Thursday, July 09, 2009

Malaysian Dictionary

Transport Minister Ong Tee Keat defined "Bail Out" as an act of giving money to failed distressed organization that would not be repaid.

He was commenting on the RM4.382 billion soft loan given to the Port Klang Authority (PKA).

"PKA not only has to repay the loan but also has to repay it with an annual interest of 4%," Ong said in an interview with Dialog@1 on TV1 last night.

This is something new to me. I have studied economics and I have difficulty to digest.

In Wikipedia, "Bail Out" is defined as: "an act of giving capital to a failing company in order to save it from bankruptcy, insolvency, or total liquidation and ruin".

Bailout of a company might be seen as a necessity in order to prevent greater, socioeconomic failures.

Bailout is also seen as an unacceptable passing-of-the-buck to taxpayers.

Government bailouts are criticized as "corporate welfare" which encourages corporate irresponsibility.

Bail Out is definitely about giving good money to rescue the bad situation of an organization in distress and whether interest is charged for the loan is another matter. PKA's soft loan is a bail out, like it or not, my dear minister.


Anonymous said...

after becoming the minister, his behaviour turned 360.

the loan will be repaid? OKT, dont thinkk you and I can see to that, not in our life time nor our children. for goodness sake, just stop lying.

moo_t said...

Can't blame him.

Because Tun. M also pay a hefty sum to "buy back" MAS upon "good tangible value", along with the billions debts.

This is Bolehland(TM).

p/s: I wonder how much soft-loan contributed to Toyol palace. :p

Anonymous said...

firstly, the rakyat need to bail out OTK and send him to Papua New Guinea as Malaysian Ambassador. if rakyat dont bail out OTK, the country will see more tax payers moneies flows into drains!

secondly, the OTK ministry must be closed shop for good! that will definitely save our rakyat moneys, anytime!!!

artchan said...

KNNBCCB OTK..can give me some of the bailout money.? I think if you take 10k from that amount and "bail me" it won't hurt PKA.

Why don't you use your father's money and leave the rakyat's money alone.!!!

Anonymous said...

billions of sinful wastage 'bail out'
occurred during tdm's regime for 22 long years ...@#$%^&*&^%$#@ !!

Anonymous said...

Dear blogger

wish you well.

i think in conjunction with PM's 100 days, i want to recommend for the setting up of a fantastic KPI award for the best Minister, in recognition of their best service to the country and the people, particularly the business people.

No one fitter to get this award than our beloved and extremely articulate Minister, Datuk Seri Ong Tee Keat, Minister of Transport.

You see, it is not easy to look after the business of transport, because it involves udara, laut dan darat. udara being planes and jet, private jets, laut being shipping, port, free port, kuala and kuala with dimension, on the road of course we have rapid KL, KTM, taxi, toll, pay 20% toll and no 20% toll and Supol of Transport with nice Perdana sitting in the car sms his bos statement to all press...

You see, such a difficult job, not easy, have to make everybody happy. that's why Minister have to be quick in making decision in order every one is happy. for instance, pay money.

When talk about pay money, i can tell you, Minister of Transport really pay big and pay well. tengoklah itu apa cerita deferred payment to Kuala Dimensi Sdn Bhd, WTF! RM600juta, just like that, one signature, one meeting, and many rich people become suddenly much richer.

before that, wow, ada lagi, RM1.2bil which the MInister signed, then pretend to forget, saying that was know, postman-ing....

the government of the day, pay Minister big salary so that they can become postman and pay other people more money.

thats why i said, KPI must be to Minister of Transport, pay big, pay quick and most importantly, always paying to the same company....

Hebat Ong Tee Keat!!! Minister KPI terunggul!!

Tetapi, i must also put some footnote lah, why our Minister so consistent in making big payment to rich people. Why i said rich? because you the cost of the fuel for private jet is expensive, and you cannot simply park your jet in any shell or petronal station to refill. you must be rich to refuel private jet. not easy.

But if you can do all that, then confirm you are rich, so rich, you dont mind paying RM10mil when a Minister asked for it...

Alamak! niamah?

Yes dear blogger, what is RM10mil when the Transport Ministter can give you RM1.2bil or RM600mil with one signature?

So you see, doing business is easy, just own a company that become a turnkey contractor to build some port called free zone in Klang, make sure it is a multi bilion project that would cost the government dearly, and dont think twice when the Minister signing your letter for payment of RM1.2bil suddenly ask you for RM10mil. what is RM10mil compare to RM1.2bil?

Rule number One - The Minister is always right, so just go ahead and pay, dont question. Dont ask whey he needs the money, dont ask for the party or for himself, dont ask where the money will be spent, dont ask why Minister salary dont enough, dont ask whether money to buy Superman outfit......

dont ask, just pay! remember, Rule number Two - RM1.2bil is much much bigger than RM10mil.

If you own jets and have big business, what is RM10mil?

so dear blogger, dont always push the government or the Minister or some rich politician for the truth, because like the movie A Few Good Men, you can't handle the truth.

you must at least be a Minister or own a Kuala before you can learn to handle the truth. ...thats Rule number three.