Punggol East SMC, 还我公道

The similarities in the Michael Palmer affair and that of Yaw Shin Leong were unparallel, almost identical. The Yaw Affair put the WP in a very bad light and caught Low Thia Khiang with hands tied behind his back. There was nothing that he could do except to swallow humble pie, took the slaps, left and turn the other right, meekly. What else could he do otherwise?

It was a great triumph for the PAP. They stood on high moral grounds and principles. They slammed the WP thoroughly with everything they got. Every point that could be scored was taken. The defeat was almost complete, nearly, if not for the result of the by election. That was a rude awakening to the PAP, that despite standing on high moral grounds and from a recent moral victory, they still lost the seat to the WP.

Though the WP managed to secure Hougang, they were treading on dangerous ground. They need to take a very low profile, be very careful and meticulous, not to make any mistake till the next GE. They must hold the ground tightly. Another scandal will be the end of all the good works they have done.

The PAP was waiting outside the fence, looking for holes and waiting for a clear opportunity to score a decisive goal. They needed time for the shaky ground to turn sour for the WP.

No one in the WP or the PAP could ever dream of this Palmer Affair that is going to present the WP with a penalty kick. In the last assault on the WP during the Yaw Affair, the WP must have conscientiously recorded every word the PAP and its ministers had said. Low Thia Khiang may have even etched these words on his back, never to be forgotten. Now he is being presented a chance, on a golden platter, to serve the same words to the PAP with glee. I can see him smiling.

Every PAP ministers who had spoken would now be put to test to stand by what they preached, on high moral grounds, to say the same in the Palmer Affair. Twisting and changing their stance would compromise their integrity and subject them to public scrutiny as men and women of principles and high morals. Not chastising Palmer/PAP in the same way they did to Yaw/WP is unacceptable and will call into question their honesty and sincerity as men and leaders of a just and fair society. Would they deny what they had spoken, steered away and hide in the corner to wait for the dust to settle? Unfortunately this dust will not settle until they say the same things once again, to Palmer and to clear their party of such improper conduct, to be seen as fair and consistent on acts of misconduct and behaviour. Everyone of them will have to account for the same mistake of Palmer.

It is a tough call, to swallow one’s own words. There is no where to hide. Every word they said is on record. Would it be apologies not enough?

Punggol East SMC up for grabs

Would there be a by election in Punggol East with Michael Palmers’ resignation? I think so, and many also think so. What do you think?

The opposition parties would be having a pow wow now on who should have the right to contest this seat. I couldn’t remember who fought against him the last time. If I am not mistaken it was a 3 corner fight with Lee Li Lian from WP and Desmond Lim the third candidate from SDA. These two parties should have priority or the first right of refusal to fight the seat one more time. This seems to be the guiding principle among the opposition parties and may help to defuse a power struggle and bad blood from spilling.

Punggol East is near to Low Thia Khiang’s stronghold of Hougang and Aljunied. Is it going to be another PAP versu WP fight and SDA again? Or would it be a two party fight?

Michael Palmer resigned due to grave mistake.

It is in the news. The Speaker of Parliament, Michael Palmer, has resigned due to ‘grave mistake’ of improper conduct. It was quoted that he had a relationship with a staff in the People’s Association.

Strangling the CPF golden goose

The CPF was the best thing that could happen to Sinkie workers. The high contribution rate was a bit painful for the start, but on hindsight it is actually planning for the ugly future that Sinkies would have to face. Sinkies must by now realize that their income is an income to last 3 or 4 life times.

They need the income to keep them alive during their productive years. Count this as one life time. They need an equal amount or more with inflation added, to keep them alive for another life time when they are unproductive or retired. They also need an income of an equivalent amount to bring up children. Now there are two big expense items equivalent to their life time expenses, housing and private transport if they want that comfort. And if they are unlucky, they need a much bigger sum, more than they need in a life time to pay for the days they need to be hospitalized.

A Sinkie needs to earn 5 or 6 times an income during his working years. Sinkie must divide whatever income he is getting today by 5 or 6 times. He can only afford to spend 1/5 or 1/6 of his income if he is to survive the journey. For a Sinkie earning $3000 per month, he can only spend a max of $600 if he is to survive to his retirement age. Actually the CPF was very well positioned to do the job until….

What the Sinkies did not prepare for, beyond their control, is that some wise guys got an enlightenment. They saw the huge sums of money in the Sinkies’ CPF and started to plan to use this for all kinds of things. Make public housing affordable according to how much the Sinkies can afford to pay from their CPF. They forgot that the Sinkies needed the money for a life time for many other needs. Now the CPF is practically empty or just enough for housing alone.

The CPF was the golden goose that lays the golden eggs. Now the eggs are gone or going. The goose is being made to lay more eggs but cannot keep up with losing the eggs. And when the goose is old and dry, when no more eggs can be laid, and no more eggs are left for winter, it is like a futile exercise. The golden goose is expected to lay a life time of eggs for the golden years. But the eggs have all been harvested, gone long before anyone knows what is happening.

Struck by lightning

Last evening on my way back, the sky was ominously dark. Lightning and thunder bolts were striking everywhere. It was like the gods in heaven were angry. Those under the shelter in the MRT stations should count themselves lucky not to have been in the open as the gods are blind and lightning can strike anywhere.

This morning I flipped through the papers thinking that the lightning could cause some damage to structures or even hitting people in the open. The golfers are particularly dangerous in such foul weather. Luckily there is no news of anyone being struck by lightning.

All peaceful under the heaven again. 天下太平.

The Sinkies have arrived!

For 46 years of nation building and wealth creation, Sin City has reached the peak of its destiny as the richest people in the world. Many are well educated and rich beyond anyone’s imagination. The workers are rich, the cleaners are rich, even the beggars are rich. In the high places, the top honchos have this craze to want to employ the angmohs to work for them, to call them boss and to order them around. They walked around with the angmohs hanging all over them like an accessory statement of having made it.

In the shopping centres and other working environments, foreigners were employed in great numbers to work at lesser pay. In the home front, maids from other Asean countries and even those from China and India could be found working for the aunties and uncles in the HDB. The lower middle class uncles and aunties are living in half a million dollar public apartments and served by maids. Some of these flat dwellers even have more than one maid. The affluence is widespread and flattering.

The table is about to turn with masters becoming servants. The employers of foreigners are getting a taste of their own medicine when the foreigners are starting to usurp their roles to boss around with the locals. A Pinoy, Carlos R. Pestano III alias Kaye Pestano, who claims to be a Process Engineer with “Seagate Technology International” has posted in his blog claiming that the locals are just rotten and working under him, that he is bossing all over them. And he proudly pronounced that they are here to stay, and the locals can lump it. The veiled contempt is now in the open.

This is shocking to many Sinkies. How could a Pinoy be so arrogant and said he is here to stay without the permission of the Sinkies? And horrors, Sinkies are working under him! There is outrage in the internet with many Sinkies crying for his blood. Some even complained to Seagate and Seagate has obliged by saying that the matter is being attended to immediately. Seagate has now made an apology to Sinkies and promised disciplinary action.

This cannot hide the fact that many Sinkies are now working under foreigners, under foreign talents, even if they acquired a brand new IC. What is stunning to the Sinkies is the fact that a Pinoy could spite them and talk about them with scorn, right here in Singapore. In his postings he bragged about Sinkies working for him not in the Philippines but in Sin City, the home of Sinkies.

What else can Sinkies do? Some may want to suggest to the Sinkies to reflect on themselves like when they were called doggies. Sinkies must by now realise that the fake and meek expression and demeanor of the foreigners here harbour a strong dissent and dislike for them. No matter how they tried to appease the foreigners and inviting them to free lunch and parties, the foreigners will never like the Sinkies. They are here only for the jobs and the money. Period. There are exceptions.

When the Pinoy find it up to it to look down on Sinkies in Sin City, I must say, the Sinkies have arrived, at the lowest rung of the people of Southeast Asia, below the Pinoys. This is the real spur that is needed on their hide. Ouch, it is painful huh.

Should Sinkies pay for the impending bus fare hike?

The almost instantaneous reaction by most Sinkies is no, they should not be paying for the pay hikes of the bus drivers. The robotic type will auto reply, if got improve in service quality ok lor. With so many pay hikes in the past, if every pay hike led to a little improvement in service quality, the services would have been perfect by now. Though the pay hike will in a way challenge the principles of cheap, better and fast workers, it seems that right from the top, from the ministers to the masses, there is a consensus and good justification for this pay hike. At least the ministers are saying so or suggesting so.

And the money must come from somewhere, or from someone. Who dunno? From the directors and top management? How could anyone be so audacious to think of this? It would affect their lifestyle and they may be less motivated to work for the bus companies and the service quality will be badly affected. There is still the spectre of corruption lurking in the shadow when they are not paid well. Do you really want this? From the shareholders? How can? The shareholders’ interests must be taken care of as they are shareholders of the company. They took risk of losing their money even in a monopoly business, big big risky. Don’t always expect the Govt to pump in $1b to the rescue.

If not the shareholders or directors or top management, then who? Cheng hu? The Cheng hu already promised to give $1.1b so how to ask for more? Cheng hu where got so much money? Reserves cannot touch.

I think the best source of fund for the pay hike of drivers must still come from the commuters. Some will willingly accept the increase if the bus operators can promise to improve the service quality. As for those who are not willing to foot the bill, one suggestion is to give them a $50 top up to sweeten and soften their resistance. After using up the $50, they will not feel the difference in the new fares, or even forgotten about the higher fares. They would get use to the new fares.

And for the stubborn ones, just tell them that the hike will not cost more than a plate of char kway teow a month. It will only amount to a few cents. They will not feel anything at all. A plate of kway teow a month would not cause them to tighten the belt. The commuters must get use to paying for quality service, for quality management and directors, and the interests of the shareholders. Nothing comes free. There is no free lunch. If they don’t pay, then they must be prepared for lower standard of public transportation.

When Sinkies were illiterate and ignorant

Up till the early 80s, the literacy rate of Sinkies was still not that high. Sinkies were also not so well travelled and they could be easily conned by all kinds of silly logic. They were thus treated as such and told of what was good or bad for them. That was forgiveable then.

One great theory was that privatisation would make govt owned or public services more efficient. And the reverse was equally true. Any private company that is nationalized or turned into a public company will immediately become a flop, inefficient and badly run. Sorry civil servants, I didn’t propound this theory. I was also told that it is so.

There is no need to bother about the quality of the people running it. No matter who, no matter how clever, how dedicated, how motivated, once a person is tasked to run a public enterprise, it would not work. On the contrary, no matter how stupid and silly the person is, let him run a private company, a privatized company, lo, behold, the company will become efficient and profitable.

This management theory should be taught in Harvard or at least in the local universities as the greatest management theory from Sin City.

Some are calling for the nationalization of the SMRT. How dangerous this is. The SMRT will definitely be badly managed and run at a loss. In fact if the civil service and the govt are privatized, things will definitely improved by leaps and bounds. We will have the best civil service and govt as well. Now that they are not privatized, please bear with their level of services for the time being and wait for the day when they are privatized.

How many daft Sinkies will disagree with this management theory? How many Sinkies today think that this is simply bull shit? How many would think that the effectiveness of an organization, any organization, is all about leadership and the quality of leadership and their motivation? How many out there are still thinking that they can con the daft Sinkies today with such lies? What do you think?

They said a lie, when spoken often enough, would become truth. This privatization theory is now a golden rule in Sin City. Dull and stupid people will become efficient and effective when working in a privatized company and vice versa.

Mandarin names of MRT stations

SMRT has just ended its trial to announce Mandarin names of MRT stations. The reason for this trial is due to request by the senior citizens who don’t understand English station names. I think this is laudable on the part of SMRT to be responding to the needs of the commuters. I can understand how difficult it is for the oldies who were mostly illiterate to understand names like Somerset, City Hall, just as examples. Suo Mei Sai, Zheng Fu Da Sha must be more familiar to them, I think. I must confess I have never heard of Suo Mei Sai and find Zheng Fu Da Sha familiar. Bugis, what is its Mandarin name? Would it Peh Sua Por or Bai Sha Po? Should Little India be called Tekka or Zhu Jiao?

What the SMRT could do better is to understand what the oldies are familiar with, what kind of names they used, never mind if the English educated do not have a clue what Suo Mei Sai means. Perhaps it would be more comfortable if they use dialect instead. Chinatown could be Niu Cher Sway or Goo Chia Chwee, or should it be Zhong Guo Zheng?

It’s a pity that this trial has come to an end. I was kind of getting a Mandarin lesson in the train, learning new names that I have never heard of, some in my entire life. If successful, I am sure the possibility of using Pinoy and Hindi names could be considered, if they requested for them. That would make our foreign talents feel more welcome as well. This is like killing several birds with one stone. And many Sinkies could benefit from learning a few Pinoy and Hindi words for sure.

I can understand Hong San instead of Ang Swa or Si Kar Teng. What is Dover called? Or what was Commonwealth?

The flutter is turning into a storm

Some thought after the repatriation of 29 strikers, charging a few in courts and the jailing of the leader, the story will come to a natural end. Zero tolerance, nip the problem in the bud, take a tough stand, kill the chicken to frighten the monkeys, easier said than done. A couple of imitation or sympathy strikes had followed. More grievances are surfacing.

The political parties that were in a slumber have risen. Some found it no longer acceptable to remain reticent. Everyone wants to have a say, to be heard. Not doing anything or not saying anything is no longer an option. The biggest opposition party, the WP, has taken a tougher stand with more deliberate comments on the welfare of workers.

The ministers are also chipping in to the latest Natcon. This SMRT drivers strike is taking on a life of its own, overshadowing and silencing whatever was the agenda in the Natcon. Bus fares must go up. Expectations of drivers are higher. Need to attract more Sinkies to be drivers. But there must be a cap. Cheap, better and faster will no longer be cheap anymore.

Professor Lim Chong Yah is smiling. They need to find money to pay the bottom feeders. The ideal choice is to get other bottom feeders to foot the bill. But it seems that the other bottom feeders have gotten the message and already jumped the gun by saying no, they are not going to be the one to pay. They are asking the shareholders, the directors, the top management, to pay for any increases. Is this not what Lim Chong Yah has been suggesting?

Can a financial centre afford not to have a healthy stock market?

All big financial centres will have a full complement of financial institutions and a stock market. In fact a thriving stock market is the cornerstone of a vibrant financial centre. The absence of a stock market, or a fictitious stock market that is dysfunctional just would not do and will lead to the demise of the whole finance and banking industry.

Could there be govts that are growth biased but blindly allowing their stock markets to wind down into a farce, or crippled through neglect or unwise systems or structures? A stock market has to function like a stock market and anything that is only a make belief and unreal cannot do. The industries, the companies, need a vibrant and healthy stock market with all the fund managers, big and small investors, brokerages, banks etc etc participating actively so that fund raising can be conducted efficiently to lubricate the economy. There is no such thing as a fictitious stock market, a sick stock market, a make belief stock market that is dysfunctional and thinking that the whole financial system will not be affected. It just would not work.

Can anyone imagine a stock market where trading is done by a few computers or a handful of funds, or a handful of investors? I know that it is a foolish thought. You either have a stock market or you don’t. Doing away with the brokerages, doing away with investors, big or small, are simply nonsensical unless the intent is to close down the stock market and lead to a highly strung banking industry that is going no where.

The stock market is really the core of the finance and banking industry. Only small and undeveloped countries do not operate a stock market. And companies will have difficulties raising funds from the public for growth and expansion, and have to rely on individual investors in small circles of contacts. The room for economic growth is thus limited.

Can a financial centre like Singapore afford to have a fictitious stock market or a dysfunctional one? Hither is the stock market? Is the stock market thriving or is it dying?

There are many ways to kill a stock market.

1. When companies find it meaningless to list in the stock market.
2. When there is no critical mass of investors, retail or institutions, to provide the liquidity.
3. Believing that a small market, without contra trading, can thrive as a financial centre.
4. Believing in fictitious trades generated by computers with no real tradings done to replace real trades.
5. Believing that with low or minimal commissions, the brokerages can continue to exist.
6. Believing that a stock market can exist without brokerages and their clients.
7. Believing and allowing unfair trading practices by computers and big funds to take advantage of small traders/investors.
8. Believing that a few computers can generate enough trades to keep a stock market viable.
9. Believing in derivatives trades to replace real stocks.

The signs that a stock market is rotting from within is for main board companies to be trading as penny stocks at 10c. Oops, some are trading at less than that, at 1c. When the true value of a company is more than the listed share value, the company will be scrambling to delist in fear of a hostile takeover in the cheap. When the true value of a main board company is really 1c or worthless, there is no fear of anything, no takeover, and continued listing could still allow the company to raise fund from the gullible public.

How healthy is the stock market? Is it in the pink of health, or just a mirage?

The police force is highly short handed

A student made a police report that a teacher used the word ‘fuck’ in their discussion and felt offended. Would he go further to make a magistrate complaint that he was being threatened by the teacher? Would the next person go to make a police report that his neighbour stared at him so he can also make a magistrate report?

My earlier article on the most serious crime in Sin City was sexual offences and that that was a good thing. Now it seems that the offences or crimes in the City is about four letter words and intimidation because someone said ‘Fuck you’ or stares at you. And the poor magistrate would have to call his court into action because the complainant would engage a willing lawyer to file charges against such ‘serious’ and spurious accusations. And mind you, with enough money, lawyers will be ingenious in framing all kinds of charges for the most incredible reasons even if the complainant is a nut case. They could pay to bring the justice system to bear on you.

I think both the police force and the courts would need to ramp up their manpower and resources to entertain these ‘serious’ complaints by the people, real or unreal, as long as they claimed to be threatened, to fear, and willing to pay the legal fees. The police may need a full contingent of officers to be deployed in all the Neighbourhood Police Posts to deal with this crisis. There may be a need to build a separate magistrate court to handle such cases.

The good thing is that all the serious crimes have somehow disappeared. Or maybe the police force is so bogged down by fuck complaints that they have no time to spare for anything else. This is as good as people happily calling for emergency ambulance services for toothache or morning sickness or when they lost their pet dog. Maybe the police force is now so people friendly that everyone is feeling so comfortable to drop by to have a chat and to make a complaint of whatever sick nature.

My RSAF story

Sometime in April 1969, I quit my first job of a few months, climbed up a 3 tonner and was on my way to Seletar Air Base. It was RAF Seletar, a British base in the Far East of the British Empire. There were two of us at the back of the 3 tonner. Singam was a former school mate and we were rather surprised to meet again in the oddest of all places. We did not realise that we were the last two recruits to fill up the remaining positions for the first batch of pilot trainees for our infant air force. It was too small to be anything and they called it the Singapore Air Defence Command.

Seletar had a little airfield with a little air traffic control tower that would be our training school for the training we were to receive in flying. It was a crash course really. We jumped down the 3 tonner to get a glimpse of the air force we came to join. And the whole air force was right in front of us, two Cessnas, a 170 and and 172 if I did not remember wrongly. For those who are not familiar with aircraft, these Cessnas were light aircraft, piston engine with a propeller in front, used for joy ride by hobbyists in the Flying Club. We were impressed. Never seen an aircraft at such closed range, and never knew what an air force was like.

The Chief Flying Instructor, a Major Foster and a Major Ogden greeted us on arrival. My gosh, two senior English gentlemen in flying suits warmly received these two young men still in civilian attire. In 1969, the locals were still quite unfamiliar with the faces of our ex colonial masters. But they were great guys, seasoned pilots from the RAF. After a few pleasantries we were introduced to another few senior trainee pilots, Andrew, Pat, Tony, Norman and a couple of others.

Andrew was tasked to show us around the aircraft to get us familiar with the machine that would take us up in the air. He walked us through and showed us what was a flap, an aileron, pitot tube, propeller and all the external parts of the Cessna. We did not know that that was Lesson Number One of ground school. Back in the class room at the tower we were given two books on the principles and theory of Flight. Read and ask if we did not understand what we were reading. The senior trainees would be there to help. The content was quite elementary, really. We were genius.

After lunch, Major Foster came to take me for a joy ride. Everything happened so fast, it was like a dream. Joined the SADC in the morning, went flying in the afternoon. And that was Flying Lesson Number One, to test how we reacted to air sickness.

In about a week I went solo. Unbelieveable. I did not even have a driving licence nor  have I driven a car. Then I flew cross country into Johore, over Yong Peng, Layang Layang, Gunong Pulai and a few other small towns, alone. The only thing that I could still remember was the last minute safety advice, to ditch into any open area if the aircraft developed any trouble or engine failure. I was on my own, with only a few hours of flying and barely any knowledge of emergency drill. Partly ignorant, partly foolish, partly young and innocent, everyone one of us went through the routine to prepare us for a Private Pilot Licence. That was the basic requirement for further training in the UK. We did not know what was fear, what was dangerous then. If we ditched, we would be in the news, history. Quite a number of pilot trainees did become history while learning how to fly along the way, the heavy price the young men paid and were mostly forgotten.

All in all it took me one and a half months to get my PPL. I did not know it was that easy. I remembered taking more than a year to get my driving licence a few years later and had to struggle to pass the highway code. During this short phase of our training the 3 tonner driver, NSman, faithfully fetched the handful of us every morning from RAF Tengah to Seletar and back. There was no time for drills or learning how to march. One moment I was an Officer Cadet. The next moment I was a second lieutenant without any basic military training or knowledge of the army rituals. I actually did my basic military training in an Officer Cadet Training School, in RAF Henlow, UK.

Then on that fateful day of May 13, 1969, 5 young men, including myself, left Paya Lebar International Airport to join the first batch of pilot trainees already in the UK to be trained by the RAF as the pioneers of the infant air force. This was part of the deal offered by the British prior to handling over the military facilities to our Govt.

Imagine how time flies and how things were in those days. No ground school, no flying school of any kind. And if I am not mistaken, of the two Cessnas, one was on loan from the Flying Club. The sole possession of the SADC was a solitary Cessna 172 when the Air Force first started. Maybe this was also on loan from the Singapore Flying Club.

A little unusual thing happened while I was going through the crash course. I was officially AWOL from the Police Reserve Unit I was attached to for my part time NS. Everything happened so fast that no one informed the PRU of my enlistment into the SADC. The police went looking for me, probably with a warrant of arrest. I was in camp and did not know what actually transpired. They must have sorted things out after that and I did not hear from them anymore. Those were the days that anything goes and all rules were meant to be broken. There were organisations and rules that were often overtaken by events.

Large quantities of original paintings available

Woman Dressing

A piece of abstract rar art of a woman putting on her dress. With the Art of RAR technique I could create large numbers of original pieces, each piece different, to fill up the rooms of a big hotel or a large installation like Marina Bay Sands, MBS or Resorts World Sentosa, RWS, at a very reasonable budget. The hotels can claim that every painting in each and every room is different.

Turn SMRT into a National Service

The General has been appointed as the CEO. He is bringing in more soldiers to help him run the business. Drivers, logistics, transportations are all key elements in a big armed force like the SAF. The trained manpower and their expertise are relevant and very important both in war and in peace. It is time to nationalise bus companies as part of the SAF logistic arm. One good thing for sure will not happen. No strikes. The next big thing is that the running cost will be down, with NSmen as drivers and guards, yes the installation will be well guarded, no more vandalism. 

The introduction of army discipline will do well for the transport services, with healthy and fit NSmen, young and vibrant and following orders, the buses will be running like clockwork. No need to recruit foreigners. No need to have union and unionist problems. All disciplinary problems just leave it to the RSM.

Routine orders, stand by bed, daily inspection, fitness exercises, cleanly pressed uniforms, a perfectly discipline workforce. What can be better? No need to please shareholders, no need to pay exorbitant management pay and director fees, which means, yes, lower fare. This is like a wet dream. 

Commuters can look forward to lower fare and stable fair, no regular fare hikes. And the management do not have to worry about the profits to pay the shareholders.

Another big plus, with the experience in driving through the city, they will be an asset in FIBUA, knowing every nooks and corners and negotiating all the difficult turns through ground knowledge.

What do you think?

Good reasons for Olam to call off bond/warrant issues

If I did not hear it wrongly, one of the main reasons quoted for this cash call by Olam was to test its ability to raise fund from the market. This has been proven to be true with the $1.25b issue with Temasek’s undertaking to pick up all leftovers. And since Olam’s CEO has claimed that Olam did not have equity problems for the next 12 to 18 months, announcing the cancelling of this bond/warrant issue will pull the carpet under the feet of its critics.

It would also make Temasek look good to the citizens of Singapore. The perception now is that Temasek is rushing into such a deal like they did when the western banks came knocking on the doors and not enough time for due diligence. And if extending this helping hand ends up in the same way as in the last financial crisis, burning a big hole, it is not only a matter of red faces but the whole credibility of Temasek would be in question. Not forgetting more public money down the longkangs.

Some were critical of this intervention by Temasek using Sinkie money to save a non GLC companies. The white knight should be the parent company Kewalram Chanrai Group. Why should Temasek put its neck out when the parent company of Olam is not a party to it or prepare to lose its own money? Is the management of Temasek taking this too far, to bail out a non govt related entity using public funds just because it is a major shareholder and risking to foot the full bill for Olam? The non involvement of Kewalram Group in this bond/warrant issue is making people nervous and unhappy. Temasek should insist on a bigger participation by Kewalram to share the burden and the potential loss. Perhaps this is already done. Perhaps Temasek knows better and this is another good deal, another fire sale, to reap big profits. Whatever, Sinkie money must not be put to unnecessary risk too hastily. The only consolation is that Sinkies need not be unduly worried as Temasek is in good hands and getting the best advice money can buy.

SMRT - A little revolution and 6 martyrs

The SMRT strike was like a little revolution in Sin City that unraveled a lot of nerves and the false sense of security. How could it happened? It should not have happened at all, if only the management was not complacent, more sensitive and not to treat the grievances of foreign workers as something that can be kicked further and further down the road. The workers were on 2 year contract and in no time they would be due for repatriation. Maybe this is the mindset, and there was no urgency to settle anything.

The aftermath of the strike after the govt moved in with a heavy hand, a no nonsense and zero tolerance for strike, elevated 6 strikers to martyr status while 29 comrades were sent home. This is not all. The sacrifice of these comrades did not go in vain. Their grievances are being attended to immediately with the CEO sitting with them in their bed bugs infested bunks. There were promises of improved living conditions and token pay rises.

But things are escalating and more good news is in the air. The Minister of Transport, Lui Tuck Yew, said the Govt recognizes the need to increase the salaries of bus drivers. Now all the drivers, local and foreign are in glee and only the strikers to thank for. And the Union Chief, Lim Swee Say said that the Union is looking forward to serve the foreign drivers, probably laying down the red carpet for them to join them. They would not be any need for little discussions that led to no where. The Union will be representing them to get fair wages and good living and working conditions.

Now for the bad news. Lui Tuck Yew wants to increase their pay but is asking where the money should come from. I am very happy that I do not take buses for my transportation. Don’t look at me. The bus commuters are likely to have to share the woes of the bus drivers, foreign and local drivers, to give them a big angbao for the Chinese New Year.

I would like to suggest, of course it would be of no use, that the fat pay and bonuses of the top management, the directors, and the big profits of the transport company be slashed for this increase instead of the poor commuters. They are too fat for their own good. Okay, fat hope, I know. We don’t even believe in progressive taxation and how could the rich and fat be made to pay for the increases of the drivers? It must come from the poor commuters.

Did I forget that $1b has already been set aside for something like this?

Peace in East and South East Asia, the American Myth

For nearly 40 years after the Americans fought its last war in Vietnam and scooted out of the region, East and South East Asia enjoyed unprecedented peace. The primary concern of the countries in the region after Vietnam, 1975, was economic development and trade.

All this is changing when the Americans decided to return to the region in its so called pivot to Asia. The Americans are telling the countries that they need America to keep peace and stability. The truth is just the opposite. In trying to justify its presence and return to Asia, the Americans have been behind all the tensions in the region, encouraging little countries to challenge China with tacit support of the American war machine.

The Americans are also signing more military pacts with countries in the region in the name of peace and stability, starting with Australia and New Zealand. It is reviving its treaties with Japan, the Philippines and even Thailand. It is encouraging the remilitarization of Japan and egging India to play a bigger military role in its containment of China. These are the American’s way of a peaceful return to Asia. In the wake of its return, a trail of tension has been building up. And it is exactly this, created by the Americans, to tell the countries in the region that they need the Americans in order to have peace.

The truth is that there were peace and stability till the Americans made its presence again and war could break up anytime now. And the Americans are telling the countries in Asia that without the Americans, there will be no peace and stability, that Asian countries cannot keep peace and must be led by the Americans. And the willing spoilers in Japan, the Philippines, Vietnam and India are actively provoking China to respond aggressively to vindicate the American position that America is the answer to peace and stability in the region. And of course, China is the aggressive and expansionist power, asserting itself and bullying the smaller countries.

Ethics and fair practices in the banking industry

A friend of mine, a senior banker, attended a bankers’ dinner several years back. The Guest of Honour was none other than Jackson Tai. In his speech he stressed on the need for ethical and fair practices in the banking industry and he lamented at the lack of it. Some banks were big culprits in violating all the rules of decency to take advantage of a situation, of clients and customers, just to shore up their bottom lines. I was kind of huh, how could respectable bankers be so unscrupulous? I choose to take a neutral line, half believing until proven otherwise.

One of the ugly practices of the banks was to steal clients from competitors by undercutting on the commission. Some bankers even stooped to such practices within the same bank, stealing clients from their peers and associates. It was nauseating that bankers could behave in such despicable and unethical manner in an industry that places great importance to honesty, sincerity, trust, ethics and fair play. This cannot be true either.

What was silly was that the undercuttings ended with the banks getting lesser returns than before from existing clients that were already customers of the banks. And according to this banker, the top management of banks did not even know that they have short changed themselves while throwing away all the good practices and human decency, to look good for some individuals or departments or the bank. Further, for doing so, they exposed themselves to anti competition practices that could bring forth a lot of embarrassment if reported in the media. But these were in the past. Thank God.

Would history repeat itself, that banks would compromise their integrity and reputation to steal clients in unfair and unethical ways? Hopefully this will not happen again as the bankers were supposedly dignified professionals and men and women of great honour, trustworthy and respectability. Indiscretion of such nature is taboo in the industry and beyond them.

I rather be naive and innocent to believe that bankers will be above unethical practices and will live to their reputation as honourable and reliable professionals of the most important industry that touches all industries. I still believe in the perfect picture, of wholesome goodness, that all things are well beneath the superficiality.

I believe that no bankers would compromise ethics and morality to indulge in silly practices that are short sighted and could bring them down with dishonour just to shore up the bottom line.

I believe that the Competition Commission of Singapore would be watching such violations closely and that they know that everything is fine.

I believe that what is happening in the US where banks would cheat their clients by recommending them rubbish products that banks wanted to get rid off, or churning the accounts of their clients for profits would not happen here.

I also believe that before the Dodd Frank Law comes into effect, our banking system will do the necessary to observe the decency and propriety that this law is supposed to do and avoid a conflict of interest the law intends to stop.

I also believe that the banking industry is in good hands, run by honourable men and women.

The SMRT Bus Drivers Affair

One has to sit out in prison, 4 or 5 were charged in court and 29 were deported. And there was a public outcry against the presence of these drivers and their unruly behavior, breaking our laws to go on strikes, and breaking our 26 years of industrial peace, without a strike.

Many of you may know the whole story, some know only parts of the story, some know nothing at all. For those who know the full story, know what was going, touch your heart and say, yes we have been fair, or unfair, to these workers.

For those who do not know, please go and read the whole affair, get the facts and then retake your position on this issue. You have the right to form any conclusion, as long as your heart is there, as long as you can touch your heart and say honestly to yourself, that you can sleep well.