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Strategies & Market Trends : Asia Forum
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To: Stitch who wrote (5675)8/22/1998 11:59:00 AM
From: Logos  Read Replies (1) of 9980
 
Malaysia's stock buying program does look very worrisome. I like the good Dr Mahathir and all, but I sometimes think his policies are somewhat crooked. For example, the government is supposed to be buying stocks in companies with large infrastructure projects in Malaysia. Well, aren't these the same companies owned and run by Mahathir's good friends and relatives? This looks a lot like Mahathir bailing out his good pals, using billions of dollars in public money. Which is exactly the type of crony capitalism that got Malaysia and so many other countries in trouble in the first place.

Indeed, this looks even worse than Hong Kong's intervention in the Hang Seng, at least the Hong Kong administration had the common decency to bail out stock holders on an equal opportunity basis, not on a how-close-are-you-to-the-Big-Cheese basis. Somebody please tell me I'm wrong about this, because if I'm right, then it means the Asian governments have learned nothing and this mess will keep on rolling.

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