Pak Man Telo New York....What Tun Dr Mahathir said is very2 true indeed

On 15 December 2008, Tun Dr Mahathir wrote about 'PAK MAN TELO-NEW YORK' in his chedet.com blog as follows :

(it means another version of Pak Man Telo - an infamous skim cepat kaya mastermind who swindled millions of ringgit in Malaysia, does exist half a world away in New York.. and one of his clients has committed suicide because of this failed investment!!!)

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


Bernard Madoff??


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 naive 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.

AND TODAY 24 DECEMBER - THERE IS A NEWS REPORT FROM NEW YORK - THAT A MADOFF INVESTOR WAS FOUND DEAD IN HIS MANHATTAN OFFICE OF POSSIBLE SUICIDE AFTER LOSING USD 1 BILLION.... HERE IS THE NEWS REPORT:

The financial loss for one of Bernard Madoff’s clients may have been too much to bear.

Rene-Thierry Magon de La Villehuchet, the founder of a hedge fund that invested more than a billion dollars with Madoff, was found dead in his Manhattan office this morning in an apparent suicide, according to a French newspaper reported by the Associated Press.

De la Villehuchet, 65, was a co-founder and chief executive officer of Access International Advisors, LLC, according to private marketing document reported on Bloomberg.com.

Access International reportedly invested $1.4 billion with Madoff, who was arrested on December 11 for allegedly running a $50 billion Ponzi scheme.

SO WHAT TUN DR MAHATHIR SAID ON THAT SUBJECT IS VERY TRUE AND ACCURATE INDEED. WE SALUTE YOU SIR, YOU ARE A TRULY WORLD LEADER!!!!