11/08/2008

Age of No Accountability

This is becoming the new state of affair all over the world. No one will be held accountable for failures or mistakes. And to make it more amusing, the higher the position of power, the lesser is the risk of being held accountable. Only the front line workers will be held responsible and be blamed. The is the Paradox of Power. We have seen this in the Mother of All Mistakes, the invasion of Iraq on the ground that it possessed Weapons of Mass Destruction. All that is passe. Everyone knows that it was a lie. Then the happenings in Guantanamo and Abu Ghraid Prisons. No one will he held accountable for the abuses of prisoners and wrongly held prisoners. No one will be held responsible for the hundreds of thousands of wounded and death, and destruction in Iraq. The latest shit is the financial crisis. Everyone now knows who created all these shits, all the collaborators, from the financial genius who created the products, the rating agencies who colluded to rate them as super safe, the management who approved them for public consumption and the regulators who went in bed with them. None of them will be held accountable. They will go on to live happily with their loots. Our mini version of the minibonds and high notes will go the same way. No one will be held responsible. The fingers are only pointing at the relationship managers. The rest of the gods are simply innocent.

3 comments:

Anonymous said...

$400millions to buy ABC child care business evaporates into thin air. Who is accountable? Fire that guy who did the analysis.

Ever wonder why the obsession to buy into foreign company? Ang Mo business better huh?

Ever wonder why they dont buy into locally made 100% Singapore company? Imagine how many educational schools we can set up in Indonesia, China & Vietnam using that precious $400 millions.

Imagine how many new schools and new business our very own Singaporean can build on & up on those developing countries.

Imagine how many SINGAPORE businessman can spread their wings all over developing Asia with that $400 millions. Imagine the numbers of ships we can launch (small as they may be) out there. Soon these are capable of growing big and bring the fruits back to our own shores.

Why buy into overseas companies and not their own. Or was the orginal intention quick reap return? Water under bridge now.. it gone forever..

Why are they ever so suscipious of SIN made small enterprises Why dont they trust their own?

These foreign companies are pumped up on steriods.. $400 million lost within 18 months = $22 mil lost every month.

$400 million can launch 400 small educational ships all over Asia. I will use $1 million to start an English school in Vietnam.

How stupid can one get by throwing away such good monies.

So who is accountable now? Fire him.

Anonymous said...

Goodness, wealth cannot pass down to the third generation is coming true. We seem to have lost our pants in most of our investments. But doesn't matter, ordinary Singaporeans hardly benefit from the reserves other than the occassional lollipops to keep them quiet and contented.

redbean said...

tikam, tikam, tikam! sure kena after many tries. don't worry too much.

gambling with other people's money is the safest thing to do. that's the basic concept of lehman's minibond. buy and buy using other people's money. and all their top executives are driving ferraris or better and have resort homes all over the world.

they are the ones laughing all the way to the bank with their grotesque salaries and bonuses and stock options.