2/10/2018

Banks are declaring big profits

Singapore banks are declaring big profits which is also likely to be translated to big bonuses at the top. This reminds me of the days before the banking crisis in the West when all the American and European banks were declaring bigger and bigger profits and the top bankers were paying themselves hundreds of millions each. And they did that for several years with all the top bankers turning themselves in multi millionaires and billionaires.

Everyone, every layman and all living persons were in awe at the supermen running the banks. No one questioned the big profit numbers cooked up by the banks. They had no reason to. The western banking systems were transparent, very good, ran by honest and honourable men and women, audited by world class auditors and monitored by world class rating agencies. All received AAA ratings. How to question them or doubt them?

Then overnight every one of these banks that were announcing record profits the previous years turned belly up, all suffered huge losses that were hidden for years while they were cooking their record profit earnings and paying themselves crazy. The banks were insolvent.

Even then, they were trusted by the stupid Asians that thought these were well managed banks and when they came asking for money, billions were handed to them happily, without doing much thinking or due diligence, thinking all was well, only to be duped further as the rot was so deep and widespread that only their central banks could save them by printing more money.

Today we are hearing local banks reporting the same kind of exuberant profits, record profits, year after year. Would this send a chill down the spine? Would our banks be suffering from the same disease as the American and western banks, and then turn belly up when it is game over?

I don't think so. Our banking system is so well regulated, the best in the world. And our banks are just as transparent in their accounting, also audited by the same great auditing companies and rated by the same reliable western rating agencies. It cannot go wrong. The big difference is that we have a very good govt that would not allow the same disease affecting the American and western banks to repeat itself here. We knew how they duped their govts and people and this would not be allowed to happen here. We learned from their crooked ways.

The record performance and profits of our banks are genuine, not cooked. Trust them. We will not have a financial crisis that would result in our local banks being bailed out by the govt by printing more money. Our banks and banking system are in good hands. I am also in awe at how well our banks are managed and how easy they made their billions despite the hundreds of millions lost in the marine and shipping industry. I take my hat off to them. What they have achieved are like miracles.

Sleep well. And our top bankers can enjoy their big bonuses with a clear conscience, that they have done well, extremely well, and deserve every cent paid to them.

What do you think?

20 comments:

Anonymous said...

Chinese old sayings 金玉满堂难持久,花无百日红,物极必反。Like a cup when its full and yet continue to pour it will spill. Something will give way once it reaches the maxima.Like the Bitcoin & Lehman brothers, who knows when it come crashing..

Anonymous said...

Another very good article but Knn another sleepless night

Virgo49 said...


Last few days, see the Stocks kept plunging South. The favourite phase used by the Hai Kow Yew Analysts. Should be Tei Low in the RED, red, red.

You believe all these P&L as declared by these Jokers.They can always massaged the figures and have Big Profits this year and Heavy Losses next.

Oh, these accounts should be for provisions for previous years and wrongly posted as profits instead of loss. The wayang Auditors in league for their million S $$ auditing fees will atest to it.

The profits as made by the Bankers and Finance Companies are ShyLock Ah Long from the blood and sweat from the Ordinary Folks.

They spent their lives working their fingers to the Bone just to earn the MONIES for these blood suckers.

The Government in league with them with sky high properties prices formed a vicious circle to suck the blood and eat the flesh from you.

A common public Housing flat at 300k will set you paying them another half the price in interest.

See the Malaysian Pension of EPF funds declaring Big Dividends for their members.

Sinkie CPF? ? Not enough for Temasick.

Anonymous said...

I am also in awe at how well our banks are managed and how easy they made their billions despite the hundreds of millions lost in the marine and shipping industry.
RB

I am also in awe at how PAP could win election after election and

how they could even get a whopping 70% votes

despite Sinkies like RB complaining day in day out about how PAP policies had screwed Sinkies hard hard and

which I also agree that PAP policies had indeed screwed Sinkies real hard.

Anonymous said...

Singapore banks are declaring big profits?

That's where all the smart Sinkies are.

In fact smart Sinkies, including lots of smart FTs of course, are very commonly found in the finance and banking industry and a smaller number of them become PAP ministers and senior civil servants.

Like one anon here always said, smart Sinkies use their smartness to make lots of money under PAP. They do not join the Sinkie opposition to make it better, stronger and ready to replace PAP as govt. That's why PAP can remain as govt to screw those not so smart Sinkies hard hard.

Not so smart Sinkies will suffer under PAP and likely will vote for opposition. But if that is the case, seems like they are a minority as the opposition, despite contesting 100% seats, got only 30% votes even as recently as 2015, and less than 40% votes even in a by election in 2016 when PAP won against old timer but loser Chee Soon Juan.

Anonymous said...

PAP is very smart because they know how to create very favourable conditions to enable smart Sinkies to make lots of money in Sinkieland.

And when smart Sinkies can make lots of money, why would they want to join the Sinkie opposition? Doesn't make sense if they join, correct or not?

And without enough smart Sinkies, the Sinkie opposition is not ready to be govt.

And being not ready to be govt, majority Sinkies do not want to vote for Sinkie opposition as govt. I mean, how can the Sinkie opposition do better than PAP as govt if they are not even ready to be govt?

SO it becomes a vicious cycle for the opposition of not being able to replace PAP as govt.

So you can see that PAP is really very smart to create this vicious cycle for the Sinkie opposition and so as to remain as govt to screw not so smart Sinkies hard hard.

Anonymous said...

Some not so smart Sinkies and got screwed hard hard by PAP later learn how to be smart to make lots of money.

Or if they really cannot make it in Sinkieland, they will go elsewhere to make lots of money, or at least to have a better life with less money. That's why there are lots of Sinkies who have emigrated or are planning to do so.

As a result of many true blue Sinkies emigrating, there are lesser and lesser of them in Sinkieland.

That's the reason why PAP needs to get lots of so called foreign talents to come here to replace these Sinkies who had left.

And PAP can afford to get lots of these foreign talents, and quantity before quality if necessary and some fake ones also never mind, because PAP can win big in elections and therefore have a strong mandate to do so.

Anonymous said...

Many sinkies are suffered from inferiority complex similar to young children below 18. They feel not "smart" and hate people call them "stupid". Actual fact, these are words of description. There are no factual evidence of personality having fixed "smart" for supporting pap or not. This post about bank is like pressing an alarm bell. Call it sensitive to wayang play.

One bank has consistent non performing loan 1.7%. This rate is higher than world bank s sinkie npl average 1.2%, and sinkie s npl is higher than hk s 0.9%, on world bank comparison. This bank used to pay around 60% per share so the yield is around 3.6% the lowest. This huat year allows it to pay additional 50 cents more to celebrate its 50Th bd. The share price shot up.

Many would recall the irresponsible exchange ceo stirred up news of merger with oz exchange for market reaction. Many who bought that share at high price got caught until today.

This post is right to press the wayang alarm bell. Will such bank keep paying more than one dollar dividend?
There is no smart or stupid for buying stock bc all these actions are nothing scientifically based action. Its like buying toto. One chap bought 1 ticket in october 2017 and got 8.4millions. Many smart chaps will say: u foolish to buy just one ticket. In speculation, u want not to lose money, dont speculate. That is smart or stupid? No one can predict before the outcome. If win, smart if lose stupid. So these words do not describe the real person s mind at all. Up to the person who buy that bank share s own feeling. If he win in total cost, he calls himself smart investors, heng ah. If he gets stuck at high price after the dividends, he starts to doubt if he is smart in playing stock. But old enough players can see the wayang some stock behaves. Will this one playing like the ex stock exchange angmor ceo? Good to watch the high stake game, to see how it play out in next 3 years.

Anonymous said...

//..because PAP can win big in elections and therefore have a strong mandate to do so.//

..in next Erection results announcement will be :

Wolves: " ...erection result clear winner is Pay and Pay ..Oppo is all lost"

Dogs :" ...Long Live King Long..King Long Wan Shui Wan Wan Shui.."

Foxes: "...King Long?...must be kidding? ..how Long can he live? Next King ..how Long can he survive?...Let's watch .."

Pigs: " ..King Long... Ai yah LeLong King Lah or Dracula Long ...They cannot see Sunlight...all will kapoob by then.."

J said...

Death is the Equaliser, the Justice and the Real King who rules over All Life Forms.!

How can mortals, who can't even control their own death, control others' Destiny?

How can people who cannot control their unquenchable greed for power, control a nation?

The Meek shall inherit the kingdom of heaven and earth.

Anonymous said...

11:20am
Correct, pap help supporters to make money or save money in court case.
It includes, among other things, these points: from mthshit, saying minister chan said.

•If the resident requests the MP to do so, he will write a letter to present the resident’s case. The letter will be based on the resident’s assertions, as the MP will usually not be in a position to verify the facts stated by the resident.

• Who the MP’s letter is addressed to will depend on what stage the case is at, and the nature of the request.

• The MP may write to the Attorney-General’s Chambers (AGC) under these two conditions — if charges have not yet been brought against a person, and if the MP is appealing for the AGC to not pursue charges.

• Where the case is already before the courts, and the appeal concerns a matter that is for the court to decide, such as an appeal for leniency in sentencing, MPs are generally advised to write to the Ministry of Law (MinLaw). MinLaw will then forward the letters to the courts for consideration.

• In urgent cases, such as if the court hearing is in the next few days, MPs may sometimes use their discretion to give letters by hand to residents to be used in court.

– via The Straits Times, Feb. 4 2018 (mthshit)
Minister chan now says dont write letter to court better. How to help save money for his supporters? Which time was smart time?

Anonymous said...

Kim Jong Un invited Moon to visit North Korea. Moon said when circumstances permit.
Now US Japan including China balls swing left right. North Korea want direct deals without them interfering.
When China had not completed nuclear program, US had wanted to bomb China with nuclear weapons in 1950 to 1963, total 5 occasions according to declassified US documents.

North Korea s risk is similar to china in 50s. Moon if strikes deals with the north, Korea will be more powerful than Japan which has no nuclear weapons. China, US will have problem when both cannot take Koreans to possess nuke in eventuality of unification.

Anonymous said...

Pay depositors 0.5% ; charge borrowers 18.0% .

How not to make huge easy profits ??!!!

Anonymous said...

After retired judge Low Wee Ping revealed in ST Forum that our legendary well-respected Lee Kuan Yew had in writing instructed all PAP MPs that they should not be writing letters to the courts, Chan Chun Sing had to backtrack on his initial comment that PAP MPs writing directly to courts is usually done for "urgent cases".

"In urgent cases, such as if the court hearing is in the next few days, MPs may sometimes use their discretion to give letters by hand to residents to be used in court," the PM hopeful Chan said.

Anonymous said...

My advice is that the 4G candidates hoping to be the next Singapore PM should go study LKY's rule book thoroughly to avoid putting their feet in their mouths.

Anonymous said...

With DBS's last traded price at $26.71 and UOB's last traded price at $26.24, DBS's share price is now higher than UOB's share price for the first time ever.


Does this mean that the top talent at DBS is better than the top talent at UOB ??


Anonymous said...

All the money from the QE are all in the hands of the big banks. With those extra cash to lend, what else can we expect? They pushed the stock market to records every other day.

They just are not afraid of another financial crisis, because big banks are too big to fail and bailout is always available. So, what else can they not do?



agongkia said...

My Ah Kong told me one of these successful banker started as ah long.
Can be easily identified with a ten cent coin stuck in his ear in those days.
Want to make huge profit,learn from bankers.


Rocket said...

Cancer is certain to strike again. It shall be of a totally different form.

This time will be the last. The last will last forever. Forever is not forever. Forever means "until time expires". Time expires differently for each object, thing and organic life form.

The time on Earth for each mortal is predetermined, as well as modified by the existence of factors created by the mortal's own body, speech and mind. The factors created by body, speech and mind may be positive or negative.

Every action begets a reaction, whether individually or collectively.

Positive actions are Conscionable actions.

Negative actions are Unconscionable actions.

Every Conscionable collective action results in a Definitive collective reaction.

Every Unconscionable collective action results in an Unforeseeable collective reaction.

This is the Law of Gravity that governs all things in the Universe or Multiverse. Some called this Karma. Some called this Retribution. Though they may be thought of as the same thing but they are not exactly the same.

The Law of Gravity is more complex than Karma and Retribution.

Karma and Retribution tend to extract some kind of revenge by oneself on oneself. Something like you reap what you sow.

The Law of Gravity is not like that. You don't reap exactly what you sow. You also reap what others sow. And the result of the sowing is also dependent upon various unforeseen circumstances such as interdependence, interaction, integration, fusion, assimilation and negation.

Anonymous said...

Between the forces of greed against karma and retribution, who wins?

Those who believe in the goodness of greed, will never answer to the believe in karma and retribution.

Karma and retribution is as alien to them as the sun rising from the West.

Only when the end comes will they start to beg at the foot of the almighty. It is too late.