LOLOL When did BNM = LHDN?

OK, Now I suspect that Brandon is just trolling them although they are not sharp enough to notice yet.


Definitely trolling.

Well well, I don't have anything to be embarrassed or ashamed about my postings here. As I've mentioned before earlier, genuine victims have my sympathy. Frankly, if GMS were just an ordinary support group getting together on FB, you won't find me making any comments about them at all.

But no, that place is a treasure trove of economic quackery and conspiracy theories. This is compounded by the fact that some of them actually working in the banking and financial sector and thus should know better, yet...

Jokes aside, a good deal of my comments here have been to debunk all the crazy theories they have thrown up as they would have censored me on their own page anyway. I have a fair amount of confidence in the accuracy of my posts, at least when it comes to matters of economics and banking. Rather rusty on my accounting knowledge though...

This Staedtler Papermate Faber-Castell Kilometrico Whatever is kinda ruining our fun though. What makes the GMS page fun to follow is how they just seem to shoot off whatever they are thinking of without bothering to fact check. If they actually start to think sensibly or watch what they post, than it'll be boring.

That bit where he started to ramble about environmentalism and 'going green' was where I lost it. What the hell does that have to do with anything?

Well, I am hoping that Dee Casey's post does indeed end up in mainstream news. I have no doubt that the article might kinda make sense to the less informed, but it will also attract the attention of those who are even more knowledgeable about economic and legal matters than me. As it is, I have little trouble debunking his nonsense. He'll be absolutely shredded when the experts are done with him.

The question has to be asked in return, why do you folks at GMS believe 100% what the directors say? Its not as if they have offered any proof either.

If you're saying that its because Genneva never failed to meet any of its obligations in the past, welll...both Bernie Madoff and Charles Madoff never failed to pay out either before their scams collapsed.

Some people never learn from history...

That was the point of one of my earlier posts. They seem to think that there's a conspiracy to shut them down because the banks are afraid of everyone will pull out their money to buy gold or something. That makes sense only to the gullible or ignorant. After all, the moment that the gold is paid for, the money goes right back into the financial system. Where did they think Genneva or other gold suppliers keep the money that has been paid to them? In banks of course. Money is just being shuffled around in the financial system that they hate so much.

In fact, it can even be said that banks actually benefit from people buying gold. After all, banks have to pay interest on cash deposits. They don't have to pay you any interest on your gold. In fact, you have to pay the banks instead in order to use their safe boxes to store your gold.

Yup, they used to hold your money and were paying you for it. Now, they still hold your money but you are paying them instead. Yeah, the banks are really afraid of you...not...

http://thestar.com.my/news/story.asp?file=...3809&sec=nation



What?!? Pro-BN now? Your GMS page so full of anti-BN pro-Pakatan rhetoric but now you guys are kissing Najib's ass?

Cheap...no sense of honor or loyalty...worse than prostitutes...

Edit: Oh look, so that's why Abdul Wahab applied for a public assembly permit. Respect! At least he's not a keyboard warrior like the others. I still think he's looney but I can respect one who is willing to act on his convictions.

This post has been edited by arubin: Dec 8 2012, 04:29 PM

Unfreeze also there isn't enough money to pay everyone back. Your heebah is secondary to those who have paid for gold but not received it yet and those who have sold their gold back but not received their money.

Honestly, if it didn't break a bunch lf laws to do so, I think BNM should just unfreeze and let Genneva and GMS sort through the mess themselves. However, put up a notice that until they get their act together, Genneva is not allowed to take in new customers. Pay off all the existing debts first.

Edit: Wow, they complain that BNM, the media, and BN are masters of deception, yet right on their GMS page, they misquote Dr. M as having said that there was nothing wrong with Genneva. IIRC, Dr. M merely said that he did not know what was the problem with Genneva. In other words, he was avoiding the issue.

This post has been edited by arubin: Dec 9 2012, 02:35 AM

I also know a handful of people who have had bought into the scheme. Fortunately, none of them are my relatives or close friends. They are just acquaintances. Nevertheless, they have also kept mum about the issue. I do not believe they are present on the GMS page. Far as I can tell, they are not so much angry at BNM than they are at whoever drew them in. They trusted people they knew and they were betrayed in return.

This Genneva business has probably ruined the relationships of a lot of friends and family members.

Yeah, they forget that it isn't just BNM who are auditing Genneva's financial records but international accounting firms. Rank amateurs vs certified professionals. Yeah, we know who are the real experts here...

They complain that the current govt is corrupt but if Genneva is unfrozen than everything can be forgiven. PKFZ, Lynas, condo for cows, etc all can be forgiven as long as got heebah.

Basically, they are saying 'you senang saya pun senang' to BN. Hmm, where have we heard that before.

I agree that neither side are angels. I'm voting for PR in the next GE not so much because I believe in them, but rather because I do believe in the saying 'Politicians are diapers - they both need to be changed often, for the same reasons". The longer one party stays in power, the dirtier they become and BN has been in power for very very long.

I am not merely accusing them of greed. I am accusing them of HYPOCRISY. If you look on the GMS page, they are all making such a huge fuss about corruption, cronyism, etc etc but all is forgiven if Genneva is unfrozen? WTF? Do you not see the conflict here? Would not such an act be blatant toadyism?

What the folks on GMS want is not just their money back. They want Genneva to be allowed to continue as before, basically drawing in even more people into the scheme. In their view, its because Genneva did nothing wrong. From my viewpoint, it looks to me like they want new money coming in to that Genneva has money to pay them back.

Like I've said before here, I sympathize with Bestino victims and do hope they get their money back. I can respect their ability to organize, stay focused on their goal, and not bring up all sort of irrelevant issues.

GMS, on the other hand, is a completely different matter. I hope the customers actually sue the consultants on GMS for their gold in hand (yes, this IS an option) in order to offset their losses.

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Added on December 11, 2012, 11:16 amOK, I have some time to kill so I'm going to debunk more of the quackery on GMS.

https://www.facebook.com/notes/genneva-mala...301417356642829


Half-truths? Based on what do you make that accusation? Allow me to cite the announcement from Genneva's own directors

"We verily believe that the published figures may not be correct and may be exaggerated."

Why on earth is the word 'verily' being used in the same sentence as 'may'? Do you know what verily means? In this case, 'verily believe' means that they truly believe. It implies that they are indeed confident about their convictions. Than they go on to say 'may' which means they are not certain? If they are really that confident that BNM is lying on its report, this is how they should have worded their announcement.

"We verily believe that the published figures are not correct and are likely exaggerated."

See what a big different that makes? You might say I'm just being a grammar nazi here, but does this not sound like the directors are leaving themselves some wiggle room for legal reasons?

BNM was merely releasing the initial report of the forensic accounting that is being conducted by international accounting firms. You might question the integrity and impartiality of BNM's officers, but the accounting firms have standards to follow. What I find amusing is how you rank amateurs somehow think you know better than certified professionals.


All you've exposed is how Mazlan Ahmad is guilty of unprofessional conduct. I see no evidence of there being a greater conspiracy at large to plot anyone's downfall. If you do have it, show it.

You want a conspiracy? There is talk that the Genneva directors instigated the raid themselves. Why? Because the company was running out of money and the directors would rather have the wrath of the customers focused on BNM instead. Is there any soild evidence to prove this? No, but the theory is given weight by the forensic accounting results. It certainly has more basis than your accusation.


Going by that forensic accounting report, I'm afraid that disbursement isn't going to come so soon if only because there isn't enough money to pay back everyone. If they let everyone put in their claims now, who should they pay back first and how much? What would be fair? Note that once they pay back the money owed to those who sold their gold, there's only 10 million. Will that even suffice to pay your heebah for past 3 months? Let's not forget the people who are still owed their gold.

You think BNM shouldn't have raided? I agree. They should have delayed for 2 months and let the company run out of funds on its own. However, if they did wait that long, there might not even be scraps left to distribute to the victims than you folks would be complaining about how BNM didn't do their job.


Nope. Terrible analogy. Not going to accept this one. I thought Genneva is a gold trading company? There is no 'interest'. Only 'hibah'. Customers don't 'invest'. They are 'gold traders'. You guys use all sort of funky terminology just so that you can escape the definition of 'deposit taking'. You go to such lengths to differentiate Genneva from a bank, and now you want to compare Genneva with one? Sorry, you argument is invalid. Thank you, try again.

Lazy to respond to the rest...

This post has been edited by arubin: Dec 11 2012, 11:16 AM

Maybe we should propose a new theme song for GMS.

My money lies over the ocean
My money lies over the sea
My money lies over the ocean
Oh, bring back my hibah to me

Bring back, bring back
Bring back my hibah to me, to me
Bring back, bring back
Bring back my hibah to me

Sung to the tune of a Scottish folk song.

Well, Dee Casey seems to be putting a lot of emphasis on the 90-day limit. Supposedly, there's a law which states the police have to charge you within 90 days after they have seized your assets or it has to be returned. Maybe that might be true but I am not sure if it applies to BNM as this is not exactly a clear-cut criminal case.

Quite a lot of noise being made about either charging Genneva or unfreezing them. I figure a lot of support will pull out of GMS the moment court charges are laid, leaving only the most hardcore supporters behind who will keep crying about conspiracies and stuff.

Well, our good friend Horace Bong seems to have lost it. Look at his YouTube links on GMS. Demons, Illuminati, etc.

They ban anybody who is able to beat back their warped logic with common sense. Than they go troll BNM's page and complain when they get banned in return.

Impossible to reason with that kind of people...

This post has been edited by arubin: Dec 12 2012, 05:46 PM

They are also affirming their status as keyboard warriors. They only protest online. Its almost as if they can't afford real placards so they make do with virtual ones lol.

Come lar, GMS. Its so boring over at Sasana Kijang. I could do with a little excitement over here. The latte here is nice and cheap. Only RM2.65 (used to be RM1.50). I will happily buy a cup each for the steering committee if they show up with a reasonably sized crowd.

PS. No, I don't work for BNM. I have no insider info so don't ask. Even if I do, there's this thing called disclosure agreements.

PPS. Which also makes me wonder who leaked the e-mail from Mazlan Ahmad because that's a breach of confidentiality. Unprofessional conduct isn't a crime so its not like it can be justified as whistle-blowing either.

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Added on December 13, 2012, 6:27 pmNo news on Genneva but there's an update on a related company.

http://www.freemalaysiatoday.com/category/...the-same-brush/

This post has been edited by arubin: Dec 13 2012, 06:27 PM

Eh? No story that I am aware of. Its just BNM's new HQ. Looks like an art gallery cum museum from the outside. The old building is still in use but a good deal of its operations have been moved over to SK. I generally disapprove of unnecessary spending but in this case, I would say that this was a good idea. Their old office is rather run-down. It looks and feels like a you were in a 3rd world country. Well, we still are but that's no reason why the central bank can't have a more modern office.

The foreign currency debacle aside, BNM is one of the top-rated central banks in the world so I dare say they deserve their nice new digs. At least now they have an office that is on-par with first world countries. The interior looks and feels like that of a top international firm. Gives a better impression to visiting foreign bankers and dignitaries.

The only thing I hate about the place is its location. Its up the hill where the TAR memorial is. Not much further from their old office but its not exactly near any public transport and taxis don't like to go there. Its a long and lonely walk to the nearest KTM or LRT station. However, its probably one of the cheapest and most secure places to park in KL - RM3 per entry.

The cafe at SK is open to the public and used to be subsidized heavily by BNM. I never did get round to asking why the subsidy was stopped though. RM2.65 is still the cheapest latte with full cream milk in town so can't really complain.

Zzz...slow day, so popped by their GMS page and found this gem of a post:


Auntie Shereen telling sob story again, but KE Goh's reply is priceless. Man, what is that guy smoking and where can I get some?

Die lar like that, debbie. How to finance your fancy car?

I also kena con before on a very small scale. Just a few hundred, by some hack of a dentist who just got her orthodontic degree. Convinced me that I needed to get some work done quickly or I might dislocate my jaw. Paid her a deposit, but than got a 2nd opinion later from another dentist who rubbished her claims. Tried to claim back my money from her but she said she has to keep RM100 as she already set the mold or something. Told her fine, whatever, and just switched dentist. Told people I know to stop visiting her too. My jaw is just fine today and I never had any work done.

Was I pissed about the RM100? Yeah, but at the end I blamed myself for being ignorant. Still, a small little con like this was good for me. Taught me to do my own research in depth, and to always seek a 2nd opinion.

Shame these Genneva victims had to learn the hard way from a big con.

People like him, I have no sympathy for. Honestly, just because we don't side with them means we're tools of the mainstream media now? We're toadies of the current govt? HAH!