Friday, 6 May 2016

Najib Razak vs Barnard Madoff : For me the Fat Lady sudah pon menyayni!

Looking back at the history of financial frauds, not much can rival 1MDB. By any criteria you care to measure of what we now know about 1MDB, we would have to go to America to even begin to measure the magnitude of this scam....and even then, the financial frauds and scams in America in no way, can rival the scope, length and breath of what 1MDB encompasses. 

1MDB is a fraud sans international borders, had the complicity of those in government and high public office on an industrial scale and those involve in the scam went about scamming, plundering and pillaging the coffers of a country on a breathtaking scale for almost a decade and is still doing so now!

Let us try and measure this 1MDB scam against one of the largest financial fraud in US history perpetrated by Bernard Madoff an American fraudster and a former stockbroker, investment adviser and financier and also a highly reputable Wall Street money man.

The asset management unit of his firm, Bernard L. Madoff Investment Securities LLC, defrauded thousand of investors of billions of dollars. How good was he? The US Securities and Exchange Commission (SEC) conducted multiple investigation into Madoff business practises and did not uncover fraud. The loss to his investors was RM71 billion but on June 29, 2009, Madoff was sentenced to 150 years in prison.

 From this :

 To this:

Now this: 

How does 1MDB stacked up to what Barnard Madoff has done?

Barnard Madoff had a company with which he perpetrated the fraud over a period of 10 years.

Najib Razak had 1MDB of which he was the "Advisor" to work with for 8 years ago and counting.

Barnard Madoff had his brother as Senior Managing Director and Chief Compliance Officer; Peter's daughter Shana Madoff , as the firm's rules and compliance officer and attorney; and his sons Andrew and Mark.  

Najib Razak had Umno, the Government of Malaysia  - one he was president of and the other he was prime minister of. 

Barnard Madoff worked hard at getting investors into his Pyramid/Ponzi Scheme and sent fake balance statement to every investor so that it appear that their money was doing well and multiplying...but once his sons told authorities about the fraud, the FBI arrested him and he was done with scamming people.

Najib Razak had other people working for him. He signed documents that he had no idea he was signing about. When Sarawak Report and Wall Street Journal outed him he was still able to manage Umno, the Cabinet, PAC, the AG, PDRM and other relevant authorities and ensure that all criminal and civil investigation into his wrong doings at 1MDB was thwarted, ceased or if investigations proceeded, ensured that their findings would clear him of any wrong doing.

Barnard Madoff : The loss to his investors is RM 71billion.

Najib Razak : To date we are looking at a loss of RM40 billion and counting.

In June 2009, Bernard Madoff was sentenced to 150 years in Jail.

Najib Razak : a Work in Progress....
Now where does Najib Razak go from here? 

We are already familiar with what Sarawak Report and WSJ has so far uncovered and exposed about Najib Razak and 1MDB. We know the main players involved, the beneficiaries of the billions of ringgit and what steps has been taken by Najib to "manage" the fallout from what he has done with 1MDB - from getting rid of Mahyuddin, the AG etc.

Najib Razak has to keep pouring a massive amount of cash into 1MDB in order to keep it alive because 1MDB has no business with which it can generate cash....and there is also that massive RM2.6 billion donation coming from Saudi Arabia from persons unknown which has so far served to complicate matters.

How long can this massive cash infusion continue and where is the money going to come from? Common sense tells us that if this continues EPF, Tabung Haji etc and the Nation Coffers will be emptied and the cash infusion will stop.

Four countries, including the United States, are investigating 1MDB on corruption and money laundering charges. Bank accounts of those involved are being frozen and arrests of those involved have started or are imminent.

1MDB is already selling its assets to pay of its massive debts. 

Without massive cash infusion in the billions of ringgits, 1MDB, already in the red to foreign investors, will default on it's debts. 1MDB sudah pon sampai ka tahap ini....or at best, nyawa 1MDB sekarang di hujung pedang...a pedang being wielded by foreign governments and many others who do not take instructions from Najib Razak nor can what they be swayed by any amount of cash that Najib can throw heir way. 

For me the Fat Lady sudah pon menyanyi.....