All this talk about Malaysian Airlines (MAS) flying back to profit is just tickling me to death.

The so-called WAU (widespread asset unbundling) exercise with Penerbangan Malaysia Berhad (PMB) has only transferred the big component of its expenses to every loyal taxpayer in Malaysia.

The skill and expertise of any organisation cannot be evaluated if some of its expenses are being borne by somebody else. No where in the world does this happens. And yet, we delude ourselves that this is a good deal.

Until someone can actually get the numbers for the subsidy that is being borne by taxpayers through reduced leasing charges and reimbursement of local flights, the analysis is as good as CIA report certifying that there are weapons of mass destructions in Iraq.

Who else gets paid in full for operating the so-called loss making domestic service. With that sort of arrangement I am sure even KTMB and the Putra and Star LRT (before the government) takeover could have posted profits as well.

The deal may have been good for the minority shareholders but it was, and still is, most definitely not good to the majority shareholders ( i.e. the taxpayers).

To add salt to the wound, the current so-called bargain holidays are being subsidised by taxpayers through this cost recharge programme that MAS has with PMB.

What a laugh.