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Sakmongkol ak 47

ariff.sabri@gmail.com

Thursday, 11 August 2011

The Mas-AirAsia deal- part 1

Done or no done deal, we will continue to offer looking at the deal from different angles. What are the issues over this deal? One commentator sarcastically said, TF would say poodah to all that I have written. Hopefully he will also say that to those others who write critically too about this deal. But, hello Friend, TF is not Tamil. Try sending him Deepavali card if you would. He would instead say, sorry, I am not Tamil.

Look at the share swap?  TF got so many shares of MAS right? He parted with so many shares of AA to Khazanah no? What has happened? MAS shares rose in value meaning the shares TF has increased in value. The boy who managed MAS for a short time gets 11 million MAS shares and he is rewarded for bad-managing MAS.

What has been produced at this deal? Immediate improvement in the services of MAS? A renewed sense of commercial evangelism by which TF is famous for? Some say it as snakoil-salemanship. Doesn’t matter because it works for him personally. On the PROMISE of MAS getting TF Midas’s touch, he has made over RM 30m. Those with AA shares got lesser value for the shares including Khazanah.

So what do you feel about the whole thing? You will feel that MAS is being made a tool in a vast corporate game exercise masterminded by a few using an asset owned by Malaysians held in trust by those boys at Khazanah. You could almost feel you have been had. You represent thus the people who feel violated.

The shares and assets held in trust are held for what purpose? Let’s not beat around the bush- there is an unspoken truth that the shares are held in trust for a wider social and political purpose. So that value can be added on the shares in the pursuit of social and political adjustments. Chief among these- adjusting wealth distribution on behalf of Bumiputeras.

Two, these corporate games are being played by a few well connected individuals. The benefits (mostly immediate and short term) accrue to them. The full impact only to be felt years later and borne eventually by the government and taxpayers.

All this point to the incompetence of the government at managing wealth generating national assets.

Sure, everyone is parroting what Fernandes said at a forum on ETP- that government gets out of business. We have been saying that all along too, except that TF is saying it with capacity. In any case, I fully agree with that portion of his take. So let’s begin by dismantling the very organization that throws its weight around as a government- khazanah itself. If there is a new government next time, let’s put as priority, the agenda of dismantling Khazanah.

Khazanah is left holding shares that have gone down in price. Net, TF wins. But what about the minority shareholders holding the balls shares of AA?  The lady boss at Bursa Saham needs to investigate whether substantial blocks of MAS shares changed hands before the deal was announced.

Does the share swap entail AA assuming a new nationality? Does AA now become a ‘Malaysian airlines’ so that it acquires previously unavailable landing and flying rights? If it has changed effectively and since landing and flying rights are attached to an airline’s nationality, AA has effectively gotten rights that are enjoyed by MAS.  So MAS is arm-twisted into giving up more concessions. AA got what Asia-X has been clamoring all this time.

That makes the deal having all the ingredients of being much manipulated and not fair especially to MAS. You twist and turn, ending up by giving up more by MAS.  Now where is the reason for being angry? You feel angry because the government itself is played out and looking stupid.

Very sorry if you insist this is a debate about bumi non bumi, tamil non Tamil. It isn’t. It’s about transparency and probity in the treatment of assets belonging to this nation. If MAS were an entirely private company, we will say- serve you right, you have been a laggard and therefore you deserve to be outmaneuvered by TF. AA has got a leaner management team, its nimble and all that. We wouldn’t bat an eyelid because it’s purely an affair between private business entities.

The issues here are about MAS and Khazanah. The issues with MAS center on its management. It’s not led by a keen entrepreneurial mind. But why are we confining ourselves to just around the talent in AA to prop up MAS? We want to insist MAS and AA remain two separate entities so that there is competition. TF and his gang can do whatever they want with AA.

MAS would be exercising better judgment if it casts its sight far enough to bring in management talent from anywhere so that , MAS can compete with all other full service airlines. You want to compete with AA on the same terms? Then empower firefly by allowing it to operate like AA. By forcing MAS which is a full service airline to now be infused with the business culture of entrepreneurial TF and AA, you are setting the stage for the eventual cannibalization of MAS.

You don’t have to be running airlines to criticize the deal. Otherwise, we cannot complain about bad food because we are not chefs. We shout, we make noise because of our awareness and of our concern. I have deliberately included those one liner comments to expose their emptiness and childishness.

Is the government sidelining the bumi interests? I didn’t bring out this point nor was I interested in bringing it up. It’s done in the name of creating synergies, people say. We can pool resources to buy planes( can get cheaper), reduce maintenance costs , enhancing the value of route networks etc. hence through this deal, in return for TF’s entrepreneurial talent and Midas touch, maybe AA gets the routes it couldn’t get earlier.  AA gets the Sydney route which its Asia X has been complaining about.

I didn’t go into breaking up thin issue into a bumi non bumi interests thing. People can say Tune air is owned more by bumi through Kamarudin Meranun and Aziz Bakar. TF has only 20%. He is the entrepreneurial face of AA, the Richard Branson of Malaysia. We shouldn’t be envious about this.

I am surprised at people pursuing this line of argument. Putting it as just an envious response simplifies the whole issue and trivializing the concerns people have over this deal. Khazanah is custodian of assets belonging to this country. It cannot treat our assets in a veil of mystery and secrecy known only to a few people, who’s to say, there have not been any insider trading?  Was the whole deal presented to an oversight committee or committee of some kind?

41 comments:

enghock81 11 August 2011 at 10:00  

While TF and the gang gained when MAS share rose, they also lost when their remaining share in Airasia went down as a result of this development. Dato, you need to be provide a more objective statement in this matter.

OneMalaysian,  11 August 2011 at 10:49  

Dear Sakmongkol

After 2 days I have still not come to terms with this MAS – AA deal. So little was revealed to the public, and so much appears to be hidden. You have to be a financial Sherlock Holmes to try to sniff this deal out. I just want to understand if there is a financial rationale to this deal.

Let me start by assuming the people behind the deal are not stupid. You have to give very high marks to TF for taking AA to where it is now – the biggest Asian low-cost airline, and the lowest cost (per seat mile basis) in the world. It is very ambitious – more than 200 planes on order. It is highly focused – same business model from the beginning. But will the future be like the past? Who can tell; the future almost never travels in a straight line. But what we can say is that AA has taken on board a lot of cost commitments (RM50-60 billion) on a balance sheet that already look a bit bloated with debts. Remember, this is a highly competitive business where cost control must be very tight, and where fuel cost can blow the best laid plan apart. So TF must have both eyes on the ball.

What is it that he really wants out of the MAS deal for AA? Routes? Definitely yes, but if this comes at the expense of MAS, there will be lots of screaming, so he cannot count on that. Cost sharing? Maybe. Remember, up to now he has done very well without cost sharing, so I suspect that is not what he is after.

So why did he do this deal? I suspect 3 things. One, his share holding (including his partners’) are really not his alone. Some maybe, but a good portion may belong to unseen person(s), very powerful people. That explains how AA got their routes so quickly, and how they got the credit lines to start the airline. If this is true, then my guess is that these unseen people caused him to do the deal out of “national duty” to “save” MAS. Second, this is a diversification move because the low-cost business is risky (big gamble with 200 plane order), and the exchange of shares was at a good exchange rate. Third, they THINK they can save MAS with this Comprehensive Collaboration Framework.

Let us try to look at this deal from a purely financial angle. If AA is that great growth story – 80 planes growing to 400 planes in 15 years – why would you want to give up 10% of that (i.e. 38% of what Tune Air owns) in exchange for 20.5% of a company that is going downhill and whose dinner you are already eating, and you end up with just 16.3%. In other words, why exchange 38% of your valuable asset (getting more valuable by the day if you believe this growth story) for a stake in a declining company? If you think you can turn around MAS then you need to believe that this 20.5% of MAS will in the future be of equal value or more than the 10% that you had just given up. But if that 20.5% is merely going to be of equal value to the 10% in the future, why even bother to exchange? You gain nothing extra. Why not just keep your 10%, which YOU know or believe is growing strongly. If you didn’t, why buy another 200 planes? Now by saying that the 10% will be of equal value to the 20.5% in future, you are in effect saying that the growth potential of BOTH MAS and AA will be the same in the future. You are saying that you, TF, can do 2 great things at the same time, like rubbing you tummy clockwise with one hand and at the same time use the other hand to rub it counter-clockwise? Incredible. So, what was the rationale that drove this deal from TF’s standpoint? Honestly, I haven’t figure this out. I can better understand Khazanah’s. They made the right moves, and their overall position cannot get any worse.

Anonymous,  11 August 2011 at 11:02  

Comes on, dato, right from the initial formation of MAS, it’s about race.

In fact, this hidden catch-line is inherent within all GLCs!

U said it yrself – ‘So that value can be added on the shares in the pursuit of social and political adjustments. Chief among these- adjusting wealth distribution on behalf of Bumiputeras.’

Why the contradiction?

‘Khazanah is custodian of assets belonging to this country.’ Unfortunately it’s been managed as a race-outfit for music-chair occupants. & purely bcoz of that, it treat our assets in a veil of mystery and secrecy known only to a few people. Otherwise, how to operate it in the name of Alif Ba Ta while claiming it serves ALL MALAYSIANS.

Of course, along the way, hand-in-the-cookie-jar is a form of art. Anything can be ‘bolih-ed’ & been perfected via OSA-ed documents.

Eat yr heart out.

Anonymous,  11 August 2011 at 11:51  

I agree with you Dato, this is not a bumi or non bumi issue. Its a national issue (MAS is a national asset),looks like we, the helpless rakyat, the taxpayers got screwed again. Wonder what,s next.

Anonymous,  11 August 2011 at 11:57  

Dato,

it seems to me, judging from the manner in which you are going on and on about TF, as you call him, you are a paid blogger, working for some unseen hand. You can't be that broke, or are you?
When TF and the present team manage to successfully turn around MAS, and I have no doubt that they will, given their collective success, I do hope you know what's expected from you. I don't think that the likes of Tan Sri Krishnan Tan, who has an impeccable track record, having managed RM Billion companies, and succeeded, will sit on the board, unless they are convinced that it is workable situation.
I have more faith in the ability of men, or women, than in some number crunching exercise. If not, analysts will be running corporations, not businessmen. Usually, businessmen ignore these analyses, but get on with the job in hand. The number of analysts that have been wrong, in on public display, if one does some research.
With all the insider information that you can garner, including the Oracle, I am indeed surprised that you sound so negative.
I suggest that you do some more research.



I will be there to remind you.

Anonymous,  11 August 2011 at 12:07  

er ! what about the rest of Mas shares held by Khazanah, they also gain ma !

Quiet Despair,  11 August 2011 at 12:49  

Bro Sak

Remember what I said in the previous posting that only in Malaysia can people like Tajuddin Ramli get away with plundering MAS coffers.
True enough bro.
The latest story is the government has forgiven him and Daim.
Nazri said all outstanding suits against TR and Daim have been settled.
So, enough said is the gist of the government decree.
Let's say good-bye to Mana Ada Sistem MAS of yore to Mesti Ada System under the new deal.
Azmil is happy with his RM 11 million MAS share option.
They are looking for a new MD.
Please apply lah Sak or lobby hard for it.
If not, can Khairy Jamaluddin be the new MD? Hey pity himlah he's jobless.
Better than getting an expatriate. After all he is also considered foreigner, LOL.
Don't be surprise. He is close with Fernandes and Tune Group people like Jason Lo and Kalimullah.

P.S. You are right about Fernandes not being a Tamil.
He will be angry if you send him a Deepavali card.
Many of my Indian pals with foreign surnames like Almeida, Aeria, Lopes, etc will always declare themselves Serani or Eurasian.
Same goes with Tony who speaks English with an accent like his transatlantic pal Branson.
"We are Christian, what"
Right Bruno, guess you are also a Christian and not a Tamil.
Is your surname Barbarossa?

Anonymous,  11 August 2011 at 13:23  

nothing new look at all our banks we close all other well managed banks and taking over by incompetent bank. small bank eat big bank wala malaysia boleh"

DR.SARAVANAN R 11 August 2011 at 13:36  

"...By forcing MAS which is a full service airline to now be infused with the business culture of entrepreneurial TF and AA, you are setting the stage for the eventual cannibalization of MAS..."

Much agreed on this point Dato. Loss or profit i think somethings should just remain with the government. At the end of the day this spells increase in travel costs and tax payers become the victims again.

Red Alfa 11 August 2011 at 14:05  

Salam Dato'

The onus of having to be objective is not on you or us. No more.

You like us should be screaming mad. It is we who must demand the proof of accountability and integrity.

Because there just has not been any transparency on any business deal with MAS since Tajuddin Ramli.

It has been unchecked and blatant spending away of the country's wealth and trust through slick robberies and outright incompetence in always that blurring speed of events and sleights of hands.

Anonymous,  11 August 2011 at 14:44  

Tony will win anyday over the dumb Armani suited cigar chomping braindead Khazanah guys.So how it all pans out will be decided by Tony.
I am certain there will be some major kitchensinking at MAS.And I am sure there will be a full merger within next 2 years.I like Sapphire Air.Malaysia Airlines is a dead brand.

For the moment a certain Leong will hv to face some moments at the precipice.The Firefly Jet service is a confirmed victim.(duplication of resources).
And market research indicates that travellers prefer Air Bus esp the 200 on order by AA.Boeing dreamliners,800s,787 etc is pure bull.

Interesting times.Net result we will now hv pleasure of rescuing 2 airlines instead of one.

Anonymous,  11 August 2011 at 15:01  

This whole exercise sounds very fishy, even to a layman. 1st, Air Asia announced the migration of its HQ to Jakarta. Then days later it announced the share swaps. Surely these 2 major moves cannot be exclusive to each other as they take a long time for board meetings and discussions.

I am more inclined to think that there is some ulterior motive to channel / siphone large amount of funds by some slick sucker. I hope the rakyat's money will be intact.

Anonymous,  11 August 2011 at 15:03  

must stop this deal.MAS is on recovery with azmil's real reorganisation.Tony is scared of firefly. .n frustrated cos MAS blocking his landing rights.

Jala did a lot of damage to MAS brknging in incompetents at high salaries.Azmil is slowly pruning and going back to old values.I m sure within 2 years he can sustain a 500-800m after tax with market cap of 12-15 billion.Sustainable mind you.

Airasia model is much more fragile.MAS will reduce cost to within 4.3 % of AA but can still command 30% premium fares.

But of cos Tony won't sit and wait.And there's Nazir ready to structure wateva u want.And of cos Nazir the true professional will present his ideas to the right ppl.He is such a smart darling thus ez to get appointments.

The rest is history.Lesson > u wanna make it till 60. .don't rock the wrong boat.Azmil did.

Anonymous,  11 August 2011 at 15:22  

Whether Tamil, Serani, Eurasian or whatever, TF will always be known as a Keling to most folk. Part of the reason people are pissed is because a Keling managed to do a deal that was previously restricted to Umnoputras

Yeah - we have broken new ground in race relations in Malaysia

Anonymous,  11 August 2011 at 15:23  

"If there is a new government next time,.."

Dato, why do you say 'if'? It has to be a new government or else this robbers will even swap their underwears for EFP's billions.

You think they care about the country's debts or your children's future?

We can rant and rave here but the governments cares a damn as long as the 'insulated' rural Malays and newly minted citizens support BN.
Looks like Perkasa's Ibrahim Ali, the defender of bangsa, ugama and negara is silent.

Anonymous,  11 August 2011 at 15:45  

TF is known for being lean and mean. One of his first initiative will be to offer VSS to MAS employees in order for him to reduce OH cost. He's going to copy what IJ did by getting the government to pay for the VSS. Don't worry guys by the next qtr MAS will show a profit.

walla 11 August 2011 at 15:51  
This comment has been removed by a blog administrator.
Anonymous,  11 August 2011 at 18:55  

Dato',
The government failed miserably and the job holder is clueless!
MAS is the country "Flag Carrier" and a strategic asset.
What was done is a clear disregard of national interest and a blatant ignorant of those at KHAZANAH-the Mokhy group of the Bina Fikir.
Wonder they understand the AMANAH given to them and/or they just don't care because the rest of the population are stupid!
It is not race nor politics but it is greed and being irresponsible. Siapa yang akan menyelamatkan Malaysia dari semua pencuri yang pakai topeng penyelamat.WTF jibby!

sickput 11 August 2011 at 18:57  

khazanah guys are thieves.
on this deal, tony and airasia are losers.
but khazanah, they made this deal when mas share are at its lowest. could it be that their funding for mas new planes are subject to their market cap?
mas have 5 a380 coming from october this year at rm1bil a piece. and funders are jittery over the prospect of lending to mas.

Malaysian 11 August 2011 at 19:08  

Dato,

I couldn't agree more with you. It's not about Bumi and non-Bumi. We need transparency on the deals. Why do we need TF to save MAS? I am sure we can find somebody else to do the job. Also, isn't conflict of interest for this deal? I hope this deal is not about enriching the few. Lastly, we do badly need better management for this company. Far too long, MAS has been run badly by the well-connected people. We need to find people based on their capability and integrity. Is UMNO really want to save MAS?

Anak Malaysia

Anonymous,  11 August 2011 at 19:09  

After all this while ,I have finally realized that GLCs are basically cows to be milked by the politicians,at the end of the day when they get critical the government will step forward in the name of national interest to bail them out. This is a scenario that has been played out many times before.The rakyat are unfortunately unable to do anything except curse and wait for the next election,by which time all this would have been forgotten.

Anonymous,  11 August 2011 at 19:50  

Sak!
Do you really think TF could be the Brandson of Malaysia without unseen hands?

Loken PaL-aNi-SaM-y 11 August 2011 at 20:26  

You are right on the money!.

bruno,  11 August 2011 at 21:08  

Dato,all from the very start I have stated that this deal stinks.First TF announced that AA is moving its HQ to Jakarta.Next day he said that the media misquoted him.All this is a show to make it seem that the GOM coaxed him into changing his mind.Thus the share swap.

All the time,like I said before the backroom-boardroom deals have already been done long ago.I am pretty sure that AA came into existence with the backing of powerful Umno warlords.There are many Umno political cronies who are more than willing to take up such an generous offer.You cannot lose with already signed blank bailout checks at your disposal.

Anonymous,  11 August 2011 at 21:10  

This is prbably an elaborate schme hatched many years ago, i.e. to suppress the price of MH, allow AA time to build into a formidable carrier, with higher capitalization than MH, then engineer a share swap.

MH has no chance to turnaround with all the govt machinery against it over the last 6 to 8 years. Whatever it is MH is still financially healthy, althought due to poor management etc, it was poorly run, which was the original intention anyway.

AA has too many commitments with their A320neos and other widebodies, and they need to find a way out, sooner or later. Guess all this has been part of the plan from day 1

Anonymous,  11 August 2011 at 21:19  

Dear Sakmongkol,

you're such a spirited mind and provide great insights. I am sure your readership would double and triple if only you could do away with your obsession with your own party.
"The full impact only to be felt years later and borne eventually by the government and taxpayers. [...]
You feel angry because the government itself is played out and looking stupid."

I could almost vomit about this manipulation: 'the government and taxpayers'. Who the heck in government forks out a single sen?? The taxpayer does, instructed by the government, though.
The government constituted by your party, is it as dumb as you try to make it out; do you yourself believe your own words here? Maybe the government is just that much more clever, so that you can't see through the pretended lack of capabilities?

Why can't you join the ranks of Razaleigh in his honesty and painting your friends in UMNO as what they are: clever and crooked enough to jeopardize the interests of both the taxpayer and the Bumiputras for their greedy own gains? Why do you have to bash MAS management and TF, when both have been invited to join in the big sandiwara to fleece all Malaysians?

Do you really want to make us, your readers, believe that TF can simply approach Khazanah, the government regulators, MAS, and everyone will fall for his tricks? He couldn't, even if he was a Bumiputra, and he is not. It always takes two to tango and in this case Khazanah is only the prolonged arm of the government, MAS is bought into silence (at least the top gun), and then some government goons can ride (sorry, tango) into the sunset with TF.

Old Fart 11 August 2011 at 21:22  

Tony and Kamaruddin sacrificed their shares in Air Asia to receive shares in MAS. Unless they have other stakes in AA held indirectly or directly, their interest in AA is now reduced to 16.8% compared to 20.5% in MAS. Assuming the strike price for the swap was such that the values exchanged were equal, which ought to be of course, TF and Kamaruddin through Tune Air have already gained substantially through the increase in MAS' share price the last two days.

Leaving that aside, now that the two have a 20.5% stake in MAS whereas only a 16.8% stake in AA, and they are after all the two driving forces behind AA, where now is their interest going to be focused on? If they can move a RM100 million in profits, where do they move those profits to? Their share of it in AA will be RM16.8 million. Whereas in MAS it would be RM20.5 million. But of course, before they can access this they have got to wipe out all accumulated losses in MAS!! Well, that can be done quite easily through a capital reduction of course. Is that what is coming next for MAS?

Anonymous,  11 August 2011 at 22:19  

I'm from MAS and from what I see, this deal benefits Air Asia more. I don't understand why with just merely around 20% shareholding, they can dictate the strategy of the company. This new strategy, whereby, MAS focuses only on full premium segments, giving up of domestic, and killing of the growth of Firefly and forcing it to be full service regional carrier will not only erode fair competition (hence this deal is anti competitive), but will pave way for Air Asia to monopolise. The news of Air Asia saving MAS is not true because this deal does not entail any cash inflow, in fact, is taking away the profitable segments. Additionally, they are required to only hold the MAS share for 5 years with option of another 5. So, if it's merely 5 years, 2 out of 5 exco members will tend in favour of Air Asia (this is no brainer). To top it off, Air Asia does not need to make any adjustments whatsoever. Actually MAS is making losses primarily due to the extreme high fuel prices which going forward, will ease because the US weak economy has led to the decrease in the price of oil. Truthfully, I think this deal wad made just to benefit a few at the expense of a national asset ( and thus, tax payees money). I think that if the government can sell out a national heritage to make a quick gain, I really have lost hope in them.

Anonymous,  11 August 2011 at 22:20  

Dato, we live in interesting times. Powerful forces can make light of issues affecting the whole nation. A friend commented that this time round no one will ever be able to convince the Brunei government to invest anything substantial in Malaysia - they lost big time in MAS before. So here we are doing something which will have deep ramifications for a long time to come. Why? Because it is obvious that deals must struck before the next General Election. A worst case scenario will make the Kedah and Selangor incidents (when BN lost power in 2008) look like a walk in the park. Palatial homes, Western lifestyle, expensive suits, smooth-skinned highly-lacquered Datins, luxury cars and the genius for solving intricate and expensive financial problems by official fiat quietly and furtively are 1Malaysia's No 1 problem. Thanks and no thanks.

Donplaypuks® 11 August 2011 at 22:22  

"Part of the reason people are pissed is because a Keling managed to do a deal that was previously restricted to Umnoputras/"Anon 15.22

What a stupid, misinformed racist rant!

It was Khaxanah which approached TF and AA for the share swap deal. I suspect there is more shit in PMB and MAS that has been papered over by the "true and fair" report of auditors.

Much of it may have something to do with who benefited from Azmil's policy to change leasing aircrafts from PMB to MAS buying it directly, not to mention how was PMB supposed to reciover its $10 billion re-structuring lossses of MAS and unpaid leasing charges by MAS.

dpp
we are all of 1 Race, the Human Race

bruno,  11 August 2011 at 23:54  

Dato,sometimes people just don't get it.In the coporate world the most important thing is a sound and transparent management.When you have good and accountable management then will come come good personnels.Then productivity will grow and so follows the profits.

Why does Singapore hired a Malay who can be so successful there in the small tiny red dot on the map.Because they know that this Malay has the brains.And they don't care a damn whether this guy is Malay,Gringo,Black,Red or Green in colour.How come a smart Malay man who is off the Malaysian GOM's radar screen can be known to the Sings.

The reason why the government doesn't know about him or is not interested in his services is because of his honesty and good intergrity.What the Umnoputras wanted are yesman who will do their bidding on a snap of their fingers.As long as these corrupted politicians are still there the GLC's will be milked to capacity till they are high and dry.

bruno,  12 August 2011 at 00:06  

Quiet Despair,

You are way off your wild geese guesses.I am neither a Christian nor Tamil and definitely not Thambi Chik.I would prefer my surname to sound something like Mamarosmar.Thanks anyway.Cheers.

bruno,  12 August 2011 at 06:44  

Anon, 10 August,2011 A sting job in the air.

From your angry description of Daim,you must have known him and his every moves very well.I guess that you must have been one of his former close employees,his spurned buisness partner or a spurned jealous lover.You should have read carefully what I said and not get exited and jumped to conlusions.

Of course I knew that Daim was crooked.Or else why did I add 'But of course he made many many times over during his tenure as FM'.For your information Daim is not my hero.No Umnoputras is my hero.I am an Umnoputra basher.You can follow my comments on other opposition and pro umno blogs.But I do realised that your feelings are hurt by my critism of your idol TF.

Anonymous,  12 August 2011 at 07:40  

RENUNGAN…

Suatu ketika dulu seorang pegawai tinggi kerajaan pernah beritahu beza Si Bumi dan Bukan Bumi. Si Bumi (SB) nak projek besar dengan mudah dan untung banyak tanpa melabur satu sen pun. Bukan Bumi (BB) pula sanggup MELABUR jutaan ringgit untuk dapatkan projek. Kalau hulur RM5j atau RM100j, untung bersih mesti lebih RM20j atau RM200j bergantung kepada kos projek.

Masalahnya, SB dah dapat projek tanpa HULUR pun selalunya akan terbengkalai dan duit pembayar cukai terpaksa digunakan sekali lagi untuk sambung atau pulih semula projek. Ada yang sanggup minta lagi sambung projek walaupun dan gagal!

BB pulak untuk elak masalah akan pastikan projek siap ikut jadual supaya dapat lagi projek di masa depan. Namun BB kalau HULUR akan pastikan PELABURAN yang berhasil dengan untung bersih berlipatganda.

Jadi kalau SB, muka pegawai akan BERKERUT sebab tiada hasil tetapi jika BB, muka pegawai ceria selalu sebab MASYUK!


RENUNGAN SAJA…

Kalau nak jadi KRONI yang berjaya mesti pandai berlakon, menipu, membodek, main pompuan, minum arak, hulur banyak (sikit tak boleh!) dan ikut bos jadi imam atau tak solat macam bos. Pendek kata, nak hidup pandai2lah berlakon. Orang puteh kata (dengan izin) Wok Smart & Don’t Wok Hard!

Quiet Despair,  12 August 2011 at 08:49  

Anon from MAS 22.19

You better start updating your CV now.
I bet you, VSS is coming.
I know my friends in MAS stay for loyalty despite not having bonus for many years.
Gajah sama gajah berjuang, pelanduk mati di tengah-tengah.
Ultimately the workers will suffer.
You are not Tengku Azmil who can be kicked upstairs. Unfair isn't it.

Quiet Despair,  12 August 2011 at 08:50  

Anon from MAS 22.19

You better start updating your CV now.
I bet you, VSS is coming.
I know my friends in MAS stay for loyalty despite not having bonus for many years.
Gajah sama gajah berjuang, pelanduk mati di tengah-tengah.
Ultimately the workers will suffer.
You are not Tengku Azmil who can be kicked upstairs. Unfair isn't it.

Anonymous,  12 August 2011 at 09:20  

Anon's(15.22)uncouth description of TF reflects the level of racism and cynicism in our midst. Nothing seems to be going right in our country. We have problems in our schools as the ding-dong game goes on between using B.M or English to teach Maths and Science. We even have this great revelation from the DPM that he doesn't quite figure out what ails the teaching of English in our schools. We have this frightening and depressing expose of 'boncengan gratis' in our ivory towers, aka academic free-loaders - no less than four local Professors (God bless them all) have sounded the alarm.

So Donplaypuks and all of us must brace ourselves for more vitriol and senseless cant. This quote from Alexander Dumas, may not be out of context: Rogues are preferable to imbeciles because they sometimes take a rest.

The defining word is 'sometimes' because now it seems even rogues don't take a rest.

Alamak,  12 August 2011 at 10:44  

The founding fathers of this nation would weep if they were around to see all their sacrifices come to nothing because of uncontrollable greed and a penchant for living the good life. Another mega-dollar deal leaving lawyers, accountants and spin-writers to celebrate, and taxpayers to bleed. Talk of God-fearing politicians and millionaire businessman for King, Country and Race (which race?).

Anonymous,  12 August 2011 at 14:35  

How can AA save MAS when AA's gearing is extremely high especially with the purchase of new Aircrafts. The way TF buys new planes , no parent could even match him in buying toys for their children. This so call collabration is infact to save AA from the masive debts the company has piled up over the recent few years over their purchase of new aircrafts which has no routes to go and no money to take delivery. AA is cash strapped and under pressure whereas MAS even though is not making money is cash rich. MAS could easily overcome their set back once the fuel prices stabilised. Now who benefit in the deal, You could see it from the movement of shares over the last two days. Now TF's 20.5% in MAS has gained in value whereas Kazanah's 10% in AA has depreciated. All these development is staring to show the truth. AA-X is going to benefit most by depriving MAS in the long haul and AA will also gain because FireFly will be demolished over time and AA will monopolise the domestic route. Just reflect back on the way TF conducted himself over the RAS in Sabah and Sarawak in Aug 2008. The answers are allover the wall for everyone to see and digest. Malaysia Boleh. Semuanya OK.

Anonymous,  12 August 2011 at 22:39  

Bruno,

One doesn't personally have to know Daim, known his every move very well, or be one of his former close employees or his spurned business partner or a spurned jealous lover, to know OF Daim.
What I have said, and written is public knowledge, and I am surprised that you didn't know that. Those are just basic elementary info.
I didn't imply that he is your idol either. And neither is mine an angry description. Those are your words.
You have not provided any arguments for me to reply, just innuendos and more innuendos. Judging from your comments here, it's obvious that you have come to the end of your intellect. Anything more from you, would be meaningless. I do not idolise Tony either. You are only capable of cheap pot shots.
You should just stay on the sidelines and read what others have to intelligently contribute. There's something you might learn, if you watch in silence, rather than be a ineffective contributor.

Penal Code S418,  17 August 2011 at 23:52  

LONG LIVE d Mahathir ppl + d Mahathir Magic Circle!!!!!

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