SST), all because the tax rate is lower is simply wrong. At 6%, GST may seem lower than the 10% SST, but GST is a multi-level tax, that taxes the whole supply chain whereas SST taxes the end-consumer alone.

With GST, everything is taxed unless specifically mentioned as being exempted, while SST only allows tax for items that are stated as taxable. See the difference?

GST has a wider reach, allowing the government to draw in more income at all levels of society.
The notion that all products would be cheaper by 4% is false, because this line of thinking does not take into account the multilevel nature of the GST taxation structure.

(Source)

And as if nothing worse had not happened, I was reading this in 2016:-

Malaysians should stop whining about their living costs, Umno’s Datuk Ahmad Maslan said today, adding that there was no country in the world where it would decrease.

The deputy minister of international trade and industry said Malaysians should instead change their attitude and learn to supplement their income to deal with a costlier lifestyle.

(Source)

Seriously, Sherlock?

Then again, I was not surprised – this was the same guy who asked the country to take 2nd job to supplement their income and cook their own food to avoid GST. Great and we have him in a Ministerial post.

And still remember the “donation” that some sick Arab donated to our Prime Minister for…err…for what again? Have they solved the mystery by now? There was one reason given one after another but all that did not hold water. Yup, one time they even tied up the Jews with DAP. Remember that joke?

And then in December last year, WSJ (yes the same WSJ that the Prime Minister said is going to sue their pants off  – many moons have passed and he have yet to sue them) reported this:-

The funds, Mr. Najib said, weren’t used for his personal enrichment. Instead, they were channelled to politicians or into spending on projects aimed at helping the ruling party win elections in 2013, he said, according to a cabinet minister who was present.

“I took the money to spend for us,” the minister quoted Mr. Najib as saying.

It still isn’t clear where the $700 million came from or where it went. But a six-month Wall Street Journal examination revealed that public entities spent hundreds of millions of dollars on a massive patronage machine to help ensure Mr. Najib’s United Malays National Organization stayed in power. The payments, while legal, represented a new milestone in Malaysia’s freewheeling electoral system, according to ruling-party officials.

Mr. Najib declined multiple interview requests. He has denied wrongdoing or taking money for personal gain, while defending 1MDB spending as good for Malaysia. He hasn’t explained where the $700 million in his accounts came from or how it was used.

Senior UMNO politicians have said the money was a political donation from an unnamed Middle East donor. Malaysia’s anticorruption agency has defended Mr. Najib’s right to use personal accounts for political transfers, which isn’t illegal under Malaysian law.

(Source)

To be frank, the fact that the source of the money remains a mystery itself poses a great risk to the national security. If it is from a Middle East donor as what the politicians have been saying, what is the ulterior motive for this? The Middle East is not exactly a peaceful place to be in right now. So what we suppose to in return for the very generous favor? But then again, look at the other possible source – one from WSJ – that the money came from taxpayers via various organisations linked to 1MDB and it went into a politician’s personal accounts. Doesn’t that smacks the notion of corruption, misuse of money, mismanagement, blah, blah right in the face? And yet, there are people in this country who had accepted this and sleeping well at nights. Strange indeed.

So doesn’t make a lot of sense that Malaysians in general should be and remained angry at the nonsense that had been thrown at us last year? One idiotic statement from a politician – “Hulk! Smash!!”. One more lavish expenditure by the politicians and their wives – “Hulk! Smash!!”. Any attempt to sweep the fact of corruption under the carpet – “Hulk! Smash!!”. And this anger must persist until the next general elections.

After all, Malaysians are known to forget things after some time. Throw a silly bone like a cross on a roof of house and the whole country forgets the USD700 million that went into a politician’s pockets. Race and religion remains our Achilles’ heel, our curse, our fate and all you need for some moron to raise something racial or religions, the rest of the country drops their pants and runs in the wrong direction. Wake up people – there are issues bigger than a design that looks like a cross. So remain mean and angry and accept nothing less than high quality goods and services and strive to vote out the people who are running the show for their self benefit and not the country.

And remember – “Hulk! Smash!!”

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Land of Dumb & Dumber


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(Never mind the movie, it seems like there are way too many of dumb people in this country. Image source: The Net)

It was rather “funny” to hear the old man to say this:-

“Malaysians are stupid. They don’t know how to manage aviation,” Dr Mahathir was quoted by news portal Malaysiakini as saying in comments over Christoph Mueller’s appointment as chief executive officer-designate of Malaysia Airlines Bhd (MAS NewCo).

Those responsible for the losses of the ailing national carrier were now trying to make things right, he said.

(Source)

Does that mean we are smarter in all other areas? If you think we do, you still have a long way to go.

Now read this – it’s a long read but enough to make any true blue Malaysian’s blood boil with rage:-

In 2008, a boisterous young man by the name of Jho Low Taek, a Penang-born Wharton grad with a taste for Cristal champagne and Broadway blondes, approached Malaysia’s Terengganu state government with a proposal to use the state’s authority to sell RM10 billion (US$2.87 billion) in bonds to start a state-backed investment fund.

That proposal has led to what Tony Pua, a Democratic Action Party lawmaker, has called “the mother of the mother of the mother of all scandals in the history of Malaysia.”

That might be one mother too many, but Pua is not alone, with critics of what is now called 1Malaysia Development Berhad, or 1MDB, coming from outside the opposition as well. It is certain that the proposed Terengganu Investment Authority has metastasized into a mess that can properly be called huge and has put Prime Minister Najib Tun Razak’s tattered reputation on the line yet again. Much of the story has been detailed in two Malaysian publications, The Edge and the online news portal Malaysiakini’s business unit, Kinibiz.

Najib, the head of the 1MDB advisory board, has faced a barrage of questions from opposition lawmakers in Parliament for weeks and an attack on his own flank from former Prime Minister Mahathir Mohamad and his allies, including former Finance Minister Daim Zainuddin, over what can only be regarded as an astonishing level of mismanagement.

The question was why Malaysia needed another government-backed investment fund in the first place, especially one dreamed up by a young friend of the PM’s family. It has Khazanah Nasional Bhd., the 23-year-old investment holding arm that manages Malaysia’s assets and makes strategic investments, and the Employee Provident Fund, which also invests employee pension funds. Both are creatures of the Ministry of Finance.

The Terengganu Sultan, Mizan Zainal Abidin, had misgivings over the plan by Jho Low, as he calls himself, so the 27-year-old Low went to the parents of a friend he had made among Malaysia’s privileged elite in the UK. While anti-colonial rhetoric still spews at home, Malaysia’s wealthy have always known where to send their scions. Jho Low was at the exclusive 450-year-old Harrow, with his friend Riza Aziz at nearby 150-year-old Haileybury, which trained English youth for service in India. Riza’s mother is Rosmah Mansor, Najib’s second wife.

Thus the proposed Terengganu Investment Authority metamorphosed into 1Malaysia Development Bhd., also under the Ministry of Finance. Today 1MDB has accumulated debt of RM36.25 billion (US$10.4 billion) that is only covered by repeated accounting upgrading of the value of property handed to it at a knock-down price by the government to get it started – a 196-hectare former air force base near the center of Kuala Lumpur.

In recent months, the government, in an attempt to build up the fund so it can be listed, has strong-armed at least three no-bid contracts for 1MDB to build coal-fired and solar power plants. One of those power plants, in Port Dickson near Malacca, was awarded to 1MDB despite a lower bid from a joint venture of YTL International Bhd and SIPP, partly owned by the Sultan of Johor, who is said to have been enraged by the loss and is demanding privately that SIPP be given its own no-bid contract for another plant.

Although its dealings are opaque, sources in Kuala Lumpur believe it was Jho Low, previously regarded as a savvy investor despite his tender years, who drove 1MDB into disaster. Although the chairman of the Board of Directors is Lodin Wok Kamaruddin, who holds the high-ranking honorific of tan sri, he is regarded as a figurehead and many of 1MDB’s major decisions have Low’s fingerprints on them

Low, who has accompanied Rosmah on forays to New York to meet celebrities including Lionel Ritchie and Paris Hilton, landing in the pages of the New York Post, involved 1MDB in backing his failed 2011 bid to buy three prestigious London hotels – Claridge’s, the Connaught and The Berkeley, according to documents filed in the Chancery Division of the UK’s Royal Courts of Justice.

A Los Angeles law firm accused the government of Malaysia, without mentioning 1MDB, of racketeering in funding the phenomenally successful movie The Wolf of Wall Street, an Oscar-nominated picture starring Leonardo DeCaprio and co-produced by Riza Aziz, Rosmah’s son. How that might have been done is unclear. The lawyers for a Los Angeles plaintiff who sued over the rights to the movie refused to elaborate, citing lawyer-client privilege. But in the case of the Claridge’s campaign, 1MDB issued guarantee letters saying the fund would stand behind the purchase. Presumably that meant Malaysia’s sovereign fund would cover any losses accrued if the sale failed.

The fund loaned RM7.2 billion to finance oil exploration for another chum out of that rarefied London ex-colonial society – Tarek Essam Ahmad Obaid, a London playboy said to be a grandson of the Saudi Sheikh Obaid, one of the kingdom’s most senior grandees. Tarek met Jho Low a few months before the deal for the loan was consummated, according to Clare Rewcastle Brown, a former BBC reporter who has followed the 1MDB affair closely. Tarek is the founder and chief executive of PetroSaudi International, Ltd. Despite its pretentious website there is little information on PetroSaudi, which was only incorporated three years before the entry of 1MDB. The money, to be loaned at 8.75 percent, has disappeared.

What 1MDB has not done is make enough money to cover its huge debt, although determining anything is difficult because no up-to-date accounts have been filed.

“I was the finance head for oil companies before I entered politics,” Rafizi Ramli, strategic director and secretary-general of the opposition Parti Keadilan Rakyat, told Asia Sentinel. “Nobody I knew had ever come across PetroSaudi before. We tried to check what it was. It was incorporated in the British Virgin Islands. While it is normal for financial investors to enter into ventures, how could a government commit such a huge sum of money with a greenhorn company with no known track record, incorporated in a haven for dodgy money, in an industry where capital risk is so huge?”

When the bid to explore for oil collapsed, the money appears to have been invested in speculative yen forex deals, insiders told Rafizi. Forex trading is not for amateurs. By early 2012, it began to appear that the money had altogether disappeared, according to Tony Pua. 1MDB was having trouble filing its financial reports, a signal that something was wrong. When 1MDB said the funds had been moved into a fund in the Cayman Islands, its managers refused to say who was managing the money.

Today, Pua said, the entire operation appears to be built on debt, although with audited financial reports delayed it is impossible to say for sure. Its managers are seeking to cover the losses through additional borrowings and money raisings, including a US$4.75 billion one engineered by Goldman Sachs, the international investment bank, that cost 1MDB 10 percent of the offering, a phenomenal amount for “commissions, fees and expenses” according to the prospectus. By comparison, Tenaga Nasional, the state-owned energy utility, paid a 2 percent fee on a US$300 million money raising. SMBC Aviation Capital, which leases jets to Malaysian Airlines, paid 0.5 percent on a US$1 billion capital raising. The fees paid to Goldman worked out at US$1.54 billion, Pua said.

The fund today is betting its future on becoming the country’s biggest power producer and a global energy player. It acquired a string of overpriced independent power producers from the Genting gambling interests and Ananda Khrishnan, the country’s richest businessman and an UMNO crony, for RM11 billion to generate cash flow, at what were astounding valuations. Indeed, within six months, the fund’s auditors wrote off RM1.2 billion of the valuation because they were so overpriced.

“Because they were desperate to borrow to cover the acquisitions, they had to pay higher interest rates,” Pua said. “And because they were desperate, they paid Goldman crazy fees to arrange the loans.”

On top of the enormous interest burden from the debt, it turns out that the cash flow from the IPPs is so small that it was barely enough to cover the interest, let alone pay back the RM15 billion principal.

With the hole from the initial failed loan to PetroSaudi, and the vast debt from the IPP purchases, 1MDB is now trying to list to raise US$10 billion from the market. But in order to write a credible prospectus for the listing, it requires strong financials. 1MDB’s financials do not come anywhere near credible enough to assure potential investors of future cash flow.

The government has stepped in to extend the contracts for the IPPs, which were supposed to end after their contract periods ended. That is still not enough. The government then tendered a contract to build the coal-fired plant in Port Dickson. Critics charge the contract was unnecessary, that Tenaga Nasional, the state-owned utility, had the experience and capital to build the plant itself. The tender turned out to be a fiasco, with the YTL-SIPP consortium coming in with a lower bid, only to be disqualified on what many critics have said was a technicality.

Since then, the government has awarded three contracts to 1MDB, the other two without the potential embarrassment of a tender process. But critics point out that 1MDB has never built anything and is mainly relying on the expertise of Tenaga Nasional. The bid for a 50 megawatt solar power plant project in Kedah in the north of the country is to be the largest solar plant in Malaysia despite the fact there is no guaranteed offtake, that prices for solar, even though they have fallen sharply, still exceed that of conventional plants, and that Malaysians are going to end up paying more for their electricity.

All of these moves are an attempt to rescue 1MDB and give it the potential to demonstrate income to investors. So on the advice of a 27-year-old neophyte and friend of the prime minister’s family, the country has created a state-backed investment fund, got itself involved in a series of businesses it knew nothing about, put the country’s sovereign backing behind a private hotel bid and a Hollywood movie, run up a vast amount of debt, and now is seeking to bail itself out via preferential contracts to build electrical plants with expertise so far it doesn’t have. The critics expect that this is going to cost Malaysia’s taxpayers and ratepayers a considerable amount of money.

(Source)

When we first heard that 1MDB had “parked” RM7 billion of our money in the Cayman Islands, that made many of us to question the reasons why a Government linked company have to invest in dubious ways. And when reports of losses started to trickle in, it seemed like our fears came true.

And now, it seemed that it has only gone downhill. So it is a wonder why major investigations have not been launched into 1MDB’s affairs and if mismanagement, scams and gross negligence  indeed exist, why we are not going after these guys and revoking their passport and bring them down to be answerable for their dubious ways of doing business and for the huge losses?

Instead we foolishly spending considerable time, money and resources to go after this joker:-

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(The country’s no 1 enemy, so according to some stupid in this country. Image source: Cilisos)

Now you see why Dr M is calling Malaysians stupid?