Govt has no right to touch EPF MONEY.

I totally agree with MTUC President Syed Shahir who oppose the govt for ordering EPF to lend RM 5 Billion to Valuecap for investment in the local stock market.The hard earned money of the workers does not belongs to the govt,hence the govt has no right to order EPF to lend RM 5 Billion to a secretive company named Valuecap which is owned by Khazanah and PNB.In the nineties when Daim Zainuddin was the Finance Minister,EPF was asked to give a personal loan of RM 400 Million to Tajuddin Ramli.Luckily,the MTUC representative in EPF know about it and MTUC expose this deal and it was subsequently aborted. I will not be surprised if the RM 5 billion will be use to help UMNO cronies who are in trouble as a result of the collapsed in the Bursa Malaysia stock market. It was reported that as at 15 October 08,Malaysia has a reserve of RM 371 Biliion.I can safely say that we do not have this big foreign reserves because if we have the money ,the govt need not ask EPF to loan the RM 5 Billion to Valuecap.It will not surprised me if our foreign reserves is ZERO. Another matter that worries me is whether Valuecap has thw ability to repay EPF or not.Somebody please advise as to whether how an EPF account holder like me can stop EPF from lending to Valuecap.

Govt of Malaysia in deep financial problems.

According to Bank Negara,the foreign reserves of Malaysia as at 31st august 2008 is US$122,580.8 Billion.If Malaysia really have this amount of reserves ,we will not be hit by a recession as this money can be use wisely to prop up and insulate the economy from the world recession.If you ask any business people,they will tell you that the economy is in deep slowdown with decrease in export especially palm oil and foreign investors withdrawing from Malaysia resulting a very weak stock and property market.With the reserves mentioned,the Govt can carry out beneficial infrastruture projects like widening the LRT.With the help of the MULTIPLIER effect,the money spend on infrastructure projects will help the economy to grow and prevent a recession in Malaysia.Unfortunately,We do not have the above amount as proven by the followings events and announcements.

1. Increase in petrol price by 78 sen.The Govt saved RM13.8 Billion in subsidy because of this increased.If we have the US $122 Billion,it is not a problem for us to cover the RM 13.8 Billion especially when we are a net exporter of oil.
2. Cancellation of many major projects like the Penang Outer Ring Road.
3. Today announcement where the govt order EPF to loan RM5 Billion to Valuecap,an investment vehicle to buy shares in Bursa Malaysia.

The above prove that the Govt of Malaysia is in deep financial crisis due to massive corruption by the govt of Umno and BN.

Maybank RESCUE SINGAPORE TEMASEK

Temasek,the investment arm of Singapore failed in 2 big investment totalling US10B that is US$ 5 Billion each in Citigroup and UBS Switzerland.Since both of this investment is bad,Temasek need a SUCKER to rescue itself from financial turmoil. That SUCKER is MAYBANK.Even though the world is in financial crisis,Maybank still insist of concluding the deal with Temasek and Kookmin Bank Korea to buy BII Indonesia at a price of Rupiah 510 when the stock market price is around 170 Rupiah. The reason Maybank buy BII is because Maybank and the Govt of Malalaysia were under the influence of a FORMER MINISTER OF FINANCE OF MALAYSIA to do this deal.This deal is done to return a favour to the Govt of Singapore for helping in the stopping of Dr Mahathir to stay as PM.This is where a big sump was loan by Singapore to the people in power to bribe all the ministers to support the current leadership and to prevent Old man M (who was contemplating to reverse his decision to retire)from staying as PM.The person who do all this arrangement is the former finance minister who was also a former major shareholder of Sorak which sold BII to Maybank.This deal is done at the expense of Malaysian taxpayers as the majority shareholders of Maybank is Khazanah Nasional,ASN and EPF.Thus, the attitude of the current leadership is same and we need to change the govt who have always mislead the RAKYAT.(Before this deal Temasek and Kookmin own Sorak).

New chief justice (CJ) is UMNO lawyer Zaki Azmi

Would you want a lawyer who was caught "CURI CURI KAHWIN" in Thailand to be the new CJ.Your Take? As for me it is a no no.For the record,Zaki represented UMNO in the case where Tun Salleh was dismissed as the Lord President of Malaysia. Zaki was also a member of the Umno disciplinary board who found Isa Samad guilty of vote buying during the last Umno election.He is a married man with family but he "CURI CURI" married a malay girl in South Thailand without the knowledge of his family.A dispute between him and the second wife erupted over the division of property and she told the world that Zaki married her quietly without the approval of his first wife.Thus,he has no choice but to resign as a member of the Umno disciplinary committee.I strongly protest the appointment of Zaki as CJ because he is not a person of high discipline and good character which is a must in a person who hold office of CJ of Malaysia.I strongly urge Sultan Azlan Shah of Perak who is a former Lord President to object this appointment and hope he can convince his fellow rulers to object the proposal of the govt of BN to appoint Zaki as CJ.

Global financial meltdown - How to protect yourself

A contagius virus called CONFIDENCE CRISIS have spread out of US to the rest of the world and caused the global financial meltdown.Because of the Non Performing Loan in the US housing sub prime market,a big hole was created in the accounts of the Banks,Brokers and Hedge funds. In order to cover this big hole,The US banks,brokers and hedge funds sold off their investments in the rest world in order to bring the money back to the US to solve their financial problems.Thus, the banking system and the stock market around the world collapsed. Currently,if you have big amount to pay for your house,car,capital commitments together with business loan with overdraft and credit cards, YOU MUST WORRY because with all these liabilities,you will go bust when real effect of this crisis reach Malaysia in 6 months time. If you none of the above,you can sleep easy but you will also be affected but on a much smaller scale. Therefore,to avoid being trap in this financial turmoil,my advice to the readers of this blog is as follows ;-

1) Avoid big ticket items like buying a new house or car.

2) Avoid big capital commitments.

3) Avoid taking any banking facilities like loans and overdraft with credit cards.

4) If possible, pay off all your debts.

5) Defensive and prudent in spending and buy what is needed at a cheap price. If you follow what is listed,you will be okay during this global financial crisis when it hit Malaysia very soon.