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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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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