Fashion Valet: the final say. Tales by an unknown blogger no.26.

1. I thought I have finished writing about FV. Others have done a better job than I. It is, until I heard what the 2nd minister said. In parliament. They were idiotic statements.

2. FV was a clear example of a dumb spending by a government institution. Using taxpayers money.

3. The fact is 47m of taxpayers money was parted off carelessly. It lost 43, 44. Khazanah sold off that investment for 3m. Clever!

4. What can you call it? Other than a dumb spending. Of taxpayers money. Khazanah is surely smart spending OPM. Other people's money.

5. Sure venture capital is riskier. Doesn't it mean khazanah has to be doubly sure? Mana risk management analysis? Were risk management analysis tools religiously used.?

6. For failing to apply the greatest of care over dispensing of OUR 47m, the khazanah chief should be removed. It's strictly business,!

7. Where does it say he must be spared? Because he is a gomen servant? Because he is a Malay,? Worse, because he possibly is an UMNO stooge?

8. Let me digress a little. Sukarno says, the lot of our race becomes worsen because of treasonous and treacherous acts of same race saboteurs. Zaaba said malays suffer most at the hands of leaders of the Malay race .

9. So pardon me for not attaching much value to claims that you are a Malay leader and that you fight for agama bangsar ,dan tanah air. BS!

10. The khazanah chief betrayed our trust on all these counts. He ought to be crucified .

11. So what did the Tom Selleck moustached 2nd finance minister said? Which we think were idiotic?

12. Among other things he said we're:- FV has got potential. It's heralding the usage of digital commerce. E commerce. Give opportunity to khazanah to conduct it's JCB audit. You know - the tractor that scratches its own bottom? Robert Mugabe said if you scratch your arse, you can't avoid smelling the stink.

13. We must stop thinking that what a minister says is definitive and unchallengeable. They are not the final arbiters of being correct. So too, the officials in the minister think they are the final arbiters of definitive answers.

14. If they think in that hubristic manner, furnish us your reasons. Let a samdol economist like me analyse them.

15. Like Christopher Hitchens said. I reserve the right to challenge any dogma , majority opinions, consensus. If you don't like it, cue up to kiss my arse. When you do , tell me .

16. If you don't know who Hitchens is, that's your funeral! Read him sometimes.

17. FV has got potential. After 5 consecutive losses it's a miracle that its even considered . Maybe it imported some stripteasers to entertain the horny khazanah honchos.

18. FV certainly has potential. The potential of a bed bug. That gives you unbearable itches. The potential of a leech. That feeds on you blood.

19. The indian matcha, aney and Babu in sentul has digitalized and e-commerced his beetle nut distribution business, will khazanah invest in him? Pak akob in raub has done a similar thing for his sambal hitam business. Will khazanah invest in him?

20. So Mr tom Selleck of our finance Ministry, don't piously serenade us with the has potential BS. After 5 consecutive losses, FV has potential boggles the mind. The minister must be reading rare books in business, economics and business. We are not privy to that so we shut up do we?

21. Hey, I have the potential to impregnate a thanuja or an Elizabeth tan. Will I be rewarded or punished?

22. Asking us to give opportunity to khazanah to carry out its own audit is an indefensible request.

23. It doesn't sound as someone keen on reducing and eradicating possible corruption and other financial sleight of hand.

24. It looks suspiciously like a CYA( cover your ass) initiative.

25. Khazanah will probably come out with a 2501 paged report justifying its silly investment. Just like Najibs defense counsel announcing a 2500 paged brief intended to intimidate us all.

26. If we are serious about corruption call for an independent forensic audit. Ingat ini Bollywood film kah,?

27. Why not the same request made for SPRM? Shouldn't SPRM be investigating khazanah for possible fraud?

28. That's why I say the statements issued by our tom Selleck of our finance ministry are idiotic.

29. The 3 reasons can be summed up as 1 heading, a big kelentong. A trump would say it's a fake.

30. let us now take on the bright boys of the finance ministry for their 3 reasons.

31. The 1st 2 reasons affected ALL. We must answer why they are particularly vicious on FV? The pandemic affected all. So why some of them not only survive but prospered? FV on the other hand went kaput?

32. Similarly changing e commerce platforms affected FV and those whose business used e commerce. So why others prospered but not FV?

33. The 1st 2 reasons are actually the Darwinian natural selection mechanism applied to business.

34. The mechanism is to weed out weak, the poorly and inefficiently managed companies.

35. Since the external environment is the same for all but only FV succumbed , then the fault, my dear Brutus lies with FV.

36. By definition, FV is weak , inefficiently and poorly managed company, spending on unrelated businesses or spending frivolously.

37. The 3rd reason is disingenuous, deceitful and mendacious. 47m not enough? Give 100m then, 10% for the do-gooder and vested interest people.

38. So now business people unite! Go before khazanah ask for venture funds saying you have potential and will use the latest e commerce platforms including,AI. Sure get maa!

39. So now Babu can market his beetle nut, Pak akob can market his sambal hitam and Mr poh can market his chee Cheong fun. All in up to in up to date packaging.

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TDZ, farewell to the oracle of Syed Putra. Tales by an unknown blogger. No. 25

1. First, Al-Fatihah to Tun Daim Zainuddin. Semoga Allah mencucuri rahmat keatas ruh nya. Aamiin.

2. TDZ as I called him died this 13 November 2024. My brother texted me. My daughter texted me. A friend also sent me the news.

3. I feel obliged to write this about him. He has befriended me. I was planning to write something about his court charges. That will wait. As of now, let me write about him as a person. From my little acquaintance with him

4. I think it was circa 2009 or 2010. I was an ex-Adun. Not selected to stand again in the 2009 election.

5. I got a call. From a lady named May I think. She was secretary to TDZ; "TDZ wishes to see you"

6. I regarded that as singular honour. I said yes.

7. Later I found out he wanted to see the person behind the Sakmongkolak47 blog .

8. That was the start of a lifelong friendship with TDZ. At that time his office was his building in Jalan Syed Putra or Lornie road .

9. If I am not mistaken, the building was called Yayasan Pok Rafeah. After his mother.

10. Also if I am not mistaken he has a photo of his mother in his room. He also hung a picture of his daughter and newborn cucu.

11. I met him regularly after that. I picked on his brains. Mostly about politics and social matters.

12. I wrote a number of articles of my meetings with him. They were titled "the Oracle of Syed Putra". On account of his prescient insights.

13. After the 1st article I wrote, the secretary called me. She said, "if Tun knows you write verbatim, he would be more circumspect". I knew then TDZ was a careful man.

14. One of the things I remember most was something he said about corruption. He said how to eliminate corruption, if the number 1 in the ministry is hands in glove?

15. Btw, the interviews were in bahasa campur. Malay and English. He, in his Kedah accent.

16. He was a simple man. Smallish in size, always in open sleeve shirts. Never saw him in in blazers or coats.

17. He can be quite witty at times. He lets off guffaws at his own jokes. Once I brought Aziz Nong Chik, Rosmah's ex husband to see him. He wanted the services or advice of a geologist.

18. After explaining who Aziz was - TDZ as a matter of factly said to Aziz, congratulations Rosmah has make it big.

19. He then moved to his building at Wisma Ilham. I saw him a number of times .

20. I was saddened to see him wheel chaired into court early this year. I shall write about that latter .

21. I regard it as a singular honour to be counted as his friend. So together with many others who were closer friends to him, I bid adieu to him. Al Fatihah, semoga Allah mencucuri rahmat keatas ruh nya. Aamiin.

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Fashion Valet: The Haute Couture of mal-investment. Tales by an unknown blogger. No 24

1. I wrote a cynical article on the FV issue. It was laced with sexual innuendos. It was written intentionally that way, in anticipation of the sensational narratives around the FV issue.

2. As expected, the narratives missed the point. These narratives were more interested about the lifestyle of the perpetrators, their decadent living etc, how 2 saintly looking couples couldn't have fleeced 47m of tax payers money

3. The lady looked saintly wearing a tudung some more. The hubby looks timid and possibly henpecked. Together they couldn't have committed the dastardly act.

4. These kind of narratives intended only to divert our attention must be the handiwork of just reached puberty social media operatives. And some mainstream newspapers. Probably by boys who had frequent liaison's with Mrs palmer and her 5 daughters. The piece de resistance of the issue, the dissipation of 47m of taxpayers money wasn't meticulously analysed.

5. They spin and spin about the peripheral stories about FV but the crux of the issue, the parting and eventual dissipation of 47m of taxpayers money wasn't delved into with a fine tooth comb.

6. We are regaled by the decadent lifestyle of the principal founders, their secret transactions, their assets , their questioning by SPRM etc.

7. All these are but derivatives of the massacred 47m obtained by deception. It is that which ought to be the focus of our attention.

8. How is it that the chief of Khazanah buta2 signed and approved the endowment of 47m?

9. It must be the product of lackadaisical, exlangorious, insouciant and half arsed attitude. Or he could be promised some forms of gratification - money or sexual

10. Or the ease by which he signed and approved the 47m endowment, was because he was commanded to do so by the fuhrer of Khazanah at that time, the now disgraced Bossku.

11. We are reluctant to analyse the elephant in the room, namely the poorly managed portfolio selection of khazanah. poorly managed investment policies caused the dissipation of the 47m.

12. Apart from the social media tending to report the sensational aspects of FV, I am extremely exasperated at the failure of people heading our GLCs.

13. So pardon me for writing a ' yellow ' article earlier in anticipation ,as expected, the media more interested in reporting the sensational aspects of the FV issue . So there is a reason for my pornography laced article.

14. It's not absolutely sacrosanct to have people of a particular race heading our GLCs. MAS , MAHB, Felda, Risda, mara and so on failed because of incompetence and because they got their positions on affirmative tickets. Malu lah!

15. The common denominator is that the heads of these GLCs are malays. It may not mean malays are useless but it can mean the choice of them to lead GLCs is defective or over the years they get denuded and compromised. The solution is to replace them.

16. In removing them, don't get sentimental because their names have a 'bin' in them. It's business, nothing to do with sentimentalism.

17. In the FV case, it's a dereliction of his duties as leader of Khazanah . The poorly managed investment policies may be caused by poor judgement, technical incompetence, corruption and so. He has displayed a blatant disregard of the red flags coming from FV or was deceived by the appraising FV team .

18. The FV debacle may in fact represent only the tip of the iceberg concealing a more generalized poor management of investment policies. And to say that the losses made through FV are minimal compared to the overall earnings of Khazanah is the height of deception and officious hubris. Just because they are Khazanah officers they can act tough. Bollocks!

19. What is to done? In a businesslike decision, remove him and suppress all sentimentalism. Oh, he's a bumiputera la and so on.

20. What about the idiocy of the team appraising the feasibility of FV? Is it incompetence at play here?

21. What technical tools were they using when assessing FV? Tell us please for there are some of us who understand economics , business and accounting? Did they employ a CBA analysis



for instance? Or did they allow themselves to be guided by non business reasons.

22. The team leader maybe besotted with the nubile attractiveness of people in FV. Then it's a case of the dickhead out-thinking the cerebral head.

23. Let me touch a bit on the ramifications of statements issued by Mr Tony Pua on the FV issue.

24. Don't listen to UMNO idiots responding to what Pua said. They will not waste the opportunity to make what they understood what Pua said into political capital and even a racist issue.

25. Let's look at FV from different angles. When Pua said investment in venture capital is fraught with dangers, it behoves the people at Khazanah to exercise a greater degree of care when assessing FV. Clearly the people at Khazanah did not . How can it be said that Pua countenanced what FV and Khazanah did?

26. By saying that Khazanah invests in FV but not in Grab, the point is not that once Pua said Grab is owned by Rosmah. We don't know that do we?:

27. The Chinamen behind Grab may have used the bloody lady as a front and make her out as the paper owner. Possible?

28. The point now is, FV owned by a malays is entitled to be invested in while Grab which is essentially owned by Chinese is allowed to sink or swim in the free market

29. By choosing FV over Grab for example, Khazanah has allowed racial considerations to get the better of them . That is the point!

30. Accordingly, don't give me that crap about hak istimewa orang melayu or bumiputera stuff. It's not a provision protecting looters, robbers, mediocrity or sloveness. Under it bumiputeras are not entitled to be treated favorably, entitled for pardons, considered for house arrest etc .

31. Let's not misuse the affirmative provisions as a refuge for scoundrels, cheaters, looters, ne'er do wells, charlatans, spalpeens, whoresons and mofos .

32. And that's why asking Khazanah to do an internal audit wasn't well thought out. Khazanah will write up an exhaustive report justifying spending the 47m concealing the looters and robbers and perhaps citing it's for a bumi cause.

33. Most social media operatives tend to write about the sensational aspects of FV. Fortunately there are a few upright souls calling a spade, a spade. They don't give a damn about the ethnicity of the perpetrators committing the wrong. a wrong is a wrong is a wrong. Whoever commits the wrong must be accountable for it.

34. Let's not turn our country into a Darul Rasuah. We have got an Aegean stable to clean . From all the shit excreted by UMNO over 60 years. God have mercy on us !

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The sleazy scandal of Fashion Valet. Tales by an unknown blogger. No 23.

1. The most distressing business news lately is the 43m loss incurred from the sale of private business, fashion valet.

2. The loss, said khazanah national and PNB is minimal when compared to the overall earnings of the 2 government entities.

3. Hooray (Sic) we are comforted by this CYA rationale. We can sleep peacefully tonight and continue more pleasurable activities, given the assurance.

4. Khazanah and PNB have got a phalanx of investment analysts. They must have exercised great care to part with 47m of tax payers money. They know it's not their father's money .

5. But allow a 'samdol' economist like me look at fashion valet from a few angles .

6. I shall speak bluntly and frankly using my colourful language. Accordingly I must caution that children should not read my analysis without parental guidance. Those with prudish values shouldn't either.

7. The fact is, we have a 43-44m loss. It must be caused by several reasons. The ones that come readily to my mind are as follows:-

8. Professional negligence and incompetence brought about by the usage of f-ed up analical tools, refusal to take remedial actions even when fashion valley continuously underperform in terms of profit and economically etc.

9. First we must ask, is FV an attractive investment portfolio. If it is a deficits making entity, why was it even considered for a 47m endowment? Apa pasat?

10. Was it because it's a bumiputera company, it must be accorded hak istimewa bumiputera treatment and must be treated with kids glove. Or was it because it becomes attractive because it offers the possibilities of clinton-esqe groping, caressing and trump-like fingering?

11. Hello mofos, Najib went to jail for 42m. This 43--44 million repurposed, is theft by other means. Off with their heads, underpants and knickers!

12. Did the team from khazanah and PNB used the bottom up, top down, fundamental, PE,ROE, earnings per share and dividend yield, book value methods and so on?

13. More likely to me, the team used the bottom up, top down methods. And in this case also the under the table method and the dick penetration analysis methods .

14. The udtm and dpam. These are novel investment methods very in vogue in Malaysia for a long time .

15. You know, under the bottom up and top down methods, instead of looking at things like management competence, pricing power or economic and industry trends , the idiots look at other things .

16. The bottom up and top down methods, they possibly look at the angle of the bump for easy penetration. These are more influenced by variables like thrust of the pole at the hole, pressure at the pressure at the breasts etc.

17. These are better at explaining the f-ed up 43m loss don't you think? 18. Trying to mollycoddle us by saying that this 43m loss is minimal when compared to the overall earnings of khazanah and PNB, invites the typical retort of pekan people, kepala bapak awak.

19. We are discussing the particular losses of FV not the overall earnings of khazanah and PNB. The others are doing well perhaps due to fortuitous reasons and intrinsic strengths of the other portfolios and not due to the competence of the mofos at khazanah and PNB . So don't talk cock!

20. The FV loss was due to top management's lackadaisical, languorous and half asrsed attitude toward the investment. Buta2 signed and approved.

21. It was due to the particular team's incompetence appraising FVs attractiveness by using f-ed up analytical tools or not using them at all. It was just a gut call and anything from the gut stinks.

22. By ignoring the fact that FV has incurred 5 consequtive losses but still considering it still an attractive portion is blasphemous in the financial world. 22. Still considering it an attractive portfolio.....

23. This strongly suggests that FV is considered good because the appraisers were motivated by other reasons.

24. Perhaps it's the pay-under-the -table tool. It could be ad valorem or nominal sum.

25. Otherwise the appraisers used the dick penetration analysis. This method could be bottom up or top down analysis. Both involved the thrust of the pole at the hole and pressure at the boobs.

26. Readers may not like my description of the methods. Nevermind. Let the investigative authorities establish the reasons and describe them in typical bland ways

27. Let's move on to the company. We are not interested in the personalities behind the company. We look at the bottom line not the people's bottom

28. If the principal owners, because of their idiocy think they can resign and escape accountability,they have another thing coming. They can resign and enjoy their millions but accountability follows them .

29. If they have obtained the 47m of taxpayers money by deception and it's illegal they must go jail. Irrespective of that full restitution of the 47m must be enforced

30. As the Malay says, there's no rain and thunder, a spokeswoman from the company says there's no fraud, no scandals.

31. That unsolicited statement makes people more determined to find out whether there was fraud and scandals. Malaysians love scandals.

32. Finally, don't give me that shit about hak istimewa bumiputera. Hak istimewa bumiputera does not mean the miscreants who are malays can and are entitled to do anything they pleased . Or because they are malays they must be treated with kids gloves and the law applied on them gently.

33. Or they are entitled as of right to be groped, caressed, stroked and fingered seductively. Nahi! Nein!

34. Samuel Johnson said that nationalism is the last refuge of the scoundrel. He was lamenting the misuse of nationalism.

35. Let's not misuse the hak2 istimewa bumiputera to protect scoundrels, thieves, charlatans, whoresons, spalpeens, ne'er do wells and mothereffers.

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What about justice for the people? Tales by an unknown blogger. No 22.

1. It does not matter to me if the right wing and decadent world accepts or welcomes Najibs staged apology. I will continue to speak of its putrid stink and of its sweltering pus/nanah. I don't believe the sham.

2. As I said earlier, the apology is a sham, staged and concocted in a half past six manner.

3. It wasn't an apology in the real sense at all. Najib was sorry 1mdb caused untold misery to Malaysia .he was sorry for the looting and the pillage committed through 1mdb . But as it's mastermind and looter-in-chief, he maintains he is innocent.

4. The money waltzes into his account, elephants can fly and the camel passes through the eye of the needle .

5. The staged apology was only believed by the smarmy people in the social media, by journalists who just reached puberty, the entitled degenerates and inbreds, the right wingers and the racists. Most of them have secret laiasons with Mrs palmer and her 5 daughters.

6. The apology,done in a very cavalier and snide-asidish manner , and in the manner of the index finger points straight, while the pinky pulls back ( telunjuk lurus kelengking berkait) is an insult to the intelligence of all law abiding Malaysian citizens.

7. The other group who for orgasmic shivers upon hearing of the half hearted apology is the group who pined for the rule of bossku. Meaning they pined for the rule that allows unchecked corruption, abuse of power, selective patronage and blatant unaccountability. That's what they pined for.

8. The usual suspects are easily identified. These are the entitled degenerates and inbreds, UMNO apparatchiks and minions. Their principal role is to flood the social media with romanticized stories about bossku.

9. Can't we see a tinge of racism in this apology business? The apology given immediately by non malays for flying the China flag in teluk intan was rejected and regarded sinister. The apology given by Najib after so many years, was accepted and celebrated as something monumental.

10. That's why I said if Najib's name were a Mr Poh kee mak, it would be 'off with his head'. As it is Najib is the putera in the bumiputera and further enjoys protection under hak2 istimewa bumiputera.

11. It was reported that UMNO youth says apology is superfluous and misused as in the case of China flag flying in teluk intan. Then be consistent; it it's irrelevant in the teluk intan case,it's even more irrelevant in Najibs fake apology .

12. Najibs apology is a sham and hypocritical. It's giving us the bone only no meat. Tell us what you are sorry about.

13. That's typical of the Najib personality. Incapable of offering us a genuine apology. He did not provide us the details over which he's sorry. And the irony of the fake apology, he insisted he's innocent. So why apologize in the first place?

14. He takes us as fools. After giving us a blanket apology, he cancels the fake apology by insisting he's innocent . Terming that shallow apology as an indication of bigness of heart is a load of BS given only by neo feudalists and bourgeois mofo, in support for a lying neo feudalist and Malay bourgeois'

15. Claiming he's deceived by a chubby Chinaman is laughable. With a battalion of advisers, he can be deceived by 1 fellow, then might as well make Mr low as PM . And Paris Hilton as 1st lady

16. The hard truth is, Najib is an unrepentant and an incorrigible liar. His apology is a sham and a farce. Neither here nor there. He didn't provide us the details of the wrongs he did which required the apology. Where's the beef? You gave us the buns saja .

17. Isn't a conditional apology no apology at all. He's sorry but insists he's innocent. That's a verbal sleight of hand.

18. But that's typical of Najib. He doesn't care about us. It's all about him. Others must grovel at his feet fighting to save his skin.

19. Since najib refused or deliberately avoided to detail out his various wrongs requiring apology, let's remind ourselves then. First he denied the money that went into his was even his

20. That was a blatant lie. He did not alert the authorities if the money wasn't him . instead he used the money to spend like hell ,shopping buying Birkins and a USD27m diamond ring for the missus.

21. One two three four/ satu Dua tiga empat/bini aku cincin besor/kau orang apa dapat?

22. The Penang housewife who spent money in her account that wasn't hers, was jailed.

23. After that came the fairy tale that the money was given by a fictional Arab prince from the land of holy camel dung, to be used to fight Islamic extremists!

24. Then there was1mdb money channeled toa bogus company called PetroSaudi. Najib knew ab initio, the company was a bogus one designed to siphon money . Indeed it accomplished that when 2 mofos siphoned money from Petrosaudi. They were found guilty of stealing money from Petrosaudi which was 1MDB's. If these two bit punks got jailed, would we believe that Najib won't and will be found innocent? Tiu!

25. There were a litany of wrongdoings committed in the name of 1mdb. Najib secretly issued bonds amounting to billions of dollars to pay 1mdb s hutang. He overpriced projects awarded to China companies. He paid extortionate fees to Goldman Sachs etc. We need a book to list down Najib's egregious wrongs

26. So no, Najib's farcical and sham apology is rejected by all law abiding Malaysian citizens. It's presumptuous to assume the theatrics apology is well received.

27. It's well received only by the UMNO apparatchiks, the smarmy media people consisting of just reached puberty people who probably often have secret laiasons with Mrs palmer and her 5 daughters, the entitled degenerates and inbreds and the stupid malays. The majority of us rejected Najibs sleight of hand.

28. The man appearing before the public offering a sham apology is a manipulative bastard preying on the emotions of gullible makciks and pakciks, the entitled degenerates and inbreds. He didn't provide us the details to which he apologized but interested in securing their sympathy. Probably they were the same people assembling at the court premises and ululating bebaskan bossku!

29. Come to think of it, the apology was oxymoronic. After offering a blanket apology, he insisted he's innocent. So why apologize in the first place?

To be continued....

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