Soi Lek's woman factor

Did Chua Soi Lek really wins the MCA presidency? Many may still be wondering how can it happened when polls reports shows majority of the people wants Ong Tee Keat to be retained. The results clearly tells the people that the MCA delegates don't understand or give a damn to what the people wants. It is what the delegates wants that matters! The people are fools, only the delegates knows how to make wise decisions!

Did Soi Lek really wins the presidency on his own because the delegates supports him? Firstly, he won only 38.9% of the total votes casted and more importantly, the votes was most probably not for him but are sympathy votes for his wife! Everyone can notice that Soi Lek took his wife Wong Sek Hin along when lobbying for votes. Did Ong Ka Ting wife's, Wendy Ong or Ong Tee Keat wife's Jane Ong openly tag along during their hubby's campaign trail?

Well, it seems women plays an important role in his political career as it looks like the rise of this guy to power is due to a woman and his fall from power too was caused by a woman. Now, will his re-entry to the Cabinet facilitated by another powerful woman who is somebody else's wife? People who have similiar experience and interest might be able to clique together. As the proverb says, "birds of a feather flock together"! -Loka

Earth Hour and a burger

Tonight at 8.30pm more than one billion people around the world will be jumping into the band wagon to participate in the Earth Hour initiative by switching off non-essential lights. This efforts are most welcome to protect our only earth. After tonight, on top of living in darkness for an hour, can we do more? Maybe like eating one burger less per month. Wait a minute, what's the relation between our favorite burger and saving Mother Earth?

Well, below is an article prepared by my son for his school's English oral examination. Read on and he will tell us why eating one burger less will keep earth's temperature in control and protect Mother Earth.

GLOBAL WARMING AND US

Many of us love to eat burgers, whether it is beef burgers, chicken burgers, fish burger or cheese burgers. I am sure; most of us would have taken a burger recently.

Burgers are great stuff, at least for all the youngsters like us here. If we are supporters of burgers, has it come across to you how burgers affected the well being of our world today? Yes, I am talking about the issue of global warming.

Do you know that averagely, 20 thousands metric tons of carbon dioxide was released a year just to produce cheeseburgers in the United States.

For example, a simple cheese burger also contains carbon footprints because it needs transportation, cooking, keeping the meat cold and so on. Imagine how much carbon dioxide was released to produce other things that we consumed or used in our daily life? It will be very scary for sure.

The cows, goats, chickens also contributed in releasing methane - a type of greenhouse gas via its excretion. One unit of methane gas is equivalent to 23 units of carbon monoxide. Imagine how much these animals excreted per day!

The increase of temperature in our Mother Earth today was due to our overwhelming desire to fulfill our demanding modern lifestyle. Automobiles on the road, air-conditioners and cooling appliances in our homes and offices and gases released from industrial plants are some of the causes to global warming.

Scientists have established that the current episode of global warming of about 0.7 degrees Celsius in the last century has pushed Earth’s temperatures up to levels unprecedented in recent history.

According to the United Nations Intergovernmental Panel on Climate Change, Mother Earth will warm up between 1.4 degrees Celsius and 5.8 degrees Celsius by the end of this century.

The Nobel Peace Prize-winning UN Intergovernmental Panel on Climate Change states that at no time in the past 1,300 years has our planet been as warm as it is now, while records from the deep sea suggest that temperatures are now within a degree of their highest levels in 1 million years.

According to Mark Lynas, the author of Six Degrees: Our Future on a Hotter Planet, - “six degrees may not sound like much, but such a rise in average temperature would be enough to destroy much of life and reshape our world almost beyond recognition.” Those who had watch the blockbuster “2012” would have a better picture of what he meant.

The world is not doomed yet. We can still do something to save our Mother Earth. The best way is the 3Rs which are Reduce, Reuse and Recycle. We can perform these 3Rs, especially reducing the consumption of goods and other items that causes global warming during its production and usage in our daily living.

We must change our lifestyle to suit the need of Mother Earth, not to hurt Mother Earth to fulfill our greed and lifestyle. I can do it, can you?

By : Ng E-Tjing, 13

So, can all of us eat one burger less every month for the rest of our lives? - Loka

Dead man don't SMS

If an SMS can convinced the Perlis State Assembly Speaker that the Titi Tinggi state seat is still not vacant, what happens if the Lower House Speaker receives a similar SMS from the a hand phone number similiar to those belonging to the late Dr Zainal Abidin Ahmad, the PKR Hulu Selangor MP who passed away yesterday?

Will the Lower House Speaker too will announce to the world that the Hulu Selangor seat is still not vacant? I doubt he will be like the Perlis Umno Speaker. For sure by today the Election Commission will be duly informed on the demised of Dr Zainal and the casual vacancy of the seat due to his death.

After the false alarm caused by the "fickle minded" Yip Sun Onn, this time around the country definitely going to have the 10th by-election since the last general election. Death man will not be fickle minded and changes his mind or listens to telephone calls from anybody, neither the PM nor the Opposition Leader. Death man will not pick up calls although the fickle minded "quit-no-quit" YB too allegedly did not pick up calls from his comrades.

Anyway the 10th by-election will be closely watch as the late Dr Zainal won the seat with a razor thin majority of 198 in the last election. One thing for sure, I am envy for the people of Hulu Selangor. With due respect to the late Dr. Zainal, his death will bring far more goodies and promises of development to the people of Hulu Selangor than when he is alive because it will be "durian runtuh" especially from the Umno led Federal Government.

It is time for the people of Hulu Selangor to draw out their wish list and laughing all the way while filling up their piggy bank. - Loka

Sound of Compassion Concert

The Buddhist community is reaching out to help the victims of the Haiti earthquake. To enable members of the public to be part of this compassionate effort, a concert will be organised to raise some funds for the Haitians.  The concert features leading Buddhist contemporary singing groups i.e. Messengers of Dharma, i-Gemz, D2Y choir, OneVoiceOneMelody, Dandelion, Bodhi choir, Fo Guang Shan and Tzu-Chi and special presentation from Dua Space Dance Group. 

For more information, please contact:

Sri Lanka Buddhist Temple - 03 4041 9459 (9am to 5pm)
Bro Roland Lee - 012 2254722
Sis Julie Tan - 016 2712120

Date: Sunday, April 18, 2010
Time: 7:00pm - 10:00pm
Location: HGH Convention Hall,  Sentul, Kuala Lumpur, Malaysia

Cukuplah Najib, Muhyiddin

Kalaulah berlaku masalah teknikal semasa percetakan, mesin cetak  mula boleh berfikir, artikel mungkin menjadi seperti berikut.

Cukuplah Tee Keat Najib, Soi Lek Muhyiddin... — PAwang Tak Selamat

Sampai bila kemelut sandiwara kepimpinan MCA UMNO akan berlarutan bertahan? Itulah persoalan yang berlegar di kalangan orang ramai terutama ahli-ahli parti itu.

PAwang setuju dengan penegasan Pengerusi Barisan Nasional (BN) Gua Musang Mohd. Najib Tun Razak Razaleigh Hamzah bahawa MCA UMNO perlu selesaikan segera krisis dalamannya royalti minyak demi mengukuhkan kedudukan BN. Jika tidak diselesaikan, ia hanya merugikan MCA UMNO selain membuang masa dan tenaga kepada hal yang tidak wajar. Tumpuan sepatutnya diberikan kepada tugas-tugas parti untuk menolong rakyat.

PAwang tidak berminat mengulas panjang. Sudah banyak analisis tentang MCA UMNO ditulis tetapi realitinya kemelut parti royalti minyak itu semakin buruk. Pelan damai Perjanjian tidak dihormati, formula alasan  demi formula alasan gagal dan penyelesaiannya entah ke mana. Terbaru, ada beberapa bahagian rancangan mencadangkan bekas Presiden MCA MB Johor, Ong Ka Ting Muhyiddin bertanding jawatan Presiden MCA UMNO pada pemilihan baru hujung bulan ini  akan datang. Ia cadangan menarik tetapi PAwang tidak fikir ia akan membantu UMNO.

Dalam kita menyerahkan kepada MCA UMNO untuk menyelesaikan sendiri kemelut meneruskan sandiwara mereka , ia tidak bermakna kita harus mengunci mulut. PAwang percaya isu tersebut tidak juga boleh selesai jika Presidennya, Ong Tee Keat Najib berundur. Begitu juga dengan Timbalan Presiden, Chua Soi Lek Muhyiddin. Membenarkan Tee Keat Muhyiddin yang dibelenggu isu kewibawaan dan Soi Lek Najib dengan isu moralnya - terus berada dalam kepimpinan - hanya merisikokan lagi MCA UMNO dan BN.

PAwang percaya MCA UMNO tidak ketandusan pemimpin. Kalangan pemimpin pelapis boleh dijadikan sandaran. Tinggal lagi semua pihak harus berani mengambil langkah besar. Tee Keat Najib dan Soi Lek Muhyiddin terlebih dahulu harus merasa malu bertaubat. Janganlah gadaikan parti untuk ego dan kepentingan sendiri. Prestasi MCA UMNO pada pilihan raya umum lalu sudahlah buruk bukannya sebaik mana, bagaimana mahu bangkit menyakinkan membangunkan rakyat jika para pemimpinnya masih mementingkan soal jawatan. Bosan PAwang. - Cetusan Malaysia

Nightmare at MCA Street

Even before any of the candidates can celebrate their success in being elected the new MCA president, the first round of nightmare is awaiting in Perlis. The MCA assemblyman for Titi Tinggi Yip Sun Onn already submitted his resignation as the elected representative. Another by-election and this will be the first involving an MCA seat.

Amongst the 25% Chinese electorates in the constituency, it will be a referendum on the new (old/recycle) president. If MCA secures majority of the Chinese votes and retains the seat, supporters of the newly elected president will be going around town declaring the Chinese community is back with the MCA/BN. But if the Chinese votes went to PKR or PAS, it will further de-moralised its members and further weakened MCA's bargaining chips with her big brother Umno.

Will this be the beginning of a domino effect especially after the outcome of the March 28 party election. Defections, quitting the party and declaring themselves independents is not a remote possibility. Maybe Labis, if the father lost the race or Pandan itself quits to be an independent if thrashed and felt betrayed? Or maybe Kulai wants to head the Parti Cinta Malaysia? But then there is the RM2 billion party assets to consider. Nope. After considering the amount of dough involved, it won't be happening. Just wishful thinking.

One thing for sure, Ong Tee Keat will have a lot of answering to do especially to the delegates since the assemblyman resigns during his watch. Maybe this is part of the scheme to ensure he will not retain his presidency. What a price to pay for the coveted presidency! Resigning at this critical period shows Yip Sun Onn is just part of the pawn in this political game in MCA.

What would they think of next in a week? Threaten subtlely to quit enbloc if their leaders and team mates are not elected? Or maybe another Made in MCA DVD? - Loka

MCA's Triple Cai Tan

The dinner date has been set. The venue has been booked. All the guests already received their invitation. The big question is what dishes are they going to eat as the guests has been served with three types of menu. Are they going to choose from only one set, mixture of two or even ala carte choices from three menus? The guests will be spoilt for choice.

Even though there are claims by some that there are no such thing as different teams, the candidates list for the MCA election on March 28 can be pooled into three teams namely Ong Tee Keat's, Chua Soi Lek's and Ong Ka Ting's a.k.a Liow Tiong Lai's. Campaigners are expected to woo the delegates to vote along the cai tan (menu) or preferred candidates by each faction.  The cai tan are can be listed all the way to the election of central committee members. Each faction had submitted their candidates to contest in every vacancy except the deputy president position, which Ong Tee Keat faction did not managed to offer any candidate.

 

The respective faction's probable Cai Tan:

                            Ong Tee Keat's     Chua Soi Lek's                  Ong Ka Ting's

President             Ong Tee Keat         Chua Soi Lek                     Ong Ka Ting

Deputy                none                        Kong Cho Ha                    Liow Tiong Lai

Vice president     Loke Yuen Yow      Dr Ng Yen Yen                 Chor Chee Heung

                           Gan Ping Sieu          Edward Khoo Keok Hai    Yew Teong Look

                           Yap Pian Hon          Donald Lim Siang Chai       Alex Wong Siong Hwee

                           ( Dr Ng Yen Yen )   Dr Yeow Chai Thiam         ( Dr Ng Yen Yen )

As for the central committee committee members, each faction has nominated at least 25 candidates with some "outsiders" who are not alligned with any of the factions jumping in to try their luck.

 

What will be the choice menu of the 2,378 delegates on March 28?

 

In the absence of last minute horse trading, counter offers, withdrawals, back stabbing and betrayals, the choice for the presidency will be a neck to neck race. Kong Cho Ha is widely expected to obtain support from Tee Keat's faction to win the deputy president post unless both Tee Keat and Ka Ting's comes to an understanding to distribute the deputy and vice presidents posts amongst themselves. If that happens, some of their own will be sacrificed.  It can be 1 DP+1VP for Ka Ting's faction and 3 VPs for Tee Keat's group

For the four vice presidents, those who are members of parliament and holding government appointments will have the advantage. These includes Tourism Minister Ng Yen Yen and deputy Finance Minister Chor Chee Heung. Looking at it, the sure winner will be the shrewd Ng Yen Yen, the only female candidate for vice president. Her name will be on each faction's menu, even though she is known to be rooting for Chua Soi Lek.

 

The delegates criteria to elect the central committee will also give priority to candidates who are either members of Parliament or State assemblymen. The central delegates would not want to take the risk of these candidates jumping to other parties if they loses. Electing them will ensure these candidates will stay within MCA as the numbers of MCA elected representatives are already so depleted and they cannot afford to loose any of them further.

 

Geographical consideration will be another matter to look into. The delegates will need to ensure all the relevant states are representated. That is the reason why some unexpected candidates won because of territorial quota. Some will win even though they are considered losers because every delegates thought they will not win but ends up receiving enough votes to win because they are regarded as "rubbish bin". Votes are given to them not because the delegates supports them but the delegates do not want to vote others.

It will be day dreaming if anyone expects the problems in MCA to be solved with this by-election. It will be only a starter to another bigger dinner, err....I mean election. MCA will be facing another election in 2011 and the battle amongst the Three Factions will be spread out from branch level to the national election. It will be more crucial. Unless of course if the general election are held before the next MCA election as the imcumbent president will only nominate his own men as candidates and exterminate his rivals. Without any elected office or ministerial appointments, it will be tough to challenge the imcumbents by then.

That is if the MCA candidates can win in the next election. If they are wipe out or perform worse than 2008, the party will be in shambles and its relevancy to Malaysian politics will be further eroded.

Pot bellied delegates

MCA president Ong Tee Keat was in my area twice in less than a month.  Another MCA leader Liow Tiong Lai, was also there but he left immediately after Tee Keat arrives. Both just have a quick hand shake and parted immediately. Their relationship has turned from sweet to sour within months. Now it is actually tasteless. 

Yesterday noon, Tee Keat was at the MCA Kelana Jaya Division again. This time it is for a very serious business, that is to launch his campaign to defend his presidency. For him to pick this division as his launching pad for his campaign says a lot about his influence in MCA Selangor. Not because of the wide support he has, but the lacked of it.

Need to remember that the former Kelana Jaya division chairman is non other Lee Hwa Beng, the current Port Klang Authority (PKA) chairman. While Lee was reappointed as PKA chairman by Ong, Hwa Beng was actually kicked out in 2008 as the division chairman by his own strong supporters include the current chairman Ong Chong Swen.

Selangor has one of the largest central delegates but Tee Keat does not have the largest cut. Former vice president Lim Siang Chai is still influential in some of the divisions while Wanita head Chew Mei Fun still has certain influence via the ladies wings. Other than Pandan, maybe Kelana Jaya provides a more secure platform for him to launch his campaign. Other divisions might not be that friendly.

With the entry of Ong Ka Ting into the presidential fray, the central delegates will be further split into smaller numbers for each factions. The well coordinated charade to bring in Ka Ting to fight for his former post must have surprised Tee Keat and rattle presidential wannabe Chua Soi Lek. By now both their strategists would be busy re-drawing their campaign strategies and reviewing alliances.

All the three factions will be hitting the road everyday until election eve, meeting central delegates or striking new deals amongst themselves. It will be a stressful and breathless two weeks. At any day, the election hopefuls especially the presidential candidates can be in at least three states within a day. It is amazing to see how their aides coordinates their bosses travel and transportation arrangements. And by the time the election is over, after counting the votes they received they will most probably counting the speeding tickets they get from the police or JPJ!

As for the central delegates they will be the kings of the month of March! They will get personal calls and SMS'es from ministers, deputy ministers and big businessmen and influential Chinese community leaders who are alligned with certain candidates. Many of the delegates will not be buying lunch or dinners for at least these two weeks, not because they can't afford it but they will be feted in posh restaurants or hotels by the candidates. By end of March many of these delegates will be gaining extra inches around their waist.

No wonder a tailor recently advised me to order more extra extra large sizes for the shirts that we ordered for our organisation. Her justification was that most people who are involved in Chinese based organisations are usually big size and pot bellied! But later we found out those XXL sizes do not have many takers. Maybe we are not delegates!- Loka

DAP strengthened grip on Subang Jaya

Two years following the grand entry of a new assemblyman for Subang Jaya, the DAP finally had a major function to meet up with the local residents. March 12 was a special night for those residing and voting in Subang Jaya because a breakthrough event took place that night.

Ean Yong Hian Wah, Selangor State Chairman and Tunku Abdul Aziz, National Vice Chairman

Teresa Kok, DAP National Organising Secretary and Senior Selangor State Exco brief the audience on the historical background of the Taman Subang Ria controversy.

  

   

Part of the dinner crowd, listening to updates from DAP elected representatives while enjoying a good meal.

 People who are unable to get a seat in the hall listens to Gobind Singh via a link-up telecast.

 About 1200 supporters gathered at a local shopping mall to witness and support a historic occasion which happens due to the decision made two years ago i.e. March 8, 2008. The people of Subang Jaya then voted for change and changed they did. The people of Subang Jaya had then elected a very dedicated and courageous young lady to serve the people.

Hannah Yeoh, the Subang Jaya assemblywoman was the toast of the crowd for her speech and two years report card. Her "report card" touches on many issues of concerned to the people of Subang Jaya, including education,  unity, infrastructure, environmental, healthy lifestyle and so on.

For the first time in Subang Jaya history the Democratic Action Party had a memorable Chinese New Year gathering which were graced by leaders of the DAP including its icon Lim Kit Siang, Tunku Abdul Aziz, Teresa Kok, Gobind Singh, Ean Yong Hian Wah and Adun for Subang Jaya Hannah Yeoh.

Kit Siang who was the final speaker of the night, spoke on many issues affecting Malaysians including the GST, NEM, GTP and Malaysian Malaysia.

The speakers lineup for the night.

After winning the state constituency of Subang Jaya for the first time in 2008, DAP are expected to further strengthen its grip on the state seat with the recent registration of a new branch and establishment of another pro-tem committee for another branch in USJ. While the first branch mostly managed by members below 35, the less than three months old branch pro-tem committee in USJ East are led by a group of grass-root supporters who are mostly in the 40s and above.

  

The team from the DAP USJ East branch with YB Hannah and YB Gobind Singh

The on-the-street experience and networking of these new branch members can be noticed when they managed to organised a major fundraising event within two months which surprises many, even those in the party's state leadership. The team that form the pro-tem committee and organizes the dinner are just ordinary guys next door who had the courage  to be directly involved in a political party for the first time in their life and to fly the flag of democracy through the DAP. - Loka

Rakyat tidak boleh fikir?

Apa perlu adanya pilihanraya kerajaan tempatan? Ia tidak semestinya akan membawa apa-apa perubahan dan kemajuan dalam pentadbiran. Betulkah? Biarlah hanya golongan tertentu sahaja yang melantik diri mereka sendiri sebagai pemimpin dan menguruskan hal ehwal masyarakat selama-lamanya. Bukankah begitu bagus, rakyat tak perlulah berkobar-kobar mendaftar sebagai pengundi, menyemak senarai pengundi untuk pastikan nama ada, berbaris dari awal pagi untuk ambil kertas undi dan memerah otak mereka untuk fikirkan siapa yang harus mereka pilih. Menyusahkan saja kan? Lagipun tak perlulah rakyat menanggung beban menjaga mata pencarian segelintir orang yang menguruskan pilihanraya.

Biarkanlah saja mereka yang taksub kuasa politik terus pegang tampuk kekuasaan. Kita orang biasa yang daif ini manalah tahu untuk bezakan siapa yang layak ataupun sesuai untuk jadi wakil kami. Kita ni kan senang dilayan macam kanak-kanak. Kanak-kanak tidak tahu membuat keputusan yang secara bernas dan berhemah. Itukan telah dikatakan apabila sebuah sekolah di Pulau Mutiara mengadakan pemilihan "ala" pilihanraya umum baru-baru ini. Kalau merajuk disumbatlah dengan lolipop agar kita didiamkan supaya mereka boleh hidup senang dalam mahligai hasil keringat rakyat biasa. Mungkin hanya mereka yang takutkan bayang-bayang sendiri saja yang tahu segalanya?

Tambah lagi mereka yang takutkan bayang-bayang, "pilihanraya akan makan belanja yang besar". Baik wang yang akan diguna itu disalurkan kepada mereka yang memerlukannya (mengikut penilaian mereka yang berkepentingan sajalah!, kroni namanya). Kalau gini logiknya, mengapa pula ada pemilihan di peringkat parti mahupun pilihanraya umum kebangsaan dan negeri. Itu kan juga menggunakan duit. Itu tak membazir ke kalau ikut logik mereka? Tambah lagi, kalau tak mahu terus  berpolitik, undur sajalah dari dunia politik.

Amatilah negara-negara yang telah sekian lama mengadakan pilihanraya pelbagai peringkat. Rakyat mereka diberi peluang menyuarakan isi hati mereka dan memberi kepercayaan kepada orang yang difikirkan paling sesuai untuk mentadbir melalui peti undi. Rakyat biasa dihormati dan di beri hak untuk membuat keputusan menetapkan hala tuju pembangunan tempat mereka bermastautin dan di beri peluang mengorak masa depan mereka sendiri. Rakyat dilayan secara bermaruah dan dihormati. Bukannya dilayan seperti anak-anak kecil ataupun beruk di dalam sangkar yang terpaksa menerima apa sahaja yang dilemparkan oleh tuannya.- Loka

MCA Bian Lian Pte Ltd

The master was able to change his face within less than a second. He did it with such slick movement that the audiences watching the opera clapped with awed and astounding excitement. With modern day acoustics, the performance became even more dramatic and entertaining. The audience just do not know and comprehend what face the performer going to change into next.

Well, that was the art of China's Szechuan Face Changing or bian lian ( 變臉) in Chinese. This art began in China 300 years ago. Performers can changed their face into different look to depict characters in Chinese opera shows. It has been very popular in the local scene especially during cultural performace or dinners attended by the Chinese community.

But for those who did not have the opportunity to watch the Szechuan bian lian so far, they can count themselves lucky as Malaysia has their very own version of bian lian which are performed widely throughout the country and to the whole world too. And it is for free. These performances are presented by a local troupe who endeared themselves as MCA Bian Lian Pte. Ltd.

Frankly, I used to follow closely on these performance with "interest" because I personally knows some of the top performers and used to give moral and spiritual support to some of them. But now, I think like many who has been concern about the standard and quality of the troupe, we just don't care anymore. These performers  face changing skills are so expected that people do not bothered with what appearance they are changing into next. Except maybe the performers themselves!

People are no more excited and concerned whether this MCA Bian Lian troupe is going to close down or even taken over by corporate raiders and run by outsiders who are least concern with the survival, dignity and importance of the Chinese bian lian.

I think it's better for me to stick to the professioanlly tested and consistent Szechuan bian lian. At least I know they are putting up a show to earn a honest living for real. - Loka

AIG to sell AIA

 AIG TO SELL AIA TO PRUDENTIAL FOR APPROXIMATELY $35.5 BILLION

Transaction to Yield Approximately $25 Billion in Cash upon Closing to Repay Federal Reserve Bank of New York

Transaction Underscores AIG's High Priority to Repay Taxpayers as Quickly as Possible

NEW YORK, Mar 01, 2010 -- American International Group, Inc. (AIG) (NYSE: AIG) announced today a definitive agreement for the sale of the AIA Group, Limited (AIA), one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.

The cash portion of the proceeds from the sale, the largest to date in AIG's ongoing restructuring efforts, will be used to redeem preferred interests with a liquidation preference of approximately $16 billion held by the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle formed to hold the interests in AIA, and to repay approximately $9 billion under the FRBNY Credit Facility. AIG intends to monetize the $10.5 billion in face value of Prudential securities over time, subject to market conditions, following the lapse of agreed-upon minimum holding periods. All net cash proceeds from the monetization of these securities will be used to repay any outstanding debt under the FRBNY Credit Facility.

"In considering two viable, very attractive alternatives to successfully monetize AIA, including an initial public offering, we decided that a sale to Prudential enables AIG to realize value on a faster track to repay U.S. taxpayers," said Bob Benmosche, AIG President and Chief Executive Officer. "This transaction, the most significant milestone to date in our ongoing effort to repay taxpayers, also gives us greater flexibility to move forward with AIG's restructuring and focus on enhancing the value of our key insurance businesses, which will benefit all stakeholders.

 

"Combining Prudential, which has long been committed to enhancing its profile in Asia, and AIA, a remarkable Asian franchise, will create an unrivalled life insurance powerhouse in Asia, one of the world's fastest growing markets. This transaction assures AIA of a well-respected, highly-rated, financially strong partner in which its management, customers, employees, agent sales force, and distribution partners can have confidence. Indeed, in undertaking this transaction, both we and Prudential are committed to preserving the AIA brand and the unique strengths of each of our sales forces, which is key to capitalizing on AIA's long term potential," Mr. Benmosche concluded.

 

Founded 160 years ago, Prudential is a leading international financial services provider. The transaction includes all of the companies of the AIA Group operating in 15 geographical markets across Asia Pacific, including the company's international network of more than 320,000 agents and approximately 23,500 employees serving the holders of more than 23 million in-force policies and the more than 10 million participating members of its clients for group life, medical, credit life coverage, and pension products.

The transaction has been approved by the boards of directors of both AIG and Prudential, and is expected to close by the end of 2010. The transaction is subject to approval by Prudential shareholders, regulatory approvals, and customary closing conditions.

AIG is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

The AIA Group is a leading pan-Asian life insurance organization that traces its roots in the Asia Pacific region back more than 90 years. It provides consumers and businesses with products and services for life insurance, retirement planning, accident and health insurance as well as wealth management solutions. Through an extensive network of 320,000 agents and 23,500 employees across 15 geographical markets, AIA serves over 23 million customers in the region.

SOURCE: American International Group, Inc.
American International Group, Inc.
Christina Pretto, 212-770-7083 (News Media)
Teri Watson, 212-770-7074 (Investment Community)

DAP breakthru dinner in Subang Jaya

At last, the assemblyman in my area Hannah Yeoh, managed to secure a venue to hold a DAP dinner in Subang Jaya after all. The latest from her blog reveals that a number of DAP big guns including Lim Kit Siang, Tunku Abdul Aziz, Teresa Kok etc. will be converging to Subang Jaya on 12 March 2010 to attend the dinner to be held at the Summit Shopping Mall.

As far as I know, this will be the first time DAP having a major dinner function with the people in Subang Jaya. The dinner which is organised by a new DAP branch in USJ was initially planned to be held at the SJK (C) Chee Wen school hall. The application to rent the hall was withdrawn few days later even after a deposit been paid. Seige mentality and deluded mind cause the school to loose out some much needed income to pay back close to RM2 million debt still owed to the contractor.

What will be the implication to the school image and Chinese education if the contractor obtained a court order to seal the school hall if the debt still unpaid after many letters of demand?

So, SJK (C)  Chee Wen Board of Governors especially those responsible for the school hall management, what say you? - Loka