Rating agencies; Najib’s Achilles’ heel
It’s been an incredible day with the IRB bill. Several senior MPs told me that they don’t remember the government ever doing such a u-turn on an amendment. UMNO-BN never had to because they have the numbers in Parliament to push through any bill they wish.
So what makes this particular episode so special or unique? In my work to fight this bill, I may have accidentally uncovered the Achilles’ heel of the Najib Administration.
We know for certain that the Najib administration isn’t afraid of opposition MPs or even any rebellious BN backbenchers. These guys are also not afraid of newspapers or opinions from the internet either.
In this fight, I actually contacted the rating agencies, whom I meet on a periodic basis when they are in town to cover Malaysia. I firmly believe that these rating agencies and their negative opinions must have spooked the Najib administration into withdrawing the investment panel.
So there you have it. My theory is as such: If you want to defeat the Najib Administration, talk to the rating agencies and convince them to take up your cause
Here are links to my speech today:
Part 1 of my speech: here
Part 2 of my speech: here