11/07/2014
A rebellion in the Stock Market?
It has never happened before. But the frustration and anger must be so high and waiting to explode that a petition has been posted asking for the resignation of Magnus Bocker. The usually quite, docile and hapless remisiers and retail investors must be really pushed to a corner.
This is the introductory paragraphs of the petition:
Petition to remove Magnus Bocker as the CEO of SGX due to his mismanagement.
We demand that Mr Magnus Bocker, CEO of SGX, step down from his post immediately.
Since taking over the helm from Mr Hsieh Fu Hua, Bocker has not been focused on building the capital markets. Instead, he has been putting in a lot of effort to build the derivative and commodities market to enhance the profits. This is almost similar to when SMRT decided to focus on developing their retail income to enhance profits and forgetting their role to provide a safe and reliable public transport system.
The breakdown of the SGX trading system yesterday for almost three hours is almost similar to the massive train disruption we experienced just a while ago. Given that hundreds of millions have been spent on the system since Bocker became CEO, such a breakdown should not happen.
The petition is at http://www.ipetitions.com/petition/petition-to-remove-magnus-bocker-as-the-ceo-of-sgx
Why is this happening? Are there enough justifications to call for this petition? Would there be enough signatories to make this petition meaningful and for MAS to act on it? The outage on Wednesday appears to be the straw that breaks the camels back. Maybe, maybe not, as there are no talented Singaporeans to replace Magnus Bockers. They could not even find a Singaporean good enough to be the Chief Operations Officer cum Technical Officer.
I think both will be safe and will continue to run the SGX. They are the best talents that the SGX/MAS could find for the jobs. And SGX is doing very well, with all the measures introduced, SGX is well ready and well prepared to be the best stock exchange in Asia. Just give them time. Think long term.
Kopi Level - Blue, Thank you.
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32 comments:
"... as there are no talented Singaporeans to replace Magnus Bockers. They could not even find a Singaporean good enough to be the Chief Operations Officer cum Technical Officer. "
The Pope appoints the Cardinals who appoints the Pope.
If Magnus appointed his own Chief Operations Officer(COO);
Who is the COO loyal to?
Magnus or Singaporeans?
If PAP had appointed Magnus;
Who is Magnus loyal to?
PAP or Singaporeans?
Which will result in faster action?
Petition or voting wisely in GE 2016?
Maybe, maybe not, as there are no talented Singaporeans to replace Magnus Bockers.
RB
Is the opposition even having Singaporeans talented and ready enough to replace the PAP?
And mind you, this one only for Singaporeans, foreign talents not allowed and hence no competition.
And yet there are no talented Singaporeans able to do it!
So how can there be talented Singaporeans able to be CEO of SGX, which unlike the job of PAP, this job is open to competition from foreign talents, u tell me lah?
It's true lah. We are really short of talents.
If not lah, how come there are even no talents ready to replace the "no talent" PAP?
Pay me $5m, I know how to solve all your problems. When got problems, I will ask the people for ideas and suggestions. If that does not work I will set up a committee to ask for suggestions. If that does not work I will bring in foreign talents from the world to solve it.
That is why I need to be paid $5m. My talent is to find solutions, not to give solutions.
Angmo forced to step down and sporean took over. Alas was only a dream. Can it come true, what do u think.
At the end of the day, no one will be found responsible for the failure.
What failure? Caveat emptor!
He would not be replaced as that would mean someone made a mistake of putting him there.
They will wait for a short while, fabricate an excuse and remove him quietly. Just like PAP ministers, they cannot admit to making mistakes, so they quietly put them to pasture on the pretext of political renewal.
They can fool some people most of the time, most people some of the time and not all people all the time.
The person who set up this petition to remove Bocker is a fulltime trader and all his trading accounts have been suspended pending further investigations by the authority about his petition.
Looks like the broking house who suspended this chap's trading accounts has received instructions from invisible hands.
The counter for the petition seems to stop at 154 despite more names being added. It has been at 154 since 3pm. See if it changes. the latest names added are Gerald Lim, Ng CT and KS Lam.
More than 10 names have been added and the counter is confirmed not adding and still at 154.
Last few names added Ong Chee Peng, Ian, Joey Ng, Tan Gary, Pinky dennis, Song etc etc
Oh, it just moved to 185 with new names added, CY Wong and David.
Highly paid people can also screw up one. The difference is when highly paid people screwed up, the lowly paid people will be blamed.
Some say there is only one person that soon will be departing and champagne will flow should that day come.
More than 200 have stood up for you. This is your last fight to save the stock market. Don't be a loser. Stand up, sign the petition. There is nothing more to lose.
Ask Fandi Ahmad to be CEO lah. He is local.
He must be your father or your mother's boyfriend.
Instead of having a protest at Raffles Place or Hong Lim, the petition is the next best thing to do. If you don't fight for your ricebowl, who is going to fight for you?
The remisiers would always ask other people to help them when in trouble but themselves hid under the table. It is time they stand up and help temselves and put their signatures on the petition. Grow some balls. Stand together as one and fight for your survival.
WHY the Gweilo is ALWAYs chosen to replace the Local? And, invariably, the first things the Gweilo does is to profit his own kind, instead of the People of Singapore.
Are WE just STUPID? or simply lack self-esteem and self-confidence even AFTER 50 years of nation-building?
Wake up NOW.
229 have signed. What about are you waiting for?
Fandi Ahmad was the right choice to be head our Football team because he is local, I still think it is the right choice. Because if we get ang mo as head coach, ang mo also cannot guarantee our team will win matches. Win or lose matches, the ang mo lose, because not local.
So we should keep Fandi there because he is local, maybe like sign him for for a 15 year contract at $30,000 a month, regardless whether win or lose matches lah. Tio bo?
Bring a angmo coach he will bring his villagers into the team oso. He will say locals no good.
Fandi Ahmad was the right choice to be head our Football team because he is local,...
Anon 9:55 am
R u aware that Fandi was ever demoted when he was a foreign talent coach in a Johor club? Of course later he resigned lah.
You know something, because you guys are not united, the exchange could plant anybody they want to continue to screw you guys up all the way. Yes, I'm talking to you...you come in many different names, package in many different outfits but they are still you; be they remisiers, stockists, dealers, traders, brokers or what nots. Then there's the other group, the investors and they too come in even more names than you could imagine. Just vote the exchange chief out with the stroke of your fingers and it's considered done. You are the smart ones, go figure it out yourself by not doing anything, you have done everything that needs doing. Good luck.
R u aware that Fandi was ever demoted when he was a foreign talent coach in a Johor club? Of course later he resigned lah. Anon 10.39 a.m
So what? Never mind lah. More important is he local born. Aljunied GRC town council arrears got red color in report card, so what? You think people don't know? People don't care . People will still vote them in mah.
So Fandi demoted or cannot win trophies, never mind. People gam kuan give him job because he local. If ang mo come, bring 15 ang mos, then how ?
Die die employ local lah. Even local cannot do job, lazy, still employ pay him lah until company and country kaput. That's how country political system evolves.
323 signed and counting.
Good morning. 384 have signed the petition. The number is still going up and will likely go up a lot with the market opening today.
This guy stood up for you. Are you going to leave him in the lurch? Shame on you.
450 signed. 50 more to hit target.
Finally hit target of 500. Now 501 and still counting.
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