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10/24/2008

A gaping wide hole!

When the minibond crisis hit the fan, everyone ducked. Or at best, no one stand up except one, or a handful from the most unexpected place, the Hong Lim Speakers Corner. Where were all the people and organisations who are expected to fight or advise the citizens who are in trouble? And in the ST today, Chua Mui Hoong is asking for the setting up of an industry watchdog. She said this is an opportune time to push for it. You mean we don't have any industry watchdog? Oh, she said we have, but they failed to respond to the crisis appropriately. Or everyone was looking over their shoulder to see if someone was going to give the go ahead. Or they may not want to step on the wrong shoe or get involved into something that would put them in a bad light. This boils down to the incestuous relationship of corporate and govt in paradise. When govt is in business, not only that the roles of govt and corporations are blurred, you do not know who is what. Even the govt, the regulators, may unknowingly, unintentionally to put it nicely, compromise their tasks to regulate. It all added up to create this mess. Incestuous relationship is never healthy. And now we have all kinds of cries to question the selling of high risk products to the people. Why in the first place? Are these carefully thought over? We need watchdogs to look after watchdogs. That is for sure. We cannot have people floating in in their eight horse chariots when there is a crisis and rode away after slapping a few guilty ones. The watchdogs must really be independent, and not affected by incestuous relationship.

6 comments:

Anonymous said...

I fully agree.
Iswaran maintaining that electricity powers be pitched at 3 month fuel rate, while the cost is the price of natural gas - and refusal to dismantle this exhorbitant cos EMAS feels the profit of Singapore powers is a fair amount - $1bil - why?
Cos the owner of Singapore power is Temasek Holdings.

So the poor Singaporeans continue to feed this money making machine while poorer Singaporeans are threatened with power out if they fail to pay.

MAS watching out for FIs while DBS is owned by Temasek Holdings, and MAS continue to look away and not bring the bank to task while HKMA is doing the right thing.

Yes, time for a change.

Anonymous said...

There are many such relationships that need to be dismantled. But that time can only come when another party has majority in Parliament. I have always contended that Singaporeans must bear the pain this process will take because it won't be easy. But it must be done if we want to claim our country back.
All the 'watch-dogs' are paper-cut-outs.

Anonymous said...

Quis custodiet ipsos custodes?

Anonymous said...

My electricity bill increased by $60 this month dispite me trying to cut down aircon usage. Imagine if one household has to pay an additional $60 per month, how much money those motherfxxkers will make it extra profits and therefore extra pay and bonuses at end of the year. We have become the victims of those who go around the world to throw away our money into those failing banks and conveniently kept mum or simply give crap excuses such as 30-year-long-term investments.

redbean said...

yeah, big bonuses coming. thanks to their great schemes and mark to market pricing.

hdb will make a killing with the new pricing of pinnacles and new flats.

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