6/21/2013
Banking malpractices
It took so long for the ST editorial to come out with an article to chastise the wrongs of the robbers in the banking and finance industry. While the noose is tightening in the West to rein in the wild and reckless behavior of the bankers and their fraudulent ways, nothing of such nature is happening in Asia. Many Asian countries are still gulping in all the toxic products and practices of the West and think, like one western bankers stationed in Hongkong said, ‘If it is ok for London it must be ok for us.’
How many Asian bankers and govts really scrutinized the faulty and dangerous products and instruments coming out from the west, from derivatives and deregulations to computers plugging into the exchange system and hi speed computer trading, and dare to say no them? Or how many really bother to assess the suitability or the unacceptable risks that these instruments and products will cause to their financial markets?
The regulators of stock exchanges have a basic and fundamental principle to uphold, of providing a level playing field and fair practices for all investors big and small. By allowing the big funds to plug their computers to their exchange system and allowing them to gain advantage in speed and information is a clear violation of this principle. The use of hi speed computers, something that many decent finance experts and lawmakers in the West have acknowledged as cheating, is blindly being accepted by Asian govts and stock market regulators, likely believing the same, that if London and New York allowed it, then it is ok to accept them.
Asians will always be condemned as foolish if they continue in their silly ways to accept all the rubbish and snake oils from the West without questions asked and risk destroying their financial markets and the savings of their investors. It is not only illegal, it is irresponsible and immoral.
Are there any Asian experts or thinking persons in the Asian finance industry, strong and with the conviction to keep their financial system clean, fair, and healthy and not be corrupted by the wild Western ways out there?
The little piece of editorial in today’s ST titled ‘Checking banking malpractices’ is just too little and too flimsy to mean anything. More serious work needs to be done to keep check on the wayward and reckless ways of the western bankers before it is too late.
Hi speed computer trading is so foul, giving big funds and their hi speed computers to much unfair advantage over the innocent small investors that it is unbelieveable for it to get a green light to create havoc in the stock markets of Asia. No one can see anything wrong with hi speed trading? If they are so dumb, so speak to the experts in the West of their concerns and misgivings. No need to work too hard to sweat the small stuff. The amount of work and research done to tell how unacceptable hi speed trading is are all out there for all who wants to know, who needs to know.
We need to bring back the likes of Koh Beng Seng.
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14 comments:
Under Goh Keng Swee, we build a reputation of high standards in banking. The growth of financial industries under LKY, Chok Tong and LHL, is not because these fuckers are clever, but because they strip mined the reputation and standards that Goh Keng Swee has built.
Today, we are among the worst fraud capital in the world.
We are getting the conmen and snake oil sellers from US and UK to do the same, thinking that crime will pay.
Actually, this is, as they say, too little too late.
Why are they always talking about trying to rein in malpractices only when it is at the tail end of the scam. Is it because they are sitting up there and it is too high to see what is happening down here, when every lesser mortal knows and already talked about it for years in cyberspace.
Ouch, I forgot cyberspace is not talking about the right thing!
Who knows they are also participating in the scam with all the FTs they employed.
There is one commenter keep telling me FIRE industries create jobs.
Do we want to live honestly or do we want a career in scam?
All these scam, money laundering, tax evasion come at a price of bad karma. If PAP has embarked a honest way for us, we could have become like Israel, a start up heaven.
Today, all those doing real job are despise because shylock are too well paid. All girls want to marry shylock. We put our best brain into usury and scam.
Look at HK. Before HK is much admired. But HK people are hijack by their elites and now mainland Chinese started to despise HK as parasite. HK people live on usury, scam, property inflation and special charter/privilege from mainland.
Today Shenzhen is much beautiful and better place than HK.
Do we want to be HK?
We are going to get shit soon.
Banking should be just like travelling - cannot run a big part of the economy. But the gov is very greedy for easy gdp money to boost their own pay and lifestyle. This mindset has put the people in deep debts and hardship that is not necessary in the first place.
Are we in laundering, in scamming, in cheating, in selling toxic products, in selling derivatives, in cheating the investors......?
If these are the things we do to make money, we deserve all the mosquitoes, haze and foreigners to shit on us.
The world has become such that nobody can be trusted and I mean nobody. If I say this is all because of greed and nothing but greed, some people will disagree vehemently for sure.
Decades ago, doctors, bankers and spiritual leaders were looked up to and trusted to do the right thing. Now, I do not know what to say. As for political leaders, the least said the better.
Level playing fields are only for the rich elites. All along, states are there to make profits for the rich elites. They will make laws that will help to advantage the rich to get richer and the rest to get screwed. Banks are just tools for them to achieve such purpose easily. This world is full of bullshits.
You are going to see many credit defaults very soon. Some banks might be hit badly.
Too many people who shouldn't be borrowing money, have borrowed too much money -- that includes corporations and governments.
All these big swinging dicks in the finance sector -- better beware. There's a lot of bullshit around, and very soon the piper is going to play. It is simply IMPOSSIBLE to know the extent of "malpractice" (I call it "malfeasance") , but rest assured, the sucker's game is ON.
Caveat emptor
DBS is going to look like Deutsche Bank.
New York and London are the fraud capitals of the world in banking, finance,insurance and stocks. During the last few years Chin Leng had repeatedly pointed out clearly in detail the deceit and scams of these Western institutions and warned our authorities and our government to be wary of them and not be taken in by their bluffs and false claims of expertise in the fields concerned. However, not only Singapore but other silly Asian countries and cities were too naive and fell into the trap of these Western chicaneries. I suppose the authorities and the ministers in the government are too egoistic to assume of their own cleverness and intelligence that they either become too gullible or too greedy or both to heed the people's advice failing nevertheless to realise that they are extremely unwise to a fault of being blended idiots. I too like many other laymen or ordinary people have always known that American business and government have always been run by rogues, crooks scoundrels and criminals of the first degree and to that extent I had also in the past written about how they manipulate banking, finance and stocks and how they form international syndicates in major cities worldwide to defraud and impoverish other countries. Never trust their merchant bankers and private bankers for initially they will let you make some money but ultimately they will strip you of every cent and dollar and make you a bankrupt. Sad to say there are far too many of these toxic parasites in Singapore especially in Marina Bay, Robinson Road and Raffles Place. Our authorities and government must get rid of the evil practices of these Western financial crooks right in our midst or else it will have to face the consequence in 2016.
Southernglory1
There are two massive scams that are spreading across the world like plagues.
One is the selling of derivatives. There is an international mafia ring controlling this scam. A closely nit family of international crooks. The matrix of this scam is so huge that when it disintegrates, it will bring the whole international finance system to ground zero.
Deutsche Bank is the next big one to fall and will lead the way for the rest of the dominoes to tumble.
Unfortunately Singapore is not spare as we are now a big party to this scam and with elite members of the mafia in charge of our banks here.
The other big scam is to allow computers and hi speed trading to be legalised. This is outright cheating in big scale against the millions of small innocent investors. Only crooks and irresponsible govts will allow this practice to go on and officially stamped as legal.
This is like legalising the mafia to operate casinos with no rules to protect the helpless investors.
The problem with those scams is that they are legalised and supported by those in power.
Those in power knows what the problem is, but do not deem it necessary to put their foot down, possible because they all have their hands in the till. In any case, the problems are too hugh, too complicated, too widely involved, and above all, impossible to unwind.
Just wait for doomsday! What can small frys like us do?
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