Where are the accountabilities?

Should heads roll? The near collapse of the US financial system and the bankruptcy of several investment banks must surely see someone taking responsibility and getting the stick. Looks like it is not going to happen and they will live happily ever after with their loots over the years of mismanagement. According to Ann Williams in her article on the financial crisis in the Sunday Times, the CEO of Lehman Brothers, Richard Fuld, 'gets to keep the US490 million he earned.' If it was a simple case of business failure, fair enough. What if there were mismanagement amounting to fraud, cooking of accounts, hiding losses etc? From her article, she mentioned 10 reasons for the current turmoil and among which were the churning out of dubious financial products to unwary customers, raising loans and living off loans and more loans, 'keeping loss making investments "off balance sheet" and the failure of regulators to do their due diligence. All the policing and regulating agencies, including auditors etc that were supposed to check on the soundness of business practices and accounting systems were not doing their jobs. The accountability of failure of such a scale does not lie alone on the respective investment banks but a hoard of regulating bodies, including govt agencies. But as mentioned by Ann Williams, the Americans and those apeing the American practices, have been living on a culture of greed 'that gave outsized rewards for success and risk taking but did not penalise failure.' Do we have a mirror of similar practices and culture here? Are we harbouring a similar potential problem that is waiting to explode in our face? Have we been doing things like the Americans, for greed without any concern to the consequences of failure? This is what Tan Kin Lian said, 'There has to be stronger protection of consumers. Regulators should disallow unsuitable products form being marketed to the retail investors. Regulators also need to take stronger action against financial institutions that fail in their duy to provide good advice to their customers.' This should include financial institutions and regulators who have failed to do their due diligence. A case in point is the churning out of many IPOs into the stock markets which eventually failed within a few years despite the glorious accounting data dished out to the investors in the prospectus. Listing companies into the stock exchange with no control on their qualities is a crime. So far no one has been held accountable.

Uniqueness of space in Cyberspace

The nature of space in Cyberspace is very different from the space that we know. What we are accustomed to is a three dimensional space that can be define in physical terms. The space within our properties, the geographic space of a country, a space that is either yours or mine or share by all. Hong Lim Park is a physical space. What about the space in our minds? Cyberspace is very similar to such mental space except that one can actually visit such a space. Mysingaporenews, redbeanforum or any forum in cyberspace is just an abstract space in nowhere. Each space can actually be as big as the universe and can be ever expanding. And the best part of it is that everyone can have a cyberspace as huge as the universe but not at any time infringed or violated into another person's cyberspace. And that space literally does not exist if one does not key in the cyberspace address to enter that space. Why or how can such space that is there but not there be subject to regulations? If no one wants to key in www.redbeanforum.com or www.mysingaporenews.blogspot.com, these places do not exist at all. The person who enters into someone's cyberspace, enters on his own initiative. The cyberspace owner can openly announce to visitors that they need not visit if they are not comfortable with the space. The govt needs not visit any cyberspace site. The physical govt can exist in its own physical dimension and at the same time cyberspaces can exist in parallel but in a different dimension without encroaching on the physical space of the govt. So why the hang ups and the uneasiness of the existence of cyberspaces? Why can't cyberspaces exist without the interference of govts?

The pathetic being of politicians

The politicians are the leaders of the people. The honourable and righteous role model to be respected by the people. And rightly so, they shall not be objects of ridicules. They have big missions and noble roles to play in any society. And when they play their roles well, they will be held in high esteem, to be remembered in perpetuity in the history books. Why is it that politicians can become pathetic and lose the respect of the people? How could they land in a situation when they become a mockery or jokes in private parties? They will if they allow personal or non national interests to rule their thinking and policies. A good case is the arrest of journalists and parliamentarians in Malaysia. When they could not find any good reasons to arrest the opposition or critics, they threw the ISA at them. And what have these people done to be arrested? And the most ridiculous of all is for the Home Minister to turn around and said the arrest was to protect the journalist from harm. And Anwar Ibrahim is now pronounced as a threat to national security. This means that he can be arrested under ISA. For what? For having the majority of MPs to qualify to form the govt and replace the current govt? It is so easy to call anyone names or hang a security threat placard on anyone's neck and put that person in prison. A dog is a fish. Yes, a fish got two eyes. A dog also got two eyes. A fish got a tail, a dog too got a tail. You still don't believe that at dog is a fish? A fish can swim. Yes a dog can swim too. So a dog must be a fish. This kind of cock talk can only come from arrogant politicians. When politicians speak in this kind of logic, they deserve to be put into a gossip corner. People may politely smile at their cock explanations, but there is no running away that they have made a fool of themselves in the eyes of the people. And when that happens, all respectability, honour, moral authority etc is gone. Habis. That is how pathetic politicians can be when they take a wrong stand for the wrong reason.

No change in Dictation Culture

The CPF ruling on sale of property for those above 55 has changed again without any discussion with the public. The rulers think that it is good or their right to keep the people's money. So when you sell your property, your money must go back to make up for the shortfall in the minimum sum. Now they did not even go through the motion of letting people know of the impending change, no need for feedback. Just dictate it. And it's done. No need to put up a farce of consulting the people. The rulers shall rule and the people shall be ruled. It is our money!

More hugging and embracing may do the trick

MP Lim Wee Kiak, who sits on the Government Parliamentary Committee for National Development and Environment, suggested that employers work with grassroots leaders to organise dorm visits for residents, to foster mutual understanding. Quoted from TodayOnline. This is a good suggestion. We should organise more social activities, visit the foreign workers more, have more parties with them to get to know them better. Then they will understand the locals and the locals will understand them. And with such understanding, they can live happily together. Problem solved.

Foreign workers due to poor planning

Mr Mah, meanwhile, admitted to possibly “poor planning” on the authorities’ part when it came to accommodating foreign workers. . “We plan for a certain level of increase (in the influx) but we never expected the demand to go up so high,” he said. In 2006, the increase in foreign workers numbers was 55,000, compared to 102,000 last year. . So is Singapore planning adequately, going forward? “If we get more people to accept the trade-offs, I am confident we can meet demand,” said Mr Mah....Quoted from TodayOnline Lin Yanqin yanqin@mediacorp.com.sg Oh, can we accept poor planning as an excuse?

The Loot Chain

The trouble financial institutions in the US did not happen yesterday. It did not happen last year. It happened many years back. But all these institutions were reporting glorious profits all these years. And the top management were paying themselves crazy for turning in profits after profits. And they all looked so real. These are high profile public companies and are audited annually by the top auditing firms. Cannot be wrong. And there are top notched regulators regulating them. Everything is above board. Now they have turned out to be cans of worms. Why nobody knows? Why no whistleblowers? Yes, there were. Read a Bloomberg article posted in http://www.littlespeck.com/ for the full story. Whistleblowers were threatened inspite the laws to protect them, and threatened by the regulators who were supposed to look at these companies carefully. The moral of the story is to check who are behind these looters before you blow the whistle. US$900b have been pumped in so far to save all the fallen blue chip companies. Would the investors be able to take a single cent back from the management who have been looting the companies? Would the auditors and regulators be hanged? Unlikely. They are all in the loot chain. Would this happen here? Unlikely. We have the best brains administering the system and watching over them like a hawk. Even people who bought a single lot of 20c share and recorded the date wrongly will be caught. This is how meticulous and detailed we are. We have the resources. And there will be more resources to watch over the big boys. Then we have the best auditing firms, and top notched management team. If they play around with the accounting system they will be caught. No way will it happen here. But if 'sway sway' that it happens to some of the big companies, just pray hard that they are not managed by foreign talents. For most foreign talents will come in with a golden parachute. Anything wrong, company goes bust, they will still bail out safely with a soft landing and a big bag of loot to retire happily.

Game over in Wall Street

The financial wizards and witches in Wall Street are running out of magic and tricks. All the derivatives, paper money, junk bonds etc that they have concocted to be exchanged for money are not working. By the stroke of mid night, they will be transformed back to their original forms, worthless papers. We have seen Merrill Lynch, Citibanks going down. Fannie Mae, Freddie Mac, and Lehmah. AIG barely breathing. Now who's next? Morgan Stanley, and Goldman Sach? Is there anyone that would be spared? The game is over. But the wizards and witches are still very, very rich. It is the poor investors in America and the world over that have paid the price. Someone care to explain why these people are paid millions and millions when they are gambling with other people's money? And when the game is up, they just pack up and go. They only lose other people's money, not their own money.

Thumbs up for CPF staff

Nothing to do with the policies and the need for people to contribute till death do they part. Wondering why people who are economically active after 60 would still be needed to contribute to their CPF? Just a side track. I was at CPF the other day during lunch time and there were quite a lot of people waiting to be attended. Quite normal as lunch time is a good time for many employees to do their personal chores. What struck me was the attitude of the counter staff at the reception. There was a kind of purpose, enthusiasm and dedication to their job. They came across like self employed people running their own business and knowing that every customer counts and every second counts. They attended to their customers as quickly and attentively as they could. For those who needed to join the long queue, they were advised to go for lunch and return later after collecting the queue number. For those that could be attended to quickly, they did it immediately. I have never seen a govt dept or stats board that is so fired up. Whoever is motivating these staff to work that way deserves an award.

The immigrants of Malaysia

I have received the following note which I think is quite informative. *Mahathir's father who speak Malayalam came from Kerala, Southern India. Badawi's grandfather, Ha Su-chiang (also known as Hassan), was a Chinese Muslim who came from Sanya in Hainan, Southern China. Syed Hamid Albar's father is of Hadhrami Arab descent. Khir Toyo His father, Joyo Erodikromo, was an immigrant from Java, Indonesia. And even the current 'racist' Ahmad Ismail that went into hiding came from Sumatra. And all these people dare to call others squatters & immigrants in Malaysia?!

The official definition of what is political

What is political and what is not political were clearly spelt out by Ho Peng Kee in Parliament. He also explained what can cause people to debate with politicians in public events and cause security concerns and what cannot. The definitions were the most explicit that one can get and I don't think any political scientist or lawyer will be able to dispute it. The gem was not about what he said. I didn't pay any attention to them. What was impressionable was the seriousness in the way Ho Peng Keng explained his position. His face muscles were all taut and tense. And I think Parliament must be very silent with all the Parliamentarians listening intensely to what he had to say. He passed with flying colours for his no nonsense approach to an issue that is becoming a talking point in every gossip corner. It was a very brave delivery. The best gem was a little clip in the news that I caught a glimpse of. It was on Sylvia Lim listening to Ho Peng Kee's discourse on what is political and what is not. You should see the smile on her face. It was all lighten up. That was the most exquisite smile that I have ever seen. And it told so many things without her saying a single word. It would be good if the full clip can be made available in Youtube. I will call it the smile that says everything.

The Malaysian Revolution continues

Just a matter of a few months back you would not believe that it can happen. Two muslim groups and the Mufti of Perlis, Asri Zainul Abidin, are speaking out to defend the arrest of Chinese journalist and Chinese DAP parliamentarians under the ISA. The racial divide is breaking down and the different races are finding a common ground as Malaysians. This is impossible and unimaginable. And it is happening. The mindset of the Malaysians of all races are changing. The voodoo spell of UMNO has been cast away. Malaysians are uniting as one people for a new Malaysia. And all of a sudden UMNO is looking like a bankrupt political party, running out of ideas except threats of violence and the abuse of police authority.

Power of The Old Media (TOM)

DAP leader Teresa Kok was arrested under the Malaysian ISA when Utusan Melayu published a report alleging that she was involved in an effort to prohibit Azan, the muslim call to attend prayer. This is despite the denials by the authorities of the respective mosques that she was involved. See how powerful the media can be. No one is questioning how the report came about or who wrote the report and the basis of the report. A Malaysian citizen, a politician, is now in detention for 28 days and can be extended, all because of a newspaper report. Don't under estimate the power of TOM.

New laws to protect mentally ill

This law is timely given the statistics that 1 in 6 are mentally ill. With so many of them around us, it is important to protect them from harm by people who are responsible for their well being and people who are to protect them. Are there any laws to protect people who are not mentally ill but treated as one? Psychiatric problems sometimes are not clear cut. There have been instances of geniuses being diagnosed as cracks. The line between brilliance and insanity is very thin. There must be laws to protect the innocent from being wrongly diagnosed as mentally sick too.

Notable quote - Petra Raja Kamaruddin

A powerful quote from Raja Petra Kamaruddin There should be no bloodshed and loss of life. And ask the Malays in the opposition to come out in defence of their non-Malay brothers and sisters and warn the Umno Malays, in no uncertain terms, that they take to the streets at the risk of facing fellow Malays from the opposition who will defend their non-Malay brethren to the last drop of their blood. I, for one, am ready to stand by my Chinese and Indian comrades. So let Umno be warned." - Raja Petra Kamarudin, editor of Malaysia Today now under ISA detention. I copy the above quote from www.littlespeck.com. This is how far the progressive Malays in Malaysia have come, moving away from racial and parochial politics, into a new world of multi ethnicity, a future where all men are brothers.

Police arrest citizen to protect her

Well, that was what Syed Hamid said about the arrest to Sin Chew paper journalist Tan Hoon Cheng. He said he had information that harm might come to her. So the ISA was invoked to arrest her to protect her. Why didn't he go after those people that want to harm her? And now releasing her would it not expose her to harm again? The use of the ISA is now being questioned even by UMNO leaders and the de facto Law Minister Zaid Ibrahim is threatening to resign if not stopped. The Malaysian govt's use of the police against its political rivals and the willingness of the police officers to go along with it have turned Malaysia into a country not much different from Myanmar or other authoritarian states. Malaysia is quickly slipping away from its democratic principles. And this abuse of political and police power is no longer acceptable to the Malaysians both within and outside the govt. Maybe democracy will triumph against the evil of power.

'Silly' people working for free

Are there silly Singaporeans who are willing to work for free? Apparently there are. But given a society that believes in nothing is for free, that talents will not work for free, people who work for free must be non talents. Logical? If you are good, you must be paid handsomely. You must demand to be paid for your talent. Once you are afraid to demand for your talent, then you jolly well accept that you are not a talent. Only non talent work for free and thinking that they are talents. Obviously their work will amount to nothing much and no attention will be paid to them. I acknowledge that the TOC proposal on public transport requires a lot of effort, time and energy and talent. Is there anything new? The supertalents would have even more better ideas than the 6 points of TOC. These are full time employees, carefully selected, the creme al creme. Just tell them what you want and they will come up with the answers that you want. The problem is not in the solution. The problem is what does the govt want. If profit is the mission, no problem. If world class is what the govt wants, no problem. If you tell the supertalents that you want something good, reasonable, and reasonably cheap, they will give it to you. If you tell them you want a transport system that moves people, as many people as possible, at the lowest cost, not for profit, they will give it to you. There is no need to take more money from the motorists or anyone. No need to rob Peter to pay Paul. We are going in circles with this Peter and Paul formula. There are enough money in the system to provide an efficient service, with lesser profits.

Positive impact of fare hike

Fare hike is not going to bring about better quality of service except better hardware if the revenue is reinvested. But there can be positive impacts with higher fare. As fare goes up, some will definitely feel the pinch and will avoid taking public transport if possible. Walk or cycle or not travelling at all. This will cut down on usage and free up some space in the trains and buses. The foreign workers will be the first to feel the pinch. They will be the first to stay away from MRT. Unfortunately transportation is necessary and many cannot but must travel. These groups will have no choice but keep on paying. Actually, if not for these poor buggers whose pocket is already burnt with a big hole, I would like to see transport fare to double so that the trains and buses will be more empty and more comfortable. But again this is only a fleeting dream. When usage is lower, the transport companies will just cut down on the number of trains or buses to keep them full and packed. The commuters cannot win in this game. They will always have to put up with packed trains and buses. That is the only way to reflect that we are like Tokyo or some big cities. A visual affirmation of progress and high social and economic activities.

The silence is more frightening

Malaysians are appealing for calm and not to provoke the UMNO led govt. The govt is suffering from a sieged mentality. It knows that it can be out of power any moment. Drastic measures will be taken when things turn out that way. Anwar may face the greatest crisis of his life. And so will Malaysians. Hishammuddin and Khairy and the other ultras have been quiet. In fact too quiet and it is becoming more frightening. What are they thinking and planning to do next? And they are going to be joined by Mahathir, the man who singlehandedly turned Malaysia into what it is today, and a crisis of his own doing. Do not light that match or press the door bell. The spark could ignite the tense and highly charged atmosphere and engulf the whole country in flame.

One crime too many

It is time to justify the presence of foreign workers in our midst. Yes, fewer of them were arrested on a per 100,000 number count. So they are safer than Singaporeans. There were 435 Singaporeans per 100,000 as to 286 foreigners arrested. Statistically speaking, foreigners are safer and we should actually replace Singaporeans with foreigners and our crime rate will be lower. Wait a minute. We are talking about number of criminals arrested. How many crimes were still not solved and were committed by foreigners? Can we have an absolute figure on the number of crimes committed by foreigners and the nature of such crimes? The reports in the main media gave the impression that crimes by foreigners, given their numbers, are tolerable and acceptable. And many Singaporeans also think so. Anyone ask the victims and their families of such crimes whether they are acceptable or not? The Serangoon Garden residents obviously think not. One crime committed is one crime too many. One serious and vicious crime committed means many people will suffer for it. Somehow I got the impression that Singaporeans are comfortable with crimes and they do not mind being victims of crimes. Or is it that they think the crimes will not happen to them?