Thursday, February 19, 2009

Investors' Faith in Barisan Nasional

Further to my blog post last night with regards to a letter I have received defending the interests of investors and bondholders in the water concessionaire issue, there was a comment which highlighted that these investors and lenders who 'invested' blindly (without sight of the concession agreements) should not be protected.

Actually, chances are the bondholders do have "special access" to these supposed OSA agreements and documents (its only when opposition politicians get their hands on them, there's a problem ;-)).

But more importantly, these "investors" invested on the basis that the BN Federal Government would always act in the interest of the concessionaires as most of whom are cronies to UMNO. Hence, in all probabilities, many of them invested based on "faith".

Nobody expected the result of the March 8 elections last year and the subsequent focus of the Pakatan governments to give the people a "new fair deal".

Should the investors (or their advisors) then, be compensated for their blind faith in the BN government, at the rakyat's expense? You tell me.

(Remember the days when people invested and lent heavily in UEM, Time and Renong because they believed that BN will always back and bail them out - should these investors and lenders be compensated not only for their losses but also additional profits? BN bailed out UEM, Time and Renong alright, they rescued their cronies - remember Halim Saad? but left everyone else high and dry)
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