Our sacred reserves!

Don't touch it. This is our hard earned savings accumulated over the years. And only in extreme conditions will the reserves be made available, through a complicated systems controlled by two keys and trusted people. The officially declared reserves were over $200b, some parked in GIC, some in Temasek, some dunno where, but are there. We are so careful in spending our reserves. It is not to be touched by any flimsy excuses. It is protected by several layers of thick carbonised steel. But when they were in another form, in the hands of GIC and Temasek, they become easily available for investments. Acceptable that investments are not spending, just investing to grow the reserves. The current crisis and the colossal losses to our reserves, a sum many times more than the $4.9b we are dipping into it, called for a rethink in the investment policies of the two giant SWFs. How much risk is tolerable or acceptable, how much can we afford to lose. Shall our reserves be invested in 'dangerous asset class'? Putting it in simpler words, 'dangerous asset class' is not much different from taking unacceptable high risk, like gambling, double or nothing. When our reserves are near to a point of being untouchables, our investment policies must be one that matches the stringent criteria of protecting our reserves to ensure that it would not be washed out for any investing mistakes. If we protect the reserves like hell, and have an investment policies that compromise its existence, the contradiction is not acceptable. The other point that I want to make is very elementary. If we do not know what is our reserves, how do we know that it is there and not being spent? We may have a fortress guarding a piece of worthless paper for all you know. Can we just rely on the word trust as we were told to do so in Parliament?

The ongoing evolution of Singaporean Chinese names

When the southern Chinese migrated to the south seas, many were from the lower social class. Many were farmers, fishermen and workers. They came to eke out a living and nothing else. Their names were simple and nothing flowery, Tan Ah Kow, Lim Tua Tow, Chan Ngau etc etc. Inevitably the names of animals became common as they were seen as good for the children less the gods would punish them or take them away. The illiterates were just not too comfortable with the words Over the years the names started to evolve and adapt to the social and historical changes, including the intervention of govt and the turns of economic fortunes. Our colonial and religious heritage had their first influence on the people. Tan Ah Kow became James Tan. Lim Tua Tow became John Lim. The Tua Tow disappeared or became TT. The next phase of change was the hanyu pinyin campaign. This was another of the unifying efforts of the govt, to do away with dialects and have a common language. It's effects turned out to be a bit of a rojak. Tan Ah Kow became Chen Ya Kou. The father and son had differently written surname in English, From Mr Tan to Mr Chen. Some refused to accept this as it looked funny. So Tan Ah Kow became Tan Ya Kou, retaining the surname in dialect and the same spelling. Another variation is use Chen Ya Kou alias Tan Ah Kow. The next phase of development was economic. With wealth and affluence, Ah Kow, Ah Ngeow and Ah Gu were no longer acceptable. How could it be when pet dogs and cats were called more respectable human names like Tom and Jerry? That ended the phase when humans were called names of animals while animals continues to have human names. Then came a period when we wanted to become international citizens and adapted international norms of writing names. Tan Ah Kow became Ah Kow Tan. It could be because some foreigners could not understand that Chinese family name was written in front and not at the end. To avoid Tan Ah Kow being addressed as Mr Kow instead of Mr Tan, that was the solution. The most colourful phase came in the 80s when originality and being unique were the fad. Uniquely Singapore must have been an offshoot of this truly Singaporean beginning. Glamorison Tan and Feliciality Tan started to appear everywhere, everyone unique and different and only limited by one's imagination and the combination of words. Forgive the ignorants to think that Singapore was invaded by aliens from another planet. Today I read about John and Melissa becoming too common place. Everyone being introduced is either a John or a Melissa. And for that little uniqueness, after all a name is to identify a person and be different one from another, John will now be John Michael and Melissa will be Melissa Margaret. So, how shall John Michael Tan Ah Kow writes his name? Should it be John Michael Ah Kow Tan or could it be Tan Ah Kow John Michael or Tan John Michael Ah Kow? John Michael Tan Ah Kow is not going to be. His family name is right in the centre and will never be discovered. He will never be a Mr Tan. How about John Michael A K Tan? Possible. Sounds better too. Hi, I am Florissian Lantany Lee. Nice to meet you. I am Jamon Honchu Wong.

How much is our reserves?

Everyone seems to be quoting this word, 'reserves' freely. How much is actually our reserves, what constitute our reserves and where are they? Our CPF a part of the reserves? How much of Temasek and GIC assets are part of our reserves? Then there is another reserves guarded by the President. How much is this and where and in what form? Can someone clarify on the above mess and put the amount and parts in a simpler manner so that we know what it is all about?

How benevolent is our govt?

The govt just announced the resilience budget worth more than $20b to help the people in such a difficult time. Should the people be grateful? We heard the call that we are all family, looking and caring for each other, helping each other and making life better for everyone. I did not hear wrongly. Then you look at the HDB policy, market pricing to max what they can get from the buyers. They used all public resources to monopolise public housing to squeeze it out as much as they could from the people they called family. And when you complain they said it is affordable because you can pay with all your CPF. Hey, the CPF is people’s retirement money! What happens if they have nothing left for retirement and hospital bills? Then the Health Ministry got worried. With so much money being taken to pay for flats, better lock up some in case they need to pay for hospital bills. And there goes another chunk into the Medisave. Then another proclamation, Singaporeans got no problem paying for medical bills. Then another ministry got worried. What if they got no money to retire and demand public assistance? Better lock up for this before there is no money left. Hey, what about me, the one who contributes to the CPF? I got nothing left for myself. Just too bad lah. And don’t expect charity or free lunch from the govt. The govt does not believe in encouraging crutch mentality. As long as the people got money to pay for HDB flats, pay for hospital bills, the two big ticket items, that’s good enough. Oh now got compulsory CPF Life and with easy options except no option to opt out. So now all the money got locked up for some good reasons, and here comes the recession and people got no more savings to fall back on, we have the resilience package. How much will each get and how long will it last? So there you are, a benevolent govt, and a people with one of the highest savings and all crying money not enough.

The Obama Message getting through

Who said Obama could not do anything? His US$500k salary cap for bailout banks is getting through to the thieves. Citibank's Vikram Pandit has seen the writing on the wall and volunteered to pay himself US$1 and no bonuses till Citi is profitable again. Though the rest of the top bankers are still recalcitrant, still did not know that they have moral responsibility and accountability for their decisions, they are now asking Congress to take a lighter touch in the face of fierce critics and congressional grillings. But again, they are not going to walk away without asking for more. They are putting forth the subtle threats to leave for European banks, presuming that European banks and Asian banks would be silly enough to pay them what they are asking when the Americans are saying no to their looting ways. They were told by Paul Kanjorski that they cannot live in a 'one way mirror unaccountable to the public at large and often sheltered from scrutiny.' This should also apply to govt and govt regulators for sleeping on their job or doing a lousy job. Goldman Sach's Lloyd Blankfein accepted the criticism and commented that 'Many people believe - and in many cases justifiably so - that Wall Street lost sight of its larger public obligations and allowed certain trends and practices to undermine the financial system's stability.' Are we also having something like this going around here? Has our govt also lost sight of its larger public obligations and allowed certain trends and practices to undermine our system and stability? Maybe I should write something about this. The statement by the committee's Democratic chairman Barney Frank deserves special mention here. 'Why do you need to be bribed to have your interests aligned with the people paying your salary.' No further comments from me on this. Obama has set a new trend. The looting in New York and corporate America will have to stop and accountability is the now the new morality. But from the comments for congressman Michael Capuano, the thieves are still getting away too easily. He asked, "Who was the brilliant person who came to you and said, 'Let's do credit default swaps?' Find him, Fire him." So easy meh? Just walk away without any criminal charges? And after collecting all the fat bonuses and pay? No restitution?

What is wrong with Boon Wan's nursing home?

Absolutely nothing wrong. It makes perfect cents. Oops I mean sense. From the practical and pragmatic point of view, from the dollar and sense point of view, it is the ideal solution to land scarce and high cost Singapore. You get value for money in JB, and not too far away from home. For those who want to compute on the additional benefits, they can think of the cheaper shopping and makan and also the petrol to go with. They could save more when all these are added. Why are people so angry with Boon Wan? I can only sense one reason. These people are using their hearts and not their heads. They cannot think logically devoid of emotions and sentiments. They will only come to terms with Boon Wan's good suggestion if they can think like him, think of money and how much can be saved. Then they can be won over. Think utilitarian!

Who's next to be 'goreng'?

The new media has brought about a new dimension in things that will be discussed and things that will not be discussed in the past. The old media, TOM, has professionally chose to discuss things that they deemed acceptable to discuss and things that they would not touch for obvious reasons. But the gap, the things that TOM will not discuss will be discussed, thoroughly, roughly and viciously, by the netizens when deemed fit. Since the Mas Selamat's vanishing act, Kan Seng was the first to be 'goreng' by netizens for every flaw that led to the escape, including slipshod comments and gaps in the logic presented. Then there was a lapse until Tan Yong Soon told the story of his exciting cooking class in Paris. And the storm broke. But before the storm receded, in came Charles Chong and his 'lesser mortal' comment. The netizens were not going to let him slip away with such a heavenly view of things. Yes they walloped him. Yesterday was Boon Wan's turn to be grilled, not medium rare but well done. His comment about putting the oldies into nursing homes in JB was not taken kindly. Even his credential with a Buddhist shield could not protect him. They questioned his values on filial piety and gratitude to the parents. Lui Tuck Yew's dressing down of netizens as immature too got a bollocking. He thought he could get away with such a sweeping statement in Parliament. He could if there was no cyberspace. TOM would probably add on and support his comments against the netizens. But the netizens now have an avenue to talk back. Don't anyhow scold the netizens. They will return the courtesy. But the perpetual favourite is Swee Say. The netizens remember every of his comments and wise cracks. From his happy reading of his CPF statements to his upturn the downturn, were well discussed. The latest was his mouse that barked away a cat. The MPs in Parliament found the Tom and Jerry fable amusing, but not the netizens. The latter too had a good laugh but for the wrong reasons. Would the people hear any of these juicy expressions of views and emotions in TOM? Fat hope. Only cyberspace can provide the spices and colour on such X rated news. Who's next to disparage the netizens and be the talk of the town or talk of cyberspace?

Fallen Grace

The righteous and trusted have fallen. Once they were the number One Family in Taiwan. They were pointing their fingers at other people for being corrupt. Today, Chen Shui Bian, the Taiwanese President, is in jail. His wife, the former First Lady has just pleaded guilty to forgery. His son and daughter in law are also accomplice to the crime of money laundering in the millions. Trust and righteousness may only be hiding behind a thin veil of truth.

I posted this article on 27 Dec 08

Wishful thinking or wicked intent In March this year the official figure given was that Temasek was managing $185b of assets. If these were in equity or equity related assets and stocks, my guesstimate is that it would have lost 50% of its value at least. But the figure will be much better if kept in fixed deposits or less risky assets that are saved from the financial crisis. If the loss is in the 50% region, I said if, the loss must be made up from somewhere. I fear the money in CPF. Would the minimum sum and Medisave be further increased? Would the withdrawal age be further delayed? Would there be new measures to shift the goal posts? There are now more reasons to wish that our investments are intact, that the talented fund managers are doing well to keep them growing or at least not losing. There are more reasons not to change the govt so that the talents and the continuity will help to safeguard our assets and investments, and our future. The CPF is like a sacred cow. It is the people's hard earned money and must rightfully return to the people for their own benefit at the earliest possible time. Definitely not till they are dead or near death. This is simply bad. I have all the time this bad feeling, and I can be totally wrong on this, that there are people with designs on our CPF money. To keep the CPF for as long as possible to enable them a cheap source of fund for their own investment schemes. I hope I am wrong. I hope the real reasons to keep the money for as long as they can is really for the good of the people, in the interests of the owners. But should anyone really have wrongful designs, they must know that the designs are wicked and will do them no good. The first is the intent to 'sapu' money. No one should ever think of it as the CPF money rightly belongs to the people and depriving the people from getting it back is already sinful, if not criminal. Decent and honourable people who believe in not doing evil should never harbour such thoughts. The second intent to use the money for whatever schemes or things, may include thoughts of returning the gains to the people, if there are gains, may have some mitigating factors to lower the ill effects of the first intent. But if it is just to exploit this cheap source of fund with no regards to rewarding the owner of the money, it is unforgiveable. Seeing it in any other way is still a dirty thing to do. Do I sound like preaching or delivering a sermon? The rights and wrongs of such acts and intents are difficult to dispute or wish away. Do not have designs on the people's hard earned money for private interests. If there are, it is better to let the owners know and seek their permission and forgiveness. Do not temper with money that is not yours.

Where is the MISTAKE?

From New York to Singapore, from the global international crisis to national recession, where is the mistake? Or better, where is the word 'MISTAKE' been mentioned? The truth is that no one make any mistake. It just happened. Everyone is caught in a world wide tsunami that came from nowhere. Make no mistake about it. It is just a phenomenon that we have to live with, or everyone has to live with.

How much is $58 billion?

With $58 billion HDB could build 580,000 units of flats at $100k each. This is almost all the flats owned by Singaporeans now. With $58b, it could buy 290,000 pieces of Mercedes Benz and line up the whole of PIE. With $58b, it will be more than the combined worth of the top 50 riches people in Singapore. With $58b, the govt can give to each Singaporean family $100,000 in cash. How long will it take to make back $58b? At 10% rate of return on investment on Temasek's balance of $127b, it may take 30 years. But if all the investments can double their value in 5 years, then it may take less than 3 years. The faster way of recouping the loss is to go to Sands when it opens. Place a $58b bet on red or black and one spin of the wheel could recover everything. $58b is $58,000,000,000!

31% and not 40%

My earlier post quoted Tharman's figure of 40% loss which was 2% better than the market's fall of 42%. Yesterday Lim Hwee Hua quoted 31% which was much better than the earlier number. The exact number is a loss of $58b. We have outperformed the market. Fund managers have been using this as a yardstick to measure their performance. Now that they have outperformed the market, would they be asking for a bigger bonus? In the same report in Today, it quoted the Kuwaiti sovereign fund losing US$31b out of a US$300b fund. Now that is just about 10% loss. Remarkable performance. We should recruit some of their fund managers and we could do much better next round. Just wondering if the Kuwaiti fund managers were local or foreign talents.

Myth 205

'Singaporeans like to have the Govt as the nanny.' Ong Keng Yong I will just say this is bull. Singaporeans disliked being nannied. The nannying was shafted down the throats of Singaporeans with all kinds of compulsion, for the good of the Singaporeans. That was the govt's excuse all the time. And then blame it on the people for being nannied.

$300k for a place in SAS

An individual needs to donate $200k to the Singapore American School to book a place for a child. A corporation will need to cough out $300k for the same place. This is above the $10k to $20k school fees. The demand for a place in the SAS is so high that this is the market price for the time being. As a commercial enterprise, this is a happy thing. The amount to donate can keep going up as long as people are willing to pay for it. The question is who ultimately pays for it? Shall such a market driven logic be applied to state services like housing, medical, education and the rest of the essential services provided by the govt, including monopolistic services like public transport? One thing for sure when this kind of mindset is deemed acceptable, a lot of profit. Who pays?

A tale of talent versus good fortune

Which is more powerful, more successful, and more real? With talent one can do anything. With good fortune, one does not need much talent to achieve more. Without good fortune, no amount of talent is going help and make one successful. True or false? Anyone out there willing to say that talent is the one that counts? The recent events have proven one thing. With talent one may be in a position to do big things. One can achieve a lot but also lose a lot. For losing, it is not the fault of the talent, but lack of good fortune. Blame it on providence when luck runs out. Without good fortune, we can see talents looking rather like misfits. Without good fortune, and when time is running out, or the wind has changed direction, talent or no talent, all will be found wanting. In such times, the latter will expose themselves immediately. And the more they hide behind the veil of talent, the more ridiculous they will look. I am sure many of the talents are having self doubts now and would wish that the balloon wasn’t so big. And there will still be some who sincerely believe the balloon is not big enough, and the talent tag is for real. The balloon will not blow up in their faces. Given such a scenario, maybe a better fall back position is to discard the talent brand and hide behind the supernatural, ascend to the next dimension of immortals and demigods. In such a state, what one only needs a little belief and a lot of trust. Would we be hearing anymore of this thing called talent or super talents? Or would one hear a sigh of relief and thanking god for their good fortune. But fortune comes and goes in cycles, like the tide, sometimes high and sometimes low.

I can't tell

I can't tell. What does this mean? It simply means that I have something to hide. But why can't tell me? Because it is not to your advantage. Because I am taking you on a ride. The costing and pricing of HDB prices cannot be a state secret that can't see the light of the day. Please tell us how the cost is derived and how much profit is made from the new policy of marking to market pricing. Can't tell, don't want to tell, cannot be the excuse. Like it or not, the truth will be out one day. The truth cannot be hidden forever in a democracy. It is better to tell now than for it to be told by someone else in a different way later. Please tell.

More leeways may not be good

Khaw Boon Wan is allowing more money to be used from the Medisave to pay for the high medical and surgical fees. Is this a good thing? Like the use of CPF for a running away price of HDB flats, this is will only lead to the depletion of the people's savings. At the end of the day, everyone's saving in the CPF will be minimal. When are the authorities going to look at the problem truthfully and cut down on the cost that is eating away at the people's savings? More leeways is like more wayangs. Disagree? For goodness sake, deal with the problems of cost and market pricing. Don't distract the issue by talking about the fat ladies and the irrelevants.

Celebrating Singaporeans - The Lien, Tsao, Shaw and Khoo

The Lien, Tsao, Shaw and Khoo The Straits Times also listed the above families and their foundations for charity and it is only rightful to mention them here. Dr Lien Ying Chow donated almost half his wealth to the Lien Foundation. And Khoo Teck Puat was reported to have 'left 30 per cent of his wealth or some $2 bil to the foundation after his death in 2004.' And the old great philantrophist like Tan Kah Kee who donated practically all his wealth to education, building of schools and universities here and in China.

Celebrating Singaporean - Chew Hua Seng

Chew Hua Seng In a way Chew Hua Seng is more remarkable for the amount he has donated to his foundation. $100m! His is new money that he has made recently. And he may not be as rich as the old rich. But his $100m foundation is a handsome sum of money relative to his wealth. Cheers man.

Celebrating Singaporean - Wee Cho Yaw

Wee Cho Yaw and the Wee Foundation The Wee family has set up a $30m foundation for charity, to help the less privileged, to promote the Chinese language and culture, to foster greater community spirit and social integration. The Wee have joined the other prominent Singaporean families like the Lee of Lee Rubber, the Lien, the Shaw and the Tan of Tan Chin Tuan Foundation. These are the contributions of people who have succeeded in their enterprises and returning something back to society. But what is more remarkable is not just this act but for a man who builds a business that has 500 offices in 18 countries. And he did it on his own, his way, without needing foreign talents. Wee Cho Yaw has proven that you don't need foreign talents to do what he has done.

No frills HDB flats?

Lim Wee Kiat and Lee Bee Wah are asking HDB to build no frills flats that are really 'affordable' to the young people buying their first flats. I can foresee a reply. If they cannot afford it, go for rental flats. Those are 'affordable' for sure. Both were talking about covered walkways and parks and quality of tilings. The intent is good but the direction is wrong. We can do away with some of the frills but the quality of the flats should not be sacrificed. The quality of the tile in HDB flats are not that great for a start. Going back to the 70s when flats came with cement screed is a big no. There is no need to cut down on the quality. It is all about costing and pricing. The most glaring example is the Pinnacles. When HDB could make profits selling them at the first launch prices, why is there is need to jack up another $200k each! This is profiteering at the expense of the people. And the mentality is that this is good! Just look at the costing and review the objectives of the HDB flats. Are HDB flats built just to maximise profits or for the people, for nation building? Some people have been intoxicated with too much fine wine to think that more profits is good. Think again. The prices of HDB flats need not be so high without even cutting down on quality. No need to price at market prices. If we mix up public polcies with private enterprises reason to exist, then we are no longer a country governed by the people for the people.

Time for minority shareholders to demand justice and accountability

I have been yelling for this to happen earlier but it all fell on deaf ears. The turkeys in Wall Street and the American corporate world have been having too good a time robbing the minority shareholders. They claimed that they were the supertalents and demand to be paid in gold. And they justified themselves with their million dollar or billion dollar profits. Then they asked the company to pay them half of the profits for their cleverness. It has been that way for many years. Now we are seeing glimpses of the so called profits that were actually fraud, doctoring of accounts. And the shareholders could not to anything about it. The sudden revelation that many are losing billions and the corporations they ran could go bankrupt were greeted with shock. For the millions and billions they made over the years, could it be enough to cover for the losses of hundreds of billions that are now being told? Would the turkeys say a word of sorry, or would they cough up the loot that they had stolen over the years? Nay. What they are now doing is to ask for public funds to bail them out. And when the funds came, again they start to pay themselves crazy. America is lucky to have Obama who is brave enough to tell them in their faces that they are a bunch of shameless and irresponsible crooks. And yes, cap their salaries to prevent the looting to go on. America does not need crooks, selling themselves as supertalents, to run their corporations. They need decent men and the minority shareholders should demand just that. The crazy days of paying the sky must stop. No more looting. Erect a few lynching platforms and hang some of them for their deceit.

Running in the big league

When our fund managers placed their bets on Citibanks, UBS, Merrill Lynch, Barclay etc etc, I thought it was a good idea. I still believe it was a good idea. Under normal circumstances, it was a window of opportunity opened for a little boy to enter the big league, on invitation. Even if the situation wasn't of the best, it should turn out well in the long run. We could be co owners of some of the biggest names in the financial world. Obviously things did not work out the way they were expected. Our losses were phenomenal. No numbers have been quoted except in vague percentage terms. The art of selective use of absolute numbers versus percentages has been honed to a fine skill in this paradise. My guesstimate is that the loss could be around $150b to $200b. Oh, let me be more precise on this. It is paper loss. And we outperformed the market and even trimmed our investments to 7% cash. Outperforming the market is a way devised by fund managers to tell investors that they have lost a lot of money but they are still cleverer than the market. As to the 7% in cash, good fund managers would probably have 70% in cash, not 7% or 10% or even 20%. What went wrong? On hindsight, we were in a hurry. We could also be too trusting of the Angmohs that came knocking at our doors asking for money. That was ok. The sore point is whether we have done enough homework and done enough to protect our investment if things were not what the Angmohs said they were? Placing such huge bets, in the billions, must be done with a lot of caution and hard facts. It is not betting in a casino! Everything is now water under the bridge. We would have to wait for the long run to recover our losses. There is this conventional wisdom that in a 30 year cycle, the prices of stocks and shares will outperform any kinds of investments. We will see what will happen in 2038. With the advantage of hindsight, any money put into the market today could probably double in less than three years. But the risk to lose everything is still there. The difference is that the risk is much lesser and the loss relatively lesser too. Many investors in the market have learned their hard lessons since the bull run of 1993 and the subsequent years of crashes. And they are still learning and still hurt by the present crisis. The important thing is to learn that old conventional wisdom may not always hold and investing with big money must be done carefully, patiently, unlike gambling in a casino.

A little remembrance and a little gratitude

That's life. People choose and create their own heroes. Kin Lian had done all the work that no one wanted to do. Everyone practically scattered and hid. Now we have two heroes proclaimed. And at the point of proclamation, they had yet to lift their little fingers while Kin Lian was sweating all over, and paying for all the cost himself, at his own time and expenses. He done it for free, at no one's prompting and order. Would the people remember him? Or would the media remember him? I think the new media would.

We have misunderstood Lui Tuck Yew.

All the netizens have misunderstood Lui Tuck Yew. He has explained himself in Parliament that he was also for the light touch of regulating cyberspace and not for more regulations. I am wondering whether what was reported was exactly what he said or it was just the nuances that came out in the old media. It is good that Tuck Yew came out to clarify his position so quickly. Cyber regulations is for the netizens to decide. This sounds reasonable. Unfortunately the development of cyberspace and the concept of regulations do not fit in the new scheme of things. Regulations in cyberspace can only be effective in a limited and control area, a specific site. When it is cyberspace in toto, you can't really do anything. Unless govts want to adopt the cowboy tactic of hanging the horse thief and set up a ruthless task force to execute it, pursue the violators to the keyboard he is typing on, and chop off his fingers. Just like hard copy literature, with all the regulations, the pornography, hardcore and softcore media and fanatical literatures are everywhere. If you don't see it does not mean it is not there. Cyberspace will have its own version of the whole spectrum of acceptable and unacceptable blogs and sites. They will co exist and each will find its own customers and followers. What would likely to happen is that every netizen will go to places they are comfortable with. People will read what they want to read. Yes freedom of choice. Cyberspace will evolve and the bees will gather where there is honey and the houseflies will seek where there is rubbish. Oops, like me put it differently. The kopi drinkers will go to the kopitiams or coffee bean stalls, the tea drinkers can go to the sarabat stalls or tea houses, the beer drinkers can go to hawker stalls or pubs. And the wine drinkers can drink wine at kopitiams too, instead of wine bars. Basically, to each his own. That is what cyberspace is all about. No more nannying. Grow up. Yes people cannot be tied to the apron forever and thinking that they are children for life.

The Shahibs have landed

Goodyear is here. And many more good years may follow. We have unfolded our new secret formula to take on the world of corporate giants. We are in the big league, with a big war chest to spend. And we need a new formula to prove that we are different. We need an Angmoh face to front our international vehicles to look more real and international. Don't get me wrong, I am not xenophobic. In a brave new world when a black man can front the most powerful nation on earth, why are we still sticking to the old colonial formula of Angmoh best? Have we not learn enough? Have we not learn any lessons from the financial crisis that is unfolding in our face? There is no short cut to success. The only short cut is fraud or deceit. In other forms they called it creative accounting or doctoring the books. We don't need to learn this from the West. If Asians do not think they can succeed without an Angmoh face, then Asians should deserve to be doomed. China and India have proven that Asians are not duds. Japan, Korea and Hongkong have proven that Asians are equally eloquent and good in the theatre of warfare in international business. Perhaps our colonial fantasy is still deeply engraved inside our psychic. There are some advantages in having an Angmoh face to run our business. I dread that this is the magic formula to live by. Someone told me that some of our overseas businesses deliberately hired Angmohs to give it more credence and respectability. If the logic of western superiority is true, UOB should have folded up long ago. And India and China will still be colony or semi colony. All the Indian and Chinese corporations are doomed. How is it that Japanese brands are household names in the world market? Yes shahib. Tea or coffee?

Nuisance complaint against Siew Kum Hong

'My ministry and the police are not intending to let that asset be debased by allowing the police to become a tool for petty politics.' K Shanmugam He added, 'The integrity and impartiality of the police force should be beyond reproach and that has been and will be our policy.' Shanmugam was responding to Siew Kum Hong's complaint that while the latter was conducting a street survey, 2 policemen were watching him and he was later told to stop his survey. He was only allowed to do so half an hour later after checking with their superiors. It seemed that the police received some complaints on Siew Kum Hong causing a nuisance to the public. And Shanmugam assured him that the police has a duty to investigate all complaints even if they do not merit an investigation. I just got two nagging doubts. Who would complain about Siew Kum Hong conducting a survey? He looks like a very nice guy, very polite and very learned, as handsome as any of the MPs. He does not bear tattoes or carry a parang around. Who was the complainant and what was his background or intent? I think all the mothers will let him carry their babies. Secondly, would the police do the same if a nuisance complaint is made against any MP or the grassroot leaders or anyone walking along the street? Ok, MPs should be safe. Low Thia Khiang or Denise Phua need not worry. Correct or not? Hey, Siew Kum Hong is also an MP, albeit an NMP! Was Siew challenging anyone on the streets or carrying a loud hailer blowing at top volume?

3 cardinal sins committed by taxi operators

Premier Taxis MD, Lim Chong Boo, wanted to lower the $2.80 flag down fare during non peak hours. Johnny Harjantho, MD of Smart Taxis wanted the 35% surcharge for peak hour fares reviewed. And Neo Nam Heng of Prime Taxis wanted the authority to allow the operators to use used cars which are cheaper and can reduce operating cost. After fighting so hard to get the current fare scheme to be running without too much objections from the commuters, which increases their income by the way, how could the taxi operators want to turn the table to lower fares? Have they forgotten about the problems of the past when there were too many fares and too many taxis clogging the roads, and long queues? With the current high fares and surcharges, they need only pick lesser passengers and work lesser hours to get higher returns. And with a better paying passenger profile, lesser taxis need to run the roads, and traffic woes will be a thing of the past. The better paying passengers will definitely demand better quality or newer taxis since they are paying more for it. Second hand cars are old and not worth paying the high fares and surcharges. And don’t forget, with lesser passengers being able to afford to take taxis, the queues will be shorter and make taking taxis a privilege of those who can afford it. And that should be the way. Taking taxis is a privilege of the more wealthy commuters. They want the convenience, not to wait and wait.

Notable quote by Wong Kan Seng

'Whether Mas Selamat is in Singapore or he has fled our country, we will hunt him down as we did before.' Wong Kan Seng said in Parliament

The independence of an Indepedent Presidency

Low Thia Khiang raised the thorny issue of how independent is our Independent Presidency in Parliament. He reckoned that the two key system is as good as two keys opening simultaneously, or two keys working as one. This has led to the call for a more transparent process in the excercising of the presidential powers. Tharman replied that our system is sound, run by men of high integrity and challenged Low to question their ability to act as honourable men. We are in fact in a very privilege position at this moment in time to talk and debate over the issue of how independent is our Presidency and whether there is a need to be more transparent to let it be seen that the Presidency is indeed independent. At the moment it is all about faith, the faith of good men in office. Otherwise the issue would not even be raised, that there is no doubt in the people's mind. Now, what do we have in practice now? We have a President in office who was a candidate nominated and sponsored by the govt. A govt's candidate, and walked into the office by default because of the stringent criteria that ruled out the possibility of more candidates being qualified to contest for the position. And he is assisted by a Presidential Council of eminent citizens, also nominated by the govt. It is only natural that the independence of the President becomes an issue. We are fortunate that the President has not been called upon to exercise his powers on controversial issues. If there be a day, the President's independence will not just be discussed in Parliament only. It is obvious that for the President to work independently, he needs to be independent or not too closely linked with the govt. And this applies to the Presidential Council as well. We are all familiar with the chorus, 'All the King's men.' Parliament also raised the issue of the transparency in the process in which the Presidential Council and the President would have to walk through before coming to their decision. This is still not apparent to the people. The other point that I would like to raise is the possibility of the two keys opening the vault in the middle of the night. Is that possible? Would there be an alarm system when the vault was opened, by two keys, but without proper authorisation? Who guards the vault to prevent such a happening?

Sharing our reserves

The reserves were accumulated over many years, probably from 1965 onwards. Theoretically all the old citizens contributed to it one way or another and is a minority shareholder to this money. Now that we are using the reserves to share with the citizens, does it mean that every citizen, new or old, will be entitled to the same handouts, ceteris paribus? If yes, are the old citizens being shortchanged or the new citizens just being treated to a buffet from the accumulated reserves which they did not contribute a bit to it?

The Sahibs are coming

Obama is going to put a cap to the salaries of CEOs whose corporations received bailout aids from the govt. Many of these highly talented CEOs will be making a beeline out of America, and where to but paradise. It will be a great loss to America, a brain drain. America will lose their great talents. And paradise will benefit from their presence, their skills, experience. More good years ahead. Just pay them for what they asked for. Every cent is worth it. They will come in handy to manage our investments in Citibank, now BOA, UBS, Barclay and whatever.

An end to treasury raiding

Obama is furious at the irresponsibility shown by the corporate big wigs in Wall Street and the American corporate world. Despite so many of them being bailed out by the taxpayers, they are still splurging on themselves and paying themselves crazy. Obama is going to put a stop to all the money madness in America. He is going to put a cap on the CEO's salary at US$500K per annum for those corporations receiving govt aid. This madness of salary without a cap is running to a wall. It has been going on for too long. How could it be allowed to continue for so long? An employee with an open ended income that can literally shoot to the moon? Only the greedy could not see anything wrong with it. There must be a cap to all salaries and all incentive schemes to stamp the abuses and corruption in different guises.

Making sweeping statements

This appear to be the norm in Parliament. Low Thia Khiang was whacked for running down the JCS outright. Of course there are goods and bads of the JCS. It is not meant to be a cure all solution. Then there were sweeping remarks that the netizens were immature as if MPs were mature in making such unqualified remarks. There were unkind and cruel remarks of Seng Han Thongs burning. There were many sites that gone to town burning the news. There were sites that did not do that. At least I know redbeanforum.com and mysingaporenews.blogspot did not. Don't make sweeping statements to tar and feather everyone. That is immature even when spoken in Parliament. So, does Lui Tuck Yew really think that netizens should regulate themselves or a body of netizens to regulate other bloggers? What a missed opportunity that we don't have ABS in action. To tackle the abusive bloggers is a full time job. Who would want to do it for free! Everyone is asking to be paid for doing national service. Let's be realistic. A reasonable voice may say a little to moderate the outcry. But would he/she take it on himself/herself to police the net without being paid? Come on, you must know how big cyberspace is and how much work needs to be done to trawl the sites. Ok, so what's next? More regulations and setting up cyberspace police squad? Or sending in the insurgents to attack abusive bloggers, fighting fire with fire? This will only define the war zone and set up a never ending feud between the nasties and the govt. Another option is to pay for the services of PR agencies to do the PR jobs. But that would be costly and may also backfired as anyone seen to be speaking for the establishment for the sake of it will be attacked or ignored. It is not an easy task to moderate the feelings of bloggers. And don't take the outburst so negatively. It is the purest and most brutal truth, a genuine feedback from the ground. Silencing them will only throw up the sweet and pleasant tooth. Is that what the govt wants to hear? To have the raw feelings out is better than just hearing the good stuff. Maybe paying some established bloggers to be the voice of reason to cool down temperatue could be a possibility. But it is a tricky task. Mishandling it would discredit the bloggers and fan the fire. You need good seasoned bloggers to handle this in the most acceptable way without offending the already angry mob. And it takes a lot of effort and devotion. Doing it for free? Fat hope. It is still a task or a role that has to be filled. And only respectable bloggers can do the job, carefully without ruffling feathers or rubbing the bloggers the wrong way. The heat can be lowered and cooled with the right effort. It is all about maturity! And not making sweeping statements to run down all and none.

Ouch!

Click the wrong button and lost my Contributor list! Got to re enter one at a time again. Anyone knows how to get it back?

Low Thia Khiang taken to task

It was reported in the ST that Low Thia Khiang had doubts on the effectiveness of the Jobs Credit Scheme in saving jobs. "He was promptly taken to task by six PAP MPs,...including labour chief Lim Swee Say.' Surprisingly several PAP MPs also questioned the same thing as Low Thia Khiang. But they were not taken to task. One thing which everyone is careful not to touch is the CPF. It seems that touching the CPF is taboo or will cause undue hardship to the hardlanders. And I too strongly disagree with Ngiam Tong Dow's suggestion that the CPF should be cut. I think he is too far away from the masses. Why can't we cut the CPF? Please ask the HDB or Mah Bow Tan.

Singaporean first or foreigners first

This is gearing up to be the new debate of the day. Several MPs are standing up to be heard in speaking up for a Singaporean first policy. It was never an issue till now. We used to hear things like foreigners are talented and here to help us. Why are we chasing them away if they are here to help us? Not very logical. Then there is also the brutal truth version. Singaporeans who cannot make it in such an ideal environment like paradise, to make money and a good life, deserved to be kicked aside. They just don't have it to make it in life. Let their places be taken over by the hungrier foreigners. Maybe we should compromise on this. Singaporeans, being less talented, can take over the cleaning jobs in food courts. The talented foreigners can run the country.

What is US$60b? It's only Madeoff!

Tony Tan reported that GIC was managing a fund of $450b and Temasek Holding managing a portfolio of $200b. These work out to be $650b. He also said that 7% was in cash and something like 30% in income paying investments. And we have outperformed the market! The market valuation of stocks worldwide has fallen by 42%. Our portfolio only lost 40% of its value. Not bad after taking some precautionary measures to trim down our investments in stocks and shares. So what is our paper loss to date. A 40% loss of $650n is $260n. But if we deduct the cash and other investment part, assuming 40%, then the sum invested in stocks and shares should be around $390b. A paper loss of 40% works out to be $156b. Still not a small sum of money. A little more than what Madoff has lost. But this is based on the above data and extrapolation. The actual amount loss, on paper, may be lesser. How much did we really lose? The number must be unspeakable.

Step aside Tan Kin Lian

We have two heroes coming in to help the investors in the minibond debacle. Professor Hans Tjio of NUS will oversee the process at Hong Leong Finance. At DMG & Partners Securities, Kim Eng Securities, OCBC Securities and UOB Kay Hian will be Hwang Soo Jin. Both "will not be personally involved in the resolution and settlement of individual complaints. 'They will provide MAS with regular updates on the progress of the financial institutions' complaints review and will highlight to MAS any shortcoming in their processes as well as any issues that require regulatroy follow up,' said the central bank." This is reported in Today paper. Tan Kin Lian's role is over. Now the heroes will step in to finish the job.

Workers clapped after being retrenched

This is the headline of an article in the old media, 'Somthing to clap about' by Lin YanQin in Today. Workers of Chin Heng Garment Factory still found something to clap about after being retrenched. They were initially unhappy and angry and feeling quite emotional about being out of job. Soon they were clapping when the severance package negotiated over a month was improved. The workers greeted the news by bursting into an applause. This is a very positive spin on a depressing news. And the workers' morale is high and bubbly and looking forward to more challenges in good spirit, like oxens.

Singapore's answer to save the world

Singapore went to Davos with a solution to save the world from another financial meltdown. It has diagnosed the cause of the current crisis to the low pay of regulators and administrators in charge of Wall Street and the financial institutions. The solution is simple, pay the administrators and regulators at least as much as the bankers and fund managers and the problem will not have happened. The underlying assumption, according to my understanding, is that you pay for good talents. By paying the administrators and regulators as much as the bankers and fund managers, the supertalents will become administrators and regulators. And if they are paid even more, then they will be better than the bankers and fund managers. Now, how much will be enough to pay these supertalents? The bankers and fund managers are being paid hundreds of millions with the top three getting billions at the peak of the market. But there is one problem that I noticed. These supertalents of bankers and fund managers were being paid so much and they could not stop asking for more and actually resorted to frauds to continue to demand more and more pay. Would they behave differently if they become administrators and regulators? Won't they be the same greedy and unscrupulous thieves again? One thing for sure. If this is our solution, we must put it into practice first to show the world it works. The minibond crisis and the rubbish dump stock market are indicators that our administrators and regulators are not being paid enough. Let's pay them as much as the bankers and fund managers first. And when our stock market shoots pass 4000 points and no more similar minibond crisis, then we can tell the world that we have done it. We can solve all kinds of problems by throwing money at the problems.

Who is more guilty?

Wall Street and the American corporate world are in a big mess. And the whole world is suffering the pain. Who is guilty or more guilty? At the moment only a handful of big wigs are caught with their pants down. No, they were not caught. They surrendered to the authority, confessed their own crimes. The authority was sleeping! Or were they sleeping with the thieves? The wonder of it all, the real criminals are all enjoying their ill gotten wealth without any sense of guilt and not guilty of any crimes. The real criminals are the regulators and administrators. They created and managed a flawed system! And the rest took a ride on the flawed system and benefitted from it. No crimes, just mismanagement. The thieves are stealing from an open till. So who is to be blamed? The regulators and administrators are pointing the fingers everywhere except themselves. Who is to regulate the regulators? Who is to guard the guards? When the administrators and regulators are cock enough to let flawed systems to operate and the thieves to take from the till legally, or without breaking the law or the rules, where is the crime? It is time to hang the regulators and administrators. They cannot find excuse that they are not paid as well as the thieves.

Pass the hats around please

We need to create more jobs. I don’t mean creating jobs like cleaners and chambermaids. I mean real jobs that pay reasonably well. There are three ways to go about it. One, with our huge reserves, more jobs can be created with the money available. We can create more seniors and deputies positions, eg senior or deputy President to the President or senior vice Presidents, deputy to the vice President, senior Perm Sec, deputy Perm Sec or deputy to deputy Perm Sec. We can also have senior mayors, deputy mayors, or even create new ones like governors and deputy governors. The people have already accepted the practice of seniors, so it should not be an issue. Precedents have been set. It is a good precedent. A second way is to pass the hats around. Stop the ridiculous practice of one person wearing 10 or 20 hats. Pass the hats around so that more people can wear one or two fat hats. The greedy practice of several hats on a small head or a small head that thinks it is very big is unhealthy. Ok, I must be careful about this as there are not many people that are fit to wear big hats or many hats. A third way, and this concerns the filthy rich oldies. Many of the oldies are so rich that even without the income from their jobs they will have enough money to last a few generations. Let them retire gracefully to enjoy their wealth, to see the world and smell the roses. And let the younger and hungrier people take over their jobs. After all many are so feeble that most of the time they were on sick leave or fail to turn up for meetings or for work. We can spread a little generosity around and cast the net wider to share the goodies.

Too much bad news!

This seems to be the complaint of the day. The old media is joining cyberspace in reporting bad news and more bad news. Now isn't that bad? It is time to report good news. And this is a sign of being responsible, to tell good ending fairy tales. How would the media react to this call of telling good news in bad times? Would they be challenged by their professionalism or their conscience? Should the journalists or anyone reporting on news, deliberately take on a one sided approach, to cook up good news for that happy feeling? To tell the tooth or to tell the truth? It seems that telling the tooth is a duty call. What kind of spin shall one put into it when job losses, wage freezes, cannot keep up with bills and debt payments are the order of the day? One way to approach it is to report on the lifestyles of the rich and famous and their parties and expensive taste. Forget about the hard luck cases. Those are losers and they deserved to be in those desperate situations. These are the people who skims to save 10c on their bus fare, try to whip up dinner for 4 for $10 or downgrade from drinking $200 a bottle wine to a $12 bottle of fermented grapes that are still drinkable. What a life. I hope writing on bad news does not become seditious.

Colossal pays and bonuses to go?

Is it just a sickness? With all the big financial institutions and corporations asking for millions of dollars from the govt to prevent bankruptcies, the CEOs in Wall Street are still paying themselves crazy. They take it as their dues, their just rewards for bringing in big businesses. Gary Goldstein, President and CEO of executive search group Whitney Partners, has this to say. 'It has become very corrupt...I've watched it over the years and everyone was taking their piece of the pie...and not paying attention to the end game, which is the little guy who ends up with all of these securities on their retirement accounts.' If these people have created real value or wealth, no one is going to protest. Have they? Their ingenuity in creating false wealth, doctoring of accounts, false businesses, supported by all the regulating agencies and the civil servants, have led to this world wide financial meltdown. And the best part is that they don't care and are continuing with their taking habits. It is part of the system, authorised, no fault, no crime and no guilt. Obama is furious and so are the Americans. They want to stop it but can't. The people are helpless while those in position to take continue to take. And the value of the stocks of many corporations hit bottom. No sweat. It is the small guys that are holding to the stocks thinking that it will see them through in their retirements. It is time to review the fat bonus scheme. It is the scheme of the thieves in power, to fatten their own pockets. Corporate honchos should tie their bonuses to the performance of the company as well as the value of their stocks. This must be fundamental to the health of the corporations and the wealth of the shareholders and the viability of the stock market. If stock prices are allowed to be manipulated by big funds and corporations do not care a dime whether it is going up or down, or if it is $20 or 20c, then the value of the stock is worth only the value of the paper it is printed. It is worthless. At the rate it is going, the stock market industry across the world will hit crisis situation just like the banking industry. Small investors will end up holding worthless pieces of papers. The compensation of corporate managers must be tied to the performance of the companies and stocks. This will ensure that they will bet their future on the well being of the corporations and stock value. Of course the flawed stock market mechanism must also be revamped to prevent massive sell down of stocks regardless of the value of the corporations. There must be responsibility and accountability! At the end of the day, when investors found themselves holding hoards of worthless papers, someone must be hanged!

Chingay Parade 2009 pictures

I have shot a few hundred pics of the Chingay Parade at the Padang. I will try to post as many of the pics here as possible over the next few weeks. My first set is a spread of the various groups of participants, both local and foreign performers. After this I will try to post a group each starting from the locals and ending with the guest performers. I have quite a bit of photos on the Thai, Filipinos, Indonesian, Japanese, Taiwanese, Korean and Indian participants. I could have a bit of others all mixed together. I was not able to cover all the other groups. I have seen some Europeans and Latin Americans if I am not mistaken. The Orchid Collection will temporarily be held back until this batch of Chingay pics runs out. Cheers and happy viewing.

Who formulated the Job Credit Scheme?

A big article was written today in the ST on the role and contribution of 5 talented young men and women in the Finance Ministry. They made submissions after submissions, simulations, computations to come out with this uniquely Singapore scheme to help employers during this economic recession. It was like a reduction in CPF contribution without a CPF cut. Their formulations went in and out of Tharman's office countless time before Tharman decided that that was it. In the process Tharman also gave his valuable inputs for the final product. It was an important piece of product that was key to the whole stimulus package. Now you see why the civil servants are very important as the main work horse of the govt. Without the civil servants, the govt is nothing or without the hands and legs, just a group of parliamentarians. The civil servants did all the major works and the politicians decide. In fact in many cases, the politicians decide first and the civil servants did the necessary. What kind of impact would it be if we change the civil servants and retain the politicians or if we change the politicians and retain the civil servants? Which is more dispensable? Ideally the two shall clap together.

Hire Americans and buy Americans

Obama is faced with a whole list of problems on his first day in office. And the first thing that irked him was the continued greed and irresponsibility in Wall Street. American financial CEOs are still paying themselves crazy in bonuses in times like this and when many of them are still being bailed out by the tax payers. It is time that minority shareholders start to claim back all the nonsensical bonuses paid to these CEOs including those in the past. They must be made to pay for the fiasco they have created. Many were highly irresponsible in their financial management of the organisations. Protectionism and giving jobs to Americans will also be a priority of Obama. Foreign workers will see their job opportunities cut or reduced. And many may have to go home. But hiring Americans has long been taking place in paradise. Maybe Obama should use us as a great example of hiring Americans. And he can also recommend that all the financial wizards of Wall Street who are jobless to hit direct to paradise where they will be welcomed. We definitely love the Americans, their skills, talents and high pay mentality. And they rob their organisations without anyone complaining.

True grit and true leadership

Seng Han Thong was badly torched and recovering in the hospital ward. Many would have been so depressed in his condition. But he did not. He had written a message to boost the morale of the workers in this depressing time. The message was encrypted in a Chinese New Year card he designed. "Mr Seng's message in the card read: 'Press on in the Year of the Oxen. Do not fear the opposing tides.' ...Mr Lim(Swee Say) described it as an example of how Singaporeans could exhibit 'positive energy' even in adversity. 'Even though he (Mr Seng) is recovering in hospital, he is also projecting his positive energy to the rest of us,' he said." This is what great leaders should possess, a strong spirit even in adversity, can be down but not out, and keep on standing up to the challenge.

The journalists have found a way around

While many are lamenting at the kind of news appearing in the old media, and many are wondering what is happening to the professionalism of the journalists, there is a glimmer of hope that things are not as dull as it appears to be. There may still be the coverage of pictures showing what the average Singaporeans may be doing, like walking to the market, hanging clothes etc, or there may be the great events like which celebrity is getting married or what theyare eating for dinner, there are still real gems in the midst of the papers. They have found their way around to write the conscience piece, the social justice piece, the wrongs of our society etc etc.. There is the art of not saying but saying, saying but not saying. Or another way of putting it, to say a little and let the rest of the story unfolds in the minds of the inquisitives. We have some ingenious reporting recently, very innocent and very ordinary. The reactions were far from ordinary, at times earth shaking. So do not underestimate the professionals. They know how to wield the mighty pen to create the impact intended. Journalism is not dead yet. The media, old or new, has a very important role to play in educating the masses, reporting what must be reported and keeping everyone informed of the good, the bad and the ugly. Responsible journalism just takes on a different guise. Just look out for the subtle messages.

Dismantling the walls of Elitism

Meritocracy has done us good. In it purest form, meritocracy is fair, devoid of discrimination of any dimension. Anyone who merits to rise the stratosphere deserves to be there. But there is no pure form of meritocracy. Intended or not, there are barriers that would not allow the ablest to rise to the top. Some are social and economic, some are political. Meritocracy protected by barriers intentionally erected to safeguard a small group of people will lead to a bad form of elitism. We are beginning to witness more and more barriers being erected to protect the elite in the name of meritocracy and making stratosphere their own playground, forever. The elite are not only keeping the troughs to themselves, they are feeding on many troughs at the same time when one or two troughs will be more than enough to make them fat. This is an extreme kind of greed and will not be good in the long run. Just like the end game in the animal farm, greed and elitism will eventually be a sore point that will lead to grievances and opposition, which will lead to suppression and open revolt. When would the people rise up to notice that such barriers are not in the people’s general interest and even offensive? When will the people think that such barriers should be dismantled to level the playing field, to allow democracy and meritocracy to really thrive in our socio political system, untainted by unwarranted barriers?

Govt engaging bloggers in cyberspace

Today we are hearing that the govt may engage bloggers officially in cyberspace. That is good for communication and relations with the public. It is time to do away with the attitude that if the public want to speak to the govt they must follow certain procedures, go to the designated place and time, and agency. Otherwise the govt will not bother. The govt decides when, where, how and who to engage. Other than official engagement, has the govt been engaging the bloggers? Are there cyber insurgents out there demolishing the bloggers and attacking the bloggers in shameful ways? Probably not. It is unbecoming and shameful for govt to engage in such activities. What about unofficial groups that are somehow linked to the govt and went about attacking bloggers knowing that they are whiter than white? Are there such people creating a nuisance in people's blogs, attacking bloggers with govt blessing or with the blessing of people linked to the govt? I would think that it is fair for insurgents to counter insurgents, for engaging low lives to attack low lives. But I find it disgusting that my blogs and forums, two highly decent and respectable sites, are infested by low lives all out to attack me. I really hope that these low lives are in no way linked to the govt, directly or indirectly. If yes, it is terribly shameful. Our honourable govt with honourable people will never have sanctioned such distasteful and dishonourable activities and engaging such disgusting characters with pay to do such things. These must be pests that have no connections with the govt or links to the govt in any ways. Let's march towards a civil society where the people and govt can engage in decent discussion in cyberspace, free from pests and low lives.

The golden ox ploughing heaven

The golden ox is no ordinary ox. It doesn't plough the earth, it is set to plough the heavenly realms. It will turn heaven and earth upside down. Great changes can be expected. We have seen many changes around the world, from nations to individuals. Empires will rise and fall, fortunes will change hands. Many are still in a state of shock that family inheritance in the millions and billions could be wiped out in a matter of days. Tycoons became paupers. Power changes hands. And these are only the beginning of the year and more can be expected. How would the golden ox affect the power and wealth combination in our little island? Would we see the same fate affecting the world around us, when the rich becomes poor and power were lost? Such forces are more powerful than the economic forces of the mortal world. When the stars are not aligned correctly, nothing can be done to stop the change. Be prepare for more changes to come.

Of leadership and management

Just after my post on leadership and scholars, the ST has a full page article on leadership and management or true leaders and fake leaders by Tan Hui Yee. His article was based on the views of a Harvard Professor Dean Williams who was once attached to the NPB. Among the great observations of Prof Williams included this comment, 'Simply by virtue of you having an education at Harvard, or anywhere else for that matter, doesn't mean you are going to provide leadership. I can guarantee that even though I have very bright students in my class at Harvard, I'm actually disappointed in a good percentage of them for their unwillingness to go out into the world to provide leadership on many difficult challenges.' This instantly reminds Singaporeans of the leadership role taken on by Tan Kin Lian when leadership was needed. The professor also said this, 'Real leadership gets people to face the hard truths and take ownership of the problem. Counterfeit leadership, meanwhile, is preoccupied with dominance and perpetuates the idea that one party has all the answers.' Now what does he meant by this? He went on to acknowledge his respect for the leadership of LKY. That is the only leader he could find in Singapore. Sad, but it tells a lot about what he thinks of the leadership we are having or lacking. We have great managers, plenty of them. Leadership is still lacking and no where to be found. I think we should forgive him for he could not see nor understand what we meant by leadership, uniquely Singapore style. Only Singaporeans can appreciate our kind of leadership.

Of leaders and scholars

What does a nation need in terms of leadership in the govt? Why do I use the term leadership instead of something else? Leadership is something that is expected among the leaders of the world. It is good and desirable, that leaders should also be scholars, something in the league of philosopher kings. Often leadership and talent are found but in different people, not both in one. Scholars must not be confused with leadership. Many scholars are mere scholars, academically brilliant and destined to be in the academia where they shined like brilliant stars. Some scholars may even find the life of a top administrator or CEOs not their cup of tea. Leadership of a country is not simply a piece of paper with straight As. Leadership is not simply being CEOs of large corporations or ministries. Leadership of a country demands more. Talent, devotion, commitments, sacrifice and care for the people and nation. A nice piece of paper is simply not enough. Putting on a uniform, pinning a few stars on the shoulder of a soldier does not make him a leader or a general. Just like wearing a robe does not make one a religious leader. There are many fakes walking the streets. At the national level we need true leaders, leaders of men, not pen pushers or administrators. A simple example is to put our academic talents to stand side by side with a real leader, no need to stand beside Obama or Putin, any of their mayors or congressmen will do, and see the difference. I must say that we have excellent administrators. I am not sure about the term national leaders. In the World Bloggers Association, everyone is called a king. Does the title make the person a king? Far from it. The title is just a convenience to make a person sounds great in that position. Remove the title and see what he is in his true self. A true leader commands respect and lead. And he can only do so if the people are willing to follow him. Not because he has straight As and a big title attached to him.

Is the election of Obama a mistake?

The Americans were joyous in their election of Obama into the highest office in their country. Many people around the world too received this news in good spirit. Behind closed doors in the guarded confines of our elite, I suspect this event was received with a big frown. How could an average man, with average achievements, without a first class honours from an Ivy League university, be qualified for such a job? He would not be qualified even to run for our Presidency. He is simply not good enough. The issue is that with our elitist system and assumptions, no ordinary man can even smell the highest office of the country. It is reserved for the elite. All kinds of elitist criteria have been thrown into the path to prevent the lesser mortals from getting through. Not even in the kinds of Obama. Definitely no George Bush. The Americans are simply too slack, too complacent, to allow any Tom, Dick and Harry to take office in the White House. They should adopt our system and choose the best men or women to do that job. They could introduce the same criteria as ours. Then perhaps America will be a country that will be forever great. Then their Presidents, Congressmen and Senators could stand as equals with our elite. Under the current selection criteria, they could not hold a candle to our MPs and Ministers, and our President. Ours are great achievers with a string of pristine academic qualifications and achievements. Our leaders will definitely stand a shoulder above theirs, not physically of course. But there is a hitch if the Americans were to adopt our meritocratic system. They would have to pay them according to their talents and qualifications. In America, such talents will be commanding a few hundred millions a year. They will likely to come from Wall Streets, the CEOs of the financial institutions like Citigroup, Lehman, Goldman Sach or the property companies of Fannie Mae or Freddie Mac, or the top lawyers. I think the Americans cannot afford to pay for such talents, and it is better for them not to. Their leaders should pay more visits to this paradise to learn from our leaders. In monetary terms, we are the best paid and thus the best leaders in the world. Obama is not even paid as much as our Ministers of State or our Mayors. He is simply not good enough for paradise.

Finally it is happening

We have been blogging for so long, finally it is happening. It is a miracle in the making. Unbelieveable that we can see it in our life times. We have been complaining about using the reserves to help the people. We have cried for public transport fares to be lowered. We have been cursing at the high rentals of commercial/business space. We have been complaining about the high salaries of top civil servants and political leaders. We have been up to our neck with the high cost of living. Amazing that all these gripes will now be answered. It appears that the govt is listening and taking the people’s complains seriously. The govt is digging into the reserves, lowering public transport fares, lowering rentals, lowering salaries of top civil servants and political leaders, and overall, the cost of living should come down a little. Even being insensitive to the feelings and sufferings of the lesser mortals will be taken to task. Cannot sneer at the lesser mortals. We may see and hear lesser brutal truths and the losers will not be embarrassed publicly. This is a good start for more changes to come. Who knows, top civil servants and politicians may be banned from attending public functions in Mercs and BMWs. They may have to buy a small Japanese car for such activities to level down with the lesser mortals. At least the lesser mortals will not see the flaunting of wealth in their faces. It is a good sign that the govt is starting on the right note, to feel more for the people and to be more with the people. No more we the super talents and you the losers. No more we deserve to be paid world class salaries and your wages must be frozen to keep the workers competitive. Happy Lunar New Year to all.

We watch, as the house crumbles...

We are entering the golden era. We are entering a crisis, an exceptional crisis that needs exceptional budget and solutions. Is there a contradiction? Our economy is in a recession, immediately after the proclamation of golden era. We did not see it coming. We watch as the minibond crisis unfolded and the financial industry crippling with toxic products. We did not see it coming. We watch as the stock market collapsed. We did not see it coming. No, wrong. We did not know that it has collapsed. We still think that it is fine. We watch as medical cost shot through the roof, rental and property prices gone berserk. No we did not see anything wrong with them. It is good, healthy and normal in a free market. We watch as top civil servants and ministerial salaries gone to heaven. We cannot see anything wrong with it. It is good for the system. In fact the salaries should go up further. We watch as the cost of living, public transportation, etc ate into the little income of the lesser mortals. We did not think it matters. We think they are necessary to keep the system running. We believe it is all affordable. We watch as the job market is taken over by foreigners. We celebrate the diversities and the arrival of new talents. We did not see the consequences to our citizens. We want our citizens to embrace and invite the foreigners into their homes. We believe all these are good for the country. Where is the contradiction? No, there is no contradiction. The best example to prove this is in the ST today. It has two pictures of a 59 year old man and a 21 year old undergraduate commenting on the dipping into our reserves. Here are their comments. David Ching, 59, old businessman, 'These are really hard times. If you don't make use of the reserves now, I don't know when is a hard time...' Charlene Sng, 21, undergraduate. ' $4.9b is a lot of money. I don't quite feel the pinch of the recession yet so I don't agree now is the right time....We should at least wait till things get worse.' Both are right in their perceptions of things. They live in different worlds, different lifestyles and different roles. One has to support a whole family and pay all the bills. The other only studies and receives pocket money for her own expenses. You can imagine what the demigods or immortals will say. 'Now is the best time to spend and enjoy the good life. We can go on long long leave. Everything is fine.' And the best part of all these, while we are watching the house crumbling, nothing is being done to prevent it from hitting the ground. For they could not see the problem and thus no need to do anything. Everything will be fine when the economy of the world recovers. Just wait. The resilience budget will buy us some time. We have done everything right, and put in the best systems with the best people in place. We need to pray that gods and demigods are kind and will do the right things. Pray, pray harder. Ignore Gurmit if he says 'Don't pray, pray.' In god we trust.

Frugality is a false virtue

Someone sent me an email about how frustrated teachers are today. And the in the email were several works of students that made my day. I quote a few sentences from this one. ‘I am a boy. I am a boy because I am not a girl. A boy is a boy. I have two mothers and one father. They are mad. I am also mad. I hope they have plenty of money. And when they die I can have all their money….’ Actually I will love to have such students. The life of teachers must be hilarious. There was this MP who was invited to a trade association dinner. He started his guest of honour speech this way. ‘A car is a car. A small car is also a car. I drive a small car. You all drive big cars. My small car takes me here. Your big cars also take you here. I am smarter, right? Oh, he did not say all these lah. I just made it up. I think the MP was trying to impress the big businessmen that just because they were driving big Mercs and BMWs, they don’t make any difference to him. Maybe he was trying to educate them on frugality and not be show offs. The new catchphrase is boastful. But he forgot that lesser mortals are just lesser mortals. All show offs. He can continue to drive his small Japanese car, the lesser mortals will still want to flash around in their big continental limousines, yes to show off. Oh, I remember someone telling me that in paradise only the rabbis drive around in Rolls Royces.

Gems of Parliament

'Tapping into past reserves, instead of exhausting current savings, allows the Govt to act quickly to deal with future challenges.' The above is quoted from Jeremy Au Yong's article, quoting Tharman Shanmugaratnam. Don't use current savings. Use the reserves. This is another logic that lesser mortals can never comprehend. CPF, do you understand the logic? If you do, please allow the people to use their savings in the CPF in times like this instead of their little savings in their bank accounts. And many don't even have any savings and can only rely on their CPF savings.

World Bloggers Association

I have just founded the World Bloggers Association(WBA). I have proclaimed myself as the Emperor of this Association. All bloggers of the world shall now be my members and they must pay homage to me daily. They are also to pay a blogging fee for the right to blog in the free world of bloggers. The first two bloggers paying homage to me shall be appointed as the King of Eastern Blogosphere and King of Western Blogosphere. Those following behind will be appointed as Kings in their respective regions. And for those who are late in joining, they have my permission to appoint themselves as Kings of whatever their fancies. Redbean, Emperor, World Bloggers Association (WBA)

Extraordinary budget working

Public transport companies are going to cut fares! The sun is rising from the west! Did I hear it right? This is an industry whose cost can only go up and not down, so how can it drop fare prices and remain profitable? The extraordinary budget to the rescue. They are going to pass the savings to the commuters. Without this budget, prices will continue to go one way, up. Public transport is the only business that is dependent on fuel price, labour cost and equipment renewal. This is an unique industry. No other industry is affected by fuel price, labour and equipment renewal cost. That is probably why the cost of other industries do not affect the prices of their goods and services. Oh, there is another industry where the price must go up. Rentals and property prices. They must be dependent on fuel, labour and equipment renewal as well. I nearly miss this one. Oops, actually I miss a lot more industries and services. They all depend on fuel price, labour cost and equipment and the prices must go up. And there are industries or services that don't depend on fuel prices or equipment renewal, but the price of their services must also go up? How so? On the contrary, there are industries that depend on all 3 but the price of their goods and services only come down, or can come down. How so? Ah, extraordinary men with extraordinary skills and ideas. Only real extraordinary men can provide better services, better quality goods at lower prices or at the same price. The rest are all bull even if they called themselves supertalents. The only thing super about their talent is to collect super pay.

Where is the wow factor?

We have this extraordinary budget, marked by the first time that we have to dip into the reserves. Wow? Where is the wow factor? Why don't people get this feeling but feeling ordinary? $2.6b for family and $4.4b for homes. These together add up to $7b. Quite a substantial sum. If only they be given to the less than 1 million Singaporean households directly with each household getting $7,000, would it be more meaningful in times like this? And confining it to citizens only, the number of households could be just 500,000 and each household can receive $14,000 each. This will be the kind of angpow that will give the wow in the budget. The amount of effort put into dividing this sum under the budget is great and complicated. The amount given is so diversified that it would not create any ripple effect on the recipients. It is extraordinary to hand out such a big budget but not getting the feeling that it is a great relief from the people.

The exciting blogosphere

How could the old media(TOM) match the excitement in blogosphere? Last few days have been tremendously invigorating, amusing and exhilarating. The cooking class and the lesser mortal episodes were given full coverage, something that TOM can never do. There were plenty of vinegar, chilly, pepper and salt added to make the cooks irresistible to savour. TOM must be able to report them as profusely as the new media or they will lose out on the readership. Unfortunately this is something they cannot keep up with. But credit must go to TOM for firing the first shot. The new media simply followed through, seized the initiative and covered grounds that were taboo to TOM. And TOM could do nothing about it except to watch silently on the sideline. Come to think of it, if TOM and the new media could work hand in hand, wow, it will be an exciting new recipe.

Extraordinary budget in extraordinary time

$20.5b of aid package for the people and industry to tie over a difficult period. How did we end up in such a state that needs extraordinary measures? Don't we have extraordinary men and women doing extraordinary things to keep us in good shape? Or are we still looking for extraordinary men and women to make sure that we don't end up in such a state in the first place? Where were the extraordinary men and women? Enjoying their Porches and Louis Vuittons. I heard that these are the things to accumulate once a person has arrived. But these are common stuff now. Everyone has it. The next statement of having arrived is to attend Le Cordon Bleu culinary courses. That is a creative way to separate from the ordinary.

Culinary colleges or cooking class?

It is time we upgrade all our cooking classes in community centres into colleges. Shatec can be rebrand into a East West Fusion Culinary University. After the branding, the next thing is to revamp the courses and issue diplomas and degrees. And if we need to, employ a few western chefs to make them more respectable. We can have French chefs teaching fine dining Nonya style. This will be truly exotic and cannot be found anywhere in the world except maybe Penang and Malacca. Then the course fee can be inflated as well.

Three days after revelation

Three days have gone by after the revelation that we are living among demigods and immortals, and probably gods, and nothing is heard in the old media. Would there be any comments from the ethereal realm of the demigods, immortals and gods? Maybe not necessary as the revelation was a disclosure of a simple truth. No mistake was made. We used to live among supertalents. Now supertalents are aplenty with the influx of foreign supertalents. Perhaps a small distinction is necessary to distinguish the distinguished from the more distinguished. So local supertalents have been elevated to another realm of existence. Praise the lord. Hosana the most high! Oh the hat is going round. Got to put more money into the hat for more blessings. Bow deeply three times.

How inspirational!

Many the world over were overwhelmed by the inspirational speech of Obama. It has to be after so many years of discrimination. Many are still alive in America and can attest to what they had been through. The installation of Obama as the most powerful man in the world, in the most powerful country, is enough inspiration for many. But like all American Presidents, the inauguration speech is a very important speech. And it is meant to inspire the Americans to greater heights. LKY used to inspire his generation of Singaporeans in his speeches. He had many admirers among the oldies and the baby boomers. Could our new leaders inspire with their speeches? I think this will be a tough call when they themselves cannot be inspired by $2m or $3m a year, and still looking forward for more. How could they ever think of inspiring people earning $2-3k pm? On what basis would such lesser mortals be led to that feel good feelings from an inspirational speech? And to cap it all, some even think that $200-$300 is good enough to live on for a month. Any leader who can live on that kind of money will be inspirational for sure. I will be very impressed if any leader can inspire a human bean to believe that $200-$300 is good enough and make them feel happy to carry on living.

To live in truth or in tooth

Not too long ago, Perm Secs were very discreet in their lifestyle. I remember Lim Siong Guan driving around in his old Honda Accord, (I think) when he could afford a Mercedes. I remember a MD insisting that no GMs shall purchase a Mercedes for his use under the corporate account. Not that they were living a life of hypocrisy. They could afford it. But then they were not paid the kind of crazy salaries that the present elite were getting. They were comfortable but not super wealthy. How would the public take it if all the Perm Secs today were to drive around in old Japanese cars? Would it make any difference if they dine in the best restaurants but put on a show to visit hawker centres to be seen with the lesser mortals? Asking the elite to dress down, live down, lie down when they don't really need to, and that they really don't, may not come down well. It smacks of real hypocrisy don't you think so?

Extracts of Obama's speech

Below are extracts of Obama's inauguration which may be spoken by another great leader who will lead us forward to a better tomorrow. ....On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord. On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics. We remain a young nation, but in the words of scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free and all deserve a chance to pursue their full measure of happiness. In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of shortcuts or settling for less. It has not been the path for the faint-hearted — for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things — some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom. For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.... Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life.... What the cynics fail to understand is that the ground has shifted beneath them — that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account — to spend wisely, reform bad habits, and do our business in the light of day — because only then can we restore the vital trust between a people and their government.... As for our common defense, we reject as false the choice between our safety and our ideals. Our founding fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake.... To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist....

Notable quote by Redbean

I think Obama will feel a little envious if he were to compare his pay with our President. Redbean.

More empathy for the perm sec

The netizens are now more sympathetic to the perm sec and his culinary course. There was an expression of empathy across cyberspace for him. And the media too, there were letters in support of the perm sec and that it was a non issue. There is no reason to kick a big row over someone spending his money chasing after his dreams. It is always good to look at the good and right side of things. Let's close the chapter and continue to live happily in the paradise of the living mortals and immortals and demigods.

The Obama Inauguration

The atmosphere was filled with hope, peace and unity. It was a joyous occasion for all Americans. Their happiness was genuine. There was an absence of hate, anger or trying to settle scores. Obama and the Democrats were happy for obvious reasons. George Bush and the Republicans were celebrating the event in their strides. John McCain was invited for dinner by Obama. The whole ceremony was arranged, organised and executed by a bureaucracy not tainted by any political party. They were Ameicans first, the American civil servants serving the American people, not serving the ruling party. And the American people were there to join in the celebration. They braved the icy cold winter, made their way there on their own. They need not be ferried or herded to attend the ceremony. The did it with a genuine intent to celebrate the incoming of a new Presdent. The Americans were one people, one nation, nothing more, nothing less. No need prompting, no need coercion, no need reminders. That is what a great nation is all about. It is the people that make the nation and the people know that they are all part of the nation. A truly inclusive society. No gimmicks.

Time to build more shrines

In the land of the mortals, super beings and gods, it is time that more shrines be built for the gods and immortals. And the mortals or lesser mortals should do the building and the worshipping. Who knows, they may be blessed. I am starting to blame myself for being an atheist and not praying to gods. Looks like I better start praying to one. My preference is the 'cai shen' or money god. But now that there are so many gods to pray to, maybe I shall review my options. I am on my knees and bowing deeply, praying for more wealth.

Insensitive elite, insensitive media?

The Paris cooking class article is now seen as being insensitive, wrong timing. I thought the media was just trying to sing some merry songs in bad times, to boost up the sagging morale of the people. In bad times, we must not keep telling sad stories. A good story of success or what success can bring may brighten up the day for many people. We need more of such stories don't we?

The insensitivity of the elite

The lesser mortals shall not be envious when the super beings splashed their wealth. The lesser mortals must know their station in life. What's wrong with super beings spending their own money? This is the ethos of an elitist society. The expensive cooking class, oops, it is a culinary course, is the talk of Parliament. Cooking class is only conducted in community centres for the Ah Sohs at $50 for 4 lessons. What Chee Hean said is correct. It is a private matter for people to spend their own money. But being a top civil servant, flaunting of wealth is still not the right thing to do in times like this. What the story tells is that top civil servants are paid so handsomely that they must think of ingenious ways of spending them. Too much money that they have problem spending. Would a $100k personal grooming course or facial treatment be attractive, or a new hairdo? A tattoeing course may also look interesting. This reminds me of the Peanut Theory. What will be considered peanuts for such high paying elite? $600k or $1m? I think we will have problem motivating them with more pay in the next salary increment exercise. Anything less than a peanut will be meaningless.

How much does Singapore have?

MAS's foreign reserve is valued at $240 billion. GIC's portfolio is well over $148 billion. And Temasek is worth more than $185 billion. These are numbers as at Sept 08. If there is no overlapping of interest, it works out to an incredible $573 billion! Now what is the latest number given the collapse of the world financial market which has led to many tycoons jumping onto the equivalent of our MRT tracks? Whatever that is left must still be a large number. And this is only those assets that are officially valued.

Rentals, property tax and other costs still up!

Conrad Raj's article in the Today paper mentioned that rentals in Chip Bee Garden under JTC has just gone up by nearly 50%. A David H wrote that his property tax for year 2009 has gone up by 55% from year 2008. And this month CAAS raised the airport taxes at the main Changi terminals from $21 to $28 while the Budget Terminal is up from $13 to $15. Small feats actually. Small increases are affordable.

Bloggers forming an association?

It is reported in the media that a group of bloggers is trying to form an association for bloggers and it has been given the nod by the authority. And it intends to cover the River Hongbao event and other sporting events and is talking to the ministries, probably trying to get permission to do so. I am going to cover any event with or without permission. That is what blogging is all about. You decide what you want to do and what you want to post. Getting approval and permission are the last things in the minds of bloggers.

Encourage ostentatious lifestyle

This is the way to go. Not being ostentatious, being shy about spending is not healthy to the economy. Hsien Loong has taken the lead by donating $500k to set up a scholarship foundation. This is on top of the increment that he has donated earlier. I was hoping that this will set the ball rolling and more rich people will also take out some money for similar causes. There was no follow up. But that does not mean that no one is following his example. They may have done it quietly in their own ways. They are either too shy or shun ostentatious flaunting of wealth. For a time like this, these people should be encouraged to spend and spend. The media should do their job by celebrating their ostentatious lifestyle and this may encourage others to do so. It will be good for the economy. For those who do not know how to spend or share their wealth, just stand outside a MRT station with a sack of angpows and hand them to the passerbys. No need for any mean testing. Anyone who is willing to take the angpows will be needing them. Let's be ostentatious and spread the goodwill of spending and giving. No need to be shy about it.

Minibond investors happy?

About 50% of the investors that lost money in the minibond fiasco will be compensated or have been compensated. This looks like good news. Tan Kin Lian also commented that it is reasonable and the investors should not expect the banks to cough out the full amount as compensation. What amount of compensation is enough? Or should the banks even compensate the investors? The issue should not be compensation and how much. It should find out if it is a case of fraud, a crime or just a normal business. If there is no crime, no fraud, then there is no issue of compensation. But if fraud or crime is involved, the compensation should be in full and the guilty be punished under the law. Or are we to take the position that a cheat that cheated people of $10m and returned $5m then those cheated should feel happy and should be grateful that they got some money back? What is the real issue? Has crime or fraud been established or will it be established? It is so pleasant to cheat Singaporeans.

Charity, charity and charity

Singapore has been a good world citizen. Whenever there is a natural disaster, our govt and people are likely to dig out some cash to help the victims. The tsunamis, the earthquakes, flood and drought, we will share the suffering and pain with them. We have set up agencies with full time staff to go to the aid of the world, especially neighbouring countries. We even give generously to students to study here on scholarships with full expenses paid. We even helped the rich countries when their financial institutions were at risks of collapsing. Is it too much to ask the govt to help our aged, those who are unable to work, or those who are in their 70s, 80s or older who have no dependents to fall back on and no savings left? These are our citizens, people who have contributed in one way or another towards the growth of the country. Can the country provide the bare minimum during their dying years. They don’t have much time to live and don’t need much to survive. A roof and 3 square meals would not cost too much, with some basic medical care, will be more than anything that they will ask for. Why must they be made or expected to contine to work to their last days? For those who want to, fair enough. For those who are just too tired, toiled enough, a retirement to watch the world goes by is a little reward for a hard life that they have gone through. We need to show a little love for the old ones. Can the govt take on this responsibility, show a little kindness and compassion, to care for the oldies for once? Put them up in old folks homes in HDB flats with meals provided. No need to beg or sweat for a living anymore. No all the oldies will want to rely on the govt. Many will be able to take care of themselves or be taken care off by their families. Only those that have no one to look after them will need this kindness. No need mean testing to qualify them. Make it a simple ruling of age and if they ask for it. Asking too much? What is one family? What is a caring govt for? We should stop giving to others if we can’t even give to our own.