Quality FTs coming

(SINGAPORE) Thousands of job cuts in US and European banks - a fallout of the sub-prime mortgage crisis - are forcing bankers in those countries to seek jobs further afield. And they are showing interest in a region still relatively insulated from the crisis: Asia, particularly Singapore. 'It used to be difficult to get any senior finance professional in the US interested in moving to Asia. Now we are getting way too much interest!' This is the best news for Singapore. Real and quality FTs from the US are coming here. Let's start to be more selective and pick the best instead of any donkey that carry a foreign passport. This is a great opportunity for the banks to upgrade their mediocre talent pool and transform themselves into real international banks. As for the not so talented locals or those not so talented FTs who are already here, please make way or seek employment elsewhere. The best are coming.

When no one wins

ldzmyiiqThis is my observation on the civil suit against Chee Soon Juan recently. The Chee siblings lost, simple as that, and had to spend a few days behind bars. Did the plaintiffs win? They only won the judgement of the court. Otherwise they lost in all counts in the court of public opinions. The big loser is the Judge if what was heard in the gossip corners and cyberspace were to go by. Oh there is a bigger loser, make your guess. There is a common saying that one can win a battle and lose a war. This is an unnecessary skirmish that should not have happened. Not worth a minute to be spent on it. But people can have different opinions and think it is important and the show must go on. This is at best a hollow victory with an immeasurable price.

The disaffected Singaporeans

After the front page news of Singaporeans being kept out by a niteclub in favour of foreigners, I was expecting more reactions from Singaporeans to stand up for their rights. Or at least there should be some letters appearing in the msm forum. Nothing. Singaporeans no longer bother about such stuff. Take their money, treat them life serfs, take away their rights, no sweat. They don't mean anything to them. Such an attitude of disinterest only shows that they do not identify with the things taken away. And you cannot take things away from them when they don't take ownership of them. Mentally or psychologically, they do not think they are the owners of this island anymore. This is also reflected by a recent blog on why doing NS did not make the blogger more Singaporean or wanted to defend Singapore. Singaporeans have given up on Singapore by default. They are treating this land of theirs like the guest workers, as a hotel. They probably will run or fly off when things are not going the way they want. If Singaporeans are feeling this way, soon any foreigners can walk into their HDB flats and ask them to get lost and they will. There is no belonging, no ownership and no commitment to anything here. With so many things happening that affect them directly, were there any reactions? No. Let it be. Singaporeans can be pushed around in Singapore by anyone. We have failed miserably in nation building. Or maybe that is not what that matters. Let it be. Let this island be a no man's land. Free for grab. When nothing matters, nothing matters.

Ugly Singaporean maid abusers

Singaporean couple jailed for maid abuses Husband to be jailed 4 weeks and wife 6 weeks for beating and abusing maid. They even imposed fines on the maid for every mistake she made when the maid's income is so miserably low. We need more severe punishment for such cruel behaviour. There is no excuse to abuse maids. The msm should make it a standard practice to print mug shots of maid abusers on their front page when found guilty by the courts. This will be an effective deterrence for such inhuman behaviour.

Batam official threatens to cut PNG supply to Singapore JAKARTA, May 06, 2008 (AsiaPulse via COMTEX) The regional Indonesian assembly of Batam threatens to block the gas flow pipes from ConocoPhilips via Batam to Singapore unless Perusahaan Gas Negara (PGN) normalizes gas supply to the industrial island. "We and the people of Batam will block gas flow to Singapore," a regional assembly leader Batam Ruslan Kasbulatov said. Ruslan said the state-owned gas distributor has increased supply to Singapore at the expense of supply to Batam. "As an Indonesian state company PGN should give priority to Batam instead of Singapore," he said. I copied the above article from a post in Sammyboy.com. This is the kind of tribal mentality that still exists in our neighbouring countries. They do not know how it will affect foreign investments/doing business in their countries when investors cannot find confidence and consistency in their application of the rule of law. This is the kind of fear for investors in the Johore IDR. Any time they can mess up whatever business agreements when they want to appease domestic politics. They just cannot separate business interests and considerations from politics. Who would dare to do business with them? And they will say, 'Don't invest don't invest lah.'

No dogs and Singaporeans allowed!

Can this really happen in paradise? Or, according to one anonymous blogger, it is already happening, except not written? And who is manning the gate to keep Singaporeans out? Singaporeans? But don't worry, Singaporeans will get use to it. We have got use to compromise our civil rights.

The fight against dictation culture

Two letters to the ST Forum by Alan Chuang, Accident Analyst and Bernard Low, President, Singapore Motor Workshop Association, were strongly against the recent new rules dictating that motorists should compulsorily do a list of things when involved in an accident. The one I am very cheesed off is the demand for motorists to drive their car for inspection even when there is no damage to the car. This is totally uncalled for and outrageous. Why should motorists whose cars are not damaged be incovenience to such an extent? Petrol and time are very expensive and not free. Then there is a whole list of difficult demands found objectionable as put up by the two forumers that borders on anti competition, cartel, high handedness and authoritarian. The GIAS is behaving like they own Singapore and is dictating to the motorists with unfair conditions. The two forumers are calling for the govt to step in to protect motorists from such haughty demands.

A Significant Silence

Singaporeans are not dumb. But I can hardly say that they are smart either. At best they are selfishly clever in staying away from troublesome issues. They are only interested in their own vested interests and would not mind acting dumb. The latest court case involving Chee Soon Juan and Chee Siok Chin is a great example of how Singaporeans go about their compartmental lives. The case is transparent to them. Did not happen and they do not want to know or talk about it. What Singaporeans do or react to happenings around them can best be described by asking a few questions. Who is involved, will it benefit them to get involved, why would they step on a pile of shit when they don't have to, better to continue with their own lives than to invite trouble. This is the kind of attitude that is pervasive in our society. And that is how many serious breaches and crimes were allowed to go on without anyone putting a stop to them or even whispering a word. None of my business. Just walk away. The numerous corporate governance problems, the intrigues in corporate world, where little warlords ruled and messed around in their little fiefdoms are obvious to many but blind to many as well. The little Red Dot has many juicy red apples with many worms gnawing inside. The silent culture, see nothing, hear nothing, say nothing, and do nothing will do us in as a matter of time. What? What's happening? No I don't know.

Citizenship has its privileges

Front page news on My Paper, Singaporeans, being citizens, have the privilege of paying cover charge to enter St James Power Station Disco. It is the club's policy to allow foreigners in free but Singaporeans must pay. Such a privilege status in our own country will make Singaporeans stand up, at least as graceful and generous host. Now no one can complain that Singaporeans are not friendly to foreigners or even xenophobic. I think all our entertainment or consumer outlets should be encouraged to have such a policy. Foreigners special discount, or serve foreigners first. But no clubs or public places should have any signs saying 'Singaporeans not allowed' or Singaporeans no welcomed.' And in buses or MRTs, Singaporeans should stand up and offer their seats to foreigners. We are getting truly international. We are a world class hotel. St James Station and all its Singaporean staff should be given a medal during the National Day Celebration for putting Singapore as the best place for foreigners to be. They should be named Outstanding Singaporeans of the Year.

Moral and Ethical conduct of people in high office

Whether a person is in the public service or in private organisations, there is this unwritten rule of maintaining a high moral and ethical standard of conduct in the performance of his duty/business. These include making profits and treating their consumers/clients and staff fairly and equitably. Money or profits made through unethical means are ill gotten gains and are to be despised. As we cheered our great monetary wealth, if we allow all the immoral and unethical conduct to go unpunished, it will destroy our social moral fibre and be the cause of our ruin and infamy down the road. Tan Kin Lian said that he did not know that Income made 7.8% pa yield over the last 10 years. And he was the CEO for some part of this duration I think. I am not sure how long he has left Income. What's happening? And Income was paying out bonuses to its policyholders that 'were lower than orignally projected, due to the cut in bonus in some of the previous years.' He 'felt that it is more important for these past bonus cuts to be restored, subject to financial solvency.' I think anyone reading his article published in Today would be able to see the kind of problems that are surfacing. And it all boils down to transparency, ethics and moral conduct of how corporations are being run and how consumers are getting an unfair share of what they are deserving. Maybe Income has quoted wrong numbers.

Help is everywhere

I say it again, Singaporeans are so fortunate. We do not need a typhoon or devastating earthquake to get help. And the help Singaporeans are getting are not small change. Just imagine that Myanmar and China both got US$200k from us officially. And compare these to what the govt and NGOs are giving back to the people to help them. The govt is giving back in the billions to the people. Even CDAC and Sinda gave in hundreds of millions to help the people. CADC gave '$600k last year and expects to provide $250k more to needy families and students.' This amount alone is more than what we gave to Myanmar and China. Aren't we lucky, when help is everywhere. What I am puzzled is that why is it that Singaporeans need so much help? Aren't they going to suffer from a clutch mentality? Aren't these help going to rob away their drive to work hard and be self sufficient? I think we are giving away too much money to help Singaporeans. No wonder they are now not able to compete with foreigners.

Malaysian journalists and bloggers joined hands

They are coming together to demand for more press freedom. They are not happy to see Malaysia falling behind in media freedom. Now would that make any difference? I think they ranked much higher in press freedom than our 146th position, or is it 157th? Does it matter when economic well being is the better criteria to judge the well being of a people? We may be ranking below everyone, but we are rich and prosperous, we have everything other poorer countries are envious off, except, a little less press freedom. But since there are no protest, it means that Singaporeans are happy with our position. We don't need the press freedom that will lead to trouble and riotings in the streets. We don't even need street protests. I hope our msm will rise up to the occasion and propound on our virtues of being 146th or 157th. We are the best in our own ways. We do not need to follow the standards set by the rest of the world.

The Malaysian political intrigue

What is happening in Malaysian politics today will easily beat West Wing or Yes Minister! There are so many plots and sub plots and juicy news, including conspiracies and counter conspiracies. And there are also enough sex to liven up the stories. Malaysia will have an international hit serial if they could turn it into a mega movie. And the best part of it all, it is real! If no want in Malaysia wish to produce it, Singaporean producers should quickly rush over and grab the story.

Transparency versus behind the scene dealings

PN Balji was not too happy that Tan Kin Lian took the issue with NTUC Income public. To Balji, it is better done behind closed doors. I thought transparency is good. Now that the issue is open and no matter the messenger or the way it is being done, right or wrong must be upheld, and so must be the insterest of the consumers. In this case, Balji's conclusion is that because of the way it was aired in public, the consumers will suffered. He is presuming that all the great leaders will take it personally and will dig in their heels at he expense of the innocent consumers. I believe our leaders are objective and rational people and will rise above personal differences and will put the interest of the consumers first. Let's see if I am right or Balji is right. Will the consumers be better off or at least not be worst off.

The changing demographic pattern

'Foreign Affairs Adviser Iftekhar Ahmed Chowdhury yesterday said Singapore is a good destination for skilled and semi-skilled Bangladeshi workers.' I can add a few more. Singapore is a great place for Filipino, Indonesian, Indian and Sri Lankan maids. Singapore is also a good place for Chinese, Indian, Sri Lankan and Bangladeshi workers. With Singapore becoming a haven for these third world low talent and low skill workers, the demographic pattern will soon change. I can simply divide them into two groups, the haves and the have nots. The haves will be the elite and the real foreign talents, driving around in their limousines and residing in exclusive suburbs or in the clouds. At the lower and down to earth end will be the hardlanders and the MRT squeeze with our third world workers. After travelling in MRTs for a while, the ingenuity of nature soon makes one less sensitive to odour and human heat and sweat. Well, got to get use to life in the lower strata of society, taking public transport to work. Mind you, this is world class transport at its best. Imagine if the population continues to increase or when the aircon breaks down. Life in paradise or more accurately living in a third world haven is really great, especially if one comes from the rundown and properly kept public facilities of developing countries. Everything here is like heaven indeed.

Rule less, do more

The MOE has this brilliant concept of teaching less and learning more. Can this same concept be applied in the current state of our national development? After 40 years of rapid growth in all areas, except the political system, are our people matured enough, educated enough, to be ruled less and be freer to do and live a freer life on their own? Or are we still in the same state of enlightenment as the Middle Ages when the people were still made up of the ignorant masses and needed to be ruled with an iron fist? Are we progressing or regressing? Looking at some young upstarts who have never been concerned about the people's well being except how to make their first million and telling the people about life and nation is quite creepy. As we continue to brag about how advanced and progressive we are, how knowledgeable and wealthy we are in the pocket and in the head, which I believe is true relatively to our past, it is time to change the mindset of the rulers to lead instead of to rule. Or what we are experiencing today is actually an advanced stage of ruling less?

Being led to believe

You were being persuaded to buy something on the belief that it will perform according to some specifications or will provide some satisfaction to you, or will reward you in some ways. A certain expectation is being built into the transaction. And if it is not met, no deal, or there is a breach of the agreement, in this case a downgrading of expectation. This is perhaps what the NTUC Income bonus issue is all about. Tan Kin Lian said, 'please keep to your promise.' Is such an expectation unreasonable? Why should the buyer be made to accept terms that make them worst off because the seller has to juggle and improve his solvency problem? The key question here is whether the existing buyers are better off. Would it be too much to ask for or to demand that the seller keep to its promise to existing buyers and only apply the new terms to new buyers? I thought this is the only decent and ethical thing to do. Apparently this shifting of the goal posts and applying it to existing buyers and incumbents is the accepted way of doing business here. The changing of the terms of CPF contributions affecting the date of withdrawal, the interest rate, and the withholding of the money saved are similar to changing the terms in an agreement. The affected people keep quiet, so they are presumed to have given their consent or approval to the changes. The decision maker will say, see, no protest, so the people must be happy. The people who made the changes think that it is ethically and morally right to do so, probably on the declared objective that 'it is for the good of the buyers or incumbents.' What kind of logic is this? There are many brilliant people here but none of the brilliant people has questioned these changes. Would Ngiam Tong Dow say something on this since he is on a speak your mind spree? Maybe all the super talents share the same logic, that it is alright. Another Uniquely Singapore feature?

Equal misery

Rajasegaran Ramasamy was quoted in the ST Forum complaining that teachers are getting free parking while in other ministries and stats boards the officers have to pay for parking. To him this is grossly unfair. He wanted the system to be fair to all and teachers be made to pay for their parking in school compounds. His most convincing argument is that 'the govt is losing a potential revenue of some $1.625 mil monthly.' Now who can argue against such a big sum of money logic. I am sure the bean counters will be smiling in glee with so much money to collect. Sorry teachers, your little privilege is habis. I will be glad to support Rajasegaran if he were to proposed that all the ministries and stats boards should follow the example of the MOE and allow their staff to park free. I forgot, Mindef officers are allowed to park free also. Will I be seeing paid parking lots in military camps and carpark wardens patrolling inside them as well? Rajasegaran's suggestion is a 'bee tang' idea and should be implemented and he be awarded a gold medal for public administration. The best suggestion I have heard from a citizen so far.

Tan Kin Lian speaking his mind

Tan Kin Lian has developed a new speak your mind culture in cyberspace. He spoke about things he knows best, insurance. And he went one step further by taking on NTUC Income on the changes in the payout of insurance bonus. He was unhappy when the payout formula was changed and policy holders will be getting less than when he was in charge. He ran a protest in cyberspace and would have taken the issue to the NTUC Income AGM. Fireworks were expected. Then, pssssst.... He was invited for tea by Lim Boon Heng and Matthias Yao. As reported in the ST, 'Mr Lim told him that his committee would ensure that Income's policyholders would continue to get good value, while Mr Yao said the restructure was designed to improve Income's solvency position.' Wow, if the payout formula was not changed, Income's solvency will not improve. Matthias added, 'those who terminate their policies this year would not be in any worse off position compared with the previous bonus structure.' What about those who did not terminate their policies this year? Should they all scramble to terminate their policies so that they will not be worst off? Anyway, 'Chairman Ng Kee Choe called the restructure a "very carefully considered decision" and one in the best interests of policyholders.' Was the old bonus structure carefully considered?

NKF story - Amazing Grace?

The Amazing Case or Amazing Grace? Durai is back and will serve his 3 month jail sentence from 10 Jun 08. He has to date paid $1.4 mil to NKF and still owing $2.6 mil of the total $4 mil owed. He has two rich friends to lend him $500k each to help to pay the debt. Wonderful friends to have. What is so amazing about that. Nothing. What is amazing is that it was reported that Richard Yong, Loo Say San and Matilda Chua, all three has yet to make any payment. They were declared bankrupts. All of them were high flyers, with big paychecks, living is style and luxury. And they could not and did not pay a cent to NKF! What's going on? Isn't that amazing?