Thursday, March 6, 2008

Of Barisan Nasional's Notable Daylight Robbers and Rogue Traders

In history, there are a few notable rogue currency traders and rogue bankers that were caught in the act and profiled. These guys are the ones that are responsible in the collapse of a financial institution. The loss affected just one big banking organization.

Notable rogue traders include:

1. Nick Leeson - Infamously responsible for the collapse of Barrings Bank, the 233-year old personal bank under HM the Queen with the losses amount to $1.4 Billion USD in 1995 alone with his daring risk-taking approach. Over three months he bought more than 20,000 futures contracts worth about $180,000 each in a vain attempt to move the market. Some three quarters of the $1.3 billion he lost Barrings resulted from these trades. When Barings executives discovered what had happened, they informed the Bank of England that Barings was effectively bust.

2. Jerome Kerviel - Primary suspect for $7 billion lost of a French bank. His modus operandi as a rogue trader is as: using imaginary IDs and passwords to show factious trades. The collection of accounts was gathered when he was on a desk job. See more here.

3. Roberto Calvi - Also known as God's Banker as being the banker for the Vatican. In 1982, Bank Ambrosiano, being the second largest bank in Italy went bankrupt and Calvi was suspected of the missing $1.5 billion of missing Vatican funds. He ran away and was found hanged at the BlackFriar Bridge in 19 June 1982. Apparently, he was silenced because of the blackmail threat against the masonic P2 group.

These are among the few notable rogue bankers that were caught in the act. But not in Malaysia. In Malaysia there are a few rogue bankers but they were never caught and they walked free - some sort of unfair justice.

Now, everyone knows that the problem of people being the victims of daylight robbery. The corruption that is UMNO has resulted in the elitist group amassing profits whereas it was supposedly be shared to the people. As some said, 50 years is enough, it's high time for a change. BN is called by most as Barang Naik. You can be sure that the next thing after general elections is increment of prices, indirectly to sate more of the hunger of the elitist groups.

Most of the cronies and rogue bankers are those in the UMNO wings. Recently, Wee Choo Keong has mentioned of the 18 sharks of Barisan Nasional that are among the elitist group. We knew some of them. Some of them include:

1. FT Minister Zulhasnan Rafique - As mentioned many times, this $700 million man has manipulated government contracts in Kuala Lumpur alone. The contracts are given to four of his cronies one in Segambut, another in Bukit Bintang, the others in Seputeh and Kepong. He's lording in Kuala Lumpur and anything must go through him, not even K.J himself can try to kick him out. See the link for some contract tender exhibits:

These contracts were not properly tendered but were negotiated without tender and given out at prices very much higher than market prices. And this was all done by the 'Sultan' of Kuala Lumpur who says “the credibility and integrity of an individual make up 60% of the overall personality of a candidate; even the party he is representing is not a deciding factor.”

Take a good look at his face. Note down his name. He will be contesting a seat somewhere in Kuala Lumpur. He wants to be one of the 13 Members of Parliament from Kuala Lumpur. But this can only happen if the voters allow it to happen. And if he can manipulate RM700 million in four years, just imagine what damage he can do to our tax money if given another five years in Parliament.

- From Malaysia Today

2. Azim Zabidi - UMNO Bukit Bintang Chief, Treasurer - The CEO of the government bank, Bank Simpanan Nasional, Azim alone amassed $900 million of profits and was directly involved or played part of the PKFZ scandal. Through his company, Kuala Dimensi, Port Klang Authority bought the land intended at the price of $1 billion and when the final cost ballooned up to $4.6 billion, the profit that he amassed alone is at the staggering $900 million. A deal with one Lu Leong Seng was called off an according to the condition, Azim must refund the investment money but refused. True, he was guilty of everything and there was a lawsuit against YM, but the clear statement was AZIM, GO TO HELL!

3. Second Finance Minister Nor Mohamed Yackop - A veteran reporter, who I acquainted during the Raya open house in PWTC has spoken of Yackop's refusal to explain a few things involving the financial exchange rate. At the time of October, the rate was at around 3.5X and the problem was the refusal to have rate appreciated. I can't remember much of his ramblings, except he left me a number to call. Later, I was reminded of the 1994 Bank Negara Scandal in which Mohamed Yackop was the financial adviser. The scandal resulted in the $30 billion loss in foreign exchange and resignation of the late governor Jaffar Hussein. It also triggered to the $1.8 billion financial MAS privatization scam.

There is now a police report on Mohamed Yackop on an apparent crime of CBT and of course money mismanagement that you can view here with actual copy of the police report.

You see the thing right now is that Yackop and Zulhasnan is competing in the upcoming elections, in Tasik Gelugor and another in Setiawangsa. An anonymous SMS surfaced and warned that if the daylight robbers and rogue traders are re-elected, there will be a repeat of scams and the elitist groups will keep on robbing money into their pockets. When a potential financial, global meltdown, hits everywhere in the future, they are the ones who will be keeping the wealth, not the people.

Remember Perth and the Patrick Badawi thing? It's going to happen again if there is no control over it. So....the answer is simple, make sure the opposition wins!

So people....please spread the word...tell them in elections that you don't want to be robbed anymore!

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