Simply awful. A blunder that happens is just terrible. But, if the blunder involves oneself, it would mean a whole lot more. Shame. Unwanted public attention. And many more. An even bigger blunder would be a blunder made by the government. Imagine if PM Najib goes on TV and makes a public announcement about a blunder they, the government made. It’ll be like “Ladies and gentlemen, we are sorry to say that government had made a terrible blunder.” And he goes on to elaborate further on points which falls on deaf ears. The public would not be paying attention. Instead, they want to hear what the blunder is, and who’s responsible.
Okay, enough with that. Now, what happens if it’s another blunder as huge as Bernard Madoff. Everybody knew the story: made a living doing a Ponzi scheme illegally, squandering people’s money, goes to jail on a 150 year term because unable to pay back all the debts, and leave millions of Americans incensed. What blunder is it that can match that level here in Malaysia? I’m not sure, humans are unpredictable. Very. If Bernie can do that right under the government’s nose, what else can somebody of his I.Q. level do? I mean, even with warning signs flashing in the President’s office, Bernie made off with peoples’ money for a full decade.
It was a huge blunder. Not only that, it shows just how incompetent some parts of a government is. As said in an article in Yahoo! news:
“All hail the Securities and Exchange Commission, the newest inductee in the Fat-Lot-of-Good-That-Does-Us Hall of Fame.
A mere nine years after SEC staffers started getting hit over the head with red flags about Bernard Madoff’s fishy finances, the commission finally got around to taking decisive action: In mid-June, the commission barred the Ponzi-schemer from the securities business.
Of course, this investor protection came only after Madoff stole more than $13 billion, pleaded guilty to multiple felonies and went to jail. With regulators like that, who needs regulators?”
If the ‘regulator’ fails in their job, they might as well not have one in the first place. Period.
