The Malaysian government's decision, to buy out Tajudin Ramli's 29 percent stake in Malaysia Airlines is a scandalous move to save Tajudin's skin at the expense of poor taxpayers.

The expected purchase price of RM8 (US$2.10) a share - which is what Tajudin himself paid seven years ago - is more than twice the current market price for MAS.

The government had deliberately misled taxpayers on the cost-saving merits of privatisation when MAS was privatised to Tajudin in 1994. Today the reality has proved otherwise, i.e. what the government had done was to dole out states assets to political cronies.

MAS' fourth consecutive year of losses has demystified private sector efficiency. Under the rein of Tajudin, MAS has been reduced to an extremely inefficient, debt-ridden carrier.

The bailout exercise demonstrated the government's total disregard for the well-being of the people. This is a classic example where the rich are being favoured, being let off from their debts, even though they can pay them, while the people who suffer in financial hardship, have to bear the brunt of Prime Minister Dr Mahathir Mohamad's piratisation scheme.

Malaysians should ask why we must save wealthy investors from paying for their reckless actions. If we don't stop the bailout and condemn the government then we are encouraging those responsible to repeat the same pattern of abuse and excess.

The reluctance of foreign carriers to take over MAS, citing fears of political meddling as the deferring factor, speaks very badly for the government. The intertwining of political interest and businesses should be arrested immediately. The lack of political will and commitment to real reform will only encourage the call for reformasi and fuel the movement to oust the scandal-plagued Mahathir.

The government should be more sensitive to the rumblings of discontent among the people over widespread abuse of power and injustice. The growing fault lines in the Malay community will extend to the Chinese community if the much-touted economy is a mere political propaganda to sustain Mahathir's political hegemony.