11/16/2015

The most significant cabinet change

The appointment of Heng Swee Kiat as the new Finance Minister is perhaps the most significant move by Hsien Loong to put the house in order. Too many things had happened in the banking and finance industry that were worst than the escape of Mas Selamat but not spoken and pretended that all is well. In fact all is not well in the banking and finance industry.

The unthinking embrace of derivatives as the business model for rapid growth to boost the dying stock market despite all the warning signs of a big derivative bubble waiting to collapse is not getting noticed by the people that should know how serious this could be to the banking industry. No one is taking heed and worse, plunging head long into this time bomb waiting to blow up. When it does, not only the whole banking and finance industry will be shaken, the whole economy will be affected and no one will get away unscathed by the ripple effect. It is like a weapon of mass destruction, to quote Warren Buffet, like the atomic bombs on Hiroshima and Nagasaki, the dead will be dead, the undead will be burnt and scarred for life.

The problems in the banking and finance industry are not limited to playing with fire and fraudulent products. When it was announced that we don’t have local talents to fill up the top management positions in the banking and finance industry, no one understood the seriousness of this development. How could a financial centre ended up with no financial talents? And the next big blurp, we will need another 30 years to develop our local talents for such positions. And everyone regard this statement as normal. What have we been doing all these years as a financial centre? Lost sheep not knowing what was happening?

And the frightening thing about these developments is that these are taken so lightly, as the new normal. No one sees anything wrong with it. No one sees any urgency about it. How did the local banking and finance industry degenerated to such an appalling state where there is a dearth of local talents? Wait a minute, this also means that the banking and finance industry is run and controlled by foreigners, not Singaporeans.  Does this ring a bell? Does anyone know how serious it is when the country’s banking and finance industry is in the hands of foreigners? Would they wait for the foreigners to pull the rug under our feet before they know how precarious this situation is?

Heng Swee Kiat has an enormous task to do, to reclaim the banking and finance industry to be run by Singaporeans, not by foreigners or new citizens. He better consults Koh Beng Seng and pull out the blue prints of Goh Keng Swee to rebuild our now non existence banking and finance industry. How can there be a banking and finance industry if it is controlled by foreigners?

If you take out the Wee family, take out Wee Ee Cheong, the whole banking industry is in the hands of foreigners. Is this a brilliant strategy or there is no strategy at all, no vision, no plans, let things happen, let the foreigners take control of our country, our banking and finance industry?

What do you think?

20 comments:

Anonymous said...

In fact all is not well in the banking and finance industry.
RB

So?
Were there protests in the streets?
Did the opposition become strong, united and ready to be govt?
And if not, did PAP not win, and 70% some more, of the mandate of Sinkies in the last election?

So if I were Heng Swee Kiat, why would I bother, u tell me lah, if I can still get my million dollar salary? Money no enough Sinkies and netizens like RB can kpkb for all they want, but at the end of the day, 70% still voted PAP, tio bo?

Anonymous said...

In fact everything is not well lah, not just in the banking and finance industry.

Most important for PAP is that foreign talents still want to come to Sinkieland, the streets are peaceful and PAP can still get a strong mandate from Sinkies during elections.

So with all this good things for PAP still happening, if I were Hsien Loong, what more can PAP want?

Anonymous said...

"When it does, not only the whole banking and finance industry will be shaken, the whole economy will be affected and no one will get away unscathed by the ripple effect."
RB

Even if that happens, the Sinkie opposition will still not be ready to be govt what. So PAP will still get a strong mandate during elections lor. And with a strong mandate, of course the streets, even Hong Lim Park will be peaceful lah. Only Sinkies like Chee Soon Juan will still hold rallies in HLP, and which he just did yesterday, after a 4 day fundraising walk round island. Although these may get him more money but definitely not more votes.

Anonymous said...

RB, why u have so much hope on Heng Swee Keat ?

What can he achieve that Botak Tharman, and before that Pinky Lee, cannot?

Anonymous said...


Worry Not! Fear Not!

MR HENG 做事, 您放心!

Cheers.


Anonymous said...

/// Too many things had happened in the banking and finance industry that were worst than the escape of Mas Selamat but not spoken and pretended that all is well.
In fact all is not well in the banking and finance industry. ///

Is it true that all these alleged bad things happen while Lee Hsien Loong was Prime Minister?
Is it true that Lee Hsien Loong is still the Prime Minister today?
So what improvements can Heng Swee Keat do today with LHL; that other Finance Ministers were not able to do with the same LHL?

Can Heng Swee Keat walk on water?
Can Heng Swee Keat send bankers to climb Mount Kinabalu for leadership training?

Anonymous said...

Do you think that the most significant "no change" change in the PAP cabinet will be Lee Hsien Loong's "leadership renewal"?

Will it be just like LKY's PAP leadership renewal?
Where for 20 years, LKY kept renewing PAP's leadership by remaining in the cabinet under various titles like Prime Minister, Senior Minister and then Mentor Minister?

Does PAP's leadership renewal mean that a Lee will never retire from leadership?

Anonymous said...

The Prime Minister is a mathematician. Not to mean he is calculative, however he must be very able to calculate. One Deputy Prime Minister is touted to be an expert in economic and finance and even holds a appointment in IMF. On top of them there are many more economic and financial expurts in the Tertiary Institutions and in Cyberland, Trading Houses and Cyberland. Yet Rb thinks a new appointment of a man will save Sg from a financial breakdown.

Can it be said that based on Rb's understanding, Heng Swee Kiat will bring Sg to greater height than it currently is, being a richest country in the World with the most millionaires.

Sinkies rightfully should expect Sg to get richer, there must be lots of wealthy folks waiting to become residents and even citizens of Sin. Is there much need to depend on banks and a man ?

Were You not told 10 or more billionares shall keep Sin going a long way. A few more will keep it going longer.

Do believe expert that specialises in calculation.


The S said...

Its easy to run the banking sector. Can easily print money when any big misfortune occur. Only thing that suffers will be the exchange rate. All the world central banks used this method.

Anonymous said...

Is Heng Swee Keat the new Coordinating Minister in the Prime Minister's Office?

Anonymous said...

Is Heng Swee Keat the new Coordinating Minister in the Prime Minister's Office?
November 16, 2015 5:16 p.m.

No.
Do you think it might be Li Hong Yi?
Or do you think it is Ching Ho Ho?
Or is it someone else?

Anonymous said...

// The appointment of Heng Swee Kiat as the new Finance Minister is perhaps the most significant move by Hsien Loong to put the house in order. //


Economics is about SCARCITY and OPPORTUNITY COSTS .......

One house in order could mean another HOUSE ( ah suay's previous meanystiry ) in HUGE DISORDER?

Looks like "ONE SHOT ONE KILL" is all empty vessel and hot air?

Anonymous said...

(Ong) Tua Kang also not much better with a face full of self-conceit and smugness?

Less than 2 months into their "JOINT POST", neighbourhood JCs and Schools "STUDY PORTAL " for the children of the less well of who are now slogging for their A and O levels has been "DOWNNNNNNN"! for the past 2 weeks in the heights of their most IMPORTANT exam and many unable to access CRITICAL study materials in their final revision and preparations! !!

What are ( Ong ) Tua Kang and ( Multiple ) Stars-Studded " ON SHOT ONE KILL" 僵尸, oops, should be 僵菌 ( Jiang Jun ) doing in their ( parachuted ) jobs?

Anonymous said...

Now who is the real trouble shooter?

Ah Suay or $8 cow?

Looks like ah Suay would give $8 cow a run for the money?

Anonymous said...

Ah Suay is badly needed back at his former work place ...... ?

After more than 2 weeks in the midst of the most important exam, tens of thousands of neighbourhood JCs and Schools students are denied access to the study portal for their final preparations and revision. ....?

What is happening? The I T vendor not paid their money or no help desk around?

Anonymous said...

Is this the "NEW NORMAL"?

A study portal breaking down at the most critical period for more than 2 weeks and still NOT UP YET?

What total defence ahhhhhs ........ when a very critical I T portal can be DOWN for MORE THAN 2 weeks and nobody doing ANYTHING?

Anonymous said...

Mai hum talked at length about "PRODUCTIVITY " early this year and straight after that "parachut" 2 fellas for the job of one ..... ?

Then now this 2 ( parachuted ) fellas tweedling their THUMBS while their meanystiry CRITICAL I T STUDY PORTAL is " burning" ( down for 2 weeks )?

Is this the productivity mai hum talked about?

How many GAZILLION face palms?

YEW DECIDE?

Anonymous said...

Heng Swee Kiat to save the Banking Industry.

Lim Swee Say to save jobs for locals.

Tan Chuan Jin to work from inside of PAP to make it people friendly.

Tommy Koh, Lim Chong Yah and Ngiam Tong Dow to the rescue of Stinkies.

Can Sinkies not be hopeful of better days ahead ?

There is posting in Fb that another 2 casinos will be built, are Stinkies not hopeful of better future ?


Anonymous said...

Wow!
The Casinos could well replace the Stock Exchange and Banks and make more money.

The Vice Industry shall be the Next Engine for economic growth for Sin to advance further.

Why worry about Stock Market and Banks collapsing ?

The Pariah said...

Those in the know will be less enchanted by Heng SK's new portfolio. Heng was long-time MAS chappie - under Heng, MAS inspector's perf bonus is dependent on the scores given by the banks who were audited by MAS. SGX's conflicting structure of regulator-cum-bourse operator also came up during Heng's tenure.

Heng is no Goh Keng Swee - not the same class of intellect and moral fibre, if you ask me. But then who is from 2G PAP onwards?

Yet 70% voted for sub-standard PAP. I will keep my peace. We Singaporeans get the govt we deserve.