Singapore needs to engage Paul Volcker to review our banking system and
the SGX to clean up any conflicting terms of interests and unfair
practices that have been adopted in recent years. In particular, the
diminishing volumes and lack of participation of investors in the SGX
must be a major cause for concern, in fact alarming. For the moment it
seems that everyone is turning to look the other way.
The need for a Volcker is obvious as no Singaporeans would be up to it
to say what is wrong with the SGX and the banking system. Only a Volcker
could carry the weight to deliver the necessary changes and to save the
exchange from dying prematurely. It will be money well spent. And this
money must be spent urgently, in fact immediate before it is too late.
Volcker had tried to make several changes to the NYSE but was blocked in
Congress by vested interests. What he could not do in the US to reform
the sick and fraudulent system banking system and the exchange designed
by cheats and fraudsters , Volcker would have a better chance of
success here if given the power to do so and get things right again.
Singapore could then be the role model for a clean, fair, equitable and
transparent banking and financial system. The current system of the
American model is a crime that no one would want to say it out loud.
In the Singapore case, unless the govt is convinced that everything is
just fine, doing so perfectly, and nothing needs to be done, then there
is no need for a Volcker. All is fine. By then even a Volcker will not
be able to help. It will be too late when things imploded.
8 comments:
I thought RB was against the import of FTs to work here. So why is he wanting to import a FT to look at our banking sector.
Didn't our MAS just said our Banking sector is robust and passed all stress test?
This is no ordinary FT and he can be here on a consultancy basis to look at a very specific area, like hiring a specialist doctor to look into a seriously ill patient.
There is no need to employ him on a long term basis and neither will he want it. He could be like a Winsemius in the financial sector.
I advocate institutions of importance must always be helm by a singaporean as there is a vested interest.
Volker has advised Lee Kuan Yew before.
The SGX is privately owned. Thus it can live or die by its own merits or lack thereof. Whatever is old and is about to break, needs to break and disappear from existence, and allow a new innovation to take over. i.e. free market style.
The same goes for the banking system. If they do stupid things -- like take crazy risks, then they deserve to fail and die -- and take their customers down with them -- this is important. WHY?
Because for real change to occur, you need REAL action. Nothing beats millions of pissed off customers who've lost money -- they have the "energy" which comes from anger, confusion and fear to move things along quickly when much-needed, albeit a bit too late, change to occur.
I am 100% behind allowing systems to break and throw everything into complete chaos. As traumatic as that is, it is the ONLY WAY toward change when irrational humans are hampering progress, and delude themselves into believing that their present systems are "sustainable".
Humans, by and large, do not like change -- even if it is they who will benefit. That's why total systematic failures are often required. Some people will die, others may never recover. Sad as that is, it can't be helped.
a Volcker is needed as no one in the govt or MAS will think he is up to it to tell the bankers or the CEO of SGX that they are running the industry into the ground. Even if they know that things are running foul, they would not dare to breathe a word.
Now the conmen and tricksters are running the show. What the fuck!
Only a Volcker can pull the ears of these crooks and kick their asses.
Rb: // Singapore needs to engage Paul Volcker to review our banking system and the SGX to clean up any conflicting terms of interests and unfair practices that have been adopted in recent years. In particular, the diminishing volumes and lack of participation of investors in the SGX must be a major cause for concern, in fact alarming. For the moment it seems that everyone is turning to look the other way.//
Rb, r u serious?
A financial exchange overseen by 2013 World Best Finance Meanystir is in ICU and on life support?
What could it be?
The equation does not tally.
Are morons sitting up there and whatever they decree is the Golden Hard Truth?
Wither SINKIES?
Matilah Singapura is again very right.
He must have understand 先死后生的道理.
Thought Sin was just awarded the Best Manage Financial Country in the World.
Rb and his Friends think that the Award was purchased?
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