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Monday, 15 December 2008

Pak Man Telo - New York by Dr Mahathir Mohamad

1. Today's Starbiz reports that 50 billion US dollars of investor's money were lost by just one man.

2. Bernard Madoff invested US5000 of his money to set up an investment firm. Such was his personality and sales talk that he was able to convince lots of rich people to invest their money with him. The returns were so good that his fund became exclusive, open to select people only.

3. When he was arrested recently by the FBI he admitted that "There is no innocent explanation".

4. We got on to Pak Man Telo ponzi scheme quite early. He caused the naïve Malaysian who invested in his scheme several millions, I believe.

5. Apparently the Securities and Exchange Commission (SEC) of America did not detect Madoff's operation for years. He was even made Chairman of Nasdaq Stock Market.

6. He was living a high life, with a 5 million dollar mansion in Manhattan and membership of the most exclusive clubs.

7. Pak Man Telo would probably have done better if he had gone to New York where he would not have the Malaysian Government overseeing such activities. Or perhaps the SEC might learn some lessons from Malaysia as indeed the US Government has learnt about bailing out companies.


Editor: Pak Man Telo is the Malaysian equivalent of Bernard Madoff's fraudulent scheme but the Malaysian financial authorities are much smarter....and managed to stop it before catastrophic Dr Mahathir (former Prime Minister of Malaysia) said US government should learn something from Malaysia.
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