People who believe in Tsunami Rakyat is so gullible. They are blinded by the fact that the opposition is propagating false hopes. There is no Tsunami Rakyat unless the 40% of Malays embrace Freedom of Religion and ending the discrimination policies in Education, Government tenders and jobs.

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.”

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.

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.

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.

“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.

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.

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

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!

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.

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.

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?

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.

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.

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.”

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.

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.

Mahathir does not understand economy. Please vote wisely.

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

Mahathir will never change. Habits die hard.

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.

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!

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.

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.

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.

Initially, they succeeded in pushing up the tin price artifically. But the higher prices stimulated increased tin production and resulted in the US releasing its strategic stockpile. The tin price could not be maintained at the artificially high level for long and eventually it collapsed.

When you can't counter the facts, don't stood so low to call people names.

In this crooked scheme, a RM2 company Maminco Sdn. Bhd. was set up and was used to secretly buy tin future contracts and physical tin in order to push up prices on the London Metal Exchange. To finance its covert activities, Maminco obtained financing from Bank Bumiputra – naturally. At one point, this RM2 company was borrowing astronomical amounts from the bank – as much as RM1.5 billion.

This is the Maminco scandal that is usually found at the top of the lists of scandals and bail-outs plaguing Malaysia since Mahathir became the PM. This is probably because it was the earliest scandal occurring immediately after Mahathir became the PM in 1981. Although not the largest loss in terms of value, it still caused a loss estimated to be RM1.6 billion or more.

In 1985 the world tin market crashed with the price plunging by 50%. Many tin mines in Malaysia had to close as it was no longer economical to operate the tin mines. One of the factors that contributed to the collapse of the tin market is the ill-fated attempt by the Malaysian government to corner the tin market and to prop up the tin price.

Malaysia used to be the world’s leading tin producer accounting for 31% of the world’s output. It was a major contributor to the country’s economy providing employment for more than 40,000 people.

Former Prime Minister Tun Dr Mahathir was appointed as Proton advisor In 2003. Since 1999, MV Agusta was heavily in debt, and the manufacturer was bought by Proton in December 2004 for €70 million. However, the Proton management decided to sell the stake to GEVI SpA, a Genoa-based financing company related to Carige, in December 2005, just for a token one euro.

During the selling negotiation process, there were a lot of Malaysian voices to object the deal, however, all was ignored by Proton. As the result, the selling deal caused Malaysian taxpayers facing total losses of 138.4 Million Euro (RM1.92 B), including the assets that MV Agusta have.

Malaysia corruption society root cause start from Tun Mahathir era's bail out to son and cronies company etc. At the UMNO General Assembly in 1998, a leading Anwar supporter, Ahmad Zahid Hamidi, criticised the government for not doing enough to combat corruption and cronyism.

According to "Malaysian Maverick", Tun Mahathir era costed RM 100 Billion in taxpayers' money. This included misuse of national reserve on silver price speculating and BNM's forex speculating under Tun Mahathir's order.

Mahathir used his position and power to intercept and/or to bail out his children or to give them special benefits and also to his cronies.

These include:

•Forex scandal in early 90s : RM30 billion

•The Perwaja Steel Scandal : RM10 billion [2]

•Bank Bumi scandal: RM10 billion [3]Past Scandals – Bank Bumiputra

•Maminco-Makuwasa Affair RM1.6 Billion[4]

•Mahathir used Petronas as a ‘bank’ to bail out many cronies' companies, banks etc.

Time Magazine quoted an economist at Morgan Stanley in Singapore as saying that the country might have lost as much as US$100 billion since the early 1980s to corruption. Under former Prime Minister Tun Dr Mahathir's 22 years term, there were monetary losses amounting to over at least hundred of billions of ringgit and this excluded those unaccounted for, and irretrievable.

Mahathir used his position and power to intercept and/or to bail out his children or to give them special benefits and also to his cronies.

These include:

•Forex scandal in early 90s : RM30 billion

•The Perwaja Steel Scandal : RM10 billion [2]

•Bank Bumi scandal: RM10 billion [3]Past Scandals – Bank Bumiputra

•Maminco-Makuwasa Affair RM1.6 Billion[4]

•Mahathir used Petronas as a ‘bank’ to bail out many cronies' companies, banks etc.

Time Magazine quoted an economist at Morgan Stanley in Singapore as saying that the country might have lost as much as US$100 billion since the early 1980s to corruption. Under former Prime Minister Tun Dr Mahathir's 22 years term, there were monetary losses amounting to over at least hundred of billions of ringgit and this excluded those unaccounted for, and irretrievable.

*choose wisely.

Mahathir squandered Rm100 billion ringgit and sold national assets to friends and families. Najib is the less corrupted compare to mahathir. Chose wisely.

When 40% of malays embrace freedom of religion, free speech and end of dscriminative policies in the government, then the Malaysia political landscape will change. Because the leaders are useless if the people don't listen to them or carry out their instruction.

One or two or 10 malay progressives cannot change Malaysia. It has to be 40% of more Malay progressives that will change the Malay politics forever. When 40% or more Malays become progressive, then the Malay politics will change.

Facebook, Google, Amazon and all the cancer drugs invented in the west brings more progress and solve more humanity problems than the combination of SOny, Panasonic, huawei, alibaba, China state own enterprise, Petronas and all the Govenmernt Link Companies.

*Sacrificing

Scarificing oneself for the country and corporation and the idea of unification of China is a false pride. It only brings suffering to individuals.

Asian confucius, feudalistic and communal mentality is the hindrance to social and technology progress. Forever playing catch-up to USA.

Your kids are more happy playing american games, watch holywood movies and listening to the song. CHINA has sent 900,000 students to study in USA. And most of the top chinese communist leader's children are educated in USA. ACCEPT THE REALITY.

And watch holywood movie and listen to western music. USA has the softpower and hardpower over the world. Accept the reality.

As for the Malaysian chinese. Stop the shiok sendiri thinking that DAP can make a difference. Not much can be done, unless the chinese community get rid of the confucius mentality and stop believing chinese traditional medicine and start championing science. Otherwise, asian nation will continue to buy cancer medicine and software from USA.

just look at middle east and throughout history, most of the wars started because of religion.

Religions bring wars to humanity.

In Silicon valley, it is a sin to be religious. Science is the only way to bring prosperity and happiness to humanity.