YOURSAY | ‘If 1MDB cannot pay, then the taxpayers through the M’sian gov’t must pay.’

Should M'sians have to foot bill for 1MDB's defaults, asks Pua

Kim Quek: Let’s face the blunt truth. 1MDB has failed - completely.

It is now being liquidated, and all Malaysians have to pay for PM Najib Abdul Razak’s folly - all the RM50 billion lost through alleged embezzlement and fraud (after discounting the two pricey plots of land given to it virtually for free).

The great tragedy is that Malaysia seems to be nonchalant about it, while the whole world has been so alarmed that a dozen jurisdictions are now actively pursuing the culprits who have raised transnational money laundering to a new height.

If Malaysia’s total impotence to deal with a crisis of such astronomical scale is not a manifestation of a failed state, then what is?

Oscar Kilo: I would be more forgiving if 1MDB had made bad investment decisions and lost money. But it is now obvious that 1MDB's problems are not mere mistakes or bad decisions.

1MDB's current problems are clearly linked to alleged corruption, embezzlement and criminal conduct, which are now being investigated in numerous countries.

Anonymous 2362021442199789: The starting rate of six percent on taxable items is touted as amongst the lowest in the world. Most subsidies have already been rationalised and petrol is now being sold at prevailing market rates.

The gargantuan outstanding bonds that are now being defaulted and cross-defaulted are likely to lead to accelerated redemption demands by bondholders.

The underlying guarantees furnished by Putrajaya will be invoked and with it the likely consequence would be to increase the GST. Any remaining subsidies will be removed and new taxes, or increased taxes, introduced.

Start studying what the Greeks have done or were forced to do to increase government revenues and reduce government expenditures and you will have a fair idea as to what awaits us.

We will be the new Greece of the East. Tighten your belts as it is going to be a rough ride.

Prudent: Should Malaysians foot the bill for 1MDB's defaults? It’s a silly question.

The Malaysian government through the Finance Ministry has guaranteed the bonds. If 1MDB cannot pay, then the taxpayers through the Malaysian government must pay.

Jaycee: Of course, without a doubt. This will come in the form of higher tolls, increase in GST, and removal of more subsidies.

There are no free lunches and somebody has got to pay. And it is not going to be the people who got us into this mess.

As for them, they will still enjoy their branded handbags, Cristal champagne, and wild parties with Hollywood celebrities; at the same time laughing all the way to the bank.

As for us... "life is never fair", so we just have to deal with it.

Commentable: The day someone involved in this 1MDB scandal said he felt the Earth move, was also the day of reckoning for all ordinary Malaysians like us.

To this fellow and his accomplices, the huge pile of money that literally fell at their feet had them feeling giddy with joy.

But at the opposite of the receiving end, Malaysians (and it doesn't matter what race, religion, colour or creed) have been staring at the prospect of the biggest financial avalanche of our lives - doomed to bury us and our kids for decades to come.

For people who think it is easy to make back RM50 billion or more, think again. How much profit do our biggest corporations make per year?

If any, it's an indication how many years Malaysians need to collectively slog to recover that humongous sum.

Of course, to the government it is all hunky-dory - they found a shortcut to recover all those lost monies, the GST way. We have started bailing out 1MDB since April of last year. Question is, is it enough?

Anonymous 2362021442199789: One clown replaced by another but it is a bottomless barrel. There are plenty more clowns where this one comes from.

The problem of defaults is not a minor issue that can be glossed over. When push comes to shove, all Malaysians will have to bear the sins of 1MDB as the government guarantees are triggered.

Despite what our PM-cum-finance minister said, our nation is looking more like Greece each day despite the GST and subsidies rationalisation.

Bamboo: In simple terms, the money has already gone into the pockets of the alleged thieves. Now it's time to find money to replace the stolen money.

And the likely source would be from Malaysians via GST, raised government fees and/or fines.

Mojo Jojo: I once saw a cat so robotic, his wonder pouch filled with gadgets exotic. He had a friend and Giant was his name, taking belongings of others was just his usual game.

What is yours is mine, and what is mine is mine, justice taken advantage of in a land with people asinine.

First came GST and then infamous 1MDB, footing people's lifestyle you toil like a worker bee. Interesting they be local champions of certain hue, children overseas, how, I certainly have no clue.

People from eight corners for this country’s sake, take your mind off cigars and liquor before it's too late.

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