malaysiakini on the KLSE Downturn......

So far malaysiakini has not written many articles on the financial crisis - perhaps we were all too worried on the "reluctant Prime Minister" episodes that appears to have been resolved today.
This malaysiakini article on the KLSE Malaysian shares tumble 2.7 pct is just a start of the economic crisis that will engulf the world.
Surprisingly the KLSE appears to have escaped thus far the financial meltdown in world markets but the signs are that we could fall below 900 points in the next few weeks.
If you watch CNBC and CNN, you will find that the CEOs of the failed banks like Lehmann and AIG have to appear before Congress and explain their roles in the failed banks.
Over in Malaysia, Maybank has paid a hefty price for the BII acquisition and I guess their investment is worth at least 35% less today and it is simply considered a "normal business decision".
Maybank is obliged to take over the minority shares at 510rupiahs and the last market close was about 300 rupiah - that was before the Jakarta stock market had to stop trading after the shares plunged 10%. So the 300rupiah share would have fallen to 270rupiah if not for the 510rupiah guarantee or about 53%.
Maybank shares have also fallen to 5-year lowsand the investment turnaround could be at least 8 years.
Since Maybank is a component of the NEP equity calculations it should display much more prudence in its financial dealings as this Indonesian deal sucks.
For those who claim that the financial crisis happened only after they signed that dubious deal with Temasek, some people have been warning of this crisis as early as 2006.
But never mind lah. PNB has decided to support the Maybank price by recently purchasing about 7m shares while the EPF came in for about 2m shares. I wonder who sold the 9m shares?