Malaysian Media Please Stop Addressing Jolo As A Financier Or Businessman He Was Neither He Is Just A Thief
Here is a correction of some serious misconception in the Malaysian media. The media frequently prefixes JoLo with the words 'financier' and businessman.
The media does not seem to understand the meanings of the words financier or businessman.
A financier is someone who knows how to put together capital resources to fund a business or some economic pursuit. Usually a financier is someone who can organise OPB and OPM - Other Peoples' Brains and Other Peoples' Money. All bankers who are involved in arranging credit and loans are financiers. Bankers organise OPM (Other Peoples' Money) mainly from other peoples' savings, fixed deposits, current accounts, short term and long term borrowing from other funders, the banks own capital funds etc and using all that money to finance or loan money to industries, individuals, for commerce and trade. The banker himself could just be a paid employee of the bank. The bankers role is purely that of financier. The bankers organise surplus capital in the economy and put it to good use. These are financiers.
Financiers usually get paid a fixed return on their financing activity - usually designated as interest payments on loans or the coupon payment (also interest payment) on bonds that may be issued by the Bankers / Financiers. No matter how well or how poorly the business performs the banker / financier gets paid only the agreed amount of interest or coupon. Lets say the loan was RM1.0 Million at 5% interest rate. The Financier / Banker gets paid only RM50,000 per year.
If the business goes bust, the Financier will lose RM1.0 Million of OPM (Other Peoples' Money). He will have to answer for the loss. If he has some security (for the loan) then he may be able to salvage some scrap value from auctioning the security.
A person who uses his own money or capital resources to put together the funding required for a business, a product, service or a project is not a financier. That is actually an investor. An investor gets paid in profits and dividends.
If the business does exceptionally well the investor may get paid back multiple times his original investment amount. Lets say the investor invest RM1.0 million. The business takes off and he can make a profit of half a million every year, then in two years he would have recovered his original RM1.0 million investment. This is not impossible. If the business goes bust the investor also loses RM1.0 million of his own money.
JoLo was neither. He is a thief who stole billions of Ringgit of Malaysian taxpayers money. With the stolen taxpayers money he went shopping. He bought clothes, bought wine, whiskey and wasted the stolen money on parties and women.
That is not a financier. Neither is it a businessman.
So Malaysian media get your facts straight. Just use JoLo the swindler or thief. That would be more accurate.
Posted by Syed Akbar Ali
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