Asset Bubble: The Causalities and Its Limiter

Asset Bubble: The Causalities and Its Limiter
by Sando Sasako
Jakarta, 31 July 2017
Last update: 30 September 2017
This section is a part of book titled by

Asset Bubble, Bank Rakyat Indonesia, and Satellite Business in Indonesia.
You may cite the content by using this style, or else:

Sando Sasako. Asset Bubble, Bank Rakyat Indonesia, and Satellite Business in Indonesia.
Asset Bubble: The Causalities and Its Limiter (pp.5-14). Serabdi Sakti, Jakarta,
September 2017.
You may contact the author through

Email: sandosako @ yahoo.com
Mobile: +62 812 8056 516
Contents
Contents .................................................................................................................................................i
List of Tables .........................................................................................................................................i
List of Figure .........................................................................................................................................i
Asset Bubble ........................................................................................................................................1
Excessive Liquidity ..........................................................................................................................3
Excessive Liquidity: The Aftermath ................................................................................................5
The Liquidity Effect .........................................................................................................................7
The Limit of Excessive Debts ..........................................................................................................9
List of Tables
No table of figures entries found.
List of Figure
Figure 1 Monetary operation of Bank Indonesia and monetary instruments in Indonesia ...............7
Figure 2 Inflation targetting framework by macroeconomic indicators in Indonesia .......................9
Keywords: asset price, asset bubble, inflation, demand, liquidity, quantitative easing, loose monetary
policy, easy money policy, money glut, commercial real estate, rigged casinos, asset deflation,
monetary operation,
i
How to order: Cara pemesanan:
Kindly send your purchase order by Silahkan order buku ini melalui SMS ke
SMS/texting to +62 851 0518 7118
+62 851 0518 7118 +62 852 1035 6516
+62 852 1035 6516 dengan menyebut nama, email, , dan nomor
by mentioning your name, email, and mobile telpon yang bisa dihubungi.
phone number.
Setelah order pemesanan diterima, kami
Upon receiving your order, we shall notify akan mengirimkan nomor dan nama pemilik
you our bank account number and the name of rekening.
the account holder.
Harap memberikan konfirmasi terhadap
Please notify us regarding your successful pembayaran melalui transfer bank.
payment to our mobile number above.
Setelah dana tercatat efektif di rekening bank
Upon effectiveness of the fund received in kami, kami akan memberikan email berisi link
our bank, we shall email the link to download untuk men-download buku elektronik yang
the ebook you have ordered and paid. telah dipesan.
The link to download shall expire in 24 Link untuk men-download akan expire
hours. dalam waktu 24 jam.
Thank you. Terima kasih.
+62 851 0518 7118

Asset Bubble
The price of any good will remain high as long as quasi demand appears to exist all time. Rare, scarce,
unique, highly differentiated are the common characteristics and attributes embedded in such goods.
Such demand does not need to be real, underlying, and sustainable. Greater expectation of higher
value of the goods is what triggers and keeps the price high and creeping to rise.
Under normal circumstances, land price tends to rise in time. Land, house, building should be consider
the same. As the soil, water, air surroundings the land gets contaminated, land price will jump off the
cliff, and commit free fall. Likewise the other factors such as social and political issues when they
come to play as well.
Label and stigma such as higher level of social crimes, street crimes, economic disadvantages, shifted
economic centers are some instances that keep the price low, relatively. Land price phenomena aint
indifferent with any other classes of assets such as financial assets in terms of stocks, commodities,
gold. They can skyrocket and free fall in just a short moment of time.
Relatively sudden increase and hikes in the price of assets is called bubble. In contrast, relatively
sudden free fall in asset price is called burst. There are signs and indications for every event. Likewise
the trigger. Some people are wise enough to mark, capture, and seize the opportunities knocking their
door in just a brief moment of time.
In macroeconomics, asset bubble is known as asset inflation. It can mean more money chasing limited
asset. It also marks the condition that the interest in the financial markets, namely the bond markets
and bank deposits, fail to attract this money to be invested. As asset price reflects revenues, a steady
and stable price increase does attract the shift of asset allocation from cash in the bank or the similar
to another class of asset. They call it demand-pull inflation.
Superficial demand is deemed to be suffice and necessary for hungry investors. They might not be in
a rush to capitalise the potential profits in the short-term. Some other hungry investors might chase
otherwise, cashing in whenever and whatever possible. The generic terms for these redeemable cash
are capital gains, dividends, yields.
When these quasi demands overshoot and gets hampered by the shortage of supply which is real, the
price will jump. The rarity and scarce relativity of profitable and reliable financial assets has turned
the existing ones to be the only choice of valuable assets to be collected and stacked in their portfolio.
The buying binge will never stop until some other macroeconomic indicators change and turn around.
The termination of quantitative easing (QE) policy, or easy money policy in the past, surely indicates
and signals some rise in the interest rates used as the benchmark. It also marks the beginning time of
tight money policy (TMP). Typical QE might take a form of pouring liquidity into the financial
markets and set some staging of boosting demand just before the monetary authority realise the
actions and implement the policy.
Whichever financial instruments to be bought by the monetary authority usually comes with a price,
the trade-off. As the bond markets become the ultimate choice of liquidity pouring, the intended
course of action triggers widespread selling incidents in the stockmarkets, pushing down the stock
market indices. The unspoken assumption is that such government action should involve significant
amount of money.
The super-easy money policy and financial conditions, indicated by super-low long-term interest
rates, and powered by yield-chasing risk-blind investors creates enormous liquidity in the markets.
1
Sando Sasako
The saturated financial markets with liquidity leaves the investors to worry and concern more on QE
tapering, rather than what happen in the real sector, either in terms of economic growth, employment.
Signs of growing trouble in the financial markets began to unveil as commercial real estate (CRE)
transactions began to shrink. Signs of the next bust are starting to pile up. Brick-and-mortar retail is
melting down, likewise the values of retail malls. It is due to widespread store closings and tenants
bankruptcies. Vacant lots percentages can reach a level of 40%-50%.
Store closing can mean that there have been bankruptcies amongst the consumers, commerce, and
business. Bankruptcy is another stage and name of financial distress. It can also mean that the credit
cycle has already turned sour. Debt slaves are beginning to buckle under their loads. The e-markets
eventually have devastated the traditional retailers operating within the brick-and-mortar premises,
but the industrial space such as warehousing and transporting business.
Many CRE loans are structured with a balloon payment due before the full amortisation period. As a
consequence, the cycles become more volatile. The chain reactions of the incoming and next financial
crisis have already started. As the banking institutions are capable to indirectly bankrupt the consumer
and commerce, why wont fiat money be used to fund the consumer directly?
2
Excessive Liquidity
Excessive liquidity has become the culprit causing the (financial) assets to bubble. When you have
cash, there is nothing more interesting and exciting to spend on everything that looks promising. The
buying binge, investment frenzy, has created frenetic trading beyond anyones imagination. Anything
that has values are deemed worth to be collected.
The value of merchandises should be steady, everlasting, ever-increasing, ageless. Typical products
have tapered to something rare, scarce, unique. Land (and its derived products), calligraphy, antiques,
arts are somewhat has become the representation of ones well-being. Whilst the products of financial
markets have remained some games to play and speculate with.
Stocks, bonds, commodities, foreign currencies have become the toys for money managers to play
and slosh with. The dynamic nature of roller coaster within the financial products is their daily joyride
reaping and exploiting the benefits of changing momentums, either upward or downward. Volatilities
in the price of financial products can be easily extracted and manipulated.
The overwhelming easy money has left no spare space to invest in the real economy. The increasingly
small number of investment opportunities has become the chasing target of easy money to torrent
with the price (of anything) as the indicator for approval. This investment binge has been fueled by
low interest rates, easy credit expansion policy, and fiscal stimulus.
In China, such policies are to keep its economy aloft and afloat. Nevertheless, most new cash offered
is not allowed to be extracted out of China. As you may have already known, China has been running
and discriminating its 2 different currencies, that is CNY and CNH. The first symbolises the Chinese
Yuan that is fully controlled by PBoC, while the second symbolises the Hong Kong Yuan that is
controlled by HKMA.1
Price has become the ultimate indicator, reference, and preference as it can rise faster than corporate
earnings. Companies may increase their earnings by cutting costs, not necessarily through the increase
in either sales or revenues. Nowadays, banks worldwide have a way to cut its cost of funds. They call
it as negative interest rates policy (NIRP).
If you dramatically increase the amount of money bidding for a relatively fixed number of assets, the
competition will drive the prices of those assets (stocks, bonds, homes, etc.) higher. Otherwise, the
price shall remain the same, flat. In the opposite direction, when no one bids and the owner initiates
the offer, the price will surely go down in time.
Indeed, loose monetary policy has helped banks, financial markets, and individual countries emerge
from the financial crisis. Nevertheless, every glut and excessive things will and must matter and take
its toll. The ever greater upheaval has produced economic side effects that is hazardous and contaging.
As the worlds economy has become one and fully integrated, many has awaited for the asset bubble
phenomena to burst and provoke a systemic financial crisis, recession, and the destruction of savings.
By economic sectors, wasteful, misplaced, and inefficient government spending has been allocated
and sapped to the private hands financing the rotting infrastructure, free medical care, lavish public
employee pensions, mitigate the global warming effects. By economic actors, royal spenders include
(Chinese) banks, companies, and investment funds.
1
For more information regarding the financial crisis in China in early 2016, see Sando Sasako, Krisis Finansil Cina:
Perspektif Kebijakan Moneter, Corporate Finance (Analisa Laporan Keuangan), dan Investment Banking (Valuasi Nilai),
Serabdi Sakti, Jakarta, March 2016. See the table of contents in this link http://bit.ly/2vMzUt0.
3
Sando Sasako
On the other hand, millions of consumers (in China) have converted their savings into new, high-
return investment products, and short-term. In 2015, apartment prices in Shenzhen rose 47.5% from
its previous year. It was the largest increase in the world, followed by Auckland, New Zealand, as the
second place, that rose by 25%.
As most cash is generated through debt financing, profit seeking investors are chasing short-term and
quick yielding businesses, by pouring cash into one asset type after another, increasing volatility and
prices apparently. The speculative and hot money nature of this investment can not necessarily bring
positive and create and add values to the real sectors.
The Chinese stockmarket crash in the summer of 2015 wiped out $5t, or 43%, of value in Chinese
stocks at one point. That was a lesson learnt. To abate the crisis in its financial markets, Chinese state-
owned banks lent the liquidity to a bunch of national team of investors to keep purchasing the (junk)
bonds (and stocks) deemed necessary to be salvaged. Likewise the Feds actions in the US.
At some points, investors were awaken that stock markets are rigged casinos. As a result, stocks are
something not worth to keep as an asset and as an investment. They turn and shy away from stock
holdings to commodity or elses. Deflating the asset bubbles poses a much greater risk (for China).
Some unprofitable state businesses need easy money to roll over other debts that they can't pay.
4
Excessive Liquidity: The Aftermath
From one scenario to another, most analysts have tried in vain to depict, illustrate, and simplify the
ongoing and upcoming reality, but with confusing new terms and jargons of their own, and not based
on what is common, usual, and regular terms. In applied economics, the boundaries of specialised
branches and disciplines become insignificant and blurs.
Some events in the monetary economics are and can be well defined with other perspectives, points
of view. Instead of classifying and segmenting the analysis, most analysts would go all the way down
in a straight line, without pause and proper introduction how to explain things. As a result, people
barely cant catch up, hold their breath, and make some thinking to what am I reading and processing
now.
Let me tell you one thing. Imagine and put yourself as the owner and authority to set, control, and
maintain the games in the financial markets of your own. Fair play and some usual stuffs are set
according to what has been set and practiced internationally. The games and the shows must go on,
no matter what.
Create games that luring and addicting, add enthusiast players. Anything. The food, the energy, the
balls to play. If something comes up, adjust the games. Some tinkering will do. The point is let the
games running. If none is playing, as the authority, you must create shadow players, puppets to play
your games, your winning games. It is that simple.
Primary dealers and market makers have only one thing to create, keep the games running aloft and
afloat. Liquid funds that have been injected through primary dealers and market makers to the pool
after the crisis, particularly the SPM crisis in 2008, have pumped up the stockmarkets worldwide to
the highest level. Lay persons call the phenomena as the biggest and longest bull markets worldwide.
The audiences, spectators, players are betting against what they deem to fail, success, or both. As
short-selling has been banned, the stock market players and spectators only know one thing in mind.
The index must go up and up, but the individual stocks that dont perform as expected. Nevertheless,
some stocks remain dormant and commit apparent death for decades.
What has been pumped is nothing but bubbles and balloons, assets bubbled and ballooning debts. The
bond financing that injects liquidity only valid and real in the balance sheet. What is real, actual, and
cash redeemable are the bond yields and margin spreads. On a personal level, it is the stimulation to
increase consumers spending and investment.
The liquidity level in one economy is highly dynamic in time. In Indonesia, the liquidity level, the
projected ones, is set during the meeting of board of governors (RDG, Rapat Dewan Gubernur). Prior
to 19 August 2016, the reference interest rate (BI rate) was set on a monthly basis. Nowadays, it is
called BI 7-day repo rate.
The new reference interest rate puts more emphasis on the money market interest rate, transactional,
market tradable. It tries to create and achieve some level of deepening in the financial markets. The
BI 7-day (reverse) repo rate was firstly introduced on 21 April 2016. It was four months of testing
and try out, before fully implemented.
5
Sando Sasako
How Indonesian central bank perform and conduct monetary operations in Indonesia has been briefly
illustrated in my book titled by Krisis Finansil Cina, page 48-50.2
2
Sando Sasako, Krisis Finansil Cina: Perspektif Kebijakan Moneter, Corporate Finance (Analisa Laporan
Keuangan), dan Investment Banking (Valuasi Nilai), Serabdi Sakti, Jakarta, March 2016. See the table of contents in this
link http://bit.ly/2vMzUt0.
6
The Liquidity Effect
Some times in the past, economic growth rate and/or exchange rate were the sole and/or dual purposes
of an economy. In time, those 2 indicators have been difficult to predict, manage, maintain, as too
many variables have been involved in the process. Partly in terms of immediate effect as some policy
and measures were taken.
Figure 1 Monetary operation of Ban k Indo nesia and monetary instruments in Indonesia
Chart Monetary operation of Bank Indonesia and monetary instruments in Indonesia

Source: Bank Indonesia
In due time, the achievable economic target has shifted to liquidity, an indicator that relatively easy
to maintain and control through the (expansionary) monetary policy (and operation). In her brief
description regarding the liquidity effect coined firstly by Milton Friedman in 1969,3 Victoria Duff
describe how the available liquidity through expansionary monetary policy affects 3 elements of the
economy, that is interest rates, income, and inflation.4
In another perspective, Thornton of St. Louis Fed asserted that liquidity, income, and price or inflation
expectation are the 3 effects on interest rates caused by an exogenous change in the supply of money.
Due to the inflation expectation effect, an exogenous change in money growth eventually leads to
higher, rather than lower, equilibrium nominal interest rates.5
In the US, through open market operation, the Fed conducts open market purchase of US Treasury
securities (T-bills, notes, bonds) with cash and makes repo agreements that is overnight or short term
interest bearing deposits of money at banks and brokerage firms, secured by US Treasury securities.
Large amount of cash injection to the financial system brings interest rates to go down.
Low interest rates do imply some of the followings:

1. The prices of bonds rise. Some bondholders are cashing in. The proceeds of the bond sale increase
the liquidity in the market and pushing interest rates lower.
Milton Friedman, Factors Affecting the Level of Interest Rates, in Proceedings of the 1968 Conference on Saving
3
and Residential Financing. Chicago: United States Saving and Loan League, 1969, pp. 11-27. in Thomas M. Havrilesky
and John T. Boorman, eds., Current Issues in Monetary Theory and Policy. Arlington Heights, IL: AHM Publishing,
1976, pp.362-78.
4
Victoria Duff, Liquidity Effect in Economics, Chron, 20100820, Last Update 20161026,
http://smallbusiness.chron.com/liquidity-effect-economics-5212.html
5
Daniel L. Thornton, The Relationship Between the Daily and Policy-Relevant Liquidity Effects, Federal Reserve
Bank of St. Louis Review, January/February 2010, pp.73-88.
7
Sando Sasako
2. Business and personal borrowings rise. Business expansion and increased consumer purchases
causes more business activities aka more employment.
3. More employment means lesser available workers. Higher wages are offered to attract and retain
better employees. Higher wages means higher income, increased demand.
4. Increased demand means higher price aka inflation. The increased demand raise the money supply,
chasing a finite and limited supply of goods and services.
When market liquidity is deemed to be excessive, the Fed will take out the money of the (financial)
system by selling Treasury securities and raising the reserve requirement (RR) at banks. This tight
monetary policy pushes the interest rates higher, causing the banks, businesses, and consumers to
slow (and prioritise) their economic activities. To sum up, low liquidity has the opposite effect on the
economy from high liquidity.
8
The Limit of Excessive Debts
The dynamic nature of liquidity, interest rates, exchange rate, and money supply has made those 4
indicators cant be set as the target of the government and the central bank in some middle-term plans.
Likewise the income and economic growth (GDP) as determinants for these 2 indicators vary in time,
period, person (individual or institutional), and place.
Figure 2 Inflation targetting framework by macroeconomic indicators in Indones ia
Chart Inflation targetting framework by macroeconomic indicators in Indonesia.

Source: Bank Indonesia
This leaves price increase or inflation as the last macroeconomic indicator available to be set as a
target. Simply said, inflation is and sets the limit of excessive liquidity that an economy can cope. In
the balance sheet, the liquidity is treated and regarded as an asset, the left side. The double accounting
principle requires the asset to be recorded as a debt, the right side. Accordingly, inflation is and sets
the limit of excessive debts that an economy can cope.
Price level (P) is highly regarded as the product of money supply (M) and velocity of money (V)
divided by quantity of goods (Q) sold during the year. It was proposed by Irving Fisher in 1911 to
illustrate the identity of monetary exchange, or demand for money. This quantity theory of money
tries to equate the balance in the real sector (P.Q) with the balance in the monetary sector (M.V).
Inflation has become something highly needed to monitor closely and control tightly due to its nature
that capable to destruct and grind the real income and lowering peoples welfare and prosperity. High
level of inflation turns domestic real interest rates unattractive. This in turn adds another pressure to
the rupiah exchange rate. Unstable inflation rates surely create uncertainty discouraging the economy.
The common causals for inflation are demand-pull, cost-push or supply shock, wage-push, deficit-
induced and the short-sighted government action, printing money to cover the budget deficit, bank
loan penalties. Whilst the typical inflations according to its speed or intensity are creeping or mild,
walking, galloping and hyperinflation, stagflation, deflation, imported.
9
Asset Bubble, Bank Rakyat Indonesia, & Satellite Business in Indonesia
Sando Sasako
Asset Bubble,
Bank Rakyat Indonesia
&
Satellite Business in Indonesia
http://bit.ly/1S2Ibr
http://bit.ly/2wFoK9a
Serabdi Sakti
Jakarta, August 2017
How to order: Cara pemesanan:
Kindly send your purchase order by Silahkan order buku ini melalui SMS ke
SMS/texting to +62 851 0518 7118
+62 851 0518 7118 +62 852 1035 6516
+62 852 1035 6516 dengan menyebut nama, email, , dan nomor
by mentioning your name, email, and mobile telpon yang bisa dihubungi.
phone number.
Setelah order pemesanan diterima, kami
Upon receiving your order, we shall notify akan mengirimkan nomor dan nama pemilik
you our bank account number and the name of rekening.
the account holder.
Harap memberikan konfirmasi terhadap
Please notify us regarding your successful pembayaran melalui transfer bank.
payment to our mobile number above.
Setelah dana tercatat efektif di rekening bank
Upon effectiveness of the fund received in kami, kami akan memberikan email berisi link
our bank, we shall email the link to download untuk men-download buku elektronik yang
the ebook you have ordered and paid. telah dipesan.
The link to download shall expire in 24 Link untuk men-download akan expire
hours. dalam waktu 24 jam.
Thank you. Terima kasih.
+62 851 0518 7118

Contents
Contents ...................................................................................................................................... i
List of Tables ........................................................................................................................... vii
List of Figures ........................................................................................................................... xi
Some Background .......................................................................................................................1

The Authentication and Authorisation ....................................................................................2
How this report proceeds and gets distinguished ....................................................................4
Asset Bubble ...............................................................................................................................5

Excessive Liquidity.................................................................................................................7
Excessive Liquidity: The Aftermath .......................................................................................9
The Liquidity Effect ..............................................................................................................11
The Limit of Excessive Debts ...............................................................................................13
Inflation Management in Indonesia ..........................................................................................15

Market Liquidity in Indonesia ..............................................................................................17
Playing with Interest Rates ...................................................................................................19
The Money Markets in Indonesia .........................................................................................21
What To Do with Assets Bubbled?...........................................................................................23

The volatile sterling against the dollar and euro ...................................................................25
The Special Drawing Rights .................................................................................................27
Yuan Internationalisation ......................................................................................................29
How Soros broke the Bank of England ....................................................................................31

The Exchange Rate Mechanism ...........................................................................................33
Blaming the Bundesbank ......................................................................................................35
The Germans Hyperinflation Experience ............................................................................38
Thanking the Bundesbank ....................................................................................................39
The Gold Standard and Bretton Woods System ...................................................................41
The Inflation Targeting: The Germany Experience ..............................................................42
The Inflation Targeting: The UK Experience .......................................................................44
The LIBOR Fixing ....................................................................................................................46

The LIBOR Scandal ..............................................................................................................49
The Magnitude of LIBOR Scandal .......................................................................................53
The Price of High Fines ........................................................................................................56
Hundreds of trillions USD derivatives was exchanged daily ...............................................58
Central Banks: The Initiator and Keeper of Widespreading Asset Bubble Phenomena ..........60
How to Detect and Spot Asset Bubble ..................................................................................63
Asset Bubble aka Accounting Frauds: The Causalities ........................................................65
Asset Bubble aka Accounting Frauds: The Red Flags .........................................................66
The Asset Bubble of Wells Fargo .........................................................................................69
Shrinking the Asset Bubble ......................................................................................................73

The Demand ..........................................................................................................................75
The Demand: To weaken, to stimulate, or to create .............................................................77
The Price ...............................................................................................................................79
i
Sando Sasako
BRIs financial profile in briefs ................................................................................................ 81
BRIs Financial Highlights ....................................................................................................... 83

Cash Flow ............................................................................................................................. 86
Income Statement ................................................................................................................. 87
Balance Sheet ........................................................................................................................ 88
Risk Management Policy .......................................................................................................... 90
Dividend Policy ........................................................................................................................ 91
Maturity Profile ........................................................................................................................ 92

Maturity of Fund Borrowings ............................................................................................... 95
Maturity of Loans ................................................................................................................. 96
Loan Profile .............................................................................................................................. 97

Credit Risk Exposure .......................................................................................................... 103
Liability Profile ....................................................................................................................... 105

Financial Structure .............................................................................................................. 106
Third Party Funds Profile ................................................................................................... 108
Bonds Issued ....................................................................................................................... 111
Financial Performance ............................................................................................................ 112

The Total Assets ................................................................................................................. 112
Earning Assets .................................................................................................................... 112
Third Partys Funds ............................................................................................................ 113
Loans ................................................................................................................................... 113
Equity .................................................................................................................................. 114
Profit Making .......................................................................................................................... 115

Revenues ............................................................................................................................. 115
Operating Profit, Net .......................................................................................................... 115
Earnings Before Tax ........................................................................................................... 116
Earnings After Tax ............................................................................................................. 116
Retained Earnings ............................................................................................................... 117
Profit Profile ........................................................................................................................... 119
Stock Performance .................................................................................................................. 121

Market Capitalisation.......................................................................................................... 122
Share Price .......................................................................................................................... 122
Stock Trading...................................................................................................................... 123
Investors Preferences ......................................................................................................... 125
Financial Ratios ...................................................................................................................... 126

Stock price ratios ................................................................................................................ 126
Liquidity ............................................................................................................................. 128
Profitability ......................................................................................................................... 130
The Shareholders .................................................................................................................... 134
ii
Subsidiaries .............................................................................................................................139
BRI Syariah .........................................................................................................................139
BRI Agro.............................................................................................................................140
BRI Remittance ...................................................................................................................141
BRI Life ..............................................................................................................................142
BRI Finance ........................................................................................................................143
Associated Entities ..................................................................................................................144
Transactions with Related Companies ....................................................................................145
The Analysts ...........................................................................................................................151
Corporate Profile.....................................................................................................................152
Milestones ...........................................................................................................................154
e-channels ...........................................................................................................................155
Branch and Regional Offices ..............................................................................................155
Head Office .....................................................................................................................155
Special Branch Office .....................................................................................................155
Overseas Branch Offices ................................................................................................155
Regional Offices .............................................................................................................156
Office of Subsidiaries .........................................................................................................157
Banking Divisions...............................................................................................................158
Organisation Structure ............................................................................................................160
Management Profile ................................................................................................................161

Board of Commissioners ....................................................................................................162
Andrinof Achir Chaniago ...............................................................................................167
(Mustafa Abubakar) ........................................................................................................167
Gatot Trihargo.................................................................................................................168
Ahmad Fuad Rahmany ...................................................................................................168
(Ahmad Fuad) .................................................................................................................169
Nicolaus Teguh Budi Harjanto .......................................................................................170
Adhyaksa Dault...............................................................................................................170
A. Sonny Keraf ...............................................................................................................171
Vincentius Sonny Loho ..................................................................................................171
Jeffry Jefta Wurangian ....................................................................................................172
Mahmud ..........................................................................................................................172
Secretary to the Board of Commissioners ..........................................................................174
Committees of BoC ............................................................................................................175

Nomination and Remuneration Committee (NRC) ........................................................175
Audit Committee.............................................................................................................175
Risk Management Monitoring Committee (RMOC) ......................................................177
Integrated Governance Committee (KTKT) ...................................................................178
Board of Directors ..............................................................................................................181

Suprajarto ........................................................................................................................186
(Asmawi Syam) ..............................................................................................................186
Sunarso............................................................................................................................186
iii
Sando Sasako
Donsuwan Simatupang ................................................................................................... 187

Haru Koesmahargyo ....................................................................................................... 187
Kuswiyoto ....................................................................................................................... 188
Mohammad Irfan ............................................................................................................ 188
Priyastomo ...................................................................................................................... 188
Randi Anto ...................................................................................................................... 189
Sis Apik Wijayanto ......................................................................................................... 189
Susy Liestiowaty............................................................................................................. 190
Indra Utoyo ..................................................................................................................... 190
(Zulhelfi Abidin)............................................................................................................. 190
Senior Executive Vice President (SEVP) Profiles .............................................................. 192

Irianto Sunardi ................................................................................................................ 192
Adi Setyanto and Bardiyono Wiyatmojo ........................................................................ 192
(Saptono Siwi) ................................................................................................................ 192
Hexana Tri Sasongko ...................................................................................................... 193
Supari .............................................................................................................................. 193
Agus Noorsanto .............................................................................................................. 193
Corporate Secretary ............................................................................................................ 194
Investor Relations ............................................................................................................... 194
Senior Executive Profiles ................................................................................................... 195

Head, IT Planning & Development Division ................................................................. 195
Head, Investment Service Division ................................................................................ 195
Head, Risk Management Division .................................................................................. 195
Head, Corporate Development & Strategy Division ...................................................... 195
Head, Outsourcing Management Division ..................................................................... 195
Head, International Business Division ........................................................................... 195
Head, Micro Business Development 2 ........................................................................... 195
Head, Micro Business Policy & Strategy Division ........................................................ 195
Head, Fixed Assets Management Property..................................................................... 195
Head, Credit Risk & Analysis Division .......................................................................... 195
Head, SOE Business 1 Division ..................................................................................... 195
Head, Treasury Division ................................................................................................. 196
Head, Procurement Division........................................................................................... 196
Head, Transaction Banking Division .............................................................................. 196
Head, SOE Business 2 Division ..................................................................................... 196
Head, Finance & Accounting Management Division ..................................................... 196
Head, Digital Banking Operation Division .................................................................... 196
Head, Institutional Banking 2 Division .......................................................................... 196
Head, Loan Program & Partnership Division ................................................................. 196
Head, General Business Division ................................................................................... 196
Head, Agribusiness Division .......................................................................................... 196
Head, Consumer Loan Division ..................................................................................... 196
Head, SME & Medium Business Division ..................................................................... 196
Head, Institutional Banking 1 Division .......................................................................... 197
Head, Wealth Management Division .............................................................................. 197
Head, Restructuring & Recovery Credit Division .......................................................... 197
Head, Human Capital Services Division ........................................................................ 197
Head, Operation Center Division ................................................................................... 197
iv
Head, Corporate Secretary Division ...............................................................................197

Head, Credit Card Division ............................................................................................197
Head, Service & Contact Center Division ......................................................................197
Head, Marketing Communication Division ....................................................................197
Head, Satellite & Terrestrial Division ............................................................................197
Chief Learning Officer, BRI Corporate University ........................................................197
Head, Human Capital Policy & Development Division .................................................197
Head of Regional Offices ...................................................................................................198

Head, Jakarta 3 Regional Office .....................................................................................198
Head, Malang Regional Office .......................................................................................198
Head, Bandar Lampung Regional Office .......................................................................198
Head, Palembang Regional Office..................................................................................198
Head, Surabaya Regional Office ....................................................................................198
Head, Pekanbaru Regional Office ..................................................................................198
Head, Jayapura Regional Office .....................................................................................198
Head, Aceh Regional Office ...........................................................................................198
Head, Semarang Regional Office ...................................................................................198
Head, Medan Regional Office ........................................................................................198
Head, Yogyakarta Regional Office .................................................................................198
Head, Denpasar Regional Office ....................................................................................199
Head, Padang Regional Office........................................................................................199
Head, Manado Regional Office ......................................................................................199
Head, Bandung Regional Office .....................................................................................199
Head, Banjarmasin Regional Office ...............................................................................199
Head, Makassar Regional Office ....................................................................................199
Head, Special Branch Office ..............................................................................................200
Head of Inspection Offices .................................................................................................200

Inspector, Malang Regional Office .................................................................................200
Inspector, Bandar Lampung Regional Office .................................................................200
Inspector, Palembang Regional Office ...........................................................................200
Inspector, Surabaya Regional Office ..............................................................................200
Inspector, Manado Regional Office ................................................................................200
Regional Audit of KP, KCK, UKLN & PA Regional Office .........................................200
Inspector, Aceh Regional Office ....................................................................................200
Inspector, Semarang Regional Office .............................................................................200
Inspector, Medan Regional Office ..................................................................................200
Inspector, Pekanbaru Regional Office ............................................................................200
Inspector, Makassar Regional Office..............................................................................200
Inspector, Yogyakarta Regional Office ..........................................................................201
Inspector, Denpasar Regional Office ..............................................................................201
Inspector, Jakarta 3 Regional Office...............................................................................201
Inspector, Jakarta 2 Regional Office...............................................................................201
Inspector, Banjarmasin Regional Office .........................................................................201
Inspector, Bandung Regional Office ..............................................................................201
Inspector, Padang Regional Office .................................................................................201
v
Sando Sasako
Satellite Business in Indonesia ............................................................................................... 202
Satellite Capability.............................................................................................................. 202
Satellite Users ..................................................................................................................... 203

Revenue Generators in Satellite Services Business ........................................................ 205
Revenue Generation in Satellite Navigation Services Business ..................................... 207
Revenue Generation in Optical Data Services................................................................ 209
Satellite Business Value ..................................................................................................... 210
Satellites in Orbit ................................................................................................................ 214

The Crowded Space Junk ............................................................................................... 215
Telkom 3 Satellite ........................................................................................................... 216
The Proton-M Briz-M satellite launcher......................................................................... 218
The Crowded Satellites in the Sky ................................................................................. 220
Typical Satellite Orbits ................................................................................................... 226
Typical Satellite Networks ................................................................................................. 230

Advantages of HTS System ............................................................................................ 232
Frequency Band Allocated for Satellite Services ........................................................... 233
Indonesian Satellite Operators ............................................................................................ 236

BRIsat ............................................................................................................................. 238
Palapa Satellites .............................................................................................................. 240
Providers of Satellite Services in Broadcasting and Tekecommunications ........................ 242
Foreign Satellite Operators on Indonesian Sky with its client list...................................... 247
References............................................................................................................................... 253
Additional Readings ........................................................................................................... 256
Suggested Readings ............................................................................................................ 257
Readings on Satellites ......................................................................................................... 258
Index ....................................................................................................................................... 259
vi
List of Tables
Table 1 Assets of 4 SOEs banks and BCA, April 2017 .........................................................1

Table 2 Inflation in Indonesia: Target vs Realised, 2001-2018 .............................................15
Table 3 The IMFs SDR currency basket composition, 1969-2016 ......................................27
Table 4 The weights of the 5 currencies in the new SDR basket, effective 20161001 .........28
Table 5 CFETS currency basket and weight, 20170101 .......................................................29
Table 6 The currency basket of ECU and euro, 1979-1998 ..................................................31
Table 7 USD contributor panel banks in LIBOR, September 2017 ......................................47
Table 8 Name of companies involved in EIRD and YIRD cartels ........................................53
Table 9 The list of banks fined by the European Commission due to practising cartels
in interest rate derivatives of euro and yen (EIRD & YIRD) ................................54
Table 10 FCA Benchmark Fines on LIBOR Fixing Scandal ................................................54
Table 11 Progress reports on WFC settlements of claims, June 2016 August 2017 ..........71
Table 12 Financial profile of Bank Rakyat Indonesia by geographicals, 2015-2016
(Rp mn) ..................................................................................................................81
Table 13 Financial profile of Bank Rakyat Indonesia by client types/segments, 2015-
2016 (Rp mn) .........................................................................................................82
Table 14 BRIs financial highlights, Dec. 2008 Dec. 2013 (Million Rp except Par
Value) .....................................................................................................................83
Table 15 BRIs financial highlights, 2012-2016 (Rp bn) ......................................................85
Table 16 Bank Rakyat Indonesia: Cash flow, December 2012 December 2016 (IDR
mn) .........................................................................................................................86
Table 17 Bank Rakyat Indonesia: Income statement, December 2012 December
2016 (IDR mn) .......................................................................................................87
Table 18 Bank Rakyat Indonesia: Balance sheet, December 2012 December 2016
(IDR mn) ................................................................................................................88
Table 19 Fair value of financial assets and liabilities of Bank Rakyat Indonesia, 2015-
2016 (Rp mn) .........................................................................................................89
Table 20 Maturity profile of financial assets and liabilities of Bank Rakyat Indonesia,
2015-2016 (Rp mn) ................................................................................................93
Table 21 Fund borrowings profile of Bank Rakyat Indonesia based on maturity and
currency, 2015-2016 ..............................................................................................95
Table 22 Loan profile of Bank Rakyat Indonesia by maturity, currency, and parties
involved, 2015-2016 (Rp mn) ................................................................................96
Table 23 Loan profile of Bank Rakyat Indonesia by client segment, currency, and
parties involved, 2015-2016 (Rp mn) ....................................................................97
Table 24 Loan profile of Bank Rakyat Indonesia by economic sectors, currency, and
parties involved, 2015-2016 (Rp mn) ....................................................................98
Table 25 Loan profile of Bank Rakyat Indonesia by loan type, currency, and parties
involved, 2015-2016 (Rp mn) ................................................................................99
Table 26 Loan profile of Bank Rakyat Indonesia by currency, 2015-2016 (Rp mn) ..........100
Table 27 Net Open Positions of Bank Rakyat Indonesia, 2015-2016 (Rp mn) ...................101
Table 28 Loan provided by BRI to SOEs, 2015-2016 .........................................................102
Table 29 Credit risk exposure of Bank Rakyat Indonesia by regions, 2015-2016 (Rp
mn) .......................................................................................................................103
Table 30 Credit risk exposure of Bank Rakyat Indonesia by economic sectors, 2015-
2016 (Rp mn) .......................................................................................................104
Table 31 Liability structure of Bank Rakyat Indonesia, 2012-2017q2 (Rp mn) .................105
Table 32 Financial structure of Bank Rakyat Indonesia, December 2007 December
2016......................................................................................................................106
Table 33 Financial structure of Bank Rakyat Indonesia, 2012-2017q2 (%) .......................107
vii
Sando Sasako
Table 34 Third-party funds structure in Bank Rakyat Indonesia, 2012-2017q2 (Rp mn) ... 108
Table 35 Profile of fund borrowings in US dollar of Bank Rakyat Indonesia based on
loan types and lenders, 2016 (US$ mn) ............................................................... 109
Table 36 The profile of bonds issued by Bank Rakyat Indonesia, 2003-2016 .................... 111
Table 37 The highest peak and lowest trough points of the assets of Bank Rakyat
Indonesia, January 2002 April 2017 (monthly figures) .................................... 112
Table 38 The highest peak and lowest trough points of productive assets of Bank
Rakyat Indonesia, January 2002 April 2017 (monthly figures)........................ 113
Table 39 The highest peak and lowest trough points of third parties funds of Bank
Table 40 The highest peak and lowest trough points of loans of Bank Rakyat
Table 41 The highest peak and lowest trough points of equity of Bank Rakyat
Table 42 The highest peak and lowest trough points of revenues of Bank Rakyat
Table 43 The highest peak and lowest trough points of net operating profit of Bank
Table 44 The highest peak and lowest trough points of earnings before tax (EBT) of
Bank Rakyat Indonesia, January 2002 April 2017 (monthly figures) .............. 116
Table 45 The highest peak and lowest trough points of earnings after tax (EAT) of
Bank Rakyat Indonesia, January 2002 April 2017 (monthly figures) .............. 117
Table 46 The highest peak and lowest trough points of retained earnings of Bank
Table 47 Equity structure of Bank Rakyat Indonesia, 2012-2017q2 (Rp mn) .................... 119
Table 48 Earnings structure and building blocks of Bank Rakyat Indonesia, 2012-
2017q2 ................................................................................................................. 120
Table 49 BRIs stock performance, 2006 Jan. 2014 ......................................................... 121
Table 50 The highest peak and lowest trough points of market capitalitasion of share
of Bank Rakyat Indonesia, 10 November 2003 18 July 2017: Daily value
and change ........................................................................................................... 122
Table 51 The highest peak and lowest trough points of close price of share of Bank
Rakyat Indonesia, adjusted afer split & dividends, 10 November 2003 18
July 2017: Daily value and change ...................................................................... 122
Table 52 The highest peak and lowest trough points of close price of share of Bank
Rakyat Indonesia, adjusted afer split, 10 November 2003 18 July 2017:
Daily value and change ........................................................................................ 123
Table 53 The highest peak and lowest trough points of trading volume of share of
Bank Rakyat Indonesia, 17 November 2003 18 July 2017: Daily value and
change .................................................................................................................. 123
Table 54 The highest peak and lowest trough points of trading value of share of Bank
Rakyat Indonesia, 10 November 2003 18 July 2017: Daily value and
change .................................................................................................................. 124
Table 55 The largest figures in stock trading volume, value, and their daily changes,
20031110-20170718 ............................................................................................ 124
Table 56 Investors preferences on the shares of Bank Rakyat Indonesia, 20170630 ........ 125
Table 57 Financial ratios of Bank Rakyat Indonesia, 2012-2016 ....................................... 126
Table 58 Share valuation of Bank Rakyat Indonesia: Current and Forward, 20170731 ..... 126
Table 59 Price ratios of shares of Bank Rakyat Indonesia, compared with S&P 500,
2007-2016 ............................................................................................................ 127
Table 60 Liquidity ratio of Bank Rakyat Indonesia, December 2007 December 2016 ... 128
viii
Table 61 Cash flow ratios of Bank Rakyat Indonesia, December 2007 December
2016......................................................................................................................129
Table 62 Profitability of Bank Rakyat Indonesia, December 2007 December 2016 .......130
Table 63 Profit margin profile of Bank Rakyat Indonesia, December 2007 December
2016......................................................................................................................131
Table 64 Revenue profile of Bank Rakyat Indonesia, December 2007 December
2016 (Rp mn) .......................................................................................................132
Table 65 Revenue sustainability of Bank Rakyat Indonesia, December 2007
December 2016 ....................................................................................................133
Table 66 Typical shareholders of Bank Rakyat Indonesia, 2015-2016 ...............................134
Table 67 Institutional shareholders of Bank Rakyat Indonesia, 20161230-20170630 ........136
Table 68 Institutional investors ownership on equity in Bank Rakyat Indonesia,
20170731..............................................................................................................137
Table 69 Funds ownership on equity in Bank Rakyat Indonesia, 20170731 .....................138
Table 70 BRIs subsidiaries, 20161231 ...............................................................................139
Table 71 The acquisition cost of BRIs subsidiaries, 2015-2016 ........................................139
Table 72 The milestones of BRI Syariah .............................................................................139
Table 73 Some financial figures of BRI Syariah, 2015-2016..............................................139
Table 74 The milestones of BRI Agro .................................................................................140
Table 75 Some financial figures of BRI Agro, 2015-2016..................................................141
Table 76 The milestones of BRI Remittance .......................................................................141
Table 77 Some financial figures of BRI Remittance, 2015-2016........................................142
Table 78 The milestones of BRI Life ..................................................................................142
Table 79 Some financial figures of BRI Life, 2015-2016 ...................................................142
Table 80 The milestones of BRI Finance ............................................................................143
Table 81 Some financial figures of BRI Finance, 2015-2016 .............................................143
Table 82 The investments of Bank Rakyat Indonesia (associated companies) by cost
method, 2014-2016 ..............................................................................................144
Table 83 Transactions of Bank Rakyat Indonesia with related parties by transaction
types, 2015-2016 ..................................................................................................145
Table 84 BRIs non-financial investments, 2016 ................................................................145
Table 85 Material commitments of Bank Rakyat Indonesia on capital expenditures,
2015-2016 ............................................................................................................146
Table 86 Typical transactions between Bank Rakyat Indonesia with affiliated parties ......146
Table 87 Transactions of Bank Rakyat Indonesia with related parties by institutions
name and transaction types, 2015-2016 ...............................................................148
Table 88 The registered analysts of Bank Rakyat Indonesia, 2016 .....................................151
Table 89 The e-channels of Bank Rakyat Indonesia, 2012-2016 ........................................155
Table 90 The typical offices of Bank Rakyat Indonesia, 2012-2016 ..................................155
Table 91 The typical offices of Bank Rakyat Indonesia by province, 2016 ........................156
Table 92 Concurrent positions of Commissioners of Bank Rakyat Indonesia,
20161231..............................................................................................................162
Table 93 The commissioners of Bank Rakyat Indonesia: Supervised region and
Committees Membership, 20161231 ...................................................................163
Table 94 The commissioners of Bank Rakyat Indonesia: Risk Management
Certification, 20161231 .......................................................................................164
Table 95 The commissioners of Bank Rakyat Indonesia: Overseas Education,
Training, and Conferences, 2016 .........................................................................165
Table 96 The commissioners of Bank Rakyat Indonesia: Domestic Education,
Training, and Conferences, 2016 .........................................................................166
Table 97 The Board of Directors of Bank Rakyat Indonesia, 2015-2017 ...........................181
ix
Sando Sasako
Table 98 Area supervised by commissioners and directors of Bank Rakyat Indonesia,

20161231 ............................................................................................................. 182
Table 99 The directors of Bank Rakyat Indonesia: Risk Management Certification,
20161231 ............................................................................................................. 183
Table 100 The directors of Bank Rakyat Indonesia: Competency development
program, 2016 ...................................................................................................... 184
Table 101 Job distribution of Directors and SEVPs of Bank Rakyat Indonesia within
Directors Committees, 20161231 ....................................................................... 185
Table 102 Worlds satellite services revenue by 4 market segments, 2006-2011 (US$
bn) ........................................................................................................................ 205
Table 103 Satellite services revenue generation, 2012-2016 (US$ bn)............................... 213
Table 104 List of sub-bands of FSS and BSS spectrum ...................................................... 233
Table 105 Frequency band allocated for satellite services .................................................. 234
Table 106 Indonesian Satellites Filing in ITU, 2016 ............................................................ 236
Table 107 Profile of Indonesian Satellites ........................................................................... 237
Table 108 The list of companies providing satellite services in broadcasting and
telecommunications & satellites leased, 20161231 ............................................. 242
Table 109 The list of foreign satellites orbitting and operating on Indonesian sky,
20161231 ............................................................................................................. 247
x
List of Figures
Figure 1 Monetary operation of Bank Indonesia and monetary instruments in

Indonesia ................................................................................................................11
Figure 2 Monetary operation of Bank Indonesia and monetary instruments ........................11
Figure 3 Inflation targetting framework by macroeconomic indicators in Indonesia ...........13
Figure 4 Inflation targetting framework by institutions responsible and in charge in
Indonesia ................................................................................................................15
Figure 5 Monthly inflation rates in Indonesia, January 2003-August 2017 ..........................16
Figure 6 Monthly value of monetary operation in conventional banking in Indonesia,
Jan.2010-Aug.2017 (Rp bn) ...................................................................................17
Figure 7 Monetary operation in islamic banking industry in Indonesia, Jan. 2010-
August 2017 (% of total)........................................................................................17
Figure 8 BI Rate, July 2005 July 2016 ...............................................................................19
Figure 9 BI 7-Day rate, April 2016 August 2017 ...............................................................19
Figure 10 BI Rate (July 2005 July 2016) and BI 7-Day rate (April 2016 August
2017) ......................................................................................................................19
Figure 11 The transaction value of Indonesian money market, January 2010 August
2017........................................................................................................................21
Figure 12 JISDOR (Jakarta Interbank Spot Dollar Rate), 20130520-20170908
(US$/IDR) ..............................................................................................................21
Figure 13 US$/IDR buying price and its spread with the selling price of Bank
Indonesia, 20070102-20170908 .............................................................................22
Figure 14 FTSE All-Share index, 19990409-20170911 ........................................................23
Figure 15 FTSE 100 index, 19840413-20170911 .................................................................23
Figure 16 GBP/USD, 19710104-20170901 ...........................................................................25
Figure 17 GBP/EUR, 19860508-20170911 ...........................................................................25
Figure 18 GBP/USD, 19880304-20170911 ...........................................................................25
Figure 19 RMB/USD, 19810101-20170912 ..........................................................................29
Figure 20 ERM weighted mean and German inflation rates, 1971-1993 ..............................33
Figure 21 ERM weighted mean and German inflation rates, quarterly, 1971-1993 .............33
Figure 22 Overnight and long-term interest rates in Germany, 1970-1997...........................35
Figure 23 Overnight and long-term interest rates in the UK, 1980-1997 ..............................35
Figure 24 GBP/DM and UK base rates, 1992 .......................................................................35
Figure 25 GBP/DM, 1990-2005 ............................................................................................35
Figure 26 The inflation in the UK, 1270-1991 ......................................................................39
Figure 27 Inflation targeting, unemployment, and economic growth in Germany,
1970-1997 ..............................................................................................................40
Figure 28 Inflation targeting, unemployment, and economic growth in the UK, 1980-
1997........................................................................................................................40
Figure 29 The US debts and its gold reserves, 1917-2012 ....................................................41
Figure 30 The US debts & its limit and gold price, 2000-20170317.....................................41
Figure 31 Inflation rates in Germany: Target vs Actual, 1970-1997 .....................................42
Figure 32 Inflation rates in the UK: Target vs Actual, 1980-1997 ........................................42
Figure 33 Inflation rates in Germany: Target and actual, 1970-1997 ...................................43
Figure 34 GBP/USD, 1980-1997 ...........................................................................................43
Figure 35 The UK Phillips correlation in the 20th century: Inter-war era, 1926-1935 .........44
Figure 36 The UK Phillips correlation in the 20th century: Post-WW2 era, 1961-2004 ......44
Figure 37 Monthly inflation rates in Germany, 199201-201707 ...........................................45
Figure 38 Monthly inflation rates in the UK, 198901-201708 ..............................................45
Figure 39 Calculating LIBOR................................................................................................46
xi
Sando Sasako
Figure 40 The spread between 3-month LIBOR with 3-month eurodollar deposit rate,
2007-April 2008 ..................................................................................................... 50
Figure 41 The spread between 3-month LIBOR with 3-month T-bill, 2007-April 2008 ...... 50
Figure 42 The gap between 3-month LIBOR with 3-month T-bill, April 2007 May
2008 ....................................................................................................................... 50
Figure 43 CITI: The gap between 3-month LIBOR with 3-month T-bill, April 2007
May 2008 ............................................................................................................... 51
Figure 44 HBOS: The gap between 3-month LIBOR with 3-month T-bill, April 2007
May 2008 ............................................................................................................ 51
Figure 45 JP Morgan: The gap between 3-month LIBOR with 3-month T-bill, April
2007 May 2008 ................................................................................................... 51
Figure 46 RBOC: The gap between 3-month LIBOR with 3-month T-bill, April 2007
May 2008 ............................................................................................................ 51
Figure 47 UBS: The gap between 3-month LIBOR with 3-month T-bill, April 2007
May 2008 ............................................................................................................... 51
Figure 48 West LB: The gap between 3-month LIBOR with 3-month T-bill, April
2007 May 2008 ................................................................................................... 51
Figure 49 Penalties paid by banks and region, 2009-2016 .................................................... 56
Figure 50 Exchange-traded derivatives by currency, daily turnover, and regions, Sept.
2008 June 2017 ................................................................................................... 58
Figure 51 Global OTC derivatives markets by notional principal, market value, and
credit exposure, June 2009 Dec 2016 ................................................................. 58
Figure 52 OTC FX derivatives by currency, maturity, and counterparty, June 2009
Dec 2016 ................................................................................................................ 59
Figure 53 OTC interest rate derivatives by currency, maturity, and counterparty, June
2009 Dec 2016 .................................................................................................... 59
Figure 54 OTC equity-linked derivatives by country, maturity, and counterparty, June
2009 Dec 2016 .................................................................................................... 59
Figure 55 The Feds assets, Jan. 2007 Sept. 2017 .............................................................. 60
Figure 56 The outstanding commercial & industrial loans in the US, Jan. 2007 Sept.
2017 ....................................................................................................................... 60
Figure 57 The balance sheets of 5 central banks and when compared with their own
GDP, 2007-2017 .................................................................................................... 61
Figure 58 S&P 500 Composite Index, Jan.2007Sept.2017 ................................................. 61
Figure 59 Emerging markets & corporate bonds, Jan.2007Sept.2017 ................................ 61
Figure 60 Wells Fargo cross-sell ratio, 19982016q2 ........................................................... 69
Figure 61 Federal Funds interest rate target, 2003 Sept. 2017 ........................................... 73
Figure 62 The total assets of Bank Rakyat Indonesia, January 2002 April 2017:
Value and Growth (monthly figures) ................................................................... 112
Figure 63 The earning assets of Bank Rakyat Indonesia, January 2002 April 2017:
Value and Growth (monthly figures) ................................................................... 112
Figure 64 The third parties funds of Bank Rakyat Indonesia, January 2002 April
2017: Value and Growth (monthly figures) ......................................................... 113
Figure 65 Loans of Bank Rakyat Indonesia, January 2002 April 2017: Value and
Growth (monthly figures) .................................................................................... 113
Figure 66 The equity of Bank Rakyat Indonesia, January 2002 April 2017: Value
and Growth (monthly figures) ............................................................................. 114
Figure 67 The revenues of Bank Rakyat Indonesia, January 2002 April 2017: Value
and Growth (monthly figures) ............................................................................. 115
Figure 68 The net operating profit of Bank Rakyat Indonesia, January 2002 April
2017: Value and Growth (monthly figures) ......................................................... 115
xii
Figure 69 The earnings before tax (EBT) of Bank Rakyat Indonesia, January 2002
April 2017: Value and Growth (monthly figures) ...............................................116
Figure 70 The earnings after tax (EAT) of Bank Rakyat Indonesia, January 2002
April 2017: Value and Growth (monthly figures) ...............................................116
Figure 71 The retained earnings of Bank Rakyat Indonesia, January 2002 April
2017: Value and Growth (monthly figures) .........................................................117
Figure 72 The market capitalisation of share of Bank Rakyat Indonesia, 10 November
2003 18 July 2017: Daily Value and Change ...................................................122
Figure 73 The close price of share of Bank Rakyat Indonesia, 10 November 2003 18
July 2017: Daily Value and Change ....................................................................122
Figure 74 The stock trading volume of Bank Rakyat Indonesia, 17 November 2003
18 July 2017: Daily Value and Change ...............................................................123
Figure 75 The stock trading value of Bank Rakyat Indonesia, 10 November 2003 18
July 2017: Daily Value and Change ....................................................................123
Figure 76 Investors preferences and trends on the share of Bank Rakyat Indonesia,
20170630..............................................................................................................125
Figure 77 The organisation structure of Bank Rakyat Indonesia, 20161231 ......................160
Figure 78 Satellite capabilities, May 2012 ..........................................................................202
Figure 79 Satellites launched by functioning applications, 2006-2015 ...............................203
Figure 80 Satellites launched by economic actors, 2006-2015 ...........................................204
Figure 81 Satellites launched by regional operators, 2006-2015.........................................204
Figure 82 Worlds satellite services revenue by 4 market segments, 2006-2011 (US$
bn) ........................................................................................................................205
Figure 83 Satellite operators wholesale revenue, 2005-2011 ..............................................205
Figure 84 Fized Satellite Services (FSS) wholesale revenues by region, 2015. ..................206
Figure 85 Mobile Satellite Services (MSS) wholesale revenues by region, 2015. ..............206
Figure 86 Global Satellite Ground Equipment Revenues, 2012-2017 ................................207
Figure 87 Global Navigation Satellite System (GNSS) market size, 2006-2015 ................208
Figure 88 Global Navigation Satellite System (GNSS) Revenues by sat apps, 2015 .........208
Figure 89 Satellite data pricing system in Global Navigation Satellite System (GNSS) ....209
Figure 90 Satellite data sales in Global Navigation Satellite System (GNSS) ....................210
Figure 91 Satellite value chain, from upstream to downstream, 2016 ................................210
Figure 92 Revenue generation in global satellite industry by 4 market segments, 2016 ....211
Figure 93 Operational satellites by functions, 2016 ............................................................211
Figure 94 The growth of revenue generation in global satellite industry, 2007-2016.........212
Figure 95 World satellite industry revenues by segment, 2001-2011 (US$ bn)..................212
Figure 96 Satellite services revenue generation, 2012-2016 ...............................................213
Figure 97 Orbits of satellites in 2D ......................................................................................214
Figure 98 Orbits of satellites in 3D ......................................................................................214
Figure 99 Operational satellites by orbit, May 2012 ...........................................................215
Figure 100 Telkom 3 satellite position as of 20170826 104836 Jakarta time .....................216
Figure 101 Telkom 3 satellite position as of 20170826 104752 Jakarta time .....................216
Figure 102 The orbit of Telkom 3S satellite as of 20170826 104636 Jakarta time .............217
Figure 103 The orbit of Telkom 3 satellite as of 20170826 104614 Jakarta time ...............217
Figure 106 Telkom 3 satellite position as of 20170826 125419, Jakarta time ....................218
Figure 107 The initial plan of Proton-M/Breeze-M system trajectory in delivering
Telkom 3 satellite .................................................................................................218
Figure 108 The Proton-M/Breeze-M system trajectory with another angle ........................219
Figure 109 Location of Breeze-M rocket body at likely breakup point ..............................219
xiii
Sando Sasako
Figure 110 Non-GEO, non-GSO satellites orbiting Indonesian sky, 20170826 144454,
Jakarta time .......................................................................................................... 220
Figure 111 Geostationary communication (GEO) satellites that is in service, inclined,
& planned ............................................................................................................. 222
Figure 112 The geostationary orbit (GEO) satellite belt by frequency band features ......... 222
Figure 113 The geostationary orbit (GEO) satellite belt by frequency band features
(2nd version) ........................................................................................................ 223
Figure 114 The 419 geosynchronous (GSO) satellites mapped by Denton, 20151120....... 223
Figure 115 Commercial communications satellites in geosynchronous orbit (GSO) &
the drifting Palapa C2 .......................................................................................... 224
Figure 116 Commercial communication satellites in GSO & the 88 broadcasting
services satellites (BSS) ....................................................................................... 224
Figure 117 Commercial communications satellites in geosynchronous orbit (GSO) &
the 67 Boeing satellites, 20120630 ...................................................................... 225
Figure 118 SSL satellites in orbit ........................................................................................ 225
Figure 119 Typical satellite orbits seen from above Earths North Pole: Van Allen
Belts; Iridium, ISS, Hubble; MEO (Glonass, Compass, Galileo, GPS), GEO .... 226
Figure 120 Typical satellite orbits: LEO, MEO, Ellipso & Molnya, Glonass, GPS,
GSO (Clarke Belt), Van Allen Belts .................................................................... 227
Figure 121 Typical satellite networks.................................................................................. 230
Figure 122 Network of fixed satellite services with Inter-Satellite Links (ISL)
uncharted .............................................................................................................. 230
Figure 123 Network of mobils satellite services ................................................................. 231
Figure 124 Network of broadcasting satellite services ........................................................ 231
Figure 125 Larger benefits and controls for sat operator in HTS system ............................ 232
Figure 126 Fixed Satellite Services with and without HTS compared ................................ 232
Figure 127 - Frequency band-(specturm) in satcoms ............................................................. 233
Figure 128 Electromagnetic spectrum and the visible spectrum (light) .............................. 235
Figure 129 The relationship between the different types of frequency and other wave
properties ............................................................................................................. 235
Figure 130 Ariane 5: Typical flight events and standard trajectory for geostationary
transfer orbit ......................................................................................................... 239
xiv
Some Background
I was a little bit surprised by mid July 2017 to notify that Bank Rakyat Indonesias assets has
exceeded Bank Mandiri as of April 2017. It led to other questions since when and how about
the other SOEs banks and Bank Central Asia. Some backtracking reveals that it was since
October 2014, BRIs assets began exceeding Bank Mandiri. Their assets were IDR 712.45
trillion and IDR 707.97 accordingly.
Table 1 Assets of 4 SOE s ban ks and BCA, A pril 20 17
Table Assets of 4 SOEs banks and BCA, April 2017

Total Assets
Bank Name
(IDR million)
Bank BTN 215,520,110
Bank BNI 558,428,701
Bank BRI 944,671,082
Bank Mandiri 891,773,622
Bank Central Asia 685,387,425
With IDR 1,000 trillion of assets, about IDR 996 trillion as of May 2017 to be precise, Bank
BRI has transformed itself to be a behemoth, a gigantic animal. It means they are and get even
hungrier, more starving than ever before. Theyd call it, used to call it, pressures, burdens. Let
me tell you about a fable, a tale.
Let me take you to the Discovery Channel, National Geographic Channel, or whatever you
know and excited about. A whale. A shark. What do they tell you in common? Lets change the
animal type to a tiger and lions. One with an a, the other with an s. An individual versus a herd,
the herd instinct.
Lions orchestrate their attacks on selected, particular individual buffalo, elephant, giraffe, or
any prey. We know nothing on how they communicate, surely not in any human language,
especially in English, how the herd pick and target the victim, one specific interest, potential
candidate.
They slowly move, split, and distancing themselves whilst preparing and get ready to make an
attack and ambush their prey. One prey. One big prey. Enough to feed them all, for some time.
It means that they must have been coordinating and planning and doing it on a regular basis.
Some regular basis. Silently. They need to eat to stay alive and preserve their lives.
Now, apply and implement the analysis on Bank Rakyat Indonesia. To begin with, we used to
think simple. Do the math. Lets see their structures. The assets, the capital, the debts, the cash.
How do BRI grab the cash? There are signs, marks, traffic, traffic lights, trafficking. What do
they traffick?
Which one is worth? Which deal is worth the risk? The elephant risk? What is the most frenemy
of an elephant? An ant. Talking about the ant is always associated with its herd. An army. An
arm with a y letter. A bare hand. Ready to battle. At all times. There must be a queen. There
must be scouts. There are logistics. Chains. Networks. How do ants operate? There are martyrs.
Okay. Lets scrap it out. Enough for todays lesson. and enlightenment.
1
Sando Sasako
The Authentication and Authorisation
Some sites are heavily scripted. Some even have pushed to extract the HTML5 canvas image
data as it can be used to uniquely identify our computer, for every user coming, requesting the
sites web server to respond. On the other hand, some browsers have been equipped with no
script add-on, just like the TOR browser.
Having identified the browser has disabled their unique script to function to run and perform
and provide feedback as required and needed to extract user datas credentials, the web server
will launch and initiate a CAPTCHA to validate if a human is indeed making the request or not.
Some captcha can be figured out easily. Some are not.
Most Australian websites have been intentionally and notoriously denying computers access
from Indonesian IP addresses. Some Australian domains can be easily tricked by using the TOR
browser. Some others implement the captcha filter that is definitely cant be figured out. To
skip this ridiculous captcha, none is better than to disable the no script add-on, restart the TOR
browser, and revisit the url. The browser will tell you then that such web server is so eager to
know your unique computer, such as MAC address or elses.
The user data credentials can take the forms of IP address, username and password, nonce, url,
http method, or others required by the web servers. The IP address can reveal your identity, at
least by internet service provider (ISP) name, domain name, client server name, hostname,
organisational identities such as name and location (of originating access).
User data credentials are somewhat an authentication tool. As they are validated, the web server
will provide some authorisation to the user, web surfer, to get access to the resources provided
by the web server(s). The mechanics of authentication and authorisation is an internet protocol
operating on the application layer, securing the data communication between the web server
and the browser.
As the browser or the client is talking to the web server, the client presents a list of supported
cipher suites (ciphers and hash functions). The browser is asking the web server to provide the
information required, provided by or in the SERP. The web server will pick their desired cipher
and hash function and generates cipher and session key.
The web server will respond by sending its identification in the form of a digital certificate, the
SSL certificate. The certificate contains the server name, the trusted certificate authority (CA),
and the server's public encryption key. Both clients browser and web server will validate each
other the information exchanged. Denied access is given immediately and directly by any party
unsatisfied during the communication process.
For example, the browser will immediately display a warning from any link clicked within a
website logged in or from any SERP. Even if you want to reset the password, the websites
server donot do what they claim to, such as sending a new password and/or a reset link. Here is
the warning claim:
Deceptive Site! This web page at pdfsr.com has been reported as a deceptive site and has been
blocked based on your security preferences. Deceptive sites are designed to trick you into doing
something dangerous, like installing software, or revealing your personal information, like
passwords, phone numbers or credit cards. Entering any information on this web page may
result in identity theft or other fraud.
2
On the other hand, the web server will take forever to respond to the request sent by the browser.
In late July 2017, the IDX web server refused to display the profile of BRI. Even the supposedly
to display the company profile uploaded in pdf. Is my IP address also blocked to access the IDX
website? The answer was a yes, as I knew then that the TOR browser with different IP address
was granted access to see it thru.
In the meantime, Google Chrome team and Mozilla engineers had found that Symantec had
misissued more than 30,000 SSL certificates, by doing shady SSL issuance practices. Google
then announced an intention to gradually remove support for Symantec certificates in Chrome
browser.1
Under Chrome's hood, Google will remove the Symantec's root SSL certificate. SSL certificates
are like giant trees with countless of branches, all converging back to the root certificate. Once
this certificate is removed, all certificates attached to this root will stop working too. It includes
other CAs bought by Symantec such as GeoTrust, Thawte, and RapidSSL.
Until Symantec revamps its SSL issuance procedures and comes up with a system that more
secure and reliable, it's highly unlikely that Google will allow a new Symantec root certificate
in Chrome again. In a similar decision, in November 2016, Google has untrusted the certificates
of WoSign and StartCom.2
1
Catalin Cimpanu, Google Outlines SSL Apocalypse for Symantec Certificates, 20170729,
http://bit.ly/2wdUXAq
2
Catalin Cimpanu, Google Ban Spells the End of Controversial Chinese HTTPS Provider, 20161103,
http://bit.ly/2x8Wqbj
3
Sando Sasako
How this report proceeds and gets distinguished
Like any other cashing in efforts, corporate raiders are more welcomed these days. Side
businesses and moonlightings are the ones they are after. They're not trying to get messy with
the parent company's businesses, but a more wide and deep access to the unthinkable on papers.
Capitalising on stock rides, either in upward and/or downward turns, is just a bonus.
The deep dives in this report are carried on to what had been published publicly by Bank Rakyat
Indonesia, either legal documents and/or financial documents. Some intelligence gathering
techniques3 have been implemented all the way down. Although, the term used in this report is
not what actually defined by the MI5.
The MI5s principal techniques for gathering intelligence are:4

1. Covert Human Intelligence Sources or agents. Agents are people who are able to provide
secret information about a target of an investigation. Agents are not MI5 employees;
2. Directed surveillance, such as following and/or observing targets;
3. Interception of communications, such as monitoring emails or phone calls;
4. Communications data (including use of bulk communications data), information about
communications, such as how and when they were made, which is usually obtained from
communications service providers;
5. Bulk personal data, datasets containing information about a large number of people which
can be accessed in a targeted way to identify or find information about subject of interest;
6. Intrusive surveillance, such as putting eavesdropping devices in someone's home or car; and
7. Equipment interference, such as covertly accessing computers or other devices.
This report tries to be a business intelligence report, providing new insights that can empower
the reader of this report to make faster, more informed business decisions.
3
Even Microsoft also uses the same term in its site. Cf. Stephen Northcutt, Network Intrusion Detection: An
Analyst's Handbook, Ch.8, New Riders Publishing, 1999, 20170703, http://bit.ly/2xKJyfS
4
MI5, Gathering Intelligence, The Security Service of GCHQ, http://bit.ly/2xKguFC
4
References
Alioth LLC, UK inflation rate in 1992: 3.74%, http://bit.ly/2eWUxI9

Andrea Tan, Gavin Finch, and Liam Vaughan, RBS Instant Messages Show Libor Rates Skewed for
Traders. Bloomberg, 20120926.
Ann C. Chalstrom, "Inflation in the European Community: A Study Before and After German
Unification" Honors Projects. Paper 46. Illinois Wesleyan Univ. 1994. http://bit.ly/2fbXngh
Ashlyn Still and Jonathan Spicer, In shedding bonds, Fed aims for boring end to crisis-era measures,
Reuters, 20170918, http://reut.rs/2ykZiDN
Ashlyn Still and Jonathan Spicer, The legacy of the QE era, 20170918, Reuters Graphics, Thomson
Reuters Datastream, tmsnrt.rs/2jxgbbf, http://tmsnrt.rs/2xh1v4Q
Bates Research Group, LIBOR Explained: Understanding the LIBOR Scandal, 20130925.
Bundesbank, Inflation targeting, Deutsche Bundesbank Service I, 20170621, http://bit.ly/2wxi4pu
Bundesbank, Monetary targeting, Deutsche Bundesbank Glossary, 20140701, http://bit.ly/2xHfhix
Bundesbank, Two-pillar strategy, Deutsche Bundesbank Glossary, 20140701, http://bit.ly/2h9dDiG
Carrick Mollenkamp and Mark Whitehouse, Study Casts Doubt on Key Rate, WSJ, 20080529,
http://bit.ly/2wgcubC
Carrick Mollenkamp, Bankers Cast Doubt On Key Rate Amid Crisis, WSJ, 20080416,
http://bit.ly/2y2IvIG
Catalin Cimpanu, Google Ban Spells the End of Controversial Chinese HTTPS Provider, 20161103,
http://bit.ly/2x8Wqbj
Catalin Cimpanu, Google Outlines SSL Apocalypse for Symantec Certificates, 20170729,
http://bit.ly/2wdUXAq
Claire Suddath, "Why Did World War I Just End?". Time World. Time. 20101004.
http://ti.me/1B5jDHe
Connan Snider and Thomas Youle, Does the LIBOR reflect banks borrowing costs?, University of
Minnesota, 20100402.
Craig R. Whitney, Blaming the Bundesbank, 19931017, http://nyti.ms/2x2XqB4
Daniel L. Thornton, The Relationship Between the Daily and Policy-Relevant Liquidity Effects,
Federal Reserve Bank of St. Louis Review, Jan./Feb.2010, pp.73-88.
Daniel Schfer, RBS settles row with ex-risk chief over final part of 1.9m bonus, FT, 20140103,
http://bit.ly/2xtPZDU
David Chapman, Gold And U.S. Debt Limit: Intertwined?, investing.com, 20170319,
http://bit.ly/2jAh1Ef
Douglas J. Keenan, My thwarted attempt to tell of Libor shenanigans, FT, 20120727.
Due, Brick and Mortar Business Failing? Here Are 4 Possible Reasons, 20170921,
http://bit.ly/2xqJykf
Forensic Accounting Club, Detection of Fraudulent Financial Statement Schemes,
forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2x6aLXG
Forensic Accounting Club, Financial Statement Fraud: Concealed Liabilities and Expenses,
forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2xhCzsf
Forensic Accounting Club, Financial Statement Fraud: Fictitious Revenues, forensicaccounting.club,
20160228, http://bit.ly/2wvvMJE
Forensic Accounting Club, Financial Statement Fraud: Fictitious Revenues, 20160228, Last update:
20161122, http://bit.ly/2wvvMJE
Forensic Accounting Club, Financial Statement Fraud: Improper Asset Valuation,
forensicaccounting.club, 20160228, updated: 20161122, http://bit.ly/2xpwo7v
Forensic Accounting Club, Financial Statement Fraud: Improper Disclosures,
forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2xQoGnY
Forensic Accounting Club, Financial Statement Fraud: Timing Differences, forensicaccounting.club,
20160228, Last update: 20161122, http://bit.ly/2yqsgCz
253
Sando Sasako
Forensic Accounting Club, What Is Financial Statement Fraud?, forensicaccounting.club, 20160228,

http://bit.ly/2ycWfgd
Frederic S. Mishkin and Adam S. Posen, Inflation Targeting: Lessons from Four Countries, Working
Paper 6126, National Bureau of Economic Research, Cambridge, MA, August 1997.
Gerold Grasshoff, et al, Global Risk 2017: Staying the Course in Banking, Boston Consulting Group,
March 2017.
Giancarlo Gandolfo: International Economics II: International Monetary Theory and Open-Economy
Macroeconomics, Springer Verlag, Berlin: 1987, pp.380-393, 404-411.
Hermann Simon, Whole Foods Is Becoming Amazons Brick-and-Mortar Pricing Lab, HBR,
20170912, http://bit.ly/2woJrly
International Monetary Fund: Global Financial Stability Report: Financial Stress and Deleveraging
Macrofinancial Implications and Policy, World economic and financial surveys, Oct. 2008.
J. Boughton, Silent Revolution: The IMF 1979-1989, 2001; in Ousmne Jacques Mandeng, Historic
perspectives on the purposes of the SDR, London School of Economics and New Sparta
Asset Management, 20150227, http://bit.ly/2y1Vmrv
Jacob Gyntelberg and Philip Wooldridge, Interbank rate fixings during the recent turmoil. Quarterly
Review. Bank for International Settlements. March 2008.
Justin H. Mims, The Wells Fargo Scandal and Efforts to Reform Incentive-Based Compensation in
Financial Institutions, NC Banking Inst. Vol.21, Issue 1, Article 21, 20170301.
Luca Benati, The inflation-targeting framework from an historical perspective, Monetary Assessment
and Strategy Division, Bank of England Quarterly Bulletin: Summer 2005. pp.160-168.
MI5, Gathering Intelligence, The Security Service of GCHQ, http://bit.ly/2xKguFC
Michael Ovaska, Central bank balance sheets, 20170822, tmsnrt.rs/2inHILp
Michael Tanglis, The King of Cross-Sell and the Race to Eight, Public Citizen, Washington DC,
20160929.
Mike Terceiro, Low balling the LIBOR the LIBOR rate-rigging scandal, CCH Australian
Competition & Consumer Law Tracker, Issue 8, August 2012, http://bit.ly/2fuEWnd
Milton Friedman, Factors Affecting the Level of Interest Rates, in Proceedings of the 1968
Conference on Saving and Residential Financing. Chicago: United States Saving and Loan
League, 1969, pp.11-27; in Thomas M. Havrilesky and John T. Boorman, eds., Current
Issues in Monetary Theory and Policy. Arlington Heights, IL: AHM Publishing, 1976,
pp.362-78.
Moniek Wolters, The 1992-1993 ERM Crisis, Erasmus Student, http://bit.ly/2neyxf3.
Neel Kashkari, President of Minneapolis Federal Reserve Bank of Minneapolis, Monetary Policy and
Bubbles, 20170517, http://bit.ly/2f1e7mz
New York Southern District Court, Case No.1:15-cv-05844, Sonterra Capital Master Fund Ltd. et al
v. UBS AG et al, Document 121, 20151218
Rahul Mittal, A History of Finance Black Wednesday, 20120413, http://bit.ly/2x08OMl
Robert Parker, Why did the Bretton Woods system fail?, 20161126, http://bit.ly/2jyaWYT
Robin Leigh-Pemberton, the Governor of Bank of England; The case for price stability, Quarterly
Bulletin, Bank of England, Nov. 1992, pp.441-448.
Rosa M Abrantes-Metz, Michael Kraten, Albert D Metz and Gim Seow, Libor Manipulation?, Social
Science Research Network, August 2008, p.2, http://bit.ly/2huL3F7
Sando Sasako, Coal Business in Indonesia, Serabdi Sakti, Jakarta, March 2017, p.80. The original
title of section is Beating the Low Price Condition. See the table of contents in this link
http://bit.ly/2rnOO2K.
Sando Sasako, Krisis Finansil Cina: Perspektif Kebijakan Moneter, Corporate Finance (Analisa
Laporan Keuangan), dan Investment Banking (Valuasi Nilai), Serabdi Sakti, Jakarta, March
2016. See the table of contents in this link http://bit.ly/2vMzUt0
Stephen Northcutt, Network Intrusion Detection: An Analyst's Handbook, Ch.8, New Riders
Publishing, 1999, 20170703, http://bit.ly/2xKJyfS
254
Steven Drobny, Inside the house of money: top hedge fund traders on profiting in the global markets,
John Wiley & Sons, Inc., Hoboken, New Jersey, 2006.
The State Council of PRC, State Council issues guideline on overseas investment, 20170818,
http://bit.ly/2vOVZny
Thomas M. Havrilesky and John T. Boorman, eds., Current Issues in Monetary Theory and Policy.
Arlington Heights, IL: AHM Publishing, 1976, pp.362-78.
US Consumer Financial Protection Bureau (CFPB), In the matter of: Wells Fargo Bank, N.A.,
Consent Order, Administrative Proceeding, 2016-CFPB-0015, 20160908, at p. 5, 7,
http://bit.ly/2dpnuyN.
Victoria Duff, Liquidity Effect in Economics, Chron, 20100820, Last Update 20161026,
http://bit.ly/2h7N0e7
Wells Fargo, 1999 Annual Report, p.7, http://bit.ly/2ddwP9O.
Werner Antweiler, European Currency Unit (ECU): A Brief History of the ECU, the Predecessor of
the Euro, The Pacific Exchange Rate Service, Sauder School of Business, University of
British Columbia, Vancouver, Canada, 20110119. http://fx.sauder.ubc.ca/ECU.html
Yue Wang, Betting On Brick-And-Mortar: Alibaba's Billion-Dollar Retail Experiment, Forbes,
20170827, http://bit.ly/2hj18Rz
255
Sando Sasako
Additional Readings
Andrew Beattie, The Greatest Currency Trades Ever Made, investopedia, 20080903,
http://bit.ly/1dvS8A9
Ben Moshinsky, George Soros didn't bet against the pound this time, Reuters, Business Insider US,
20160627, http://bit.ly/2f1Aaty
Chris Ratcliffe, RBS instant messages reveal traders skewed Libor, Bloomberg, Financial Post,
20120926, http://bit.ly/2jY6JOe
Guy Faulconbridge; George Soros did not bet against sterling just before Brexit vote: spokesman,
Reuters, 20160627, http://reut.rs/2jwcMcB
Justin Kuepper, Black Wednesday: George Soros' Bet Against Britain: How George Soros Broke the
Bank of England, thebalance.com, 20170828, http://bit.ly/2xFEuKh
Marion Dakers, George Soros: I did not bet against the pound before Brexit , telegraph.co.uk,
20160627, http://bit.ly/29ekKQ3
Mehreen Khan, George Soros did not bet against the pound before Brexit, ft.com, 20160627,
http://on.ft.com/2fpArai
Rohin Dhar, The Trade of the Century: When George Soros Broke the British Pound,
priceonomics.com, 20140515, Last update: 20160617, http://bit.ly/2cOGL7P
Sebastian Mallaby, 'Go for the Jugular', theatlantic.com, 20100604, http://theatln.tc/2xpQLS0
Stephen Gandel, How George Soros Lost Money In a Bad Brexit Bet, Reuters, fortune.com,
20160627, http://for.tn/2xF2b5k
Steve Schaefer, How George Soros Broke The British Pound And Why Hedge Funds Probably Can't
Crack The Euro, Forbes Flashback, 20150707, http://bit.ly/2xoJeTN
Suzanne Plunkett, How emails nailed Barclays, Reuters, Financial Post, 20120628,
http://bit.ly/2hv3Wre
Thomas Jaffe and Dyan Machan, How The Market Overwhelmed The Central Banks, Forbes,
19921109, http://bit.ly/2xoJeTN
Vince Veneziani, The Real Story Of How George Soros Shorted The Pound, Etching His Name Into
Financial History Forever, businessinsider.com, 20100604, http://read.bi/2y4FDY7
256
Suggested Readings
Alberto Martin, Origins and macroeconomic implications of asset bubbles, Jaume Ventura,
20110216, http://bit.ly/2xFVb8v
Charles Hugh Smith, The War On Cash: Why Now?, mises.org, 20150729, http://bit.ly/1IKLOUO
Charles Hugh Smith, Will The Crazy Global Debt Bubble Ever End?, blogspot.com,
seekingalpha.com, 20170528, http://bit.ly/2jwUFTL, http://bit.ly/2xp6Nvm
Forensic Accounting Club, Financial Statement Fraud Schemes, 20160228, Last update: 20161122,
http://bit.ly/2x5rABZ
Forensic Accounting Club, Financial Statement Fraud, 20160228, Last update: 20161122,
http://bit.ly/2faKxiu
Forensic Accounting Club, Fraud Detective Analysis of Financial Statements, 20160305, Last update:
20161122, http://bit.ly/2xppe33
Holly Black, Warning over 'mother of all asset bubbles', ftadviser.com, 20170605,
http://bit.ly/2h9bAr5
Izabella Kaminska, Bitcoin's surge fuels fears of asset bubble, afr.com, 20170515,
http://bit.ly/2x3GX0o
Jacob J, Cryptocurrency Bubble Will Burst: Aberdeen Asset Management, cointelegraph.com,
20170624, http://bit.ly/2h8tfzg
John Lyons and Shen Hong, Asset Bubbles From Stocks to Bonds to Iron Ore Threaten China,
wsj.com, 20161101, http://on.wsj.com/2fpkiSg
Kimberly Amadeo, Asset Bubble: Causes, Examples, and How to Protect Yourself, thebalance.com,
20170714, http://bit.ly/2h6Fj7N
Neel Kashkari, Monetary Policy and Bubbles, minneapolisfed.org, 20170517, http://bit.ly/2f1e7mz
Oliver Watts and Richard Hayler, Window Dressing in M&A Transactions, FTI Consulting, Inc,
20170522, http://bit.ly/2xFUQSX
perstirling.com, Per Stirling Capital Outlook - June 2017, 20170630, http://bit.ly/2h5L3Pi
Steve Goldstein, Fed's Kashkari says central bank should avoid fighting asset-price bubbles,
marketwatch.com, 20170517, http://on.mktw.net/2yddnTM
Wolf Richter, Brick & Mortar Retail Meltdown Fueled by Asset Stripping. Details Emerge in
Bankruptcy Courts, wolfstreet.com, 20170731, http://bit.ly/2h9myAv
Wolf Richter, Consumer Bankruptcies Rise for the First Time since 2010, wolfstreet.com, 20170205,
http://bit.ly/2xFx7Cm
Wolf Richter, Great Debt Unwind: Bankruptcies by Consumers and Businesses Jump,
wolfstreet.com, 20170606, http://bit.ly/2xF4ZiS
Wolf Richter, It Just Doesn't Let Up with Wells Fargo, wolfstreet.com, 20170729,
http://bit.ly/2h8HUKY
Wolf Richter, Next Asset Bubble Cracks: It's so Big even the Fed is Fretting, wolfstreet.com,
20170607, http://bit.ly/2qXUwbp, http://read.bi/2x8RSF3
Wolf Richter, Retail Meltdown Demolishes Mall Investors, wolfstreet.com, 20170509,
http://bit.ly/2xGUM5q
Wolf Richter, So When Will China's Debt Bubble Finally Blow Up?, wolfstreet.com, 20170817,
http://bit.ly/2wvFgVh
Wolf Richter, The Economy is Cracking under Too Much Debt, wolfstreet.com, 20161018,
http://bit.ly/2x5iwNu
Wolf Richter, The US Cities with the Biggest Housing Bubbles, wolfstreet.com, 20170829,
http://bit.ly/2iIssJh
257
Sando Sasako
Readings on Satellites
Anityo Nugroho, Satellite Communication Part 1, 20110404, http://bit.ly/2wOwGW4

Arianespace, Flight VA 230: EchoStar XVIII and BRIsat, Launch Kit, 20160613, http://bit.ly/1S2Ibr
Bryce Space and Technology, 21 Years as the Voice of the U.S. Satellite Industry, SIAs 20th annual
study of satellite industry data, Washington DC, 20170714.
Collins Student World Atlas, HarperCollins Publishers, 2005, ISBN 0 00 719549 4; in TAHN,
Geostationary Communication Satellites, 20071226, http://bit.ly/2wdWKbw
ComSoft VSAT Solutions GmbH, Satellites Served, http://bit.ly/2xIjdLU
Dan Meyers (Sydney Plavins), How to Rent and Operate a Satellite for $250 a Week!, 20160823,
http://bit.ly/2iCug6J
Diah Yuniarti, Studi Perkembangan dan Kondisi Satelit Indonesia (The Study of Development and
Condition of Indonesian Satellites), Puslitbang Sumber Daya dan Perangkat Pos dan
Informatika, Buletin Pos dan Telekomunikasi, Vol.11 No.2 Juni 2013 : 121-136.
Euroconsult, Satellite Value Chain: Snapshot 2016, Key Trends and Indicators on Supply & Demand
of the World Commercial Satellite Industry An Extract, Executive Report, Paris,
20161213.
Geo Swan, North Pole February Ice-Pack 1978-2002, 20161023
Graham Templeton, Geek Answers: What is geostationary orbit, and why is it so important?,
20131214, geek.com, http://bit.ly/2iG8AXw
Hendra Santoso, ed, Data Statistik, Tahun 2016, Semester 2, Direktorat Jenderal Sumber Daya dan
Perangkat Pos dan Informatika, Kementerian Komunikasi dan Informatika, 20170519.
Innovation, Science & Economic Development Canadas (ISED), Policy Framework for the
Provision of Fixed-Satellite Services (FSS) & Broadcasting-Satellite Services (BSS),
Spectrum Management & Telecommunications, Radio Systems Policy, RP-008, Issue 4,
Canda, June 2017
Innovation, Science & Economic Development Canadas (ISED), Radio Spectrum Inventory: A 2010
Snapshot Canada, Chapter 7Satellite Services, http://bit.ly/2xMYZSo
Karaimek, Konu: Uydu sinyalleri ile ilgili sorular (Topic: Questions about satellite signals),
20080614, http://bit.ly/2vzedZk
Mahdi3d, INTELSAT 22 was thrown into orbit / lateral military cargo to Australia, IRNA, 20120326,
http://bit.ly/2w9sDlL, http://bit.ly/2wzJrTO, http://bit.ly/2ggiM88
Mick Denton, Electron/Ion Flux Model for Geosynchronous Orbit (GEO), 20150419, Last update:
20161007, http://bit.ly/2wNVrla
Mulyadi, Indonesian Satellite Service Regulatory Framework, Head of Satellite Management,
Ministry of Communications and Information Technology, ITU International Satellite
Symposium 2016, Bali, 6-8 September 2016.
n2yo.com, Telkom 3 Satellite details 2012-044A NORAD 38744, http://bit.ly/2xOgOkc
n2yo.com, What's Up In Your Sky?, http://bit.ly/2yjmHsM
Pacome Revillon, Fundamentals and Dynamics of the Satellite Communications Business, Inmarsat
Capital Markets Day 2016, Euroconsult, Paris, 20161007.
Patrick Blau, Yamal-402 Satellite healthy after Briz-M Upper Stage Failure, spaceflight101.net,
20121209, http://bit.ly/2wSmDOW, http://bit.ly/2xDtt8k
Satellite Industry Association, 21 Years as the Voice of the U.S. Satellite Industry.
Satellite Industry Association, Satellite 101: Satellite Technology and Services.
SatFlare.com, Telkom 3 - NORAD 38744 - 3D Online Satellite Tracking, http://bit.ly/2fDTVHX
Source: Gempar Ikka Wijaya, Nasib satelit bernilai Rp 1,8 triliun, 20120808, http://bit.ly/2vzZVad
Space Systems/Loral, LLC, SSL satellites in orbit, http://bit.ly/2vnmt2G
T.S. Kelso, Breeze-M Rocket Body (38746) Breakup, celestrak.com, 20121025, updated: 20121109,
http://bit.ly/2wzMiMR
Union of Concerned Scientists (UCS) Satellite Database; in Satellite Industry Association, Satellite
101: Satellite Technology and Services, Washington DC, 20130118.
258
Index
75E-Q, 247 APSTAR, 242, 243, 244, 245, 246, 247 Bagus Hananto, 151
A. Firman Taufick, 197 APSTAR-142E, 247 Bahana Artha Ventura, 179
A. Fuad Rahmany, 162, 163, 164, 166, APSTAR-142E-R, 247 Bahana Securities, 151
182 APSTAR-4, 247 Bahari Media Televisi, 242, 247, 248,
A. Sonny Keraf, 162, 163, 164, 165, 166, APSTAR-5, 247 249, 250, 251, 252
171, 175, 182 APSTAR-6, 242, 243, 244, 246, 247 Bakri, 195
A.Y. Soepadmo, 201 APSTAR-7, 242, 243, 244, 245, 246, 247 Bambang Irianto, 200
A2100A, 237 APSTAR-9, 242, 243, 245, 246, 247 Bambang Krisminarno, 196
A2100AXX, 237 APSTAR-9A, 246, 247 Bambang Soepeno, 141
AB, 136, 137 APSTAR-V, 242, 243, 244, 245, 246, 247 Bambang Supeno, 178
Abing Rabani, 197 APT Satellite Holdings Ltd, 221 Banda Aceh, 156, 163, 182
ABS, 242, 243, 244, 245, 246, 247 Arab Satellite Communications Org, 221 Bandar Lampung, 156, 163, 182, 198,
ABS-2, 242, 243, 244, 245, 246, 247 Arba Xtreme Media, 242, 247, 248, 249, 200, 201
ABS-6, 247 250, 251, 252 Bandung, 143, 156, 163, 166, 168, 172,
ACeS, 237 Argabudhy Sasrawiguna, 196 182, 186, 187, 189, 190, 191, 192,
ACeS 1, 237 Argentina, 221 198, 199, 201
ACeS 2, 237 Ari Setyo Wibowo, 197 Bangkok, 29, 165
Achmad Chairul Ganie, 143 Ariane, xiv, 237, 239 Banjarmasin, 156, 163, 178, 182, 189,
Achmad Fachmi, 141 Ariane 44L-3, 237 199, 201
Adam S. Posen, 42, 254 Ariane 5, xiv, 239 Bank Agroniaga, 85, 140
Adhi Karya, 168 Ariane-42P H10-3, 237 Bank BNI, 1, 147, 148
Adhyaksa Dault, 162, 163, 164, 165, 166, Ariane-44L H10-3, 237 Bank BNI Syariah, 147, 148
170, 175, 182 Ariane-5ECA, 237 Bank BRI, 1, 139, 144, 154, 157, 175,
Adi Setyanto, 192 Arianespace, 238, 239, 258 190, 191
Adolf Hitler, 38 Artacomindo Jejaring Nusa, 242, 249, 251 Bank BRI Agroniaga, 190
ADS, 237 Artha Mas Cipta, 242, 247 Bank BRI Syariah, 139, 154, 157, 175,
AED, 29 Arthamas Cipta, 250 191
Aero System Indonesia, 147 Arthur C. Clarke, 220 Bank BRISyariah, 139
Aero Systems Indonesia, 148 Artisan International Investor, 138 Bank BTN, 1
Aerospatiale, 237 Artisan Partners Limited Partnership, 137 Bank Bukopin, 147, 179, 191
Agila, 237 Asaba Computer Center, 146 Bank Bumi Daya, 152
Agila 1, 237 ASCO, 221 Bank Central Asia, 1
Agila-2, 237 Ashlyn Still, 60, 61, 253 Bank Dagang Negara, 152, 186
AGRO, 140, 141, 178 Asia Broadcast Satellite Ltd, 221 Bank Danahutama, 176
Agus DW Martowardojo, 15 Asia Cellular Satellite, 237 Bank Danamon, 172
Agus Katon Eko Sedyono, 140 Asia Media Mandiri, 242, 248 Bank Ekspor Impor Indonesia, 152
Agus Noorsanto, 182, 193 Asia Panca Mandiri, 242, 248 Bank for International Settlements, 54, 55,
Agus Suprihanto, 198 Asian Development Bank, 169 58, 59, 254
Agus Toni Soetirto, 181 ASIASAT, 242, 243, 244, 245, 246, 247, Bank ICBC Indonesia, 162, 170
Ahmad Fuad, 162, 163, 164, 165, 166, 248, 252 Bank Indonesia, xi, 11, 13, 15, 16, 17, 18,
168, 169, 175, 177, 178, 182 ASIASAT-4, 242, 243, 244, 245, 246, 19, 20, 21, 22, 89, 90, 93, 95, 103,
Ahmad Fuad Rahmany, 168, 175, 177 247, 248 104, 120, 139, 140, 141, 144, 145,
Ahmad Solichin Lutfiyanto, 196 ASIASAT-5, 242, 243, 244, 245, 246, 248 146, 147, 148, 154, 167, 169, 173,
AIA Finl, PT - Ul Equity, 135 ASIASAT-7, 252 176, 178
Airbus Defence and Space, 237 ASIASAT-AK, 247 Bank Indonesia Urusan Koperasi Tani dan
AJ Bringin Jiwa Sejahtera, 179 ASIASAT-AK1, 247 Nelayan, 154
Albert D Metz, 49, 254 ASIASAT-AKS, 247 Bank Internasional Indonesia, 169
Alcatel, 237 ASIASAT-AKX, 247 Bank International Indonesia, 176
Alexander Margaronis, 151 ASIASAT-EKX, 248 Bank Jasa Arta, 139
Algemene Volkscredietbank, 154 Asmawi Syam, 181, 183, 184, 186 Bank Jasa Artha, 154
Alibaba, 77, 78, 255 Astek, 140 Bank Koperasi Tani dan Nelayan, 154
Alioth LLC, 33, 253 Astro Space Center of Moscow, 221 Bank Lippo, 240
Amazon, 77, 254 Asuransi Bringin Jiwa Sejahtera, 139, 157 Bank Mandiri, 1, 147, 148, 152, 153, 187
AmSat, 237 Asuransi Bringin Sejahtera Artamakmur, Bank Mega Group, 172
AMZN, 77, 78 146, 148, 189 Bank Mitraniaga, 172
Anatolia 1, 237 Asuransi Jiwa Bringin Jiwa Sejahtera, 85, Bank Negara Indonesia, 147, 148, 154,
Andalaz Cavis, 242, 247, 248, 250, 251, 142, 144 174
252 Asuransi SIMAS Shariah, 179 Bank Negara Indonesia Unit II Rural
Andik Eko Putro, 198 Atlas-2AS, 237 Division, 154
Andrinof Achir Chaniago, 167 Auckland, 8 Bank of America, 47, 52, 57, 109
Andy Ferdinand, 151 AUD, 29, 46 Bank of England, 23, 31, 39, 44, 45, 254,
Andy Krieger, 32 Australia, 109, 169, 178, 191, 192, 193, 256
Andy Wibowo Gunawan, 151 195, 197, 219, 238, 258 Bank of Montreal, 109, 110
Aneka Vision, 242, 248, 250, 251, 252 Australia and New Zealand Banking Bank of New York Melon, 109, 110
Angga Aditya Assaf, 151 Group Ltd, 109 Bank of Tokyo-Mitsubishi UFJ, 47, 109,
Anggito Abimanyu, 140 Australian, 2, 27, 49, 100, 101, 254 110, 143
Angkasa Pura I, 167 Austria, 221 Bank Pembangunan Indonesia, 152
Anik Hidayati, 195 Austrian, 27 Bank Perkreditan Rakyat, 154
Anityo Nugroho, 227, 258 Azwar Abubakar, 167 Bank Rakyat Indonesia, i, vii, viii, ix, x,
Ann C. Chalstrom, 33, 253 B&M, 77 xii, xiii, 1, 4, 81, 82, 86, 87, 88, 89,
Anna Maria Ciadarma, 195 Ba LC, 237 91, 92, 93, 95, 96, 97, 98, 99, 100,
Ansar Arifin, 142 Ba LC-200/39, 237 101, 103, 104, 105, 106, 107, 108,
ANZ, 110 Ba LC-81/23, 237 109, 110, 111, 112, 113, 114, 115,
APG Asset Management NV, 136 Ba LC-81/24, 237 116, 117, 119, 120, 122, 123, 124,
Aplikanusa Lintasarta, 144, 242, 249 BABA, 77 125, 126, 127, 128, 129, 130, 131,
259
Sando Sasako
132, 133, 134, 135, 136, 137, 138, Blackrock, 135 BTN, 152, 189
139, 140, 142, 143, 144, 145, 146, BlackRock Fund Advisors, 136, 137 Buana Capital, 151
148, 151, 152, 154, 155, 156, 157, Blair, 45 Budi Rustanto, 151
160, 162, 163, 164, 165, 166, 167, BNI, 143, 151, 152, 154, 176, 186 Budi Satria, 198, 238
168, 169, 170, 171, 172, 173, 175, BNI Securities, 151 BULOG, 102, 147, 148, 149
178, 181, 182, 183, 184, 185, 187, BNI Unit II Export Import Division, 154 Bulukumba Citra Visual, 242, 248, 249,
190, 236 BNP Paribas, 47, 109, 110, 151 250
Bank Rakyat Indonesia Agroniaga, 139, BNP Paribas Equity Research, 151 Bundesbank, 33, 34, 35, 36, 38, 39, 42,
140, 157 Board of Governors of the Federal 43, 253
Bank Rakyat Indonesia, PT - Treasury Reserve System, 70 Bungamayang Agroloka, 144
STO, 135 BoE, 23, 32, 34, 42, 45, 53 Busrul Iman, 197
Bank Rakyat Republik Indonesia Serikat, Boeing Satellite System, 237 BWS, 41, 44
154 Boeing SS, 237 CA, 2
Bank Sahabat Sampoerna, 162, 170 BoJ, 60, 61 Cabinet Secretary, 16
Bank Sulut, 172 BOL, 237 CAD, 29, 46
Bank Syariah BRI, 139 Bonn, 36, 43 Cahaya Tunas Pofah, 242, 248
Bank Syariah Mandiri, 147, 148 Borneo Visual Multimedia Pro, 242, 247, Cakrawarta-1, 237
Bank Tabungan Negara, 147, 148 248, 251 Canada, 31, 41, 47, 176, 221, 233, 255,
Bank Tani Nelayan, 154 Boston Consulting Group, 56, 254 258
BankAmerica, 31 Boyke Budiono, 143 Canadian, 27, 101
Bankers Trust, 31, 32 BP, 91 Cantillon Fund, 135
Banque de France, 36 BPJS Ketenagakerjaan JHT, 135 Caprock Communications Indonesia, 242,
Bapepam, 169, 179 BPKP, 176 249, 250, 251
Bapepam-LK, 169 BPP, 146, 150 Carrick Mollenkamp, 49, 253
Bapindo, 152 BPR, 144 Carrie Tolstedt, 71
Bappenas, 16 BRC, 141 CASC, 240
Barclays, 47, 53, 54, 57, 256 Breeze-M, xiii, 218, 219, 258 CAST, 237, 240
Barclays Bank plc, 47, 53 Bretton Woods, 27, 39, 41, 254 Caxton Corp, 31
Barclays Capital Services Ltd, 53 Brexit, 23, 256 Cayman Island, 155
Barclays Directors Limited, 53 BRI, ii, iii, v, vii, viii, ix, 1, 3, 81, 83, 85, CBM, 43
Barclays Group Holdings Ltd, 53 90, 91, 92, 102, 110, 121, 139, 140, CC, 185, 237
Barclays plc, 53 141, 142, 143, 144, 145, 146, 147, CC LC, 237
Barclays Services Jersey Ltd, 53 148, 149, 152, 153, 154, 155, 156, CC LC-17A, 237
Bardiyono Wiyatmojo, 192 157, 158, 159, 161, 174, 175, 176, CC LC-17B, 237
Barings Bank, 45 177, 178, 179, 180, 186, 187, 188, CC LC-36B, 237
Barrick Gold, 24 189, 190, 191, 192, 193, 194, 197, CCK LC-39A, 237
Basle-Nyborg, 33 202, 238, 241 CDBC, 95
Batu Sangkar Multimedia, 242, 247, 248, BRI Agro, ix, 139, 140, 141, 147, 157, CDS, 49, 50, 51
250, 251, 252 178, 179 Cendrawasih Wiputra Mandiri, 242, 247,
BBA, 46, 47, 50, 51, 54 BRI Finance, ix, 139, 143, 147, 157 248, 249, 250, 251
BBA Repo, 54 BRI Life, ix, 139, 142, 157, 179, 180 central bank money stock, 43
BBA standard for interest rate swaps, 46 BRI Multifinance, 85, 139, 143, 144, 157 Centrale Kas Voor Het
BBAIRS, 46 BRI Pension Fund, 178 Volkscredietwezen, 154
BBC, 23 BRI Remittance, ix, 85, 139, 141, 142, CEO, 57, 71, 172, 190
BBD, 152 157 certificate deposit of Bank Indonesia, 20
BBH Boston S/A Vangrd Emg Mkts Stk BRI Syariah, ix, 139, 140, 154, 157, 175, CFETS, vii, 29, 30
Infd, 135 178, 179 CFPB, 70, 71, 255
BBH Luxembourg S/A Fidelity Fd, Sicav, BRI Syariah Unit, 154 CFTC, 57
135 BRILink, 145, 152 CGWIC, 237, 240, 241
BBRI, 126, 127, 154, 237, 238 Bringin Gigantara, 144, 146, 148, 149, Chairman, 57, 71, 163, 167, 168, 169,
BCCI, 45 191 170, 171, 172, 175, 177, 178, 186,
BCG, 57 Bringin Indotama Sejahtera Finance, 188 187, 189, 190
BDH Khusus Bialugri, 150 BRIngin Jiwa Sejahtera, 141 Chairul Tanjung Group, 172
BDN, 152 BRIngin Remittance, 141 Chairwoman, 73
BEF, 31 Bringin Srikandi Finance, 190 Chancellor, 38, 40, 45, 53
BEII, 154 BRIS, 139 Charles de Gaulle, 41
Beijing, 240 BRIsat, vi, 146, 154, 193, 202, 237, 238, Chase Manhattan, 31
Belgian, 27, 31, 33, 36 239, 258 Chemical Banking, 31
Belgium, 31, 39, 171, 172 BRISyariah, 85 CHF, 29, 46, 47
Bendahara Khusus, 146, 150 Brit, 34 Chicago, 11, 254
Bendahara Pengeluaran Pembantu, 146 Britain, 38, 256 China, 7, 8, 24, 27, 29, 30, 73, 74, 78, 95,
Benelux, 39 BRITE Consortium, 221 221, 237, 238, 240, 247, 248, 249,
Benjamin Koo, 151 British, 27, 31, 32, 33, 45, 46, 100, 101, 252, 257
BEP, 78 256 China Academy of Space Technology,
Berlin Wall, 32 British Bankers' Association, 46 237, 240
Bernstein, 151 Briz-M, vi, 216, 218, 258 China Aerospace Science and Technology
BI, xi, 9, 19, 20, 104, 169 BRR, 169 Corp, 240
BI 7-day (reverse) repo rate, 9 Bruce Kovner, 31 China Dev. Bank Corp., 95
BI 7-day repo rate, 9 Brussels, 36 China Foreign Exchange Trade System,
BI rate, 9, 20 Bryce Space and Technology, 207, 258 29
Bialugri, 146 BSMR, 164, 176, 183 China Great Wall Industry Corp, 237, 240
BII, 169 BSS-601HP, 237 China Satcom, 237
Bill Phillips, 44 BT, 32, 237 ChinaSat, 237
BIS, 30, 35, 40, 42, 43 BTMU, 143, 144, 146, 148, 149, 187 ChinaSat 5B, 237
BJA, 139, 154 BTMU BRI Finance, 143 CHINASAT-10, 242, 243, 244, 245, 246,
BJS, 141 BTMU BRI Finance, 144, 146 248, 249
BKTN, 154 BTMU-BRI, 143, 148, 149, 187 CHINASAT-11, 242, 243, 244, 245, 246,
Black Wednesday, 32, 33, 34, 44, 254, BTMU-BRI Finance, 143, 148, 149, 187 249
256 BTM-UFJ, 110 CHINASAT-6, 248, 249, 252
260
CHINASAT-64, 249 Dana Pensiun Lembaga Keuangan, 142 Edy Priyono, 198
CHINASAT-6B, 252 Danareksa, 151, 169 Edy Utomo, 200
Chinese, 3, 7, 8, 27, 28, 29, 73, 74, 240, Daniel L. Thornton, 11, 253 EEC, 33
253 Daniel Plunkett, 54 EIRD, vii, 53, 54, 56, 57
CHIRD, 57 Daniel Schfer, 56, 253 Eka Savitri, 151
CIMB, 151 Danish, 27, 31, 36, 46 Eko Bambang Suharno, 140, 175, 197
Cinta Manis Agroloka, 144 Dany Cahya Rukmana, 195 Eko Wahyudi, 197
Ciptadana Sekuritas, 151 Dapenbun, 140, 141 Ekspress-1000N, 237
Citibank, 47, 54, 109, 135 Datasel, 144 EM, 60
Citicorp, 31 David Caplin, 54 EMARSAT-4S, 252
Citigroup, 50, 51, 53, 54, 57 David Chapman, 41, 253 emerging markets, 49, 73
Citra Buana Cable Vision, 243, 248, 249, David Pieri, 49 Emirates NBD Bank, 109, 110
250 DB, 53, 54, 57 Employees Provident Fund, 135
Citra Ilham Mandiri, 243, 247, 248, 249, DB Group Services (UK) Ltd, 53 EMS, 33, 36, 39
250, 251, 252 DBS, 109, 110, 151, 205, 213, 237 Erasmus, 33, 254
Citra Intel Pratama, 243, 248 DBS Vickers, 151 Erdianto Sigit Cahyono, 140
Citra Mitra Inti Kusuma, 170 De Poerwokertosche Hulp en Spaarbank Eria Desomsoni, 201
Citra Sari Makmur, 236, 237 der Inlandsche Hoofden, 154 Erizal, 198
Clarke, xiv, 227, 228, 229 De Poerwokertosche Hulp Spaar-en ERM, xi, 33, 34, 35, 36, 39, 40, 43, 44,
CLSA, 151 Landbouw Credietbank, 154 254
Club Deal, 95, 109, 110 Dedi Sunardi, 199 Ernawan, 196
Club Loan, 95, 109, 110 Defense Systems Inc, 237 ESA, 221
CME, 46 Delta, 237 ESP, 31
CNH, 7, 29 Delta 2914, 237 Estonia, 57
CNY, 7, 29 Delta 6925-8, 237 Eternal Recession Mechanism, 34
Coface export-credit agency, 240 Delta 7925-8, 237 EU, 23, 25
commercial real estate, 6, 73, 77 Delta-3920 PAM-D, 237 EUMETSAT, 221
Commerzbank, 109, 110 DEM, 31 EUR, xi, 25, 29, 47
Committee on the Peaceful Uses of Outer Denai Kabel Mandiri, 243, 247, 248, 250, EURIBOR, 54, 56, 110
Space, 220 251, 252 euro, vii, 23, 25, 27, 31, 39, 40, 42, 45, 54
composite price index, 33, 45 Denmark, 39 Euro Interest Rate Derivatives, 53
Computer Technology Associates, 237 Denpasar, 156, 163, 182, 186, 192, 196, Euroconsult, 203, 204, 205, 206, 208,
ComSoft VSAT Solutions GmbH, 224, 199, 201 209, 210, 212, 214, 258
258 deposit facility, 20 Europe, 41, 47, 53, 56, 184
Connan Snider, 49, 253 Deutsche, 27, 42, 47, 53, 54, 57, 151, 179, EUROPE*STAR, 249
Connecticut, 49 253 EUROPE*STAR-1, 249
Consumer Financial Protection Bureau, Deutsche Bank, 47, 53, 54, 57, 151, 179 EUROPE*STAR-45E, 249
70, 255 DFA, 70, 138 European Commission, vii, 53, 54, 56, 57
consumer price index, 20, 45 DFA Emerging Markets Core Equity I, European Community, 33, 36, 39, 253
COO, 57 138 European Currency Unit, 31, 255
Cooperative BRI Swakarya, 190 DFH, 237, 240, 248 European Economic Community, 33
Cooperative Rabobank UA, 47 DFH-3A-OB, 248 European Organization for the
Coordinating Minister in Economic DFH-4, 237, 240 Exploitation of Meterological
Affairs, 16 DFH-4E, 237 Satellites, 221
COSPAR, 216, 237 Diah Yuniarti, 231, 258 Eurostar-3000, 237
CPI, 20, 33, 45 Dicky Rozano, 201 Eurosystem, 42
Craig R. Whitney, 35, 253 Didin Hafidhuddin, 140 Euroyen, 49, 57
CRE, 6 Dimensional Fund Advisors LP, 137 Eutelsat, 221
Crdit Agricole, 47, 53, 54 Direktorat Angkatan Darat, 146 EUTELSAT 172A, 242
credit default swaps, 49 Dirgantara Indonesia, 102, 147, 148, 149, Eutelsat Americas, 221
Credit Suisse, 47, 57, 151 150 Eutelsat S.A., 221
Crispin Odey, 23 DITKUAD, 146, 150 EVA Dimensions, 151
CSM, 236, 237 DKK, 29, 31, 46 Evan Lie Hadiwidjaja, 151
CSM-106, 236 DLR-Tubsat, 237 ExactEarth, 209
CSM-111, 236 DM, xi, 27, 31, 32, 33, 34, 35, 36, 37, 39, F.Y. Hari Sistiyasta, 198
CSM-120, 236 43, 46 Fabiola Noralita Sondakh, 142
CSM-137, 236 Dodd-Frank Act, 70 Fahmi Subandi, 195
CT Group, 172 Doha, 29 Falcon-9 v1.2, 237
CTA, 237 DOJ, 57 Farid Hanafi, 200
CTBC Bank, 109 dollar, viii, 25, 27, 28, 29, 32, 109 FASBI, 20
currency union, 31 Donald Trump, 57 Fasindojaya Kabel Televisi, 243, 247,
Cyprus, 57 Dongfanghong-4E, 240 248, 251, 252
CZ-3B, 237 Donsuwan Simatupang, 181, 182, 183, FCA, vii, 54, 57
CZ-3B (Ariane 44L), 237 187 FDIC, 70
CZ-3B (Long March 3B), 237 Douglas J. Keenan, 53, 253 Fed, xii, 8, 11, 12, 25, 35, 41, 53, 57, 60,
CZ-3B/E, 237 DP BRI, 144 61, 63, 73, 76, 77, 253, 257
D. Irwandi Wijaya, 201 DPLK, 142 Federal Deposit Insurance Corporation, 70
D.P. Oka Maharjana, 199 DSI, 237 Federal Housing Finance Agency, 70
Dagota Investama, 179 Duta Media Entertainment, 243, 247, 248, Federal Regulators, 70
Dahlan Iskan, 167 249, 250, 251, 252 Federal Reserve Bank, 11, 63, 253, 254
Daily Express, 23 Dutch, 31, 33, 35, 36 Federal Reserves, 63
Daily Mail, 23 East Germany, 43 FFr, 27
Daily Telegraph, 23 Ebeneser Girsang, 198 FHFA, 70
DAMRI, 147, 149 EC, 35, 39, 236 Fidelity, 135, 136, 137, 138
Dan Meyers, 225, 258 ECB, 37, 42, 45, 61 Fidelity Investment, 135
Dana Pensiun Bank Rakyat Indonesia, EchoStar XVIII, 239, 258 Fidelity Management & Research, 136,
142 ECU, vii, 31, 39, 255 137
Dana Pensiun BRI, 141, 142, 144 Edi Masrianto, 143, 196 Fidri Arnaldy, 199
Dana Pensiun Karyawan Panin Bank, 144 Edouard Balladur, 36
261
Sando Sasako
FIL Investment Management (Singapore) Hans Tietmeyer, 36 Indostar, 237

Ltd, 136 Harding Loevner, 135, 136, 137, 138 Indostar-1, 237
Finance Minister, 16, 36, 142 Hari Siaga Amijarso, 194, 197 INDOSTAR-107.7E-K, 236
Financial Conduct Authority, 54 Harmonised Index of Consumer Prices, 45 INDOSTAR-107.7XS, 236
First Chicago, 31 HarperCollins, 222, 258 INDOSTAR-108.2XS, 236
Fitch Indonesia, 111 Harsh Wardhan Modi, 151 INDOSTAR-110E, 236
Five Forces, 44 Haru Koesmahargyo, 181, 182, 183, 187 INDOSTAR-110E-K, 236
Flight VA 230, 239, 258 Hawaii, 238 INDOSTAR-118XS, 236
Forestry Department, 140 Hayat TV Entertainment, 243, 247, 248, Indostar-2, 237
franc, 27, 33, 36, 57 249, 250, 251, 252 Indra Kesuma, 140, 178
France, 35, 36, 38, 40, 41, 53, 221, 238, HBOS, xii, 47, 51 Indra Praseno, 140
240 HBR, 77, 254 Indra Utoyo, 181, 190
Francois Mitterrand, 36 Helmut Schlesinger, 34 Indrayeti, 177, 180
Frankfurt, 29 Hendra Santoso, 236, 258 Industri Kereta Api, 147, 149
Franklin Advisers Inc, 137 Hendrickus, 143 Infokom Elektrindo, 243, 247, 249
Franklin Templeton, 135 Hepman Damanik, 197 INMARSAT, 242, 244, 246, 249
FRB, 70 Hermann Simon, 77, 254 INMARSAT-4 143.5E, 249
Frederic S. Mishkin, 42, 254 Hermanto Siregar, 140 INMARSAT-4 F1, 242, 244, 246, 249
French, 27, 31, 32, 33, 36, 41, 238 Herry Prayudi, 200 Innovation, Science & Economic
French Guiana, 238 Heru Setyati, 197 Development, 233, 258
FRF, 31 Hexana Tri Sasongko, 193 INS00000, 236
FSA, 45, 57 HGS 3, 237 INS02800, 236
FTSE 100, xi, 23 HICP, 45 INS3501, 236
FTSE All-Share, xi, 23 HKD, 29, 142 INS3502, 236
Galileo, xiv, 226 HKMA, 7 INSA_100, 236
GAM, 167 Hong Kong, 7, 29, 81, 136, 141, 155, 157 INSB_100, 236
Garuda, 102, 147, 149, 150, 237 Hong Kong Special Administrative Institute of Space and Aeronautical
Garuda 1, 237 Region, 141 Science, 221
Garuda 2, 237 HS, 237 Institute of Space and Astronautical
Garuda Indonesia, 102, 147, 149, 150 HS-333D, 237 Science, 221
Garuda Maintenance Facility AeroAsia, HS-376, 237 INTELSAT, 219, 242, 243, 244, 245, 246,
147, 149, 150 HS-601, 237 249, 250, 251, 258
GARUDA-1, 236 HSBC, 47, 53, 54, 109, 110, 135, 151, INTELSAT 12, 249
GARUDA-2, 236 172, 240 INTELSAT 17, 242, 243, 244, 246, 249
Gatot Mardiwasisto, 142, 181 HSBC Bank plc, 47, 53 INTELSAT 19, 242, 243, 244, 245, 246,
Gatot Trihargo, 162, 163, 164, 166, 168, HSBC Bank Plc S/A Saudi Arabian 249, 250
175, 178, 182 Monetary Agency, 135 INTELSAT 20, 242, 243, 244, 245, 246,
Gatut Dwi Prihartoyo, 195 HSBC Bk Plc Re Agus Fund Manager 250
GBP, xi, 23, 25, 27, 29, 31, 34, 35, 40, 43, S/A Abu Dhabi, 135 INTELSAT 22, 219, 242, 246, 250, 258
46, 47 HSBC BK plc S/A The Prudential INTELSAT 7, 250
GE-23, 242, 249 Assurance, 135 INTELSAT 706, 250
Gemilang Media Visual, 243, 248, 249, HSBC France, 53 INTELSAT 8, 242, 250
250 HSBC Holdings plc, 53 INTELSAT 805, 250
Gempar Ikka Wijaya, 218, 258 HSBC Ltd, 109, 110 INTELSAT 902, 242, 250, 251
Generation IM Fund, 135 Hubble, xiv, 226 INTELSAT 904, 242, 251
Genscape, 209 HUF, 29 INTELSAT 906, 242, 251
Geo Swan, 226, 258 Hughes, 237 Intelsat APR1, 237
George Osborne, 45 Hulp-en Spaarbankder Inlandsche INTELSAT-20, 244, 251
GEOStar, 237 Bestuurs Ambtenaren, 154 INTELSAT5A 157E, 250
GEOStar-1, 237 I Gde Yadnya Kusuma, 176 INTELSAT6 157E, 250
GEOStar-2, 237 I Komang Sudiarsa, 141 INTELSAT6 60E, 251
German, xi, 31, 33, 34, 35, 36, 37, 38, 253 I Made Suka, 195 INTELSAT6 62E, 251
Germany, i, xi, 32, 33, 35, 36, 37, 38, 39, IBA, 46 INTELSAT6 64E, 251
40, 41, 42, 43, 45, 221, 249 ICAP, 54 INTELSAT7 157E, 250
Gerold Grasshoff, 56, 254 Icap Management Services Ltd, 53 INTELSAT7 62E, 251
GIC S/A Government of Singapore, 135 Icap New Zealand Limited, 53 INTELSAT7 64E, 251
Gilts, 54 Icap plc, 53 INTELSAT7 66E, 249
Gim Seow, 49, 254 ICE, 46, 47, 110 INTELSAT8 60E, 251
GLD exchange-traded fund, 24 ICE Benchmark Administration, 46 INTELSAT8 62E, 251
Goddard Space Flight Center, 220 IDR, vii, xi, 1, 21, 22, 86, 87, 88, 96, 97, INTELSAT8 64E, 251
GoI, 238 99, 100, 111, 112, 113, 114, 115, 116, INTELSAT8157E, 250
Golden Wednesday, 34 117, 122, 123, 124, 132, 146 INTELSAT9 60E, 251
Goldman Sachs, 57, 135, 151 IDX, 3, 140, 154 INTELSAT9 62E, 251
Google Finance, 23 IEP, 31 INTELSAT9 64E, 251
Gorontalo Sejahtera Mining, 162, 171 Igor Nyoman, 151 INTELSAT9 66E, 249
Government of Republic of Indonesia, Illinois Wesleyan University, 33 INTERBELAR-2, 247
148 IM, 135 InterContinental Exchange, 46
Government of Singapore, 135 IMF, vii, 27, 28, 54, 254 Interior Ministry, 16
Government of the Republic of Indonesia, Inasat-1, 237 International Monetary Fund, 54, 254
146 Indo Premier Securities, 151 Intersputnik, 237
Graham Templeton, 222, 258 Indonesia Asahan Aluminium, 147, 150 INTERSPUTNIK-, 247
GRD, 31 Indonesia Eximbank, 169 Inti Konten Indonesia, 147, 149
Greek, 31 Indonesia Fishery Society, 167 Inti Pindad Mitra Sejati, 147, 148
guilder, 27, 33, 35, 36 Indonesia Power, 147, 150 Inti Prima Cemerlang, 243, 247
Gunawan Sulistyo, 196 Indonesian Exports Financing Agency, IO 86, 237
Habibie Center, 167 169 IPSTAR-1, 242, 251
Hadi Susanto, 143 Indonesian Stock Exchange, 140 Ira Wirayanti, 195
Halifax and Bank of Scotland, 47 Indonesia-OSCAR 86, 237 Irama Mitra Media, 243, 249, 251, 252
Handayani Wibowo, 200 Indosat, 236, 238, 240 Iranian, 27
262
Irianto, 182, 192 Kejar, 144, 148 Lockheed Martin Commercial Space
Irianto Sunardi, 192 Kelola Jasa Artha, 144, 148 Systems, 237
IRIDIUM, 251 Kementerian Keuangan Republik London, 23, 27, 29, 32, 34, 38, 45, 46, 47,
Irish Punt, 31 Indonesia, 149 49, 53, 57, 165, 179, 190, 254
IRNA, 219, 258 Kementerian Pertahanan, 236 London Agreement, 38
Irving Fisher, 13, 45 Kemhan, 146, 237 London International Financial Futures
Irwan Junaedy, 200 Kereta Api Indonesia, 102, 147, 149, 150 Exchange, 53
Irwandi Yusuf, 167 Kevin Kwek, 151 London School of Economics, 27, 254
IS-22, 242, 246, 250 Khairi Setiawan, 142 London Stock Exchange, 23
ISAS, 221 Khairullah, 201 Long March 3B, 240
ISAT, 237 KNPI, 170 Long March CZ-3B/E, 240
ISED, 233, 258 Ko ELA, 237 Loo Kar Weng, 151
iShares Core MSCI Emerging Markets, Ko ELA-2, 237 Loral Global Alliance, 221
138 Ko ELA-3, 237 Loral Skynet Satellite Services, 221
iShares MSCI Indonesia, 138 Kokok Alun Akbar, 196 LSE, 23, 44
ISS, xiv, 226, 237 Komaruddin Hidayat, 140 LSPP, 164, 183
ISS Reshetnev, 237 Kominfo, 236 LUF, 31
IT, iv, 144, 159, 193, 195 Koperasi Karyawan Bank Bukopin Luxembourg, 29, 31, 39, 135, 252
Italian, 27, 31, 33, 35 Jakarta, 144 LUX-G5-25, 252
Italy, 221, 240 Koperasi Karyawan BRI Syariah, 147, LUX-G7-20, 252
ITL, 31 149 Lyall Taylor, 151
J.P. Morgan, 31, 53, 137, 151 Koperasi Swakarya BRI, 146, 147, 149 M. Fankar Umran, 199
Jacob Gyntelberg, 54, 55, 254 KOREASAT-8, 242, 243, 244, 245, 246, M. Gunawan Yasni, 140, 179
Jaj Singh, 151 247 M. Ridwan Rizqi R. Nasution, 142
Jakarta, xi, xiii, xiv, 7, 10, 21, 29, 79, 103, Kourou, 238 M. Sodo Harisetyanto, 142
139, 140, 142, 143, 144, 154, 155, Krakatau Steel, 102, 147, 148, 149 M2A, 237
156, 157, 158, 163, 166, 169, 170, Kraton Imaji Utama, 170 Macquarie, 151, 195
171, 172, 173, 175, 176, 177, 179, Kresna Securities, 151 Mahdi3d, 219, 258
180, 182, 184, 186, 187, 188, 189, krona, 27, 46 Mahmud, 162, 172
192, 193, 194, 195, 196, 197, 198, krone, 27, 46 Mahmuddin Yasin, 142
200, 201, 216, 217, 218, 219, 220, Kuala Lumpur, 29 Makassar, 156, 163, 173, 182, 186, 188,
240, 254 Kuraygeo Service Indonesia, 244, 249, 193, 199, 200, 244, 248, 250, 251
Jakarta Kyoei Medical Center, 144 252 Makassar Multimedia Digital Sistem, 244,
Jakarta Stock Exchange, 154 Kurnia Chaerudin, 143 248, 250, 251
Jaminan Kredit Indonesia, 179 Kustodian Sentral Efek Indonesia, 144 Makianos Network, 244, 248, 252
Janet Yellen, 73 Kuswardono, 196 Malang, 156, 157, 163, 172, 182, 187,
Japan, 41, 53, 143, 221, 251, 252 Kuswiyoto, 181, 182, 183, 184, 188 192, 193, 194, 196, 197, 198, 199, 200
Japanese, 27, 28, 100, 101 Kyle Bass, 24 Malaysia, 251, 252
Jasa Marga, 147, 148 Lampung Mitra Media, 244, 248, 251 Manado, 156, 157, 163, 172, 182, 199,
Jayapura, 156, 163, 182, 189, 198 Laos, 252 200
JCSAT, 242, 243, 244, 245, 246, 251, 252 LAOSAT-1, 252 Mandiri Sarana Informasi, 244, 247, 248,
JCSAT-13, 251 Lapan, 237 249, 250, 251
JCSAT-2A, 252 Lapan A1, 237 Mandiri Sekuritas, 151
JCSAT-3A, 242, 243, 244, 245, 246, 251 Lapan A2, 237 Marcus Agius, 57
JCSAT-4B, 251 Lapan A3, 237 Marine and Fishery Exploration
JCSAT-5A, 251 LAPAN TUBSAT, 236 Department, 167
JCSAT-FO-124E, 251 LAPAN-A3-SAT, 236 Marine and Fishery Ministry, 167
JCSAT-FO-128E, 251 Lapan-ORARI, 237 Mark, 27, 49, 54, 253
Jeffry J. Wurangian, 162, 163, 164, 165, LAPANSAT, 236 Mark Stevenson, 54
166, 182 Lapan-TubSat, 237 Mark Whitehouse, 49, 253
Jeffry Jefta Wurangian, 172, 175, 177 Lausanne Conference, 38 Markit Group, 50, 51
Jeremy Kraft, 54 Lee Bruce Stewart, 54 Marshall Plan, 41
Jerry del Missier, 57 Lee Knight, 49 Martin Brokers, 54
Jezri Mohideen, 49 Leigh-Pemberton, 45 Maxxnet Elde Hawe, 244, 248, 250
Jimmy Tan, 49 Lembaga Pembiayaan Ekspor Indonesia, Maybank Kim Eng, 151
Jiwasraya, 168 147, 148 MBS, 60, 73
John Major, 40 Lembaga Penerbangan dan Antariksa MCI, 237
John Maynard Keynes, 45 Nasional, 236 MEASAT, 242, 243, 244, 245, 246, 251,
John Stumpf, 71 Lembang Selayar Kabel Vision, 244, 248, 252
John T. Boorman, 11, 254, 255 251 MEASAT-1, 251, 252
Joice Farida Rosandi, 197 LEN Industri, 147 MEASAT-1A, 252
Jonathan Spicer, 60, 61, 253 lending facility, 20 MEASAT-3A, 242, 243, 244, 245, 246,
Jones Investments, 31 Leniency Notice, 57 251, 252
Joshua Tanja, 151 LIBOR, vii, xi, xii, 23, 46, 47, 49, 50, 51, MEASAT-3B, 242, 244, 245, 246, 252
Jovent Giovanny, 151 53, 54, 110, 253, 254 Medan, 143, 156, 157, 163, 180, 182, 187,
JP Morgan, xii, 47, 51, 135 LIFFE, 53 192, 197, 198, 200
JP Morgan Chase Bank, 47 Lina Sari, 195 Media Cakrawala Nusantara, 244, 248,
JPM, 61, 72 LIPPOSTAR 1, 251 250
JPMCB, 135 lira, 27, 31, 33, 35, 36, 43 Media Citra Indostar, 236, 237
JPMorgan, 52, 53, 54, 57, 135, 136 Lloyds Bank of Scotland, 54 Media Citra Indovision, 237
JPY, 29, 46, 47, 57 Lloyds Bank plc, 47 Media Televisi Kabel Indonesia, 244, 247,
JSX, 154 Lloyds Banking Group, 47 250, 251
Jurgen Stark, 37 Lloyds TSB Bank plc, 47 Megah Surya Persada, 244, 249
Justin H. Mims, 70, 254 LM, 237 Megasatcom, 244, 247, 249
Kabanjahe Vision Indonesia, 243, 247, Loan and Saving Bank for Noble Meiditomo Sutyarjoko, 197
248, 249, 251, 252 Indigenous, 154 Menara Proteksi Indonesia, 144
Karaimek, 223, 258 Loan and Saving Bank for the Employees Meranti Vision, 244, 247, 248, 249, 250,
Kashkari, 63, 257 of Indigenous Local Leader, 154 251, 252
Keenan, 53 Lockheed Martin, 237 Merapi Gelanggang Wisata, 144
263
Sando Sasako
Merpati Nusantara Airlines, 172 NHM, 154 Palapa B2R, 237

Metra Digital Innovation, 190 Nick Leeson, 45 Palapa B3, 237
MICE, 78 Nicolaus Teguh Budi Harjanto, 170 Palapa B4, 237
Michael E. Porter, 44 Nilesat, 221 Palapa C1, 237
Michael Kraten, 49, 254 NLG, 31 Palapa C2, xiv, 224, 237, 240
Michael Ovaska, 61, 254 NOK, 29 Palapa C-2, 238
Michael Ross Curtler, 54 Nomura, 151 Palapa D, 237, 240, 241
Michael Tanglis, 69, 254 NORAD, 216, 258 Palapa E, 237
Mick Denton, 223, 258 Nordea Bank, 135 Palapa N1, 237, 240, 241
Microsoft, 4, 91 Nordea Inv Mgt AB, Copenhagen, 137 Palapa Nusantara 1, 237
Mike Terceiro, 49, 254 Nordea Investment Management AB PALAPA PAC-C 146E, 236
Milka Mutiara, 151 (Denmark), 136 Palapa Pacific 1, 237
Milton Friedman, 11, 254 Norinchukin Bank, 47 PALAPA PACIFIC 144E, 236
Minang Saluran Ceria, 244, 248, 250, 251, Norman Lamont, 36, 40 Palapa Pacific-1, 237
252 Northern Trust, 135 Palapa Pacific-2, 237
Minister of Youth and Sports, 170 Norwegian, 27 PALAPA PAC-KU 146E, 236
Ministry of Finance, 102, 146, 162, 169, NPO PM, 237 Palapa Satelit Nusa Sejahtera, 240
171, 172, 176, 180 NPO Prikladnoi Mekhaniki, 237 Palapa TV Entertainment, 245, 248, 250,
Ministry of Laws and Human Rights, 140, NSS, 243, 246, 252 252
141, 142, 143 NSS-6, 243, 246, 252 PALAPA-B1, 236
Ministry of SOEs, 162, 166, 168, 174 NSS-9, 252 PALAPA-B1-EC, 236
Minneapolis, 63, 254 NSTAR-A2, 251 PALAPA-B2, 236
Minnesota, 49, 253 NT TST Co S/A Generation IM Fund PALAPA-B3, 236
Mishkin, 35, 40, 42, 43 Public, 135 PALAPA-B3 TT&C, 236
Mitra Banten Multimedia, 244, 248, 249, Nurullah Akhsan, 195 PALAPA-B3-EC, 236
250, 251 NUSANTARA, 236 PALAPA-C1, 236
Mitra Himalaya Perdana, 170 NUSANTARA-A1-A, 236 PALAPA-C1-B, 236
Mitra Papua Vision, 244, 248, 249, 250, NUSANTARA-B2-F, 236 PALAPA-C1-K, 236
252 NUSANTARA-B3-A, 236 PALAPA-C2, 236
Mitra Sentosa Abadi, 179 NUSANTARA-B4-A, 236 PALAPA-C3, 236
Mitra Vision Balikpapan, 244, 247, 248, NUSANTARA-H1-30, 236 PALAPA-C3-K, 236
251 NUSANTARA-H1-30A, 236 PALAPA-C4, 236
Mizuho Bank Ltd, 47 NUSANTARA-H1-30B, 236 PALAPA-C4-A, 236
Mochammad Hadi Santoso, 140 NUSANTARA-H1-A, 236 PALAPA-C4-B, 236
Mohamad Helmi, 197 NUSANTARA-H1-A_1, 236 PALAPA-C4-K, 236
Mohammad Irfan, 181, 182, 183, 188 NYDFS, 57 Palapa-N1, 241
Mollenkamp, 49, 54 NYSE, 53 Palembang, 156, 157, 163, 182, 189, 196,
Moniek Wolters, 33, 254 NYSE Euronext, 53 198, 200
Morgan Stanley, 53, 57, 135, 151 NZD, 29, 32, 46 Pamong Praja, 154
Mori Raya, 244, 248, 249, 250, 251 O3B, 252 Pamuji Gesang Raharjo, 175
Morningstar, 86, 87, 88, 106, 125, 126, OCBC, 110 Pangkal Pinang Vision, 245, 247, 248,
127, 128, 129, 130, 131, 132, 133, OCC, 70, 71 249, 250, 251
136, 137, 138 Office for Outer Space Affairs, 220 Pangreh Praja, 154
Muhamad Chatib Basri, 15 Office of the Comptroller of the Currency, Papiermark, 38
Muhamad Sidik Heruwibowo, 200 70 Papua, 156, 238
Muhammad Syafri Rozi, 197 Office of Thrift Supervision, 70 Para Group, 172
Mulabasa Hurabarat, 180 OJK, 140, 141, 142, 143, 173 Paris, 29, 36, 179, 203, 214, 258
Multi Media Sentral, 245, 248, 249 OMNISPACE F-2, 252 Paser Media, 245, 248, 250
Multimedia Nusantara, 190, 245, 249 ONIX Capital, 151 Pasifik Satelit Nusantara, 236, 240, 245,
Mulya Chandra, 151 ONS, 45 247, 249
Mulyadi, 236, 258 Operation Twist, 60 Patrick Blau, 218, 258
Mustafa Abubakar, 162, 163, 164, 165, ORBCOM, 252 Paul Robson, 54
166, 167, 175, 177, 182 Orbcomm, 209 Paul Tudor Jones, 31
Mustari Damopoli, 141 Orbital Sciences Corporation, 237 Paul White, 54
MXN, 29 Osbal Saragi Rumahorbo, 198 PBoC, 7, 24, 29
MYR, 29 OSC, 237 Pefindo, 111
Nadira Intermedia Nusantara, 245, 249 OT, 60 Pegadaian, 102, 147, 148, 149, 176
Nandi Hendrian Hamaki, 143 OTC, xii, 58, 59 Pekanbaru, 156, 157, 163, 173, 182, 198,
NASA, 220, 221 OTS, 70 200
National Bank of Abu Dhabi, 109 Ousmne Jacques Mandeng, 27, 254 Pelindo I, 180
National Credit Union Administration Overseas-Chinese Banking Corp Ltd, 109 Pembangunan Perumahan, 147, 149
Board, 70 Oxygen Multimedia Indonesia, 245, 248, Pemeringkatan Efek Indonesia, 144
National Energy Board, 162, 171 250 Pemerintah Republik Indonesia, 148
NATO, 41 Pacific 2000 Investindo, 179 Penajam Multimedia, 245, 247, 248, 249,
NCUA, 70 Pacific Exchange Rate Service, 31, 255 250, 251
Nederlandsche Handels Maatschappij, PACIFISAT, 247 PER, 121
154 PACIFISAT C/KU-2, 247 Permodalan Nasional Madani, 170
Neel Kashkari, 63, 254, 257 PACIFISAT KA-2 159E, 247 Pertamina, 147, 148, 149, 150, 168
Neil Danziger, 49 Pacome Revillon, 214, 230, 232, 233, 258 Pertamina Lubricants, 147, 148
Neil Fonseca, 151 Padang, 156, 157, 163, 167, 182, 188, Pertamina Patra Niaga, 147, 149
Netherland, 27 193, 199, 201 Perth, 238
Netherlands, 31, 39, 252 Paksat 1, 237 Perum Djawatan Angkoetan Motor
Netherlands Antilles, 31 Palapa, vi, xiv, 224, 237, 238, 240, 241, Republik Indonesia, 147
New Sparta Asset Management, 27, 254 245, 248, 250, 252 Perusahaan Gas Negara, 147, 150
New York, 29, 57, 135, 155, 165, 187, Palapa A1, 237 Perusahaan Listrik Negara, 102, 147, 148,
194, 254 Palapa A2, 237 149, 150
New Zealand, 8 Palapa B1, 237 Perusahaan Pengelola Aset, 174
NewSat 1, 237 Palapa B2, 237 peseta, 27
Ngatari, 199 Palapa B2P, 237 Philip Wooldridge, 54, 55, 254
264
Phillip Securities, 151 Reuters, 46, 50, 51, 60, 61, 253, 256 Sentral Multi Telemedia, 245, 247, 248,
Phillips, xi, 44 reverse repo, 20 249, 251, 252
Pindad, 147, 148, 149 RHB Securities, 151 Seoul, 29
Pindad Enjiniring Indonesia, 147, 148 rial, 27 SES, 237, 245, 246, 252
Pintar Nusantara Sejahtera, 240 Rianto Ahmadi, 142 SES-7, 237, 252
PKSS, 144 Richard Jerry, 151 SES-9, 245, 246, 252
PLDT, 237 Ridwan Rizki Nasution, 179 SG, 131
PLN, 29 riyal, 27 SGD, 29
PNG, 247, 252 RM, 38, 187 SGX, 46
Portuguese, 31, 36 , 38 Shearman and Sterling, 71
Posen, 35, 40, 42, 43 RMB, xi, 27, 29, 30 Shenzhen, 8
Potemkin villages, 53 Robeco Institutional Asset Mgmt BV, 137 shilling, 27
pound, 27, 33, 256 Robert D. Matson, 219 Shinta Buana Vision, 245, 248, 249, 251,
PP, 106, 154 Robert Diamond, 57 252
PPATK, 176 Robert McNaught, 219 SIA, 207, 208, 211, 212, 213, 258
PRC, 74, 255 Robert Parker, 41, 254 Sichuan, 240
President, 34, 36, 57, 63, 162, 167, 168, Robin Leigh-Pemberton, 39, 45, 254 Sidimpuan Multimedia, 245, 248, 250,
172, 177, 178, 179, 181, 186, 187, root cause analysis, 69 252
190, 191, 192, 254 Rosa M Abrantes-Metz, 49, 254 Sigit Murtiyoso, 196
Presley Hutabarat, 198 Roswita Nilakurnia, 141 Sigma Cakrawala Multimedia, 245, 249,
Prima Karya Sarana Sejahtera, 144 Royal Bank of Canada, 47 250
Primacom Interbuana, 245, 249 Royal Bank of Scotland, 47, 49, 53 Sinarmas Sekuritas, 151
Prime Minister, 36, 40, 45 RP, 54, 233, 258 Singapore, 29, 49, 81, 100, 101, 110, 135,
Priyastomo, 181, 182, 183, 184, 188 RP Martin, 54 136, 155, 168, 252
Proton, vi, xiii, 216, 218, 219, 237 RPI, 45 Singkawang Vision, 245, 247, 248, 249,
Proton-K Blok-DM3, 237 RPIX, 42, 45 251, 252
Proton-M, vi, xiii, 216, 218, 219, 237 RUB, 29 Sino Satellite Communications, 237
Proton-M Briz-M (Ph.2), 237 Rudjito, 144 Sinosat 1, 237
Proton-M Briz-M (Ph.3), 237 Russia, 220, 221, 228, 247 Sis Apik Wijayanto, 181, 182, 183, 189
Protostar, 237 Russian, 57, 221 Sisfo Indonesia, 246, 249
Prudential Life Assurance, 135 Russian Academy of Sciences, 221 Siswarin Dwi Hendarsapti, 142
PSLV, 237 Ryndo Jaya Visual, 245, 247, 248, 249, SKK, 46
PSLV-G, 237 250, 251 Skyreach, 246, 247, 249, 250
PSLV-XL, 237 S&P, viii, xii, 61, 62, 126, 127 Slamet Sugiarto, 201
PSN, 236, 237, 240, 241 Sahala Manalu, 141 SNB, 61
PSN 5, 237 Samuel Sekuritas Indonesia, 151 Social Science Research Network, 49, 254
PSN 6, 237 Sanjay Jain, 151 Socit Gnrale, 33, 47, 53, 54
PSN 7, 237 Santander UK plc, 47 Sofyan Jalil, 167
PSN-146E, 236 Sanwa BRI Finance, 143 SOG Indonesia, 246, 249
PSN-6, 241 Sanwa BRI Leasing, 143 Sol Media Indonesia, 246, 247, 248, 249,
PSN-7, 241 Sanwa Bank, 143 251, 252
PSNS, 237, 240 Saptono Siwi, 141, 192 Sony Harsono WS, 195
PT PNS, 240 SAR, 29, 209 Soros, 23, 24, 31, 32, 34, 39, 256
PTE, 31 Sarana Bersama Pembiayaan Indonesia, South African, 27
Puti Adani, 151 144 Soviet Union, 220
QE, 5, 6, 60, 61, 253 Sarana Mukti Adijaya, 236 Space Systems Loral, 241
quantitative easing, 5, 60, 61 Sarana Multigriya Finansial, 95, 147, 148 Space Systems/Loral, 237, 238, 258
Quantum, 31, 32 Sarana Wana Jaya Foundation, 140 Space Transportation System, 237
R. Denny Soelistyo Adji, 200 Sari Usaha Leasing, 143 Spacebus, 237
Rabobank, 47, 54 Sarina Lesmina, 151 Spacebus-3000A, 237
Rachmad Guntur Kristianto, 198 Saseka Finance, 172 Spacebus-4000B2, 237
Raden Bei Aria Wirjaatmadja, 154 Satelindo, 237 Spacebus-4000B3, 237
Radja Anambas Bersinar, 245, 248, 249, Satelit Palapa Indonesia, 237 SpaceX Falcon 9, 241
251 Satellite Industry Association, 202, 205, Spanish, 27, 31, 36
Rahmi Sari Marina, 151 212, 214, 215, 224, 230, 258 Spicer, 61
Rahul Mittal, 33, 254 SatKomHan 1, 237 SPM, 9, 23, 53, 60
Railink, 147, 150 Satkomindo, 144, 146 Sputnik 1, 220
Rainoc, 174 Satkomindo Mediyasa, 144, 146 Sr SLP, 237
rand, 27 Sauder School of Business, 31, 255 Sri Mulyani Indrawati, 15
Randi Anto, 181, 182, 183, 184, 189 Saudi Arabia, 27, 135 SSB, 135
Rapat Dewan Gubernur, 9 Saudi Arabian Monetary, 135 SSL, xiv, 2, 3, 225, 237, 238, 253, 258
RASCOM, 221 SBI, 20 SSL-1300, 237
Raymond Kosasih, 151 SBIS, 20 SSN, 220, 221
RBS, 49, 54, 56, 253, 256 SBN, 20 St. Louis Fed, 11
RCA, 69 SBSN, 20 ST-1A, 252
RDG, 9 Scapa Flow, 38 ST-2, 242, 243, 244, 245, 246, 252
Reasuransi Indonesia Utama, 174 Schroder Indonesia, 135 Stamford, 49
Regional African Satellite Schroder Investment Management Standard Chartered Bank, 109, 110
Communications Organization, 221 Indonesia, 136 standing facility, 17, 20
Registrar of Companies, 141 Scott Nygaard, 49 Stanley Druckenmiller, 32
Rehabilitation and Reconstruction Agency Scott Peng, 50 Star-2 Bus, 237
for Aceh and Nias, 169 SDBI, 20 State Council, 73, 74, 255
Reichsmark, 38 SDR, vii, 27, 28, 30, 254 Stephan Hasjim, 151
Rekayasa Industri, 147, 150 SEC, 70 sterling, 23, 25, 27, 28, 31, 32, 33, 34, 35,
Reksa Dana Schroder Dana Prestasi, 135 Securities and Exchange Commission, 70 36, 39, 40, 43, 256
renminbi, 27, 28 SEK, 29 Steven Drobny, 35, 255
Rentenmark, 38 Semarang, 156, 157, 163, 166, 171, 172, Still, 61
repo, 11, 20 182, 188, 189, 197, 198, 200 STS, 237
Retno Wahyuni Wijayanti, 195 STS-11 (PAM D), 237
265
Sando Sasako
STS-7 (PAM D), 237 Tjandra Lienandjaja, 151 USASAT-60H, 249

stuffin.space, 216, 217 Tjoekir Dasa Nusantara, 144 USASAT-60J, 250
Stumpf, 71 TLKM, 237 USD, vii, xi, 25, 27, 29, 31, 34, 36, 38,
Sucorinvest Central Gani, 151 T-note, 20 41, 43, 46, 47, 49, 51, 53, 54, 56, 58,
Sue Lin Lim, 151 Todd Morakis, 49 111, 146
Sugeng Sudibjo, 142 Toelangan Dasa Nusantara, 144 UUS BRI, 139
Suindiyo, 177 Toeloengredjo Dasa Nusantara, 144 Valbury Asia Securities, 151
Sukapraja Estetika Padang Golf, 144 Toelongredjo Dasa Nusantara, 144 Van Allen, xiv, 226, 227, 228
Sukapraja Golf, 144 Tokyo, 47, 49, 109, 110, 143, 220 Vancouver, 31, 255
Sumihar Manullang, 200 Tolstedt, 71 Vanguard, 135, 136, 137, 138
Sumitomo Mitsui Banking Corp, 47, 109 Tonga, 247 Victoria Duff, 11, 255
Sun, 23 TONGASAT, 247 Vincentius S. Loho, 162, 163, 165, 182
Sunarso, 181, 183, 184, 186 TONGASAT AP-2, 247 Vincentius Sonny Loho, 164, 171, 175,
Sunuaji Noor Widiyanto, 176 TONGASAT AP-3, 247 178
Supardi Santoso, 196 TONGASAT C/KU-2, 247 Visual Intermedia Prima, 246, 247, 248,
Supari, 182, 193 TONGASAT C/KU-3, 247 249, 250, 251, 252
Suprajarto, 181, 186 TONGASAT-2/138E, 247 Vladimir Putin, 57
Surabaya, 140, 143, 156, 157, 163, 173, Toronto, 29 Volksbank, 154
182, 187, 188, 192, 193, 195, 196, Totok Hermiyanto, 178 Wahyu Widodo, 200
197, 198, 200 TPE, 237 Washington DC, 69, 202, 207, 254, 258
Surabaya Stock Exhange, 140 TransPonder Equivalent, 237 Waskita Beton Precast, 102, 147, 149
Suria Dharma, 151 Treasury bonds, 27 Waskita Karya, 102, 147, 148, 149, 150
Surya University, 241 Treasury Secretary, 53 Weimar, 38
Susy Liestiowaty, 181, 182, 183, 184, 190 Treaty of Versailles, 38 Wells Fargo, xii, 57, 69, 70, 109, 254,
Sutadi, 196, 199 Tri Wintarto, 201 255, 257
Sutanto, 200 Trimegah Securities, 151 Werner Antweiler, 31, 255
Sutardjo, 196 TRY, 29 West LB, xii, 47, 51
Sutarto Alimoeso, 167 TU Berlin, 237 Western Australia, 238
Swedish, 27, 46 Tubagus Nur Ahmad Maulana, 177, 180 Westpac Banking Corp, 109
Swiss, 57, 100 TU-Berlin, 237 WFC, vii, 69, 70, 71, 72
Syahrir Nasution, 176 Tubsat 7, 237 White Wednesday, 34
Syaiful Adrian, 151 UAE, 252 Whitehouse, 49, 54
Sydney, 29, 225, 258 UBS, xii, 47, 49, 51, 53, 54, 151, 254 Whole Foods, 77, 254
Sydney Plavins, 225, 258 UCS, 202, 204, 221, 258 Widjanarko Puspoyo, 167
Syomin Ginko, 154 UDAAP, 70 Widodo Januarso, 198
T.S. Kelso, 219, 258 UFJ BRI Finance, 143 Wijaya Karya, 147, 149, 150
Taiwan, 29, 141, 167 UFJ Bank Ltd, 143 Wijaya Karya Industri Energi, 147, 149
Tan Chi Min, 49 UK, i, xi, 23, 25, 33, 34, 35, 36, 39, 40, Wildan, 140
Tangara Mitrakom, 246, 247 42, 43, 44, 45, 46, 47, 53, 57, 136, William Mamudi, 151
TAS, 237 190, 221, 249, 252, 253 World Bank, 167
Taspen, 135 UN Committee on Space Research, 237 WSJ, 49, 50, 51, 73, 253
T-bill, xii, 11, 50, 51 UN GA, 220 WW, 38, 44, 45
Teguh P. Hartanto, 151 unfair, deceptive, abusive acts and Xi LC-2, 237
Telekomunikasi Indonesia, 147, 148, 168, practices, 70 Xichang Satellite Launch Center, 240
236, 246, 247, 252 Union of Concerned Scientists, 202, 204, Xinnuo 1, 237
Telekomunikasi Selular, 147, 150 221, 258 Yamal-402, 218, 258
Televisi Kabel Saluran Bintan Ceria, 246, UniSat, 237 Yana Soeprianan, 198
248, 249, 252 UniSat ++, 237 Yap Swie Cu, 151
Telkom 1, xiii, 217 United Overseas Bank Ltd, 109 Yayasan Danar Dana Swadarma Bank
Telkom 2, xiii, 217 Universal Satelit Indonesia, 237 BNI, 144
Telkom 3, vi, xiii, 216, 217, 218, 220, 258 University of British Columbia, 31, 255 Yayasan Kesejahteraan Karyawan Bank
Telkom MDI, 190 UNOOSA, 220 Bukopin, 144
Telkom Metra, 190 UOB, 110, 151 Yayasan Kesejahteraan Karyawan Bank
Telkom-1, 237 UOB Kay Hian, 151 Indonesia, 144
TELKOM-108E, 236 US, viii, x, xi, xii, xiii, 8, 11, 21, 22, 25, Yayasan Kesejahteraan Pekerja BRI, 144
Telkom-2, 237 27, 31, 38, 41, 45, 53, 56, 57, 60, 62, Yayasan Leuser Internasional, 167
Telkom-3, 216, 237 63, 70, 71, 73, 74, 109, 110, 146, 171, yen, vii, 27, 28, 49, 54
TELKOM-3EK, 236 172, 194, 205, 212, 213, 220, 221, Yen Interest Rate Derivatives, 53
Telkom-3S, 237 228, 238, 255, 256, 257 YIRD, vii, 53, 54, 57
Telkom-4, 237 US Space Surveillance Network, 220 YKP BRI, 139, 142, 143, 144
TELSTAR 18, 246, 247 US Strategic Command, 220, 221 YLI, 167
Templeton Asset Management Ltd, 136 US Treasury securities, 11 Yogyakarta, 103, 156, 157, 163, 166, 170,
Tepian Multimedia, 246, 249, 250, 252 USA, 81, 165, 168, 169, 170, 178, 180, 176, 177, 182, 184, 186, 188, 189,
term deposit, 20, 47 187, 189, 195, 198, 200, 201, 249, 192, 193, 195, 196, 197, 198, 199,
Thaicom, 240 250, 251, 252 200, 201
THAICOM-4C, 242, 251 USASAT, 249, 250 Yoshua Palti, 198
THAICOM-IP1, 251 USASAT-14G, 250 Yosriadi, 195
Thailand, 165, 251 USASAT-14H, 249 yuan, 24, 29, 30
Thales Alenia Space, 237, 240 USASAT-14I, 250 Yuanta Securities Investment Consulting
THB, 29 USASAT-14I-2, 250 Co. Ltd, 151
Theo Waigel, 36 USASAT-14I-3, 250 Yue Wang, 78, 255
Thomas M. Havrilesky, 11, 254, 255 USASAT-14J, 250 Zainuddin Mappa, 141
Thomas Youle, 49, 253 USASAT-14J2, 250 ZAR, 29
Thomson Reuters, 46, 47, 60, 61, 253 USASAT-14K, 249 Zuhri Anwar, 141
THURAYA-3, 244, 252 USASAT-55L, 250 Zulhelfi Abidin, 181, 182, 184, 190
Tinodungan, 200 USASAT-60B, 249 ZX 5B, 237
Titan Sarana Niaga, 146 USASAT-60C, 250
266

Asset Bubble: The Causalities and Its Limiter

Uploaded by

Document Information

Copyright

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Asset Bubble: The Causalities and Its Limiter

Uploaded by

Copyright:

Asset Bubble: The Causalities and Its Limiter

This section is a part of book titled by

You may cite the content by using this style, or else:

You may contact the author through

No table of figures entries found.

Thank you. Terima kasih.

+62 851 0518 7118

Excessive Liquidity: The Aftermath

The Liquidity Effect

Chart Monetary operation of Bank Indonesia and monetary instruments in Indonesia

Low interest rates do imply some of the followings:

The Limit of Excessive Debts

Figure 2 Inflation targetting framework by macroeconomic indicators in Indones ia

Chart Inflation targetting framework by macroeconomic indicators in Indonesia.

Thank you. Terima kasih.

+62 851 0518 7118

Some Background .......................................................................................................................1

Asset Bubble ...............................................................................................................................5

Inflation Management in Indonesia ..........................................................................................15

What To Do with Assets Bubbled?...........................................................................................23

How Soros broke the Bank of England ....................................................................................31

The LIBOR Fixing ....................................................................................................................46

Shrinking the Asset Bubble ......................................................................................................73

BRIs financial profile in briefs ................................................................................................ 81

BRIs Financial Highlights ....................................................................................................... 83

Risk Management Policy .......................................................................................................... 90

Dividend Policy ........................................................................................................................ 91

Maturity Profile ........................................................................................................................ 92

Loan Profile .............................................................................................................................. 97

Liability Profile ....................................................................................................................... 105

Financial Performance ............................................................................................................ 112

Profit Making .......................................................................................................................... 115

Profit Profile ........................................................................................................................... 119

Stock Performance .................................................................................................................. 121

Financial Ratios ...................................................................................................................... 126

The Shareholders .................................................................................................................... 134

Associated Entities ..................................................................................................................144

Transactions with Related Companies ....................................................................................145

The Analysts ...........................................................................................................................151

Organisation Structure ............................................................................................................160

Management Profile ................................................................................................................161

Secretary to the Board of Commissioners ..........................................................................174

Committees of BoC ............................................................................................................175

Board of Directors ..............................................................................................................181

Donsuwan Simatupang ................................................................................................... 187

Senior Executive Vice President (SEVP) Profiles .............................................................. 192

Corporate Secretary ............................................................................................................ 194

Investor Relations ............................................................................................................... 194

Senior Executive Profiles ................................................................................................... 195

Head, Corporate Secretary Division ...............................................................................197

Head of Regional Offices ...................................................................................................198

Head, Special Branch Office ..............................................................................................200

Head of Inspection Offices .................................................................................................200

Satellite Business in Indonesia ............................................................................................... 202

Satellite Capability.............................................................................................................. 202

Satellite Users ..................................................................................................................... 203

Satellite Business Value ..................................................................................................... 210

Satellites in Orbit ................................................................................................................ 214

Typical Satellite Networks ................................................................................................. 230

Indonesian Satellite Operators ............................................................................................ 236

Providers of Satellite Services in Broadcasting and Tekecommunications ........................ 242

Index ....................................................................................................................................... 259

Table 1 Assets of 4 SOEs banks and BCA, April 2017 .........................................................1

Table 98 Area supervised by commissioners and directors of Bank Rakyat Indonesia,

Figure 1 Monetary operation of Bank Indonesia and monetary instruments in

Table Assets of 4 SOEs banks and BCA, April 2017

The Authentication and Authorisation