There is NO parliamentarian who really
understands what the Auditor General’s voluminous 1200 page report of figures,
none of which has been properly understood by those who compiled it, and none
of those compilers know how bond trading actually works in practice.
It is due to this very reason, that it
is open to misinterpretation, due to ignorance of the true facts. Put simply,
it is a report of 20/20 hindsight. With such hindsight, everyone can make money.
No one looks at the time the Bond was bid for and purchased at the price and
volume the CB has accepted.
24 hours later when the Bond is sold in
the secondary market to the EPF or any other party, the purchaser, the Primary
Dealer, can make or lose money. Of course the astute one makes money because he
guessed the interest rate movement correctly, but to his dismay, the Auditor
General, who is a fool, to actually quantify, something which cannot be
quantified on the day, IS ASSUMING that the difference is a loss to the STATE!
Hell AG if it is a loss to the state
then that is NOT the fault of the Primary dealer it is the fault of the Central
Bank for selling those bonds! They could have chosen NOT to offer the bonds in
the first place.
This simple fact is NOT explained in the
AGs report, as he wished to come out of it looking like he understands bond
trading which he does not!
So the 8th graders who make
up Parliament are reading this report that is now available in the library and
coming to their conclusions! What a joke?
Reading the article in the link above,
it is so amusing, as it is a case of blind leading the blind, and in this case,
which blind man is leading which one is also up in the air.
So all I wish to state is that in this
whole CHARADE, the incompetence of the whole ESTABLISHMENT is open for all to
see. If I were a foreigner wishing to invest in this Country, I would NOT set
foot here, as I know the ignorance of the people at the top, is so much, that I
will not be able to close a fair deal, because it will be assumed automatically
that I have come to screw these lunatics! Not make a reasonable profit
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