Mahathir denies adopting Nazi Anti-Jewish Bank Consolidation Policy

October 23, 2012

Mahathir denies adopting Nazi Anti-Jewish Bank Consolidation Policy

by Ahmad Fadli KC@

“Tun Dr Mahathir Mohamad was inspired by Germany’s past policy of limiting Jewish financial influence to help the Malays but it was later thwarted by Datuk Seri Anwar Ibrahim, former Cabinet minister Tan Sri Sanusi Junid said today.

Sanusi told a Malay economic forum that Dr Mahathir and former Finance Minister Tun Daim Zainuddin were hoping that Malays would control the economy but when they saw progress was slow, they decided to follow the German example of not granting banking licences to Jews”.–Lee Wei Lian, The Malaysian Insider.

Former Prime Minister Dr Mahathir Mohamad has distanced himself from ex-Kedah Menteri Besar Sanusi Junid’s claim that he had adopted Nazi Germany’s anti-Jewish policy to consolidate Malaysia’s banking industry.

Speaking to reporters today, Mahathir said Sanusi had applied his own interpretation of the former’s policy but stressed that the policy was not designed to go against non-Malay interests.

“It may be regarded as (similar to the) anti-Jew (policy), but the purpose was to develop Malaysia. It is not ‘anti-non-Malay’.  During my time, I won the election in 1999 because non-Malays supported me. The Malays refused to support me.  They thought I was unfair to Anwar. He got a black eye from (me),” he told reporters after delivering a speech at Universiti Malaya.

Sanusi: Anwar botched it for us

Earlier today, Sanusi delivered a speech at the Malay Economic Congress in which he claimed that Mahathir had emulated Nazi Germany’s policy of limiting Jewish financial influence by denying them banking licences.

“We thought that if we can’t control the economy, we would follow Germany… In Germany, banking licences were not given to the Jews,” said Sanusi, according to The Malaysian Insider.

Sanusi, once a member of Mahathir’s cabinet, said then-Finance Minister Daim Zainuddin had made sure all banks, including those owned by non-Malays, had Malay directors to ensure that the industry had Malay influence.

“But unfortunately, a huge disaster happened. When Anwar (Ibrahim) became Finance Minister, he approved banking licences for Alliance Bank and Hong Leong bank,” said Sanusi.

Effectively, said Sanusi, Anwar had thwarted the plan to ensure that the all banks had Malay influence. Following the 1997 financial crisis, Mahathir had engineered a massive banking industry restructuring which saw several banks being merged, ostensibly to withstand pressures from a globalised market.

23 thoughts on “Mahathir denies adopting Nazi Anti-Jewish Bank Consolidation Policy

  1. Mahathir and Daim sought to reduce Chinese hegemony over the Malaysian economy and to break up the MCA economic power. One of the key sectors was banking. They also wanted to ensure that through restructuring and consolidation the banks would be of acceptable size to withstand international competition. There is nothing to suggest that they were adopting Nazi anti-Jewish banking policy.–Din Merican

  2. If i am not mistaken , Hong Leong Bank’s predecessor was MUI Bank meaning Hong Leong Group of companies bought over MUI Bank and renamed it Hong Leong Bank. This means Hong Leong Bank’s licence was an existing one because MUI Bank was around long before Anwar joined UMNO.

    As for Alliance Bank, did’nt it originally belong to Diam Zainuddin?

  3. Mitt the twit has no shame. He changes his position like a whore does. In the last debate last night he attacked the sitting President from the left to avoid being called a war monger when over the years he has been beating the drums for a stronger and more bellicose foreign policy. This twit would do anything, say anything earning for himself the term ‘romnesia’. His only qualification for the Oval Office is being able to turn around the winter olympics some years ago. He was chased out by the British media for saying that the Brits were not up to the mark. He sucks up to Netanyahu just to be seen by his Jewish supporters as the right man for the job ignoring Ehud Barak’s comment that under Obama relationship with the U.S. has never been stronger.

    He will bend down to Bendover Singh to earn your vote. There is nothing he would not do or say so long as he gets his way.

  4. Funny that Sanusi didn’t even mention special Malays were chosen,no mention of cronies,I remember making a joke on why did Daim create 10 Malays Billionaires instead of 1000 Malay millionaires? Well the answer is easy enough, imagine trying to ask 1000 cronies where your share are? It’s easier to group together 10 of them and ask,even then 2 ran away with most of Daim’s/??? shares but 1 finally came back.The other is still visiting the Queen.Calling Mahathir racist is being too kind.We needed a foreigner to call him names, and recalcitrant was the first,even then hordes were licking his arse.No one believed the foreigner,if we had,we wouldn’t be in such a mess now?? Would we???Oouch!!!

  5. Dato, in the first post here, you seem to be making a statement defending Mahathir’s banking policy as being correct ie breaking up Chinese control and not being all along Nazi anti Jew’s policy… as if you were cocksure????

    Second post is on Romney-Obama debate pulak….
    The second one was posted in the wrong place and that has been corrected. UMNO used to be dependent on MCA for political funding during Tunku and Razak era. Mahathir changed all that. But that does not mean he and Daim adopted Nazi tactics to achieve this goal. There is such a thing as “willing buyer willing seller basis” of doing business.–Din Merican

  6. The parallel between UMNO and the the Nazis of Germany goes beyond just Mahathir’s banking policy. Just look at the thugs of UIMNO Youths and Perkasa, the arrogance of their leaders and most obvious of all, their doctrine of racial superiority.

  7. Din, Sanusi didnt get his fact right.Anwar never issued any new bank licence when he was the Finance minister. Hong Leong Bank was formely MUI Bank, Quek Leng Chan bought it from Khoo Kay Peng. Alliance Bank was owned by Multi-Purpose Bhd. Phileo Allied Bank was formerly UOB Bank in Sabah.Thong bought it from Wee Choo Yaw for 50 m rgt.
    Thanks for this input.–Din Merican

  8. I hope the Malays accept facts and be less defensive. No point arguing with these expired UMNO Malay morons leaders anymore. These were the leaders who strive on crony capitalism until today. Sanusi Junid is a phoney. Even his good friend, former prime minister TDM has distanced himself from his claim that he had adopted Nazi Germany’s anti-Jewish policy to consolidate Malaysia’s banking industry.

    The Chinese just got squeezed out more and more from everything. Even in the banking and law firms the Malays are now putting the squeeze on the Chinese.

    The last I heard is that the Malayan Banking ( which started by Chinese) is requiring any law firm applying for loans from it to have at least 1/3 of Malays partners in the law firm. The Malays have mostly taken over the Chinese banks. Out of all the 5 major banks in Malaysia, only one bank is own by multi-racial, the rest are controlled by Malays.

    There are virtually no Chinese in important government departments or police or military. MCA is not the Malaysian Chinese Association. It is Marginalize the Chinese Association. It is nothing more than a mouthpiece for the Malays. A bunch of cowards who sold out their own Chinese brothers for their own selfish immoral gains.

    Singapore had stood up fearlessly and thrived and become a world class nation. The so-called Chinese leaders in Malaysia simply led the Chinese into second class status where the Malays with lower education, lower income and cruder sophistication dare to kick the Chinese around with contempt.

    Instead it is Malaysia that is stagnating in sleazy corruption with per capita GDP barely 1/5 of the Singaporean. The Singaporeans are treating all races in Singapore equally. The Malaysian Malays are the sleaze thugs that are doing all they can to marginalize the Chinese, the Indians, and everybody else and in the process keep Malaysia backward and the Malays the poorest of all the races.

    Racial equality in Singapore has made Singapore prosperous. Uncivilized and barbaric racist discrimination and marginalization in Malaysia has made it corrupt and backward and poor. And the Malays are still the poorest. Not because the Chinese exploit them but because they are lazy and uneducated and constrained the most dynamic engine of economic development that is the Chinese.

    Calling the Malays lazy and uneducated is not racist. It is just facts. The Chinese are better educated despite that they have to go overseas to get higher education. Chinese schools are less funded than Malay schools. Chinese shops have to hire a minimum number of Malays who work the least. It is the Chinese who are generating the most economic activities and taxes.

  9. Well, at least now I don’t worry about Hudud as much. Since I am a Jew and Mahathir such a brilliant and respected leader, Ahmadinejad will listen to him and NUKE me sooner…

  10. So is Datuk Sanusi implying that Anwar is for fairplay when he approves the banking license for Alliance and Hong Leong Bank. That would give the more reason for all fair minded Malaysians to vote in the opposition party. This proves that Anwar practise inclusiveness or fairness to all even during his days in the BN. This is the type of leader that Malaysia is so lacking.

  11. Democrate, i agree that Sanusi Junid is a phoney, and like many others who feel left-out, Eg : Kadiak, Bung Mokhtar, Hassan Ali & others, they are now trying to make noise b’coz they are a frusterated lot….
    in my case, i am NOT trying to defend the Crony system built up over the years. You can;t deny that it was the Govt which ” created ” the Ten *10) Billionaires of Malaysia, only one a Bumi, ther other an Indian, Ananda Krishnan, and 8 others Chinese.
    Mind you, in this Crony-system of Economic activities, the Malays within the powerfull UMNO, OBSESSED with the Affirmative Action to redress economic Imbalance, it had created/ built-up layers upon layers of Cronies relying on Govt hand-outs. trickling all the way down the line, the Top-most getting the Lion-shares. If you like, Chief Cronies to sub-cronies to sub-sub cronies and so on. – yes, the ” quick-way” to riches….but truly lacking the economic Resilience & Industry of the Chienese character…

    ONE THING THOUGH, the general Malay populace were left out and until today, they are Economically marginalised. Their frusterations generated are being felt.

    My final point. your perception that Malays are ” lazy “( may be so ), BUT have you considered about how Malays were largely desperate, they were panicking, not knowing what to do & which way to go, at Merdeka time in the creation of the new ” Malaysia ” ? They were Peasents, no skill, no nothing, compared to the Immigant-races, Indians & Chinese esp, who were proficient business people, RELIED upon by the Brits as good salesmen, thus earning for themselves the label ” Reliable Middle-men, for all the Western products….etc.
    So, the Malays had started off with great DISADVANTAGE, hence their desperation & panick, no other way, but to go ” the easy way ” for quick riches or material wealth…
    We can argue till no end….the big Q is ” Wither goest ” Malaysia ” ? yes 50 years of advantage must end, but in the same 50 years, we were beset with racial problems too…when do we start ?

  12. In the mid 1970s when I was in MU, nearly 99% science/ engineering lecturers are non- Malays. Since 2000s, non-Malay lecturers in science/engineering in all public universities have reduced to only 20-30%, and there may be 10% non Malay lecturers in other faculties. Low percentages of non-Malay lecturers exist today also in most private universites, except UNITAR, IMU, INTI, TAYLOR, SUNWAY, KDU. This very huge pool of intellectual Malay (with Phd) arises from a corresponding huge pool of Malay graduates (from local uni or foreign uni) with first degree who then chose/ being selected to proceed to do Phd. The Malays with the huge resources in the higher end intellectual spectrum cum the huge pool of graduates, and entrenched by NEP (contracts, business, works etc), the Malay should be in superior economic status vis-a-vis the other races. In oil/gas businesses, majority engineers of all disciplines are the Malay. But till today 2012, the govt are still screaming that non-Malays are holding more than 70% of the national conomic pie.

  13. Well, on the positive side, the bank consolidation policy was & is a good policy. Banks need to be big and strong to withstand the globalised international competition.

  14. @ Din, are you serious? I had rather believe Sanusi might have a point. Very few people trust the great Doc any more and fewer still believe him now. Of course 9/11 was CGG, ah, forgive me for trying to be clever lah.
    The issue here is not about the man. I have been critical of the man, but in this instance I accept his view that the restructuring of the banking industry in Malaysia was intended to make our banks bigger and more competitive. Today we have big institutions like Maybank, CIMB Bank, Public Bank, RHB Bank and Hong Leong Bank which can hold their own against the likes of Citi Bank, Standard Chartered Bank, HSBC, BNP Paribas, Deutche Bank, Swiss Bank Group,OCBC, DBS Bank, UOB, Bangkok Bank, Siam Commercial Bank, etc. I am sure Hishamh can comment on this since he is in finance.–Din Merican

  15. Sanusi? You guys are giving too much space to the genius who wanted to plant padi on roofs. This guy is totally irrelevant, suffers from delusions of the grandeur, that even Octo gave up on him.

    I’ll agree that the Banking System is bigger, but not necessarily better or more efficient. I fail to comprehend why that Chinapek Public Bank consistently outperforms the Bumi laced entities, on a parity basis. Any geniuses out there who can tell me why?
    CLF, I am not a genius, but I would venture to suggest that Public Bank chairman Tan Sri Teh Hong Piow is a prudent banker who will not put his own (shareholders equity) and depositor’s money at risk. He learned this the hard way because the late BNM Governor (Tun) Ismail Mohamed Ali was tough on him with heavy penalties or fines. Tan Sri Teh is doing very well at home and in countries like Cambodia where his Cambodian Public Bank in Phnom Penh is outperforming Maybank and newcomer CIMB Bank.–Din Merican

  16. Plus the fact that he’s regarded as God reincarnate by his hirelings. Haha..
    But honestly, the service they provide is superb, even though i never had an account with them. Besides the HQ/some branches of CIMB and HLB, most the of the local banks are crap and treat anyone asking for a loan without ‘enough collateral like a leper. Yet we want to export our services industry? Perhaps to darkest Africa. Look at the mess Maybank got into in Indonesia! Truly leadership by example.
    What about Bank Pertanian, Rakyat, SME and other jokes?

  17. @ Din, the so called consolidation of the banks so as to be competitive had come at what costs? Except for Public Bank on its own merit, I am not too certain about the rest as to whether they can really weather the storm when one comes without government ie your and my help. Was the fear cited of not being able to compete unless you are big really the rationale for the consolidation or was it really something more sinister? Ah, one can achieve an objective without seeming to be obvious.

  18. @ Mr Bean, from the Dear Doc to Mitt. What a fantastic leap of faith! Okay, maybe Doc, Nazis, Jews and thither Mitt. Still, what is Obama’s one qualification to be the president? Change for the better? Tell that to the average American.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s