Brace ourselves for a deep recession

It used to be that whoever wanted to seek a higher paying job, Middle East is always an option. Countries like UAE (including Dubai and ABu Dhabi) , Saudi Arabia, Bahrain offer employment at a salary many times Malaysian employers would pay. SO in the past, we have nurses, doctors, construction workers, engineers etc going in droves to Middle East to seek greener pasture. During my younger days, I always looked with envy those colleaques in the medical and nursing fields going over to Middle East to ‘dig gold’ literally.

But even Dubai is now in trouble. Construction works have slowed or halted in some cases. Economy slows down and there are now retrenchment of thousands of foreign workers.

Proleads, a Dubai-based market research firm, predicted in a February report that nearly 53 per cent of the Emirates’ construction projects — worth an estimated US$582 billion — have been put on hold and more may be frozen this year.

 Dubai used to represent  money and hope for many foreigners to work and  send money home , now it has become a place where property prices have declined and many retrenched foreigners are caught in a situation where they have hardly any money to pay for their mortgages of properties they bought in Dubai and with the possibility of going to jail for failing to pay what was borrowed.

Taiwan, used to be one of the four tigers or dragons of Asia (the others being Hong Kong, Korea, and Singapore), is now facing a record recession. It was reported today that Taiwan’s economy shrinks by 8.4% in the last quarters, far worst than what was expected .

Singapore’s state owned company Tamasek lost about 50 billions of investments so far which if converted to our currency , is more than 100 Billions..

When the subprime problems surfaced last year, Malaysian leaders were very optimistic,saying that Malaysia would not be affected much. Yes, at that time, because Malaysia did not have much investments in derivatives and shares of US banks and so on, we were not affected 

 But many people at the time, including this blogger,  believed that as a country which depends on export and trade of our goods and primary commodities, , any slow down in our traditional export markets will eventually affect us , as orders will decrease and once the present orders are fulfilled, there would be hardly any new orders for our goods and commodities.

Now, a few months down the road,   almost all countries have slowed down and most advanced economy have gone into recession. As a result, demand for goods and our commodities is slowing and the worst is yet to come.. FDI decreases drastically and many companies have  no choice but to downsize or close, retrenching workers in the thousands…

When Dubai and Taiwan are so badly hit, can you imagine what will happen to our country?

I think Malaysias economy will shrink, too, in 2009 and no more in the  positive territory.

The question is just how much it will shrink.


36 Comments (+add yours?)

  1. Richard Loh
    Feb 19, 2009 @ 15:21:33


    How can we knock this into the leader heads, especially the finance minister. They act as if we are save from this meltdown.

    They can spend 15 million ringgit for the police personal at the KT by-election and you think they are worried about this meltdown?

    They simply could not not care less what happen to the rakyat as long as they are shielded and nothing happen to them or their families.

    I am just sad that half of the voters are still blind and cannot see that they had elected such nincompoops as their leaders.


  2. klm
    Feb 19, 2009 @ 15:54:15

    Dr Hsu

    I wont agree with you some of the points.

    1. Temasek losing SD 58B is due to more stupidity than the economic problem. They have created a culture down there that was ready to be conned by big time Wall Street operatives – buying Shinawatra from Takshin ( a sovereign fund buying a national telecom from a politician is asking for disaster). Throwing money into Citibank, Lehman bros etc when there are troubles is stupid. I think Temasek deserve this.
    I dont have sympathy for them.

    2. Dubai is built on a house of card. All they had were expensive properties built on desert sand. If you look at Abu Dhabi – which is more conservative. It has little problem. Dubai is built on property speculation – a disaster waiting to happen. And it did. The Westerners were shoveling credit at Dubai and pushing up prices of properties. The Dubai problem is partly created by the west.

    3. Taiwan is affected by global demand. Problem is Taiwan is highly dependent on its electronic manufacturing. It is not well diversified.

    4. This is not to say that Malaysia will not be affected. We will be affected by slow demands. But Malaysia is quite well diversified – electronics, oil, palm oil, rubber. So we will be less hit than Taiwan.


  3. anon
    Feb 19, 2009 @ 16:03:14

    Just for discussion sake only…what would happen if Iran is attacked because of its “so-called” nuclear reactor/enrichment program later this year…:-p


    GEAB N°32 is available! 4th quarter 2009 – Beginning of Phase 5 of the global systemic crisis: phase of global geopolitical dislocation
    – Public announcement GEAB N°32 (February 16, 2009) –

    Back in February 2006, LEAP/E2020 estimated that the global systemic crisis would unfold in 4 main structural phases: trigger, acceleration, impact and decanting phases. This process enabled us to properly anticipate events until now. However our team has now come to the conclusion that, due to the global leaders’ incapacity to fully realise the scope of the ongoing crisis (made obvious by their determination to cure the consequences rather than the causes of this crisis), the global systemic crisis will enter a fifth phase in the fourth quarter of 2009, a phase of global geopolitical dislocation.

    According to LEAP/E2020, this new stage of the crisis will be shaped by two major processes happening in two parallel sequences:

    A. Two major processes:
    1. Disappearance of the financial base (Dollar & Debt) all over the world
    2. Fragmentation of the interests of the global system’s big players and blocks

    B. Two parallel sequences:
    1. Quick disintegration of the current international system altogether
    2. Strategic dislocation of big global players.

    We had hoped that the decanting phase would give the world’s leaders the opportunity to draw the proper conclusions from the collapse of the global system prevailing since WWII. Alas, at this stage, it is no longer possible to be optimistic in this regard (1). In the United States, as in Europe, China and Japan, leaders persist in reacting as if the global system has only fallen victim to some temporary breakdown, merely requiring loads of fuel (liquidities) and other ingredients (rate drops, repurchase of toxic assets, bailouts of semi-bankrupt industries,…) to reboot it. In fact (and this is what LEAP/E2020 means ever since February 2006 using the expression « global systemic crisis”), the global system is simply out of order; a new one needs to be built instead of striving to save what can no longer be saved.

    Orders in the manufacturing sector, Quarter 4 2008 (Japan, Eurozone, United Kingdom, China, India) – Sources : MarketOracle / JPMorgan
    History is not known to be patient, therefore the fifth phase of the crisis will ignite this required process of reconstruction, but in a harsh manner: by means of a complete dislocation of the present system, with particularly tragic consequences in the case of several big global players, as described in this 32nd issue of the GEAB (see the two parallel sequences).

    According to LEAP/E2020, there is only one very small launch window left to prevent this scenario from shaping up: the next four months, before summer 2009. Practically speaking, the April 2009 G20 Summit is probably the last chance to put on the right tracks the forces at play, i.e. before the sequence of UK and then US defaults begin (2). Failing which, they will lose their capacity to control events (3), including those in their own countries for many of them; and the world will enter this phase of geopolitical dislocation like a “drunken boat”. At the end of this phase of geopolitical dislocation, the world will look more like Europe in 1913 rather than our world in 2007.

    Because they persisted in bearing the ever-increasing weight of the ongoing crisis, most states, including the most powerful ones, failed to realise that they were planning their own trampling under the weight of History, forgetting that they were merely man-made organisations, only surviving because they matched the interest of a large majority. In this 32nd edition of the GEAB, LEAP/E2020 has chosen to anticipate the fallout of this phase of geopolitical dislocation so far as it affects the United-States, EU, China and Russia.

    US Monetary base – (12/2002 – 12/2008) – Source US Federal Reserve / DollarDaze
    It is high time for the general population and socio-political players to get ready to face very hard times during which whole segments of our societies will be modified (4), temporarily disappear or even permanently vanish. For instance, the breakdown of the global monetary system we anticipated for summer 2009 will indeed entail the collapse of the US dollar (and all USD-denominated assets), but it will also induce, out of psychological contagion, a general loss of confidence in paper money altogether (these consequences give rise to a number of recommendations in this issue of the GEAB).

    Last but not least, our team now estimates that the most monolithic, the most « imperialistic » political entities (5) will suffer the most from this fifth phase of the crisis. Some states will indeed experience a strategic dislocation undermining their territorial integrity and their influence worldwide. As a consequence, other states will suddenly lose their protected situations and be thrust into regional chaos.


    (1) Barack Obama, like Nicolas Sarkozy or Gordon Brown, spend their time chanting about the historic dimension of the crisis, but they are just hiding the fact that they fully misunderstand its nature in an attempt to clear their names from the future failure of their policies. As to the others, they prefer to persuade themselves that the problem will be solved like any normal technical problem, albeit a little more serious than usual. Meanwhile everyone continues to play by decades old rules, unaware of the fact that the game is vanishing from under their noses.

    (2) See previous GEABs.

    (3) In fact it is probable that the G20 will find it more and more difficult to simply meet, as the growing trend is one of « every man for himself ».

    (4) Source : New York Times, 102/14/2009

    (5) Idem companies.


  4. klm
    Feb 19, 2009 @ 16:24:47


    If Iran is attacked, the oil price will shoot through the roof. We have an even bigger crisis on hand.
    What will happen to the world economic order? Maybe an implosion of the world order.

    A hypothetical question. What if Iran. Iraq and middle east are contaminated by nuclear radioactive materials as a result of the attack.
    This will be a very interesting end game. Will we see the end of cheap energy?


  5. anon
    Feb 19, 2009 @ 17:14:24

    “What if Iran. Iraq and middle east are contaminated by nuclear radioactive materials as a result of the attack.” and “end of cheap energy”

    What’s the connection?


  6. klm
    Feb 19, 2009 @ 17:22:20

    What is there is a nuclear explosion in the middle east. Whole are is contaminated and no oil can be produced.


  7. rhan
    Feb 19, 2009 @ 17:49:04

    Meritocracies mean a social system in which power is held by the most talented or intelligent people. Does the lost of 50 billion show that meritocracy don’t work all the time or the one in power is actually not that talented and intelligent?

    I hope it is not the latter. Otherwise some leader can’t continue as usual boosting how moral they are.


  8. petestop
    Feb 19, 2009 @ 18:00:05

    The government and the media is more interested in invading privacy of YBs, stealing a legitimately elected state govt…. do you think they give a hoot on the economy.

    The reality is that it is the Rakyat (the majority, that is) who brought it upon themselves, since they elected this government in.

    So, really nobody to blame.

    If the Rakyat have learnt enough, they should do the right thing comes GE-13.


  9. anon
    Feb 19, 2009 @ 18:26:24

    Does the most talented or intelligent people have the most empathy towards others?


  10. cilipadi
    Feb 19, 2009 @ 18:28:23

    There is a famous saying, for every successful man, there is a woman behind.

    This saying is true, especially in Bolehland of Malaysia. Your Pak Lah got Endon (deceased), your Najib got a Tengku (divorced).

    For this famous dictum to be true, it seems it only applicable to the first wife, and not subsequent wife or wives. At least this is what I believe.

    Why I believe so? Shouldn’t it be more women behind a man, the more successful of that man?

    Anyone can give further elaboration from me?

    I believe what I believe is right. Just look at the troubles that your Pak Lah and Najib are facing, politically and economically.

    Divine tribulation? Monk?


  11. Dalbinder Singh
    Feb 19, 2009 @ 18:47:23

    as the days pass, recession is getting bad. stimulus packages in Malaysia went to big companies which in the end did not really reach the Rakyat.


    Feb 19, 2009 @ 19:17:08

    How to tackle the global economic issues, when our leaders are so, so busy spending their time and energy poking at opposition private lifes, buying over political opponents and milking the rakyat money at every apportunity.
    Hope we will not end up like Myanmar.


  13. Khir hoho
    Feb 19, 2009 @ 21:16:08

    In the case of Singapore, there is a successful woman in front of a successful man. Ho Ching – CEO (now ex-CEO) Temasek is the wife of the Prime Minister of Singapore. The 58 Billion loss is in her watch.

    Meritocracy worked well in Singapore. But it created a special Ivy League class. There is a class of people running Singapore most from Ivy league universities. They wont talk to you if you are not a Ivy league university. These are the people that lose the 50B.


  14. cilipadi
    Feb 19, 2009 @ 21:32:14

    Khir hoho,

    Coincidentally, Ho Ching is 2nd, not 1st. Different here is she is not a housewife, unlike 2nd of your Pak Lah and Najib.

    Maybe wrong advices from their respective ‘housewife’, perhaps? If not, why shadow of Altantuya still floating around? Why they are still playing politics and not concentrating in economy?

    Someone here is so happy Singapore suffered so huge loss and blame on meritocracy. He (or she?) is typical Umno / BN goon.

    siapa makan cili, dia rasa pedas


  15. oct
    Feb 19, 2009 @ 23:19:26

    This year lots of company will declare loss instead of profits. Oil price is below production cost. Our early budget is based on oil price above RM100 per barrel and with good profit from corporations. Now all this will not be achievable and we shall have deficit budget much greater than what is presented. UMNO division heads are still dependable on Govt to give out contracts as 70% are local contractors to Govt. They don’t compete overseas. So can our Govt feed them anymore. where will the Govt get money to jump start the economy. The 1st RM7Billion is gone without anyone of us know where it goes. No transparency. Ask anyone in the street and they will tell you that all of them are facing a hard time. Yet our Govt is still painting a rosy picture. It shows our Govt know nuts about the economy. They are always in denial mood. If you believe them, you will surely die. Now we have a bank run in Mexico. Will it spread to other countries? The worst has yet to come and we are not prepared. We still quarrel over racial issue and power. No one is mending the store!!!


  16. rhan
    Feb 20, 2009 @ 09:05:10

    I think the first basis of meritocracy is that you must have a good gene and continue to manufacture this gene with similar excellent quality. This could be achieved via reproduction, married to that family with excellent gene, or even make friend and kowtow to that excellent gene family.

    Malaysian praise whoever that do good and produce superior result, and criticize whoever that do bad and can’t perform. This had nothing to do with Umno or BN. Some foreigners here have shallow thought of Malaysian culture, typical “good gene” type of mentality,must be someone from that small dot at the south.

    Oh by the way, eat lots of cili might have the same likelihood to produce good gene.


  17. vsvsv
    Feb 20, 2009 @ 10:46:13

    Nowadays, I am F**king fed up to read the newspaper in Malaysia. While other countries’ governments are trying hard to revive/cope with the economy turmoil, our government is still dreaming, only worry about political power and election. Our leader does not want to know how many people will be affected with the economy downturn, they only want to see how the by-elections going to be. I did not see how our government is working hard to boost our economy… no plan and action at all. All I can see is after the March 2008 GENERAL ELECTION, our country has been stop funtioning completely and worst of all, becomung deaf and blind since our leader still denying our economy will be affected by the global downturn. Can anyone wake up our sleeping government?? The peolple are dying for hopes and actions….


  18. klm
    Feb 20, 2009 @ 11:32:28

    There does not seem to be any urgency by the govt machinery in tackling the economic crisis. To give credit to Najib, he did make some moves. But it is not his watch and therefore he cannot steam up the engine.

    Reports now indicate the govt servants are sitting on their bottom and not moving the early 7B RM stimulus money.

    The whole issue is sense of urgency. The civil service is so well isolated from the economic problem that they have no incentive to move.
    There is lack of leadership by Badawi in getting the whole machinery to move. In fact there is no sense of urgency on the part of Badawi. I am not sure if he has the grasp of the whole issue.

    Compare to China. Within several months of announcing the stimulus package, figures are showing an uptick in the economy – indicting the economy is starting to move. There is a sense of urgency by the govt. As an example, the Chinese Minister of Finance was landing in Davos when the announcement was mad. He immediately turn around flew back from Switzerland.

    In China, I imagine, any civil servant that is slow or do not move to implement the stimulus package or practice corruption in implementing the package will be brought to trial and summarily shot.

    That is what I call urgent action.


  19. nick
    Feb 20, 2009 @ 12:51:46

    I work for the E&E/Semicon sector. I can tell you that the working environment is scary, much like a slow-train crashing. Every month bring more losses. If anyone hasn’t experience crisis, this will be your opportunity. No need to lecture, just live it and see how difficult it is. Management can do all it can within its abilities but it helps if the Government steps in to provide reliefs. A 5% elec rebate from 1st march 2009 is a joke seeing that Tenaga increased it 26% the last round. We need the BN Government to be smart and assist manufacturing, not promises. Enough Talk before we all Die.


  20. petestop
    Feb 20, 2009 @ 13:11:09

    Govt rather die doing political fights and their internal jostling for position under new soon-to-be unelected PM.

    They rather destabilise state governments under PR, just like the fiasco in Perak now.

    Also do a bit of voyeurism, looking up YBs skirt,
    judging from all the UMNO owned TV primetimes given to the nude YB case. Instead of persecuting the violator, they are persecuting the violated.

    You think they care about you ???

    You the Rakyat is the last thing they had in mind, as they laugh all the way to the bank and to new powers. Powers to screw you the stupid Rakyat who voted them in.


  21. cilipadi
    Feb 20, 2009 @ 13:12:10

    Haha, you guys can see how strong cilipadi is to someone not so intelligent in his attempt in guessing. I am sorry to disappoint him that cilipadi cannot help him to improve his gene. Whatever, smart people are not all from good gene, if not those Ivy League people in Temasik will not flop in their investment. That also does not mean meritocracy is not important. Unless you don’t regard yourself as human, human does makes mistake and wrong judgement.

    Remember my story about a Malay owned land with a Chinese businessman? Since this post is about economic, I wish to elaborate more on this.

    You see the point, as an outsider, I feel awkward that why your government need to categorize land into Malay Reserved and non-Malay Reserved. There are plenty of such land in Malaysia that the small red dot envy and yet these lands are under-utilized. In this trying time, why not the land owners learned from my Malay and Chinese friends in develop their lands?

    These under-utilized lands can be used for agriculture use to plant padi, fruits, vegetables, aquaculture and so on. For trying time like this, don’t tell me we do not need to eat at all. We can survive without computer, electronic gadgets, cars, telephone, tv and so on, but we cannot do without food.

    Just imagine if these lands are being put into good use, Malaysia can save its foreign reserves and at the same time, earn more foreign reserves if agriculture produce are in excess.

    An economy is really in need to go back to agriculture and allocate precious resources in developing new technology for the benefit of agriculture industry, instead of dumping money in rescuing share market, derivatives, futures and so on, which is speculative and manipulative.

    Go back to basic, go back to agriculture is the answer, not on things that look nice.

    Don’t forget, food is our basic need, not gadgets. Live a modest lifestyle, not a lavish one.


  22. petestop
    Feb 20, 2009 @ 14:24:36

    Without people with merit at the helm, you would’nt even have the 50 billion dollars to lose in the first place.


  23. rhan
    Feb 20, 2009 @ 15:42:35

    BNM forex losses in 1992-1993 are around 30 billion. Most Malaysian don’t call it wrong judgement or giving excuse like we have a merit governor who could afford to lose up to 30 billion.

    But foreigner and a small number of Malaysian see thing differently. Can I conclude that double standard is alive and kicking from both shores of the causeway?


  24. ahoo
    Feb 20, 2009 @ 16:16:22

    There is a famous saying, for every successful man, there is a woman behind.(cilipadi)

    You are spot on for the above statement BUT you forgot to add another ‘mantra’. For every successful man woes, there is THE other woman behind, ha! ha! ha! Cheers my friend.

    Will the current world economic turmoils affect us ? For sure it will as the expected slowdown in S’pore manufacturing sectors, employing thousands of Malaysians have already started retrenching their workers. Whereas in our own land what we are being told about the retrenchment may not be entirely correct. The figures could be many times higher as the authority concern may be covering it up for political reason.

    We need to relook at our own priority during this perilious time. It may be a good option for those people with land to turn it into something profitable with planting of fruit trees, lime, lemon, lemon grass etc. There are lots of information for these cash crops in the internet and with little capital this type of venture may tide many over this trouble period.


  25. Dr Hsu
    Feb 20, 2009 @ 16:32:08

    I agree with petestop that without meritocracy, the little red dot would not even have so much to lose.

    Meritocracy should not be blamed for the bad judgement and imprudency in making investments that turn bad, as long as the investments are made in good faith and in the true belief that it is going to benefit the country. We call that a mistake, and human makes mistakes.

    But investments made to benefits certain cronies is not only bad investments, but it is a cancer to society.

    Little wonder that even after their economy contracting more than 10%, the little red dots are still much richer than us, goign by the GDP per capita.. They can afford to go into a few years of negative growth and still be ahead of us.. That much for meritocracy compared to monetocracy (money politics and cronyism).

    Many people blamed globalisation for the widespread recession this time.But without globalisation, our standard of living will be like that of the nineteenth century.. Without globalisation, we will not even have things that we might lose now… Without globalisation, we will be like Myanmar and people living on day to day basis… without globalisation, our life expectancy would be like in the early 20th century when people lived till on the average about 50 years old only. I will be long gone since I am past 50.

    Globalisation has made more than half of world population middle class, according to the latest in the economist. read the report here:

    Economic cycles are natural way to do away all the excesses and bubbles.. One in a while , we need this to bring prices down to a more realistic levels.

    In a way, nature( or law of nature) will find ways to correct itself…

    What we can do is to tighten our belts, and if possible, try to help those who are in dire need of help..


  26. Dr Hsu
    Feb 20, 2009 @ 16:51:55

    And when business models like Toyotas are losing money, this crisis cannot be blamed on meritocracy.

    It is the failure of the financial system, coupled with greed and fear, that result in this..

    All over the world now, good companies are going bankrupt. This cannot beblamed on the management but rather on the whole system that has been dragged down by greed , exuberance during good times and fear during bad time.


  27. cilipadi
    Feb 20, 2009 @ 17:53:50

    Dr. Hsu,

    Some people like this someone always want to find excuses for not practising meritocracy. Sigh!!!

    The next thing he will justify the Malaysian people don’t need to be so smart. Hahaha

    If sovereignty is a commodity, little red dot can buy over the whole Malaysia.

    Someone, don’t get me wrong for saying this. I don’t side any side. I am telling you the facts that people with you kind of mentality will never admit.

    siapa makan cili, dia rasa pedas


  28. rhan
    Feb 20, 2009 @ 19:12:29

    Aiyu, did someone blames meritocracy for bad judgement or tell we shouldn’t practice meritocracy? Someone is telling you that YTL is a well-managed FAMILY business, however YTL don’t deny that they are a FAMILY business, unlike the small dot.


  29. Khir hoho
    Feb 20, 2009 @ 21:04:39

    The loss in the little dot was due to arrogance and stupidity and not meritocracy. It is not the same.
    When smart people think they are so clever, they become stupid. Unchecked meritocracy has the same result as umnocracy. Ho ching loss > 100M RM. Nor Yakob – FMII loss 800M RM when he was speculating currency in Bank Negara. I think Ho Ching is more than 10 times smarter Than Nor Yakob as she lose 10 times more money. 🙂


  30. Khir hoho
    Feb 20, 2009 @ 21:06:01

    Sorry I mean >100B RM for HO Ching’s loss.


  31. Disgusted
    Feb 20, 2009 @ 21:35:03


    Man or woman makes no difference on economics. It’s all about greed, ego, and human nature. Human nature did not evolve much, though cultures and lifestyles changes enormously.

    It’s about instinct of survival and the world of commercialisation, multi trillion advertisements, wanting more and more, wanting new comfort and excitement….well, natural, by all means, but don’t forget, the poorer people in the secondary jungle don’t suffer than the city man.

    He got what he needs for the 3 meals, maybe less in quantity and quality. He is eco-friendly, eating the amount he just needs, not more , not less. He has to ensure he don’t overkill cos otherwise, he will be out of meat the next month.

    But in city life….your guess is as good as mine. People eat to enjoy, not survive. Nothing wrong, of course.

    So, the Chinese saying, “If you are prepared to eat salty fish, bear the thirst.”



  32. ross
    Feb 21, 2009 @ 23:51:41

    Firstly, we are not going to read the truth in the MSM abt how severe this recession will be. MSM decides what you shld read & i consider this kind of irresponsibility as bad as lying. The govt said Malaysia would be spared the pain while the rest of the world goes to hell.

    What these bn guys really mean is, personally, they are all very wealthy so even in a depression, none of them will be affected. They told the truth.

    As for the rest of us, the working stiffs, let us once & for all, face facts. The bn govt doesn’t give two hoots abt the rakyat. If you suffer, that is your fcuking problem. So I often wonder, how could there be voters still, voting BN? Most malaysians are a useless, easily manipulated lot. They shld reproduce as their offsprings are like them, inferior-minded, they are a real burden to society.


  33. ross
    Feb 21, 2009 @ 23:53:02

    korek-tion : they shld stop reproducing …


  34. Atila
    Feb 22, 2009 @ 01:10:07

    Dr. Hsu

    Its timely for a real revolution..not juz talk,
    talk debate debate over blogs and websites and wait ballot boxes to have count majority PR votes by year 2012, 2017, 2022…


  35. cilipadi
    Feb 22, 2009 @ 10:10:15


    Well said and well done.

    Are you an outsider like me? You are not like Rossie, you get what I mean?

    siapa makan cili, dia rasa pedas


  36. klm
    Feb 25, 2009 @ 11:56:44

    On Temasek loss of 58B. There is a story going round in Singapore on how this came about.

    1. UBS ( a swiss bank) is the biggest secret account banking in Singapore handling Indonesian money ( many from corruption). So it is no surprise Singapore handle most of money from corruption in Indonesia.

    When UBS was collapsing, It asked the Sinagpore govt for him. Temasek had to bail UBS out to protect the Indonesians.

    2. When Citibank failed, Citibank came to the Singapore Govt for help. Together with the American govt, they arm twisted and blackmailed Singapore and Temasek had to step in.

    And very soon, Temasek loss Sd 58B .

    Nice Story!


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: