Economic decisions amounting to bailouts of large companies whose collapse could negatively impact on business and the economy is not an uncommon event in most Western nations, the US, Canada, Australia and the UK.
AIG received a US$200 billion bailout during the GFC for its sins in being negligent in underwriting the main players in the creation of credit default swaps.
These were banks and insurers in a market who sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–08.
Most borrowers in the US residential mortgage market could not afford nor to repay their borrowings to purchase the properties they bought but did so because of the false promises of lenders.
The US Federal Reserve bailed them out. In total the bail outs of banks, insurers and credit ratings companies totalled over US$2 trillion although the US government has gradually wound that figure down. But the fact of the bail out using state funds remains.
In the UK Bailouts by governments of private public enterprises during the global financial crisis about 15 years ago, included NatWest Group PLC, formerly the Royal Bank of Scotland, which was bailed out by the government for billions of pounds. The government also stepped in to take a significant stake in Lloyds Banking Group PLC amounting to several billions of British pounds sterling, which has since fully returned to public ownership.
Singapore through its sovereign fund Tamesek made that fatal investment in Credit Suisse and several other Banks using workers retirement funds against the advise of short lived CEO Chip Goodyear (who they sacked for having the teermerity to make a forecast contrary to Singapore's "brilliant" home grown talent who advised on the acquisition of Banks totalling billions of dollars).
Lee Kuan Yew's advise to workers whose pension funds lost billions in that gamble was "you'll simply have to work longer, forego your retiremet and work harder".
Now back to Ramasamy and his time wasting constant attacks on a Malay government whos people do better than his. With a PhD you could have at least researched the subject to see if it warrated your criticism.
Focus on positive things that Tamils can do to get out of the clutches of the Chinese who are their biggest exploiters apart from their own, the richer and upper caste Tamils. Get into bed with the Malays. Encourage your people to get an education thats relevant so that their skills become indispensable to the people they share that country with, the Malays: or perish.
Only in Malaysia do you get an injection of funds to pay off 2000 creditors (who are invariably Bumiputras) and call it "redeemable fund injection" and this wasn't the first time!
No matter how much lipstick you put on a pig, it is still a pig.
No matter what happens, the Sapura bailout, expansion of JAKIM's role, 1MDB, you name it, Malaysia will always be at a crossroads. Corruption and mismanagement is so entrenched in the Malaysian political class that it would be difficult to find some area that is not tainted. Recent immigration and NRD scandals are a good example. Malaysia is ripe for change. Unfortunately it does not look like it will be peaceful. The Malay politicos feel like they own their positions and any thought that officials from another race would take high office (look what is happening to Tommy Thomas) is laughable. Malay politicians are tone deaf to what is being said behind the scenes. The practice of steamrolling opposition and using law enforcement and the courts to bully others into line is wearing thin. Soon it will stop working.
Economic decisions amounting to bailouts of large companies whose collapse could negatively impact on business and the economy is not an uncommon event in most Western nations, the US, Canada, Australia and the UK.
AIG received a US$200 billion bailout during the GFC for its sins in being negligent in underwriting the main players in the creation of credit default swaps.
These were banks and insurers in a market who sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–08.
Most borrowers in the US residential mortgage market could not afford nor to repay their borrowings to purchase the properties they bought but did so because of the false promises of lenders.
The US Federal Reserve bailed them out. In total the bail outs of banks, insurers and credit ratings companies totalled over US$2 trillion although the US government has gradually wound that figure down. But the fact of the bail out using state funds remains.
In the UK Bailouts by governments of private public enterprises during the global financial crisis about 15 years ago, included NatWest Group PLC, formerly the Royal Bank of Scotland, which was bailed out by the government for billions of pounds. The government also stepped in to take a significant stake in Lloyds Banking Group PLC amounting to several billions of British pounds sterling, which has since fully returned to public ownership.
Singapore through its sovereign fund Tamesek made that fatal investment in Credit Suisse and several other Banks using workers retirement funds against the advise of short lived CEO Chip Goodyear (who they sacked for having the teermerity to make a forecast contrary to Singapore's "brilliant" home grown talent who advised on the acquisition of Banks totalling billions of dollars).
Lee Kuan Yew's advise to workers whose pension funds lost billions in that gamble was "you'll simply have to work longer, forego your retiremet and work harder".
Now back to Ramasamy and his time wasting constant attacks on a Malay government whos people do better than his. With a PhD you could have at least researched the subject to see if it warrated your criticism.
Focus on positive things that Tamils can do to get out of the clutches of the Chinese who are their biggest exploiters apart from their own, the richer and upper caste Tamils. Get into bed with the Malays. Encourage your people to get an education thats relevant so that their skills become indispensable to the people they share that country with, the Malays: or perish.
Only in Malaysia do you get an injection of funds to pay off 2000 creditors (who are invariably Bumiputras) and call it "redeemable fund injection" and this wasn't the first time!
No matter how much lipstick you put on a pig, it is still a pig.
No matter what happens, the Sapura bailout, expansion of JAKIM's role, 1MDB, you name it, Malaysia will always be at a crossroads. Corruption and mismanagement is so entrenched in the Malaysian political class that it would be difficult to find some area that is not tainted. Recent immigration and NRD scandals are a good example. Malaysia is ripe for change. Unfortunately it does not look like it will be peaceful. The Malay politicos feel like they own their positions and any thought that officials from another race would take high office (look what is happening to Tommy Thomas) is laughable. Malay politicians are tone deaf to what is being said behind the scenes. The practice of steamrolling opposition and using law enforcement and the courts to bully others into line is wearing thin. Soon it will stop working.
Really. Pot callng the kettle black. An ignorant statement. What you call corruptio is an endemic part of Western capitalism.