Posted by VWWong > 2018-05-07 11:53 | Report Abuse

Undertaking this Maminco scheme is already bad enough. But instead of admitting their mistake, Mahathir and his merry band cooked up another scheme to hide the losses incurred by Maminco from the Malaysian public. Another RM2 company called Makuwasa was set up.

Posted by VWWong > 2018-05-07 11:54 | Report Abuse

The idea was new shares reserved for bumiputras allocated to EPF were diverted to Makuwasa at par value! Can you believe this? These cheaply acquired shares could then be sold for a profit at market price! Instant profits made by Makuwasa can then be used to cover the Maminco’s losses. Effectively, Makuwasa is used to raid the savings of Malaysians to help pay for Maminco’s losses!

Posted by Henly > 2018-05-07 11:54 | Report Abuse

@VWWong, Why talk about 1985 (33 years ago) are you pure stupid or having a stroke?

Posted by VWWong > 2018-05-07 11:55 | Report Abuse

In 1986 Mahathir publicly admitted that Makuwasa was created to recoup the government’s losses from the Maminco debacle and to repay its loans to Bank Bumiputra.

Posted by VWWong > 2018-05-07 11:56 | Report Abuse

Mahathir will never change. Habits die hard.

Posted by VWWong > 2018-05-07 11:56 | Report Abuse

https://wtfreport.wordpress.com/2011/12/10/past-scandals-the-maminco-makuwasa-affair/

Posted by VWWong > 2018-05-07 11:59 | Report Abuse

Mahathir does not understand economy. Please vote wisely.

Posted by dadakang_chiakchitor > 2018-05-07 12:00 | Report Abuse

VWWong - the past scandals, it were the previous generations responsibility to vote against the past government when they were in the wrong doing.

The present government wrongdoing, it is the current generations responsibilty to hammer this wrong doing.

I would not like to become like you to sing song on what happened in the past to my next generation when we could have exercise out right to hammer the current government wrongdoing.

Posted by Jona0724 > 2018-05-07 12:02 | Report Abuse

He change from BN to PH??

VWWong Mahathir will never change. Habits die hard.
07/05/2018 11:56

Posted by Hush77 > 2018-05-07 12:02 | Report Abuse

if Tun M is such a crook as u say, why after 20 years he step down.. nobody has found any evidence of wrong doing .. and jail him...?

but i think for M01, if he lose, next day itself,he could face jail. :)

Posted by VWWong > 2018-05-07 12:02 | Report Abuse

A few years earlier in 1992-1993, Malaysia’s very own Bank Negara was also involved in risky forex trading which landed it in serious trouble and resulted in a loss estimated to be as high as RM30 billion.

Posted by VWWong > 2018-05-07 12:02 | Report Abuse

It is not clear exactly when such activities started but bank was supposed to have the most sophisticated trading rooms in the world which impressed Mahathir who was the PM then when he toured the trading rooms. He had given approval for Bank Negara to continue its speculative currency trading after he was informed about it.

Posted by VWWong > 2018-05-07 12:03 | Report Abuse

Bank Negara’s forex trading activities were well-known at that time and a source of concern to banks across Asia. “It became the most awesome currency trader in the world” said the author of the book “Vandals’ Crown: How Rebel Currency Traders Overthrew the World’s Central Banks.”

Posted by VWWong > 2018-05-07 12:03 | Report Abuse

On some days, it traded US$1 billion to US$5 billion which is very unusual. Even the Bank of Japan rarely traded more than US$1 billion and only when it had wanted to intervene in the foreign exchange market to protect its currency. Central banks normally enter the forex market only to influence its own currency rate.

Posted by VWWong > 2018-05-07 12:04 | Report Abuse

However, Bank Negara was trading in other currencies and was profiting from their movements. In other words, it had become a profit centre for the government using the country’s reserves to speculate in the currency market.

Posted by VWWong > 2018-05-07 12:04 | Report Abuse

Surely, that is not the role of a central bank. Why is Bank Negara undertaking such profit-making activities putting the country’s reserves at great risk?

Posted by VWWong > 2018-05-07 12:04 | Report Abuse

Just like in the Nick Leeson’s case, it just needed an unfavorable event to cause monumental losses. Bank Negara was holding large positions betting on the pound sterling to go up. However, Britain withdrew from the European Exchange Rate Mechanism causing the sterling to collapse. This resulted in losses estimated to be between RM16 billion and RM30 billion in just 2 years in 1992-1993.

Posted by VWWong > 2018-05-07 12:06 | Report Abuse

And that is why, Mahathir blame soros. He lost in the sterling pound bet and couldn't admit it. And in year 1997, blame the Malaysian ringgit depreciation on Soros. If that is the case, Malaysian ringgit would have gone up to RM2.5 to 1USD. WHy it hasn't? Speculation can only cost short term effect but never long term effect.

Posted by VWWong > 2018-05-07 12:06 | Report Abuse

Can you imagine how much is RM30 billion? If you strike the first prize in the lottery draw of RM3 million – every single draw of the year and every year for 80 years you will get near to that astronomical figure!

Posted by KLCI King > 2018-05-07 12:08 | Report Abuse

Lots of foods for thought, thank you very much to all

Posted by elbrutus > 2018-05-07 12:09 | Report Abuse

let bygones be bygones n focus on d present issues at hand ...if we all always so KU CHAP ... how to progress forward ..best to know that TO ERR IS HUMAN TO FORGIVE IS DIVINE ....give it a tryout ..who knows ..right ???

Posted by VWWong > 2018-05-07 12:09 | Report Abuse

https://wtfreport.wordpress.com/2011/12/12/the-forex-scandal-in-early-90s/

Posted by VWWong > 2018-05-07 12:11 | Report Abuse

If you vote for Mahathir, you haven't not learn the lesson of the past. Then it is no different from using kerosene to light up your lamp instead of using LED light.

Posted by taitaumau > 2018-05-07 12:12 | Report Abuse

PH has + and -
BN has + and -
A says + 4 PH
B says + 4 BN
Don't waste our time here, go cast our votes on 509

Posted by elbrutus > 2018-05-07 12:15 | Report Abuse

i for one doesnt want my children to venture overseas to cari makan cos they think our country has got no future for them ...then i more or less loses my beloved ones for many days n years to come !!! ...oh...some will say can fly over to visit them ...u think money grows on trees eh...even with airasia support also sooner or later can go pk ( POK kai )...OF COURSE NOT AA LAH ...kikiki

Posted by stockraider > 2018-05-07 12:16 |

Post removed.Why?

Posted by stockraider > 2018-05-07 12:19 | Report Abuse

DON SETTLE FOR HELPLESSNESS AND HOPELESS THINKING LOH....!!

VOTE FOR CHANGE....!!

VOTE FOR PAKATAN LOH...!!


Posted by VWWong > May 7, 2018 12:09 PM | Report Abuse

https://wtfreport.wordpress.com/2011/12/12/the-forex-scandal-in-early-...


VWWong
118 posts
Posted by VWWong > May 7, 2018 12:11 PM | Report Abuse

If you vote for Mahathir, you haven't not learn the lesson of the past. Then it is no different from using kerosene to light up your lamp instead of using LED light.


anonymous
3095 posts
Posted by anonymous > May 7, 2018 12:11 PM | Report Abuse

this has nothing to do with forgiveness, v could be jumping from 1 sampah to another bigger sampah.. who knows.. they should not ask old man to come in, his history is too dirty to be clean...

Posted by Henly > 2018-05-07 12:19 | Report Abuse

@VWWong, So you say we should support Najib who had stole 2.6 billions from 1MDB

Posted by Pavillion > 2018-05-07 12:21 | Report Abuse

Difference power structures now..nobody truly big tokay in Harapan. Anwar once from Umno...after more than 20 yrs he still with opposition fighting for reform.

Posted by Junichiro > 2018-05-07 12:22 | Report Abuse

Of course,during Dr M's rule, there are scandals. I still remember this Abdullah Ang .... But no $$$ went into Dr M's personal accounts. Now this 1MDB is the mother of all scandals. Nobody here dare to say DOJ's enforcement of law to hit those abusing the US financial system is not right. They merely say abt foreign interference.

Posted by All Toh > 2018-05-07 12:26 | Report Abuse

If you vote for Mahathir, you haven't not learn the lesson of the past. Then it is no different from using kerosene to light up your lamp instead of using LED light.

The PAST is past now we are going to the FUTURE. It is not voting for Mahathir, IT IS VOTING FOR THE FUTURE. IT IS VOTING FOR THE PRIDE TO BE CALL MALAYSIAN. IT IS VOTING FOR THE BETTER FUTURE OF THE YOUNG MALAYSIAN, unless one lose something when Bn is in the OPPOSITION.

Posted by gohkimhock > 2018-05-07 12:29 | Report Abuse

The 1MDB scandal dwarfs all Mahathir's scandals. Mahathir will no longer have the power he used to accorded with. Last time, DAP was not in the government. I trust DAP.

Posted by VWWong > 2018-05-07 12:29 | Report Abuse

“In July of 1983, what was then the biggest banking scandal in world history erupted in Hong Kong, when it was discovered that Bumiputra Malaysia Finance (BMF), a unit of Bank Bumiputra Malaysia Bhd, had lost as much as US$1 billion which had been siphoned off by prominent public figures into private bank accounts. The story involved murder, suicide and the involvement of officials at the very top of the Malaysian government. Ultimately it involved a bailout by the Malaysian government amounting to hundreds of millions of dollars.

Posted by VWWong > 2018-05-07 12:30 | Report Abuse

The future is with Najib and not with Mahathir. DAP can't do much. It all depends on who is the more modern Malay leader? And who is less corrupted.

Posted by VWWong > 2018-05-07 12:31 | Report Abuse

Mak Foon Tan, the murderer of Jalil Ibraim, a Bank Bumi assistant manager who was sent to Hong Kong to investigate the disappearance of the money, was given a death sentence, and Malaysian businessman George Tan who had participated in looting most of the funds, was jailed after his Carrian Group collapsed in what was then Hong Kong’s biggest bankruptcy, and a handful of others were charged.

Posted by VWWong > 2018-05-07 12:32 | Report Abuse

No major politician was ever punished in Malaysia despite a white paper prepared by an independent commission that cited cabinet minutes of Prime Minister Mahathir Mohamad giving an okay to a request to throw more money into the scandal in an effort to contain it.

Posted by VWWong > 2018-05-07 12:32 | Report Abuse

That was just the first Bank Bumi scandal. The government-owned bank had to be rescued twice more with additional losses of nearly US$600 million in today’s dollars. Ultimately government officials gave up and the bank was absorbed into CIMB Group, currently headed by Nazir Razak, the prime minister’s brother. That scandal, which stretched over several years before its denouement in 1985, set the tone for 24 years of similar scandals related to top Malaysian officials and was the first to prove that in Malaysia, you can not only get away with murder, you can get away with looting the treasury as well.”

Posted by apolloang > 2018-05-07 12:33 | Report Abuse

the govt that cannot perform must change,simple as that

Posted by apolloang > 2018-05-07 12:34 |

Post removed.Why?

Posted by shyityng > 2018-05-07 12:37 | Report Abuse

For me those standing out for supporting be end for very strong reason. Benefit profit.

Those who are not. Support pkr.

Ugly truth

Posted by All Toh > 2018-05-07 12:37 | Report Abuse

In the PAST there was no PAKATAN. In the PAST most of MALAYSIAN speak and write GOOD ENGLISH. Malaysia was famous for Progress now it is famous being accused of money LAUNDERING.

Posted by apolloang > 2018-05-07 12:39 | Report Abuse

look for the future not the past.the past he make mistakes now he wanna correct it.not like the theif still wanna swindle

Posted by dadakang_chiakchitor > 2018-05-07 12:39 | Report Abuse

apolloang, it is the people of your kind that shy away most of the fence seaters vote

when people disagree with you choice, you call them stupid & other remarks. you are actually a liability to PH

Posted by stockraider > 2018-05-07 12:40 | Report Abuse

CORRECTLOH....AFTER NAJIB RULE 10 YRS....MSIA SPEAK N WRITE GOOD ENGLISH MEH ??

PAKATAN...GOT VERY GOOD TIER 2 LEADERS MAH....!!


Posted by All Toh > May 7, 2018 12:37 PM | Report Abuse

In the PAST there was no PAKATAN. In the PAST most of MALAYSIAN speak and write GOOD ENGLISH. Malaysia was famous for Progress now it is famous being accused of money LAUNDERING.

Posted by gohkimhock > 2018-05-07 12:40 | Report Abuse

got this tweet. Would like to share here's.

@JustinTWJ: The reason why we see BN gives so much cash handouts and lucky draw prizes etc is because that’s their culture.

And that’s why we have to stop it. You don’t make people rich by giving them RM100. You give them quality education, better pay jobs, house, better cost of living etc

Posted by Pavillion > 2018-05-07 12:41 | Report Abuse

VWWONG no need to pretend smart errr.....write in hundreds small posting....just give link where you copy...people can read like below;

https://wtfreport.wordpress.com/2016/04/29/swiss-launch-money-laundering-investigation-into-1mdb/

https://wtfreport.wordpress.com/2016/04/25/did-1mdb-pay-aabar-us1-billion-to-terminate-options/

https://wtfreport.wordpress.com/2016/04/22/emails-blow-malaysias-1mdb-fund-wide-open/

https://wtfreport.wordpress.com/2016/04/15/how-us700-million-was-siphoned-off-via-loan-for-a-few-days/

https://wtfreport.wordpress.com/2016/04/12/heist-of-the-century-the-petrosaudi-1mdb-jv/

Posted by apolloang > 2018-05-07 12:43 | Report Abuse

we want forward not backward.....in the past msia better than many countries now gonna lose to indo,philippines,vietnam.if no change next time become like pakistan

Posted by apolloang > 2018-05-07 12:45 | Report Abuse

trump also change wives until become president,change is change of luck

Posted by stockraider > 2018-05-07 12:45 | Report Abuse

I DON THINK EVERYTHING CAN BE FULFILLED LOH...!!

BUT HOLD ON THE MOST IMPORTANT THING....THAT R POLITICAL REFORM...CHECK & BALANCE...CHECK ON ABUSE POWER....CORRUPTION BURSTING ALL THESE WILL BE CARRIED OUT LOH.....!!

Posted by anonymous > May 7, 2018 12:41 PM | Report Abuse

haha.. old man can promise anything but at the end, he is not going to hold on what he say.. his famous Logan was ppl forgetful, will forget later so don't need to keep promise.. I don't trust anything he said..

Posted by Bursalearner > 2018-05-07 12:45 | Report Abuse

@VWWONG, All Toh,, anonymous

What you are saying is, you prefer to dwell on history of wrongs commited 30 yrs ago and not look at what is happening right NOW, in front of your eyes (like a Bugis Pirate/MO1 n his rotten crew, who cause us hardships, by GST, stealing money from the Treasury) , when you go to vote .

Good luck to you, pls continue to do as you please, BUT take note that the market is already pricing in a Tsunami Rakyat this wed. (short term down but a golden buying opportunity for some)

i am joining this Tsunami Rakyat, to vote for Pakatan Harapan, to bring long awaited hope n change for Malaysia, n to kick out the current hopeless kleptocrat ,Bugis Pirate (even his own party is now not legal), thank you.