SGX – The elephant that no one wants to see

It was not just an elephant that no one sees, but no one wants to see or talk about as if there is a dark force telling them not to say anything about it. SGX held a public dialogue and it was a damn big deal. It never happened before! They never think it was necessary to do so. Mohamed must go to the mountain, don’t expect the mountain to come to Mohamed. So there was a public forum, for what, to hear about the elephant, to talk about the elephant? Anyone going there with any inkling of hope that something meaningful would come out of it must have his mental faculty checked.

The people in charge in the SGX and MAS are not idiots. They are the super talents of the land, the crème ala crème of our establishment. They did not know what is happening, they did not know the elephant was there, they could not see the elephant? Heard of the emperor’s new clothe? Who in his right mind, earning millions happily would dare or want to risk telling the emperor he is naked and get slapped?

So what did SGX try to do in the dialogue? As usual, telling the good stuff and hoping the audience would hear only the good stuff. They said, ‘bo how seow bo kong’ if you know what it means. The stock market is very healthy, really, as good as it could be, we are performing better than many major markets in the whole wide world. Ok, enough of ‘how seow’. And sure enough, the remisiers and everyone in the industry present at the forum could not stomach the ‘how seow’ being thrown at them. They did not want to hear the ‘good stuff’.

Hey, don’t think the remisiers, dealers and sundry are really daft, blindly reading the media and hearing only what people wanted them to hear. They are the practitioners, the people on the ground, losing their pants, their clients losing their life savings, and many are quitting a moribund industry. The stock market is doing well, according to who and on what criteria? No sensible person would say that without looking silly.

Ok, I confess I was not at the session, knowing what it would be like it would be a futile and time wasting effort to be there. The only thing good coming out of it, if you think it is good, is for the letting out of steam and frustration, to tell them to look at the elephant.  Luckily the remisiers and dealers did not riot or throw their shoes at the panel. But many would leave the forum more frustrated than ever, knowing that no one that is in a position to do something was there to listen and to want to do something right. They were there to tell everyone that everything was fine, just like when they first decided to bring in the foreign funds and introduced all the changes to make high speed computer trading a bliss, at the expense of the rest of the players, taking advantage of computer power to cheat and fleece the innocents.

Remember what they said? The big funds, the computers plugged into the system, were the way going forward. This was the new thing and must follow market practice. There would be plentiful of liquidity and plentiful of trading activities. The stock market would spin out of control and everyone would be doing roaring businesses. Oops, this last sentence is just my exaggeration. But they did said the future was so bright and business would be so good that tomorrow could only be better. The rest is history.

Yes the stock market is very healthy. In another six months or so, maybe half of the remisiers and dealers would also pack up and leave. The broking houses would be operating on half strength and trying to break even in a losing battle in the best stock market in the world. Now, if the market is so good, why would the Singapore Business Federation rush a paper to appeal to the govt to reinvest in the local stock market that they could not raise fund from the market, a key function of the market, and they had to call the stock market a moribund stock market? Are they lying or someone else is lying?

And if the market is so good, why are the remisiers and dealers fleeing and why are the broking houses starting to make plans to cut staff and downsize? And why were the SGX and MAS deemed it necessary to break protocol, to come to Mohamed, to want to listen to Mohamed? Oops, sorry again, my mistake. They came to tell Mohamed the good news, that everything is fine, just fine.

Ok, let me hold my horses and quote a few comments that Rajan whatsapped to me from SI chat to give you an idea of the farce that happened at the forum and you can make up your own mind on the fruitfulness or futility of the chat session. This is the culture of the establishment. If they cannot convince you, they will confuse you. Remember the clown saying everyday that public housing was affordable? Actually more clowns are still singing the same tune.


Ok, here are the quotes:

  1. If the remisiers, dealers are frustrated, what would the tens of thousands of lousy listing sufferers from S cheats to sinking SMEs do?
  2. The outpour of anger and frustration among dealers and TRs was ‘encouraging’.
  3. SGX began the day saying how Singapore exchange healthcare stocks has outperformed…put out a chart that’s says How our index has out performed SSEC since 2007(the grammar and typo errors are inherent in the posts). This went on for an hour, I can’t believe it, …’until a young man from DBSV interrupted and pointed out that they are cherry picking data points. The healthcare computation index was skewed and that if they had used another time period, the outcome would be different. (KNN)
  4. He then went on to talk about how sick is the market. At lunch time yesterday half of the counters on sgx were not traded. The top 100 counters has only certain values etc etc. Things get heated up.
  5. Soon remisiers one by one poured out their views on how S cheats, lousy SMEs, business trusts etc etc destroyed wealth savings of their friends, themselves and clients.
  6. The outpouring was great.
  7. It’s heartening to hear TRs questioning the morality, the extend of greed, the damage done to the investing public, the lives of those who depends on the industry from remisiers to backroom were given a chance to air.
  8. Heard the young man talked about…remisiers, ex simex driving taxis and colleagues leaving…he grieved at the sorry state of affairs in the industry after years of mismanagement…How billions of market capitalizations were lost…lives broken….


The above comments are not new, did not happen yesterday. And you can bet that the people in the govt too knew about it. The sad thing is that all their heads were buried in the sand. No one dares to tell the truth, no one wants to tell the truth, no one wants to know the truth. You can bet Hsien Loong, Tharman, Heng Swee Kiat and every minister know what is happening to the stock market. The big question, why the reticence, why the inaction? Why is everyone looking the other way? This is the biggest mystery. This is the pathetic state of things. Who is responsible for this shit?
No one really, no one is responsible though many are taking millions and millions as salaries. ‘No one owes you a living. You die your business.’  Heard of the phrase ‘bo cheng hu’? Did the dialogue achieve anything or meant to achieve anything?
Thank you for bearing with me.


Anonymous said...

Aiyoh, Sinkies are so busy with skillsfuture now as they did with all the other schemes to keep them busy so they do not sit in coffeeshops and gossiping, where do they find time to complain or play the stock market? Even the casinos are going to retrench staff soon.

I just wonder what will come out of the skillsfuture song and dance. But, as always it will be a big success when they trot out the numbers of those taking up the offer.

On the other hand, will such skills be useful to employers looking for staff? And if you are a middle aged human being, would they want to employ you or go for younger staff?

When you are elderly and near to the bucket, they probably think you need to learn some skills for the netherworld!


Anonymous said...

I no longer invest in the stock market after losing my shirts. Every thing u touched whether China stock or sme highly recommended by analysts have gone in smoke. Should have spent the money on Mei Mei like angkokia Virgo or matilar would have truly enjoy life

Anonymous said...

$500 not enough to pay one month tuition fees for many current students.

If one month tuition cannot even help a student get 5% of a "O" or "A" level certificate, what "certificate or use" can a course worth less than 1 month tuition fees even for those in pri, sec or JC achieve for anybody?

Many are scratching their balls ....... oops heads .... what are the use of $500 SkillsFuture courses?

Anonymous said...

When a garment goes to such extent, YEW know all hopes are lost?

Anonymous said...

"And if the market is so good, why are the remisiers and dealers fleeing and why are the broking houses starting to make plans to cut staff and downsize?"

Hahahahaha, RB, maybe you should also ask "And if PAP is so bad, why is the opposition losing, and lost big some more in the last election?"

Anonymous said...

As far as securing sinkies future are concerned, this $500 SkillsFuture is probably as "clueless" as those bz tiny ants YEW see sometimes near some rubbish points or in the open, dashing around very bz but actually aimlessly?

Anonymous said...

2.3 million sinkies each $500 works out to be near or about $1,000,000,000.00?

Anonymous said...

KNN if nvr benefit each sinkie then benefit who?

Anonymous said...

1) Election carrot gimmick to woo the 70% daft sinkies with a lot of song and dance but substance-less?

Yew know 70% sinkies "water-filled" brains super straight and conditioned like "obedient dogs"?

Yew ask them jump not say they will not ask question but the question they ask YEW will ........ will ...... need to face palms dunno how many times?

Anonymous said...

30% sinkies will ask "why jump?", "for what?", or ask the people who say "jump" to "YEW jump first" ..... etc etc?

Anonymous said...

But the kongcum 70% will often just say "Orh ......"?

And ask?

"How high arh ......"?

Anonymous said...

Yew see, what animals ......oops ...... human beans will react like that except ...... dogs ...... oops .... 70% daft sinkies ....?

Anonymous said...

2) The 2nd reason for this SF tinkie is no brainer right?

Who will benefit the most commercially?

The 100+ "$2 AIM-AIM-AIM affiliated course providers"?

Anonymous said...

The $500 works out to be a lot of money for 2.3 million people, but the real secret behind such schemes is that they know it actually amounts to little, because they know not many will go for it. 'Skillsfuture' sounds bombastic on the surface but little substance underneath. Just like 70% of water-filled brains of Sinkies.

Anonymous said...

3) Thirdly a "typical publicity song and dance to justify their humongous salaries" but "a lot of thunderous noises but no rain drops"?

Anonymous said...

When Sinkies drink too much new-water aka 'sai chwee', the result is starting to bear fruit, starting with 70% support for the PAP.

Anonymous said...

So far if YEW "informally polled" about 30 people or more ......?

Yew know what?

All will tell YEW the $500 SkillsFuture scheme is "useless" to them and a "waste of their precious time"? They will "use" it if given in "cash" and do something more useful with it such as donating to old folks home or orphanage?

Chua Chin Leng aka redbean said...

Anon 10:18, you are right. The effect of 'sai chwee' is working on the brains of Sinkies. They used to be very talented. Now how to be talented with brains filled with shit?

Maybe should write a piece on this : )

Anonymous said...

$500 to teach old dogs new tricks?

Anonymous said...

This is not a joke and this pattern of kongcumness among sinkies did not escape the observation of none other than mai hum?

Anonymous said...

In the 2000s, mai hum landed in the airport after an overseas trip ......?

To his "shock", many 70% kongcums queued in a congested lane when there was a lane totally empty but with signs clearly indicating immigration clearing for sinkies?

But no sinkies queuing in the other few congested lanes "dare" to even venture out and use that empty lane cos "nobody" queued there .....?

Veritas said...

It is no just SGX or HFT per se but the entire system. Over the years, PAP has been extremely tolerant of white collar crime, and books of public companies are cooked. When people have no confident of listed companies, no one will be buying stock.

Right now, PAP seems to rig the land price and all monies is going to real estate.

Sooner or later, the property bubble is gonna burst.

Anonymous said...

In the casinos you can't even bring in a pocket computer to gamble. Here they allowed super computers to plug into the system to cheat the innocent investors.

Believe it or not? No crime?

Anonymous said...

Mai hum used that empty lane and breezed through the immigration custom ......?

As perplexed at the kongcumness of sinkies as he must have, he probably related this incident to his "老豆" and understand deeply the kongcum psychology of sinkies trained for many years like dogs under the system?

The "sai chui" could have just accentuated the effect but not the precipitation of the kongcumness?

Of course some might say the empty lane was "kept empty" for "obvious reason" but how did mai hum read it is more important?

He understood as "Why the lane was empty?" rather than "how the lane was made empty"?

How it was understood "aggravated" the gulf and greatly and exponentially widened the gap between the aristocrats and the 70% dafts?

Throughout the last election ( campaign ), mai hum body language gave away he was very, very confident of a ( huge ) victory.

Was up close during one of his rally speeches observing closely and there was not much sign he was a bit worried about the eventual outcome?

He was like going through his daily routine schedule?

He must have understood sinkies inside out, outside in, leftside right, rightside left, upperside down, downside up?

Totally under his control?

Otherwise who dare give away "12 NCMP seats" in the future to groom future opposition MPS bcos the likes of Aung Juan Soon Chee and a couple of other opposition "heavyweights" can squeeze in through such schemes and potentially give the garment headache?

But he probably is not a bit worried?

The domination over sinkies is done with and complete?

He even said he is humbled ( by the magnitude of the victory )?

What is left unsaid is whether he is humbled or "astonished, shell-shocked" or "totally disdainful" of the extent of the "kongcumness of the 70%"?

Anonymous said...

4D also draining peple hard earn money too..

Anonymous said...

Singaporeans have lost the ability to vote wisely to pressure lazy politicians to work hard for us.
- maybe redbean can confirm
- 70% of the remisers voted PAP even though they had their rice bowl broken by bad PAP policies
- true or not?

Anonymous said...

In 1978, old man told Deng Xiao Ping most sinkies are descendants of "blind buffaloes" .......?

Anonymous said...

So in one or two generations, can the level of intellect ( of majority sinkies ) change that much .....?

Anonymous said...

Old man said in 2011 in an interview that he didn't think so?

Anonymous said...

Put it this way; if $500 is given to every Stinkies, they will spend every cent for whatever, including punting 4D, Toto and beer etc.
That shall mean millions in consumption invigorating the market place.
But as usual, the Talents are more interested in making intangibke paper offers, just like what Taoists do in the Seventh Lunar Month every year.
Maybe the people can afford to let the Talents keep those money for themselves.

Fuck the Schemmers and the

Anonymous said...

If YEW interact with 70% of the sinkies, YEW will realise how "dumb and slow-witted" many of them are?

Anonymous said...

As much as there are many flaws and screwed up policies, how cum many "capable, highly educated and experienced" sinkies, economists, etc like DL, YLK kpkb on the sidelines, wrote books critical of many archaic and failed policies and comments on their facebook but dun bother to join politics?

Anonymous said...

Anon 11.56 makes a valid point. I share his observation that the PAP must have known, based with a tinge of arragonce, that based on the kongkumness of Sinkies, and having indoctrinated them to total obeyance, a total 100% victory for them is within reach going down the road, so why not give 12 NCMP to the opposition.

This will score them political points (not that they need them) and paint them as big hearted. But the 30% knows some things CAN only happen too little too late to be of use. Of course, the 70% will shout and dance with the devil.

Anonymous said...

Bcos even if they call a spade a spade, explain until the cows come home, kena slaughtered and canned etc and their faces explain until turned blue, green or white and vomited blood, how many of the 70% sinkies ( of dumb wit ) will truly understand and believe what they say?

Thus, the smarter 30% can only choose to find greener pastures lor like uncle Virgo49 and the 300,000+ sinkies who preceded him in the past 30 years?

Probably why Teochew Ah Pek declared on 27 Jan 2013 early morning during PE BE victory press conference that his party dun want and does not intend to be garment of sinkies and the real reasons could be he is "too frightened and terrified" to lead such "stupid" 70% sinkies perhaps bcos it is too much of an uphill task even to teach the 70% ( simple dog tricks )?

Anonymous said...

“天若有情天亦老, 七十%Sinkies没长脑;
月如无恨月长圆, 70%笨到takboleh了;
日若无情不东升, 七十%被骗被脫被奸了;
地若无情地震了, 70%被鸡奸爽到不得了”

Anonymous said...

What's 12 NCMPs!

IT SHALL BE STUPID for alternative parties to want to inherit shits from PAP.
WP knows the Pitfall of becoming the
Government and wayang along all these years. LTK is no simple man, he knows very well the Trap.

If there is any party who believe it can clean up the Shits by PAP and keep Sin afloat by becoming the Next Government, it must be miracle.

Anonymous said...

When an empire is in a state of decadence, the eunuchs would fabricate good news to deceive the emperor.

Anonymous said...

// LTK is no simple man, he knows very well the Trap //

Ha ha ha ha ha

Anonymous said...

Yeah, Teochew Ah Pek knows he kena insulted 了?

How cum?

Cos Ah Loong meaning is some of the 12 NCMP seats are meant for Mr Teochew and his GRC kakis and mb even Ah Huat or Huat Ah?

Mb after Ah Loong speech last week Mr Teochew went home vomit blood 了?

Mr Teochew kena chief driver slapped left, right, centre, front, back, up, down bcos he see co-driver no up and next time can make co driver literally go drive taxi by winning back Aljunied by a landslide?