We did not become a financial centre yesterday. We have built a good
reputation as a financial centre for the last 50 years. We are perhaps
the most advanced financial centre in the region. And we don’t have the
financial talents and needed to fill the top management positions with
talents from third world countries when their financial systems are at
best rudimentary. Maybe I am wrong, the financial industries of third
world countries are superior and they have superior finance talents too.
And given that they are better, it is only natural that third world
talents should fill the top management positions of this first world
financial centre.
Tharman and Chuan Jin have been talking to the CEOs of the banking
industry to right this pathetic situation, to rebalance our lousy
talents or to train our lousy talents for top management positions. Or
is it just to make up the numbers, with many doing the backroom work or
as junior staff? If nothing is done quickly, it will become a vicious
negative cycle and Singaporeans will all be relegated to the backroom or
to work in middle or lower management positions. Our banking industry
will become heavily dependent on foreigners and can be held at ransom by
them threatening to pull out. How did we work ourselves into such a
shitty situation? What have our super talents been doing? On holiday or
counting money in their bank accounts?
This is what Tharman said, ‘There are differences between the banks –
some of them have Singaporeans much better represented in the range of
functions, some others have Singaporeans pretty much in the middle and
back office…’ Is this good enough? This is Singapore and not Timbuktu.
Singaporeans should be represented in top management levels in most of
the banks, particularly local banks. This is what developing a
Singaporean core is all about.
The composition of foreign banks may be a bit more tricky to expect more
Singaporeans in top management. But there is no reason why the top
management of local banks should be staffed with so many foreigners.
This kind of situation is a reminder of the colonial days when the
colonial masters sat at the top to order the subjects, who were
designated mainly as clerks or chief clerks, around. Are we taking the
path back to the good old days when foreigners are our bosses? If we are
just a corporation, a MNC, then there is nothing wrong with it. But we
are a country, a nation, and this is our country, our nation.
Talking about training Singaporeans to fill top management positions?
What nonsense! Shouldn’t Singaporeans have acquired enough expertise and
experience to be training third world talents instead of third world
talents training Singaporeans?
Someone or somewhere got short circuited and thinks that this island
does not belong to Singaporeans anymore? And Singaporeans are from the
third world, ignorant, unsophisticated and needing assistance and
training from third world experts sent in by UNESCO. Singaporeans are
begging to be trained by third world experts.
48 comments:
Here we go again with the bitchin' and moanin'.
It doesn't matter what cuntree you come from lah -- turd whirled, first world, another world...doesn't matter.
Nor does race matter, because race doesn't exist. Culture doesn't matter either. Every culture has good and bad aspects.
What matters is if the candidate can do the job. If the person signing the check believe so, then it is their business.
So what if you are going to be trained by a foreigner from a Turd Whirled Cuntree? At least you are being trained. Which is a whole lot better than being left in the dust and irrelevant to, and uncompetitive in today's world.
No one owes anyone a living.
The problem is we need lots of foreigners. We need the numbers.
And we cannot choose who we want, but rather who is best and readily available.
But then why we choose foreigners to be in top management?
Because I think PAP believes you can catch better and bigger fishes from the ocean rather than a small pond. Which is also true lah, to some extent.
And of course, the next thing to happen is, birds of a feather flock together.
So just like the birds, these top management and below will most likely also hire their own kind lah. It is quite natural lah.
And there you are, you get many foreigners.
What do you think of my theory? Is it right? And if so, is it also simple to understand?
The problem is we need lots of foreigners. We need the numbers.
We cannot have siege mentality to reject people like Einstein. The problem is not talent, but the import of half bake, which is in direct competition with our young man. You import these people, you deprive your son a place of learning a trade.
We do not need 99% of these FT. Switzerland is one of the most strict in FT in the whole world. She prosper.
This is a reactive government. All talk of "helicopter vision" has disappeared from public discourse. The danger posed by having a foreign dominance of top management is they will sacrfice the country's interest in the interest of the banks e.g.the recent attempt to fix the exchange rates; derivatives trading leading to the collapse of financial institutions. What are we paying these guys for?
Survivorship bias: This is why I don't believe LKY's books is of any use to Singaporeans.
http://youarenotsosmart.com/2013/05/23/survivorship-bias/
Matilah, if you were to be a minister, your values and ideas will make you a perfect traitor to the people and country.
redbean
One question.
Whey western bank do not make Bombay and Goa a financial center?
Since they like India so much, they could have set a SEZ in India, with all laws deregulated and bankers run free wheeling?
The reason is India shit way of management run everything into shit. You set up any banking HQ in India, you are going to get embezzelment, fraud, corruption, caste-ism....etc.
The USA white man entrusted Vikram Pandit running Citibank. Immediately Citibank become the biggest shit bank in USA, having the universe largest derivative books.
Under Vikram, Citi@ CBP become the biggest racism HQ in the whole Singapore. Everyone not welcome, not talent. Only stupid Indian of IQ80 is talent. Eastern european, Chinese everyone not talent. Indians are talent.
White man tax payer bail out Indian run Citibank.
Next Germany white man trusted Indian Anshu Jain running Deutsche Bank. Today, even without financial crisis, Deutsche bank are rumored to be the most dangerous dynamite in the world teetering on bankruptcy.
The first thing Anshu Jain did after becoming CEO is to fire Singapore DB boss Loh Boon Chye, and bring his is Indian cronies Gunit Chadha and many others.
PAP cheers seeing Singaporeans become Dalits.
Spiegel, the most reputable magazine in Germany accuse Anshu Jain of cooking toxic in DB
A Reputation in Ruin: Deutsche Bank Slides into a Swamp of Scandal
Part 3: Anshu Jain's Toxic Legacies.
Though Fitschen is the target of the current investigation, he had nothing to do with the past deals. They fell within the jurisdiction of his current co-CEO Anshu Jain, like so many toxic legacies from the recent past.
Jain, a native of India, expanded Deutsche Bank's investment banking arm in London, turning it into an institution in the world of fast money. He was determined to make Deutsche Bank a key player in the industry's big leagues. And he succeeded, but at what price?
QUOTE:
Deutsche Bank "Is Horribly Undercapitalized... It's Ridiculous" Says Former Fed President Hoenig
END QUOTE
SOURCE:
http://www.zerohedge.com/news/2013-06-15/deutsche-bank-horribly-undercapitalized-its-ridiculous-says-former-fed-president-hoe
Thanks Veritas.
I was wondering about how a solid bank like Deutsche Bank ended up in its current situation.
Let's hope Singapore banks will fare better.
Right now financial world are talking about possible Deutche bank bankruptcy due to Anshu Jain's toxic derivative. Anshu was long the head of DB investment arm in charge of making Toxic. Recently he became DB CEO. Below is be the reputable zerohedge.
That's right - Deutsche Bank was so bad that it wasn't even allowed to appear on a screen of Europe's most undercapitalized banks - and we helpfully pointed out its true capital ratio of just under 2%, and an implied leverage of 60x!
Fast forward 13 months to a Reuters interview with former Kansas City Fed president and FOMC dissenter and sole voice of reason at the Federal Reserve, and current FDIC Vice Chairman Tom Hoenig, who confirmed that once again Zero Hedge was just a year ahead of the curve.
A top U.S. banking regulator called Deutsche Bank's capital levels "horrible" and said it is the worst on a list of global banks based on one measurement of leverage ratios. "It's horrible, I mean they're horribly undercapitalized," said Federal Deposit Insurance Corp Vice Chairman Thomas Hoenig in an interview. "They have no margin of error." Deutsche's leverage ratio stood at 1.63 percent, according to Hoenig's numbers, which are based on European IFRS accounting rules as of the end of 2012.
In other words, the slighest systemic shock in Europe and Deustche Bank gets it. And as Deutsche Bank goes, so does Germany, so does Europe, so does the world.
Similar to his pal Vikram, Anshu Jain planted bomb everywhere. The first thing he became CEO is to fire Singaporean senior manager Loh Boon Chye and replaced many of the senior managers with Indians.
Everyday when I read TOI, the biggest Indian Newspaper and the biggest English media newspaper, there is hate against China on daily basis. Their hate is especially toxic during the recent 2013 Ladakh standoff.
Now we are still naive thinking FT Indian will be "meritocratic"...
We better wake up our ideas.
Why do our two able minister target only foreign banks? Why not local banks? With the exception of UOB, our local banks like OCBC and DBS are run by foreigners. With the foreigners at the helm, has the number of foreigners in the management team increase?
Today, I am getting more and more disappointed with shit head PAP. PAP can only bring us into India caste system. PAP is wicked and hopeless. From Malaysia's experience, we may never be able to vote PAP out due to their gerrymandering and naturalization of FT.
We need a crisis or else 100 years later it will be more painful to remove our fucking elites. If we do not remove PAP now and wait 100 years later, I am sure then blood shed would be needed.
To remove PAP we need a good crisis. A crisis may not be a bad thing nowadays. We need a crisis where there is systemic failure with all the banks.
Banks got bankrupt. Houses got foreclose...etc. In such crisis, all western bank will collapse like humpty dumpty, and probably China bank will stand.
China, doing all the right things today, will be the final savior of mankind. Those crooked managers of western banks will go begging while China banks will scoop everything up with a song.
Chinese being a meritocratic race, (PAP is banana and non-Chinese), will impose real meritocracy, and everything will be good.
Those crooked bankers of IQ80 feign talent will be roasted. And when everything crash, people will be angry and PAP will be kick out.
Then we will have no racism, true meritocracy and socialism.
A reputation to ruin- Deutsche Bank
Below are a few paras of the link provided by Veritas above: 'Jain, a native of India, expanded Deutsche Bank's investment banking arm in London, turning it into an institution in the world of fast money....
In its investigative report on the causes of the financial crisis, the United States Senate singles out only two banks whose dealings with toxic securities it believes played a "key role in the financial crisis": Goldman Sachs and Deutsche Bank.
These questionable transactions are increasingly coming home to roost. The Frankfurt bank faces multiple lawsuits in the United States, brought by a Dutch pension fund, insurances companies and other banks. Some want their invested money back, while others are suing for damages. Here too the bank could be looking at billions in liabilities.
The charges are always the same, and the word "fraud" appears almost everywhere: The bank stands accused of lying, swindling and cheating in conjunction with billions in real estate loan transactions. It is said to have cheated its customers while lining its own pockets. And it stands accused of having gambled more recklessly and exhibited less moral responsibility than many other financial institutions.'
The selling to toxic derivaties is going to bring many banks across th world to their knees. Many are just living on borrowed time and will go down when the next crisis explode. How many sinkie banks are still up to their necks in selling such derivatives thinking that they are easy and printing quick money?
There is no free meal and the quicker MAS comes down hard on such derivative tradings the better for our banks and the depositors. Let's hope our local banks will not be hit. Only 3 left and we might end up with one or nothing.
QUOTE
There is no free meal and the quicker MAS comes down hard on such derivative tradings the better for our banks and the depositors.
END QUOTE
But looking at Heng Swee Keat.
His career path is from MAS to PAP politician.
Can a leopard change its spots?
Indeed one only needs commonsense to know that a puddle or a small pond cant have big fish(great talents). If there are, it will be just one or two and they will gobble up all the smaller(less talented) fishes, leaving them absolutely nowhere to develop.
By the same commonsense and logic, in a puddle like Singapore, there could hardly be any talent that can be as good as those from huge nations with long histories and high populations. Even the best in Sin shall be a so so calibre in the ocean of such nations. The folks in the huge nations have to deal with many people of similar calibre and even of higher standings.
As for intelligence quotients much quoted at this site; it is useless when the intelligence does not serve a purpose and or yields any tangible result. Any quote of it only insults the intelligence of others.
Do not be surprised if the foreign talents working in the Singapore Banking Sector are far more intelligent than even the Smartest Sinkies in the Singapore Government.
Indeed one only needs commonsense to know that a puddle or a small pond cant have big fish(great talents). If there are, it will be just one or two and they will gobble up all the smaller(less talented) fishes, leaving them absolutely nowhere to develop.
By the same commonsense and logic, in a puddle like Singapore, there could hardly be any talent that can be as good as those from huge nations with long histories and high populations. Even the best in Sin shall be a so so calibre in the ocean of such nations. The folks in the huge nations have to deal with many people of similar calibre and even of higher standings.
As for intelligence quotients much quoted at this site; it is useless when the intelligence does not serve a purpose and or yields any tangible result. Any quote of it only insults the intelligence of others.
Do not be surprised if the foreign talents working in the Singapore Banking Sector are far more intelligent than even the Smartest Sinkies in the Singapore Government.
Name me ten african good in natural science?
Your theory is flawed. The 5 million Jews in USA won more Nobel prize than any other groups in the world.
You think IQ 80 Indians can beat us without racism? Their top 0.001% cognitive elites are welcome. We could trash the all the rest with some trainings.
And do you think India has a big pool of talent due to its 1 billion population?
You are dreaming. Only the top Brahmin which is the top 1% is cognitive. The rest are so exploited until they are not developed cognitively. They are not so clever.
And the Brahmin is the culprit who want to make everyone stupid.
In fact, China being a meritocratic country has 1.3 billion of highly developed and educated people. Not India shithole.
And if we can get all the cognitive jobs, we will develop into Jewish cognitive prowess. Today, PAP want us to do hawking, and next time they will want us to be shit collector and prostitute, like what Brahmins did to Dalits.
Got the intelligence to beat the Fts or not?
Do You also have the intelligence to vie with the Bullies In Powet to make Sg a better society?
Dont just moan, groan and theorize,
show that intelligence is not just for shouting or bemoan.
Who says we have no talents. So many generals retire each year. Plenty of talents unless you do not believe our education system. Do you?
Got the intelligence to beat the Fts or not?
Do You also have the intelligence to vie with the Bullies In Powet to make Sg a better society?
Dont just moan, groan and theorize,
show that intelligence is not just for shouting or bemoan.
Singapore does not need FT Indians. We are already very good. With them coming, we are no good. Very soon FT Indians is going to get shit. Just watch.
In fact, British was always trying to help FT Indian taking over Singapore. Who knows that it is FT Indians coward merceanary that give British their biggest defeat in the Malaya campaign not seen in entire British history.
Then FT Indians told British they can fight and they from "martial race" like Sikh...etc. They prove to be the universe biggest coward.
And FT Indian bring their rape culture to Singapore. LKY wrote in his memoir that FT Sikh poluce rape white woman POW. The british hate them for this.
2/3 of FT Indians coward surrenderee join Japan Subhas Chandra Bose to fight under the flag of Japanese imperial army.
If FT Indians really fight then, I am 100% sure today Singapore majority will be FT Indians as UK always wanted to flood them everywhere.
Today PAP want to flood them against Singaporeans. But their days are numbered. Eventually China is going to rise and take over economic power of the region. China MNC will buy up many asset here and invest more. They will impose real meritocracy instead of caste system.
need all these talented FTs to train and learn from them how to fix rates in SIBOR etc.
Later, how to fixed the clients of their banks.
I believe we will be despise by PRC Chinese more and more if we continue the PAP ways.
We could have become a good country, like Switzerland or Netherland, both Germanic, versus Germany.
Unfortunately PAP choose to impose caste system. UK with FT 1.4% of Indian has already got a caste system, and their law maker fumed.
We could at least 6-10% of high caste Indians and we are already in caste society. China who is meritocratic is going to despise us.
Not only China, Malaysia and Thailand is going to despise us. Burma who hated Indians for their shit racism imposed on them during British colonial time, is going to despise and laugh at us for how stupid we are. Mahathir who is Indian himself, knows his tribe. He like China and despise India, hate USA. Hindraf always accuse him of traitor.
We are going do be a shithole.
Despite how poor China is, Chairman Mao, Deng Xiaoping, Genmo Chiang Kai Shek never say Chinese is stupid or lazy.
Everyone say Chinese are clever and hardworking.
PAP who want to impose caste system on us never stop their Neo Hindu evangelism lies that we are stupid and lazy. We create the best country in the world, how can that be true.
On the other hand, FT Indians are imported to kick everyone out of jobs.
India got IQ of 82. The Chinese Zhejiang province alone has IQ 116 or higher.
The whole Chinese high IQ people could have flood Singapore. Nevertheless, with guidance of PAP's caste system, only FT Indian welcome.
We are all going to be shit and be despised.
With the combined intelligence of the 70% Chinese Majority in Sin, You worry about the PAP Created Caste System here?
The Singaporean Chinese do not have the intelligence to defeat those imposing the caste-ism? Then what use is the intelligence?
With the combined intelligence of the 70% Chinese Majority in Sin, You worry about the PAP Created Caste System here?
The Singaporean Chinese do not have the intelligence to defeat those imposing the caste-ism? Then what use is the intelligence?
The PAP and many elites are peranakan bananas very interested imposing caste system.
And around 1% of highest caste Brahmins are able to impose caste system on 99%. For caste system to work it is absolutely possible for minority to control majority.
The Aryans who are stupid savage are able to control the clever Dravidians majority who build Mohenjo-Daro and Harappa. For stupid majority to control clever majority and make those clever majority stupid, there is lots of precedence.
The trick is to impose neo-Hinduism and its tenets like neo dhamar and neo karma on these stupid sheeple.
One of these neo dhamar is singaporeans are stupid and PAP/FT is clever. Unfortunately many SIngaporeans believe. We are now Dalits.
Also a lot of racism is imposed on Chinese
The first day I go to school I realize the differences between me and them. I am a hokkien speaker know ZERO english.
I saw some classmate of mine speak a very accented English become teachers pet. My friends understand 100% of lesson due to tution and everything conduct in his mother tongue.
I was deemed as a BIG disciplinary problem for my teacher and my mother tongue hokkien is despised. Speaking it in school is deemed as gangsteriam and liable for punishment.
Malay and Indian is able to speak their lect. Not Chinese. We are forced to learn the Mongolian Sinitic lect, which is mandarin.
This is a big racism by banana to make us acultural shit.
Unfortunately they have succeeded. Singaporean Chinese are discriminated without even knowing they are being discriminated.
Serve them right for being replaced by more evil foreigners. They are lousy and evil. They do many harms to sinkies. Thank you PAP for helping me to punish those evil sinkie bankers. They deserve to lose their jobs.
RB, if you have never worked in a sinkie bank before, pls do not stand up for them. They deserve to lose their jobs. This is their retribution.
RB, if you have never worked in a sinkie bank before, pls do not stand up for them. They deserve to lose their jobs. This is their retribution.
You are right absolutely. Singaporean Chinese, Christian and Muslim who work in banks sell their soul.
I had a middle eastern Muslim scholar colleague who can work in bank software department but refuse to go because it is against Islam.
I told him I respect him. So my dear Singaporean, how do you do?
This guy are now in Silicon valley doing the world good.
I have met girls from banks who would want to become my girlfriend. Their characters turn me off even though they make lots of monies, I was never interested.
Our culture hates banks for good reason. Even if 100% got bankrupt wont get my sympathy.
Ah, I was thinking along that line. I am more concern of foreigners taking over the banking industry. Imagine the damage they can do to sinkies and the economy.
redbean
We used to have Wee Cho Yaw, Lien Ying Chow, Lee Hee Seng, Elizabeth Sam, Koh Beng Seng, Kee Choe, and many others. Now we don't have anyone worthy. Hahahahah.
Intelligent yet does not even know they are discriminated?
Most probably they do not mind being discriminated or lacked the intelligence to know they are being discriminated lah.
Intelligent yet does not even know they are discriminated?
Most probably they do not mind being discriminated or lacked the intelligence to know they are being discriminated lah.
You think Singaporeans dono we are now dalits? The FT Indians are stupid to think that the party can last forever and PAP will always be there to impose caste system.
FT Indians impose all nonsense wherever they go. They give Burmese shit and think that British can side them forever. Than Aung San Suu Kyi father rose and give them a few kicks. Today, the Burmese still remembers how Indian treat them. They Indian Muslim conduct "Jihad" against the Burmese. Today after counter-insurgency against these Jihadist, they peaceful Buddhist are angry. The most Indianize Burmese, the 969 Buddhist are spearheading anti-India pogroms. (I hope 969 Buddhist stop their hate)
Dono what will explode if this continues.
“Military men are just dumb stupid animals to be used as pawns in foreign policy.”
– Henry Kissinger
So is our strategy to use generals and admirals to lead our country a good one?
Since Singapore does not have any good senior bankers.
So best available talent is Ho Jinx and Crony Tan?
Since Singapore does not have any good senior bankers.
So best available talent is Ho Jinx and Crony Tan?
In SG, talented people cannot emerge unless you belongs to PAP cronies. Today we have world class bankers like wee family and lee family who has the safest bank in the world, compared to toxic cooker run by FT.
Our chinese towkay are corrupt but they are virgin compared with the deprave FT. FT are whore.
Today someone can say we do not have bankers because racist took all our job away.
Now PAP say we are good for driving taxi and hawking. Tomorrow we will not even have taxi and hawking job. The only job for us is shit collector and prostitution.
The Sin Military Men can competently control Sinkies to prevent the Latter from reasoning with the Rulers.
At least the Soldier Boys can prevent or stop the people from confronting the Regime thus allowing it to run the people as they like.
Uncle Leong says..
[How many non-citizen workers?
Will we ever know?]
" I refer to the articles
'Govt working with banks to develop ‘S’porean core’' (Today, Jun 17)
and
'‘Crucial that S’pore core can land top banking jobs’' (Straits Times, Jun 17).
http://leongszehian.com/?p=5172
Fucking lip service as usual.
Don't mind them selling out the country as long as everyone has an equal share of the loot.
Yeah right.
They will share the loot with you.
And what do you bring to the table?
The whining or the bitching?
What do you have that is worth bargaining with?
Do you have the guts to vote Opposition to increase your bargaining power?
ok, ok, vote opposition.
Those with keen interest have no chance of progressing or get kicked out.
Alot of talk by the govt to get more Singaporeans back to banking but is it all talk? I don't see much action.
Veritas
To quote.
"Now PAP say we are good for driving taxi and hawking. Tomorrow we will not even have taxi and hawking job. The only job for us is shit collector and prostitution."
You must be mindreading CSJ speech at Oslo.
Those are not the words of the govt. Only those who self loath themselves
Veritas
Anyway, you stated you would be happy if the whole financial economy of Singapore collapses.
So can the unemployed finance persons come to you for jobs than or may be can ask RB?
Anyway, you stated you would be happy if the whole financial economy of Singapore collapses.
So can the unemployed finance persons come to you for jobs than or may be can ask RB?
You support usury?
@ Veritas
So unkind of You to ask theonion such a difficult question.
You think theonion is capable of understanding the implication or even the meaning of usury?
The onion needs to be peeled.
Veritas
The difference is that I support ensuring that there is employment choice for all Singaporeans.
Further,your suggestion is not in line with SDP and TJS who are more into services.
Post a Comment