When it comes to 1MDB, gov’t socialises losses

Najib blaming 1MDB failure on critics laughable, says Pua

Speaking Sense: It has always been obvious we have an incompetent finance minister, and the prime minister should not waste any more time in sacking him before he brings more embarrassment to the country with such ridiculous remarks and, worse, financial ruin to the country, with maybe another bright idea for a new sovereign fund based in mortgaging our oil assets this time, since all the valuable public land and other assets have already been squandered away.

Cogito Ergo Sum: It is simplistic to attribute 1MDB’s failures on criticisms levelled against the government-owned investment fund.

As 1MDB crumbles, the excuses become more ridiculous by the hour.

LKY: This PM is so silly. Still blaming critics for the failure of 1MDB going IPO (initial public offering).

Look at the Public Accounts Committee (PAC) report. Thanks goodness we don’t have this badly-run company publicly listed or else a lot of innocence people will be badly ‘burnt’.

Just see what is going on with IPIC (International Petroleum Investment Company) now. Indeed, he should just keep his mouth shut.

Chuppaiah Fernandez: Najib has made a fool of himself by going on air and telling Malaysians that the failure of 1MDB is because of critics and the aborted IPO for Edra Global Energy.

He can only fool a small group of the kampung folks. He has no way out but to give excuses after excuses just to remain in power.

Kit P: Legitimate reasons for companies to execute IPOs include to raise capital from the public for business expansion, to share the risks and rewards of business with the public.

If a corporation’s future solvency is dependent on the IPO, that is a nonsensical business model. The 1MDB IPO deserved to fail in that case.

Drngsc: Petaling Jaya Utara MP Tony Pua, that man is desperate and he is getting irrational.

Of course, now that 1MDB has been transferred to Ministry of Finance Incorporated, the losses will be borne by us, stupid Malaysians.

This government privatises the profit and socialise the losses. And Umno leaders say that is okay.

Kuasa Rakyat: No one believes in the man who has RM2.6 billion in his personal bank account and who has been the worst and most useless PM our country has ever had.

Najib is indeed an embarrassment to the rakyat.

Touche: Najib has not been invited to Anti-Corruption Summit in UK by British PM David Cameron (held in London earlier this week)?

Or is he simply too scared to attend for fear of being asked about the 1MDB scandal by journalists whom he has no control over?

1MDB faces second default as coupon payment due

Mushiro: This is the time for the chairman of 1MDB board of advisers to be advising. The chairman was busy when money was sloshing around but seems to be in his elegant silence mode when he is needed most.

The chairman should convince bondholders that 1MDB was not in financial trouble but that it had merely withheld payment due to a dispute with IPIC.

The chairman seems successful in convincing Umno members, the government, the cabinet and BN, so why not meet the bondholders too?

Boeyks: I don’t really care if 1MDB says it has the money to pay but withheld it because of its dispute with IPIC.

Why should I bother if these parties don’t want to reveal the truth and don’t tell the truth anyway?

They can do what they want as long as at the end of day, I don’t have to come up with my own money to bail them out.

Oscar Kilo: Let’s say you have a nice car. You and your friend want to go somewhere, for example, Kuantan.

You and your friend take turns to drive. When your friend is driving, you take a nap. Suddenly, you are awakened by a loud crash. You realise that your car has flipped over and crashed, but you and your friend are okay.

Now, would you casually say, “Get my car fixed so that we can continue our journey, la-di-da”?

Or, would you say, “Dude! What happened? How did we crash? Did someone hit us? Did we hit someone?

“Did you just drive it off the road? Who is responsible? How bad is the damage?”

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