3/03/2010
Selling snake oil to gullible Asians
British insurer Prudential is tapping sovereign wealth funds in China and Singapore to help finance its 35.5 billion dollar buyout of US insurance giant AIG's Asian arm, a report said Tuesday.
It said the Singaporean and Chinese sovereign wealth funds had not made a final decision but their response was positive...From Sydney Morning Herald
I hope we have learnt our lesson and stop buying more snake oil products when nobody dares to touch. All the oranges bought so far are lehmons. If we ever commit to another lehmon and lose another few billions, it is like begging to be screwed.
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I would also like to buyout a Malaysian telco and then approach the Chinese, Arabian SWFs to finance the purchase.
You notice that I didn't mention about our SWF. Well, I wouldn't want to thrown rotten eggs at myself would I?
Addendum:
2nd para:
"thrown" should be
"throw"
sorry.
Where the f@#k is the ivory coast by the way.
It is beside the sea where you can find ivory: )
How come discussions suddenly veered to Ivory Coast?
Strange....
It's in Africa....like Timbucktooooooo.....
Now, Ivory Coast or Cote d'Ivoire if you say it in french is now very famous because the guy who is at the helm of Prudential making a buyout bid for AIG Asia and in the process writing corporate history so to speak hails from that African nation.
Never in my wildest dreams would I imagine that in some corner of darkest Africa, a scintillating gem would arise to face off with the American cowboys with their "Clint Eastwood" drawl and countenance across the boardroom table.
There is still hope yet for the lowly peasants in my Lijiang Kingdom for one to rise up and become the secretary general of the United Nations someday.......
Heh
Addendum:
Sorry. "Heh" should be "Hehe". But the laughter of approbation and approval is still the same!
> I hope we have learnt our lesson and stop buying more snake oil products when nobody dares to touch <
Wishful thinking lah. The sovereign wealth funds of those still in the black is ripe for the picking.
But there's money to be made even in those countries (PIIGS -- Portugal, Ireland, Italy, Greece, Spain) who have defaulted on their sovereign debt. Watch the international bankers eyes light up as they structure MORE DERIVATIVES to sell to suckers as "investments".
And of course there are still those toxic outstanding derivatives all built on fairy dust, snake oil and other lies which will no doubt bust catastrophicly.
But... where there is danger, there is opportunity. Follow the money lah. And hopefully grab some for yourself. You might as well, before some investment banker or his political allies do.
The investment bankers and their allies can have all the opportunities to themselves. For me, the safest place to put my money is the hole I dug under my tent at Changi Point where I can watch it day and night.
Never talk about losses. It is always for the long term, they will tell you, but please take that with a bit of salt.
As for begging to be screwed, that has still not happened, nor will it happen, so who is afraid about investing billions and losing billions more. Its after all money squeezed from slaves. Just squeeze harder and more juice will come out.
Modern day gurus are likely snake oil peddlers, Mr Chua is spot on. Using money to buy money to make money just simply don't make sense, or is it just foolish me that thinks so.
They are better, selling worthless papers. Temasek and GIC should just offer shares to Singaporeans and let them be traded in the SGX. No need to come out money and all Singaporeans will be richer and grateful. But don't follow the example of Singtel. Just give free shares.
We don't need an entry in the CDP to prove we are shareholders in GIC and Temasek.
We ARE already shareholders. Only thing is, we cannot attend the AGM, EOAGM or whatever.
and don't share the profits.
But suffer the losses through increase in GST etc.
no, GST is to help the 'poor'.
We have a bonus issue every now and then in the form of rebates, restructuring shares etc.
Actually, I am quite contented leh.
As for GST, if you consume less like me, you don't have to pay mah?
Ok, let's think mercenary.
Below is an extract from an article in the Sydney Morning Herald which took a dig at us.
Bankers blow billions faster than gamblers
WILLIAM PESEK
March 4, 2010 - 2:24PM
The big buzz in Singapore is about the casinos beginning to dot the city-state.
Singapore prefers to call them "integrated resorts." Gambling is what it is, though. Welcoming Las Vegas tycoons Sheldon Adelson and Steve Wynn is intended to woo tourists and diversify the economy.
It's not exactly a new idea. The truth is that Singapore has been gambling for some time now, and not very well.
The die was cast when the Government of Singapore Investment Corp, which manages more than $US100 billion of state currency reserves, bet big on Zurich-based UBS. It took three days to agree to prop up debt-laden UBS in 2007. It may take 10 years to recoup that $US10 billion.
Bonus curbs will trigger mass exodus of UK bankers to Singapore and other Asian countries
London Evening Standard, 4 Mar 2010
The boss of one of Robert Walters, one of the City's biggest headhunters, today said “hordes” of top bankers are quitting state-backed banks because of curbs on bonuses.
“Right now a few people are saying I'll hang around, put up with the 50% tax rate and see what happens at the election', but if there is not a change in government, London will see a whole wall of people disappearing.
"I think the sentiment is right. We have so much money to giveaway. Let's welcome all these robbers with open arms and pay them what they want so that they can continue to rob our banks and the shareholders' wealth."
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