7/21/2013

Where is ownership of omission, negligent or fraud?


When the Subprime crisis and the American financial crisis hit, no one was found guilty of any crime or mistake or fraud. They only one punished was the institutions that were fined. This ultimately means that the main street, the minority shareholders had to pay for the crimes of the management.

When the Lehman bonds and toxic notes hit Singapore, something very similar happened. Only a few out of luck jokers down the line were dismissed to take the blame. The top management that allowed the farce and fraud to do damage to the investors continued to enjoy their big fat bonuses and pay. Whose money ultimately went to pay for the fines of these banks?

The NTUC’s My First Skool was issued with a warning and its licence shortened to 6 months pending probation. No one in management was held responsible. The teacher that committed the abuse was sacked and pending prosecution. If the Skool is closed, who suffers?

Think Mas Selamat and think the HDB fiasco. Think the state of health of the SMRT. Think the Sovereign Wealth Fund. Where is responsibility and where is accountability?

12 comments:

  1. In a democracy, the accountability stops at parliament.
    If parliament don't want to do the right thing.
    Then nothing will be done.

    But who elected this current parliament?
    Sinkies in GE 2011.
    So if not happy, go slap yourself in the mirror.
    You got the government you deserve.

    You also got the SMRT and banking practices/products you deserve.
    And also the teachers your children deserve.

    GE 2016.
    Do you dare? Or are we a spineless nation of chicken shit who deserves to get bossed around by Foreign Talents?

    ReplyDelete
  2. Agree that the accountability must come from the People.
    They have chosen the Leaders and
    they have allowed themselves to be manipulated and be exploited most
    willingly.
    They deserve to be treated the way
    they are treated by the Rulers.

    ReplyDelete
  3. Between now and 2016, I am hoping for one smart and brave Sinkie to announce that he will form and lead a new political party to contest 100% of seats at the next election.

    What is the chance of this happening?

    ReplyDelete
  4. "What is the chance of this happening?"
    Anon July 21, 2013 3:26 pm

    If I were PAP, I think the chance is zero.

    If I were WP, I also think the chance is zero.

    It will be status quo till 2016 and beyond.

    ReplyDelete
  5. If I remember correctly, it is not that no one is accountable but that we are short of talent, and someone said that if we fire people when mistakes are made, we won't have enough talent left plus we discourage talents to join. Tio Bo?

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  6. It is not Sovereign Wealth Fund but the Sovereign's Wealth Fund. Why would the Sovereign account to anyone?

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  7. miws and their minions are responsible and accountable for their million dollar salaries, bonuses, etc and all the good things that happen in Singapore.

    You and me, the average Singaporeans, are responsible and accountable for everything else, from the mundane to the disastrous. :-)

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  8. i found the definition interesting: http://en.wikipedia.org/wiki/Show_election

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  9. Singaporean definition of talent:

    1.Any non-Singaporean ... is this true?
    2.A card carrying member of PAP ... is this true?

    Is it true that PAP's membership list is secret. Cannot be revealed to the Singapore public?

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  10. But naive people still vote for the uncaring, unconcern, irresponsible, million dollar paid ministers. Who is to be blamed? Stupidity?

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  11. Hi REDBEAN

    Will You LEAD us in the year 2016...
    PAP, WP, or some formation PARTY?

    All the BEST!!!

    ReplyDelete
  12. Hi REDBEAN

    You will Have ALL our Bloggers Support! Left, Right, & Centre!!!
    Cheers

    ReplyDelete