Bring back Koh Beng Seng

Where is Koh Beng Seng? For those who did not know him, he was a highly respected top civil servant, the Dy MD of MAS. When he was in charge, the top bankers were Singaporeans. He told the MNCs that they had to train local bankers to take over the running of the banks. He stated the terms and conditions for their right to operate their banks here. That policy, if I am not mistaken, was the brain child of Dr Goh Keng Swee.
 
What happens today happened during his absence. All his pro Singaporean policies approved by the then Govt somehow seemed to have been dumped into the thrash bin. And some silly buggers pretended not to know. Some suddenly worked up and saw the dearth of local bankers. Some pretended to be jumping high and low wanting to train locals to be top bankers. Some simply issued pink ICs to foreigners and say ‘Look, Singaporeans appointed to top jobs”.
 
Sleeping or was there a policy shift? Super talents being paid out of this world salary cannot be stupid right? They cannot fall asleep on their jobs right? They cannot be negligent and not do the due diligence right? They cannot plead ignorance as an excuse for such a serious failure in allowing the banking industry and other industries to be dominated by foreigners and wasting a whole generation of our local talents right?
 
Where is Koh Beng Seng? We need him back to right the wrongs over the last 20 years, to regain control of the banking and finance industry for our very own citizens. Or he is now unemployed or an underemployed PME waiting in line for Job Fair? Or has he been sent for training to be a waiter or security guard? Or maybe he is happily driving taxi? Just kidding. For a man of his talent he would be in demand anywhere.
 
Koh Beng Seng was one of the best in his time. I am sure he has many more good years to serve in a field he knows best, for the good of the country and people. Look at the pathetic state of affairs now without him to steer the ship, without knowing where the ship is going or sinking? The banking and finance industry is like a ship without a compass, without a captain, floating in the high seas.
 
Maybe I am just ignorant. There is a new compass, a new captain and he knows exactly where the ship is heading and what he is doing, but Sinkies did not know.

Chuan Jin planning your retirement with your money

Chuan Jin has come up with a comprehensive plan or several plans for the retirees or impending retirees on how to retire and how much they would need. And your retirement plans and needs would be presented to you by the girl sitting across the table at the CPF, or is it at MOM? She would know exactly your retirement needs that you did not know after spending more than 50 years of your life living and working.
 
The girl across the table would know of your family background, your savings all over the place, including those under your bed, your children and probably even the number of mistresses you have and the number of children by them. How nice. She must have kept a good track record of your life or is it the CPF?
 
How many PMEs did not know how to plan their retirement and how much money they need and require the expertise of the girl over the counter who met them for the first time in their life? If the girl knows, how come the PMEs did not know?
 
Actually not like that lah. The girl only knows how much you have in the CPF and how much you can take out and how many options available to you. Initially I thought how come got so clever girl that can help everyone with their retirement plans. With the high level of education of the younger generations, not the lost generations of illiterates, many would be better educated than the girl across the table or know much more than what she knows about retirement needs. No?
 
Can I plan my own retirement with my own money? Do I need someone else to plan my retirement with my money? Can I have all my money back? Oops, at 55 or 65, the mental faculty is not so good and the thinking also not so clear. Now, is it my money or not my money? Only young girls with a clear mind would know. The oldies and CPF members would not know.
 
Maybe I should ask Chuan Jin. He must know.
 
Did anyone ask Chuan Jin to plan their retirement with their money? Did anyone elect a govt to plan their retirement with their money? I know I did not and would not.

Ministers salary, 3 year no increase, so ‘charm’

It was reported in the main media today that the ministers did not have any pay rise for the last three years. And their salaries are falling behind the benchmark in the approved formula. And in another report it said the average household income has gone up by 38%! Goodness, we are shortchanging the pay for the ministers and politicians. How can we do that? 3 years no increase, cannot be like that mah. And the ministers and politicians are suffering quietly, dare not make a noise or ask for an increase, probably tightening their belts.
 
I think the committee in charge of ministerial salary must convene and recommend an adjustment upwards. We have to be fair and kind to the ministers or else they will quit and join the private sector that would pay them more. Then we will lose the service of these super talents and the economy would go bust, the country will be in deep trouble, our wives and daughters will become maids.
 
How about a 10% increment to make up for the 3 years of no increase? Let’s see, the entry level for minister at MR4 says the salary should be $1.2m. Now the minister’s salary is only $1.1m, a shortfall of $100,000. I think a 10% increase will be just nice, ‘gum gum ho’. What do you think? Since the ministers are so ‘pai seh’ to ask for a raise, the people must not keep quiet and look the other way right?
 
Or the opposition MPs should put up a paper for this. Won’t that be nice. Oops, cannot. Then they will also be accused of being greedy, looking after their own paychecks. I think the best people should be the NMPs. I think they are not only neutral but also very clear thinking. Yes, that’s it, get the NMPs to propose a motion to raise ministers’ salary. Get the new NMPs to say it. They are full of fire and novel ideas, to think out of the box.
 
A 10% increment of $1.1m is about $110,000. Enough or not? How many people earn that much in a year? The median household income according to the media is about $70,000. Household income you know! How many percent of the population earns less than $110,000 annually, as a household? 80%?
 
So? To give the ministers a $110,000 increment should be fair right? Don’t say I did not say, we need to pay the ministers a decent salary for our own good. I know some of you would say, wah, increment already $110,000 and 80% of the people’s household income is less than that. Would it be too much or not? Come on, nothing is too much when you are getting good value for money. The ministers and politicians are worth every cent paid to them. What is another $110,000?
 
Just because they never complain does not mean they are not unhappy. They are just being nice, honourable and reasonable people. If they are forced to ask for a raise then you people will say they are greedy. Let’s do the right thing and petition the Ministers’ Salary Review Committee to do the necessary.
 
What do you think?
 
PS: I think the IBs will clap and say Redbean now very reasonable. Sure support one. And the non IBs will say Redbean ‘kee seow’. Life as a blogger also very ‘charm’, say left got whacked, say right also kena whacked. Got hardship allowance for bloggers or not? Come to think of it, 10 years as a blogger also got no raise.
 
Now kopi also no have. Launch book also not enough takers. So far only about 50 copies ordered and I need at least 200 copies to get it off the ground. ‘Jiat lat’ man.

Training – Uniquely Singapore

When we were young, our parents pushed us very hard to study well, to get the O and A level certificates, then tertiary educations to get a diploma or a degree. Those who were able to, to go for post graduate studies to get the masters or the PhDs. What for? So that we can get a good job, a well paying job, to live better.
 
Many of the young are parents today and are repeating the whole cycle, pushing their children to work hard to get that coveted degree, to get a good job and to live well. And every course that we or our children are taking means a potential to upgrade, to earn more, to be more respectable and dignified. Isn’t that the objective and meaning for training and more training?
 
Today, many of the PMEs had attained that, many have had a good life, been there and done that. Now many have been retrenched and laid off. And the training cycle starts all over. At 55, 60, 65 or more, they will be sent for more training. This time the training is to downgrade, so that they can get a job that pays less, less respectable and less dignified. What is happening?
 
Singapore is the only silly country in the whole world that sent its PMEs for more training to downgrade to lesser skill jobs, to earn less. And this training phase is spoken freely like the only solution, the best solution they could think off to help the daft Sinkies who were professionals, managers and executives just a few years ago, or a few months ago, or a few days ago. Suddenly they are totally irrelevant, their skills and experience are irrelevant, they cannot find a job, even with a pay cut to do the same thing. They must be sent for training to be downgraded. And they have to pay for the training too, not free training mind you.
 
Ingenious isn’t it? Cannot see anything wrong with this silliness? We sent professionals, managers and executives for training for lower paying jobs, less demanding jobs, lesser skill jobs? And this is a big industry, training to downgrade.
 
This is truly uniquely Singapore.
 
PS. And these PMEs are being replaced by fakes or people with questionable degrees, skill sets and experience from God knows where. From the devil you know they prefer the devil they don’t know. Isn’t it tragic? Maybe that is the price to pay to have juveniles and imbeciles in charge. Come, come, more training for you.

Please stop the PME crap

The Govt does not have any responsibility or obligation to provide jobs for PRs and foreigners. Period.
 
The civil service, stats boards and GLCs have thousands of good jobs available. Just reserve these jobs for citizens and the PME problems will be solved immediately. The fear of entitlement mentality is non issue as the Govt/employer has the option not to hire the bad attitude and unemployable. Giving preference and priority to citizens is not an unconditional entitlement.There is also no problem with excessive pay for oldies. It is not necessary to pay the oldie PMEs in the millions or the same pay they used to draw.
 
A reasonable compensation, even a 30% cut, for the same job in lieu of the age and slowness of oldies would not be disputed. However, age is not a major determining factor in many job and how the employee should be paid as many could perform just as well or better despite their age. It is the health of the PMEs and whether they are able to cope with the demands of the job. A 90 year old PME could be healthier or more able than a 45 year old. But young and healthy PMEs should be paid their fair value for the job.
 
The Govt should do the necessary with respect to jobs in the govt service and GLCs for Singaporean PMEs. No more crappy excuses. The Govt owes it to the citizens. If the Govt still thinks that it owes the foreigners and PRs good jobs, then let the foreigners and PRs elect them to be the Govt. The citizens should elect a Govt that takes care of their interest and well being, and to provide them with good and decent jobs before offering the excess jobs to foreigners and PRs. Why should they vote for a govt that chose to offer good jobs to foreigners instead of citizens?
 
And stop the silly practice of giving good jobs to foreigners followed by a pink IC at the same time. This is cheating the citizens.
 
The Govt is of the people, by the people, for the people. The Govt is not of the foreigners/PRs, by the foreigners/PRs and for the foreigners/PRs. The people must remember this by hard and so must the politicians that are put into political office by the people. The people must know who and why they vote them to power. Make this an election issue in the next GE. Remember, whoever you vote to Parliament must be there to look after your interest, not the interest of foreigners.

Politicians must not betray the very people that vote them to political office.

Things that Obama cannot do

There are things that Obama or any American presidents cannot do, beyond their power to do, and if they dare to do it, they would not only be voted out immediately, they would be pronounced as insane. Constitutionally they cannot even dream of remaining in their office for more than two terms. This is totally out of question. The Americans would not allow it, would not allow any individual to be entrenched in the Presidency to abuse the authority of the position. They knew this danger two hundred years ago and their wisdom on this matter has never been in doubt. The corruption of men in power is so real and so scary.

There are other things that Obama would not be able to do. He cannot tell the Americans that their life savings, money saved over a life time, is no longer for them to decide how it should be used. The American Govt will henceforth decide for the American people how their life savings should be used, would be used and when they are to be returned to them, the rightful owners of the money. The Americans have no say in their money? Obama or any president trying to do it would be bundled out of the White House in no time.

Any American president thinking of doing it would be accused of insanity or suffering from bi polar syndrome. Or they would risk an assassination bullet in his head for meddling with the people’s life savings as if it belongs to the govt.

Obama would not be allowed to spend billions of American tax payer’s money as he likes, like using it to pay for the education of foreigners, to pay their expenses instead of spending the money on Americans without the consent of the American people, without informing them. He would not last his full term, not to mention a second term to do such a darn thing.

Obama would not be able to allow the reckless influx of immigrants to the US without the approval of Congress. He is still fighting for his life over his immigration policies to give amnesty to the illegal immigrants. It would be foolish for Obama or any American president to bring in foreigners to replace the Americans in good jobs in big numbers. He would be accused of being a traitor and sacked from his Presidency. I am sure the Americans reading this would nod their heads and shake their heads in disbelief if he did otherwise.

Would Obama dare to spend his time fixing his political opponents instead of running the country? No way. His ass would be kicked sore if the Americans know that their President is playing partial politics everyday to keep himself in power. Anyway he needs not try as the constitution would not allow him to stay on after two terms.

And Obama would not be able to write his own paycheck or the paychecks of his staff. If only he could do that, with the size of the American economy and his responsibilities on world matters, he could easily justify to be paid in billions, not in hundreds of thousands as he is being paid today.

Because there are so many limitations in his power, that could be the reasons why he is paid so much lesser than other politicians with practically unlimited powers. The more power a politician wields, the more he can pay himself and can do anything as he likes, as he is the law.

Poor Obama, poor American presidents.

Banker Harm Kar Chan says….

Dear value client,

I thank you for putting $1m in fixed deposit in my bank under your name for the last 50 years. I am glad to inform you that your money has grown over the years from the interests earned. The good news is that at your blissful age of 65, you are a millionaire and you should be smiling at the statements that I will be sending to you monthly, to make you feel safe that the money is still there and in your name.

The bad news, oops, sorry, I mean another good news, since you are happily retired and nobody would want to employ you, you would not have any more income from your employment. The bank is very concern with your financial well being as you grow older without an income. Our expert statisticians said you are likely to live beyond 80 years. And our expert statisticians have it all worked out that you would need so much money to live through your entire life, and what you have in your fixed deposit is just enough, ‘gum gum ho’.

We have implemented a ‘Help Our Customers’ scheme so that you can receive a monthly stipend from the bank, and you don’t have to worry about having no money for your retirement. You will have enough to get by.

By the way, this new scheme by the bank to help you live a good life without worries is compulsory. Your fixed deposit money is still your money but with this new scheme you will be entitled to a handsome monthly sum of $1,500 for the rest of your life.

We will like to assure you that your money is still your money and you will receive a monthly statement as proof of ownership. No one is going to say the money is not your money. You don’t to worry about that. But because we have been paying interest to your money, we have the right to devise any scheme that we think is good to you. We are very caring especially with your money.

Good bye. Please do not call us. Our decision is final. Please do not ask why you cannot take back all your money that is kept with the bank. I also dunno how to explain why you cannot have your money back.

Your kind and caring and honest banker

Mr Harm Kar Chan

7 digit pay is good or no good?

‘The high salaries of UK executives are "corrosive" to the economy, the High Pay Commission has argued.
 
The High Pay Commission was set up by pressure group Compass, with backing from the Joseph Rowntree Charitable Trust, to investigate boardroom pay.’
Vince Cable, Business Secretary, ‘said the vast disparities in pay were not good for society, and he would consider the proposals seriously…It's not right that we have the situation that's been happening over the last decade where we have vast extreme awards paid on completely unrelated to the performance of companies.
 
And that's not good for the consumers, it's not good for people who own the companies, it's not good for the people who work for them, and that's really got to be addressed.’
 
The counter argument by advocates of 7 digit pay like Richard Evans, president of PepsiCo in the UK and Irish Republic, would say, "If we want great people to come and work in the UK, given it's a global talent pool, we've got to be prepared to pay the amount of money that those executives can get elsewhere in the world."
 
Is this a problem? I think it is a matter of perception. If one agrees that collecting more taxes is good, then there should be no problem with paying more to the top talents. How can they not pay the top talents the market rate and risk losing them to the private sectors? Or is it the other way round, how to afford not to collect more taxes if govt officials are to be paid 7 digit pay? Would there be top talents being paid 8 digit pay?
 
Is the British govt justified to be concerned with 7 digit pay? Would they risk losing all their talents to countries like Singapore that are willing to pay 7 digit or even 8 digit pay, inclusive of bonuses and stock options? Or is that the reason why the top talents in UK are descending onto this island where paying 7 or 8 digit pay is normal, natural, to reward top talents for doing real and deserving work unlike what the British Secretary was saying, ‘paid on completely unrelated to the performance of companies?’
 
Maybe the British should send a team to study our system of 7 digit pay where the incumbents are chosen from a pool of top talents, local and foreign, and paid accordingly, every cent worth it as they really performed as top talents. Not a cent is wasted. And it is definitely good for the consumers, good for people who own the companies, and good for the people who work for them. Look at how well Singapore is run and how good it is for the people and good for the people earning 7 digit pay. No one is complaining and everyone is happy, accepting that the big income gap is normal and a good thing to have. Where got problem?
 
And yes, if we don’t pay them well they will be poached by other organizations and Singapore and its citizens will be in deep trouble. We have a meritocratic system and those who are paid 7 digits are deserving of their pay. It is a good system and working very well here. Is it sustainable? Where is the money coming from to pay 7 digit pay? I don’t see any problem as everything is just fine, working just fine.

Unfair Competition – Are the banks guilty?

The SGX has commented that the banks are doing big business in trading equities for their clients and are contributing a significant volume of the daily market trades. The remisiers’ share of market trading volume has gone tumbling down and is becoming irrelevant when new and internet savvy young investors turned to online trading. In absolute value, the share of online trading is still very low and sometimes one wonders whether it is a profitable business to start with. Maybe the hope is in the future.
 
In the case of the banks, their gains in market share is mainly at the expense of the remisiers when high net worth clients were enticed or induced to become treasury clients and enjoying way below market commission rates. While the commission rates for trading in the stock market was freed and remisiers are allowed to offer any rate they are comfortable with, the norm is between 0.3% to 0.5% and with big clients enjoying 0.25%. Some banks have been quoted to go below the 0.2% mark with some offering a ridiculous rate of 0.1% to their high net worth clients to gain and retain their business.
 
Many remisiers or even brokerages are finding the cut throat commission rates offered by banks and financial institutions detrimental to the unsustainability of their business. Anything below 0.25% is no longer a viable business. Those operating less than 0.2% or 0.1% are like scrapping the ‘skin of the teeth’ and very difficult to make a decent living even if the volume is big.
 
The big question is whether banks are guilty of unfair practices by undercutting the remisiers by offering unsustainable commission rates to gain market share. Stock broking is not the banks main business, more a side show and can be treated as a loss leader to keep the clients with the banks for other businesses. This is a luxury that remisiers are unable to provide or to compete with. Stockbroking is the main business of remisiers and when the commission rate is too low, it is no longer a sustainable business. Many are leaving the industry as the monthly commission can be less than $1,000, less than a cleaner. Remisiers are becoming low income earners and still have to cope with stringent regulations and qualifications, examinations and risk taking.
 
Are the banks taking away the businesses of remisiers by unfair trading? Is under pricing by the banks fair or unfair competition? What does the law say or what would the Competition Commission of Singapore be saying?

The law on Unfair Competition says:
‘Any fraudulent, deceptive, or dishonest trade practice that is prohibited by statute, regulation, or the Common Law.’
 
So, if the banks offer their clients openly, honestly, no law to prohibit offering 0.1% of 0.15%, so no unfair competition. A little elaboration says such a law serves 5 purposes, to protect the economic, intellectual, and creative investments made by businesses in distinguishing themselves and their products. This one is not relevant here.
 
Second, to protect and preserve the goodwill that businesses have established with consumers. So if a bank offers crazy commission rates to win a client from a competitor who have built a lot of goodwill and relationship, will this be an unfair practice?
 
Third, the law seeks to deter businesses from appropriating the goodwill of their competitors. The argument is the same as the second point.
The fourth and fifth points are not relevant to what the banks are doing to snatch clients from remisiers so I will leave them out.
 
Unfair Competition laws abide to a few principles, the freedom to pursue a livelihood, operate a business, in a free enterprise system and accepting that there will be competition. But the law also prohibits a business from unfairly profiting at a competitor's expense, from exerting undue influence and other unethical means.
 
There is a Clayton Act that regulates the use of predatory pricing, ie the use of below-market prices to inflict pecuniary injury on competitors. I think this Clayton Act is perhaps the most relevant to the unfair practices adopted by the banks, by virtue of their muscles and wide range of businesses to take advantage of the remisiers to offer under the belt commission rates. Does this make sense? Is this fair or unfair
 
Do the banks violate any unfair competition laws? I am not even going to discuss about ethical practices as ethics have long been thrown out of the window by the big banks. Look at all the billion dollar penalties against banks found guilty of money laundering and fraudulent practices? Banks are in the gambling businesses when they started to promote toxic notes, derivatives and trading against their clients. What is a little unfair practices to snatch high net worth clients from little and helpless remisiers?
 
Nothing unethical, nothing illegal, what unfair competition? If there are, the Competition Commission of Singapore would have gone after them already. They must have found nothing wrong with the practices of the banks just like the clever rogue retailers in Sim Lim, People’s Park and Lucky Plaza. They are so clever, they know the law and how to work outside the law.
 
When rogues are in charge of banks, when banks are making their big money from speculations, money laundering, selling derivatives and toxic notes, what else can be wrong? Unfair Competition is child’s play.

A degree course for politician wannabes – Lesson 4

This lesson is about the mindset change. When one aspires to be a national leader, one has to have the confidence to lead. Put the boy scouts and girl guides days behind you. You are now an adult, a politician, a leader of the people, someone the people will look up to, will come to you with their problems, expecting you to solve their problems, to speak up for them in Parliament.

A national leader is a person with leadership qualities, of course there are many fakes and pretenders, with ideas and visions, confidence to state his case, for the people. And there are plenty of opportunities to do so in public and in Parliament. Do not go to Parliament just to ask questions like a student trying to impress the teacher or a way to score some points. Do not ask questions and then eat or swallow whatever dumb answers, and no answers, from the ministers. Insist on a good reply to your questions.

Speak up in Parliament for the people. I can’t stress enough of this point. You may belong to a political party, but your most important duty is to the people that elected you to Parliament. There will be times when there are conflicts of interest between the party and the people. Be very clear that it is the people that you must answer to. The party cannot bring you to Parliament except to offer you support in your election campaign. It is the people that mark a tick or cross on the ballot to send you to Parliament. Do not betray the people who send you to Parliament.

And before I forgot, when you speak up in Parliament, you are speaking for the people. You do not have to ask a minister whether you can speak or what you can speak in Parliament. You do not ask a minister to approve your paper. You do not act like a student, submitting your paper to the teacher and expecting a good grade if the teacher agrees with what you are going to say in Parliament.

You speak your mind, whether the ministers or other MPs agree or disagree with your views when your views are for the good of the people or what the people wanted you to say in Parliament. You are a national leader the moment you are elected. Behave like one, no more boys and girls seeking approval and a pat on the back from other politicians or ministers.

Grow up.

Training – foolishly speaking

Everyone is superficially speaking or foolishly speaking about training as the panacea for all the ills of unemployment. Training, training and acquiring new skills, skillfuture training, or whatever training, are the solutions to the woes of PME unemployment. Really? There is always something new to train for and to learn from. So telling someone to go for training cannot be wrong. Asking an old dog to learn new tricks also cannot be wrong.

There are things like frivolous training, unnecessary training, wasteful training, mismatch training, training for the sake of training and training all for nothing. Whenever a PME loses his job, the answer, send him for training. Training for what, to do what? Does anyone want to know why the PME lost his job? Obsolescence or something else?

Why send a PME who was working effectively as a logistic manager, a marketing manager or whatever manager for more training, in unrelated field, in redundant trades, to downgrade, to be a nurse, a waiter, or a cook or a cleaner? Is the path of being replaced and terminated be one of downgrading or the end of everything?

What was the reason for him or her to lose the job? Could not perform or simply being replaced by a younger person, a cheaper person, a relative or a cousin of the one in power? Who is ultimately responsible for the demeaning and destruction of our talented PME workforce? Who allows this irresponsible trend to continue unabated, taking no action and allowing it to become a permanent feature in our employment scene? Who allows the PMEs to lose their means of earning a decent living and to live with some dignity? Someone must answer for this. It did not happen without the concurrence and approval of someone.

Were the skills of the replaced PMEs still relevant? Could a little upgrading training be sufficient to remain in the job? Or actually no training was needed. He was just being replaced though he could still do the job. Why couldn’t he remain in the same profession with the skills and experience acquired over tens of years? Is the profession no longer needed in the economy? To retrain an experienced professional in another low grade trade is a waste of his talent/experience unless that profession is no longer needed?

How many professions are no longer needed in the economy? Why simply ask a PME to be trained to do something else when his job was simply taken over by a younger person who might not even be able to do better than the incumbent? And worst, a foreigner that came from nowhere to take his jobs at the expense of our very own citizens. Is the Govt very happy with this situation, abandoning its own local talents to bring in people from God knows where that the Govt has not an ounce of responsibility to provide them with a job? Why is the Govt providing 500,000 good jobs to foreigner and allowing our PMEs to become taxi drivers or be redundant and waste away, and breaking up their families or affective the lives of his families?

What is this nonsense about training for new skills when the old skills are still relevant and needed in the industry? Why retrain a professional to a lowly paid manual job when he can still be employed in the same job if the leg open wide wide policy is not foolishly applied to bring in all the animals from all over the world to replace our still able and willing to work PMEs?

What is all this silly talk about training and acquiring new skills? Would one ask a doctor or engineer or a lawyer or a teacher to be retrained as a cleaner or a waiter because a cheaper doctor, engineer, lawyer or teacher can replace him?

What is happening? Every PME cannot find a job in his previous profession and has to become taxi driver or security guard? This is mismanagement of talent at the worst. Totally irresponsible and unforgiveable.

Tony Pua – How to take down a SWF?

Najib is suing Tony Pua, a DAP MP from Petaling Jaya Utara and Chan Chee Kong, the owner of MediaRakyat website for defamation, for slandering him in the 1MDB controversy.  What the outcome of this legal suit is another exciting court drama in Malaysia and may drag on and gain infamy like the Anwar case.

What is important is the immediate impact of what Tony Pua and his peers had done, to bring down the 1MDB ‘sovereign’ fund. The PM Najib has ordered an investigation into the operations of 1MDB and the winding down of its activities plus the sale of its assets. The 1MDB has ‘become a hot potato for the Malaysian government. It was just too much to handle’ according to a report in the Star paper. With the fire sale, what would be left of the 1MDB would be just a skeleton with everything stripped off. Several hundred million ringgits of assets and investments just went pooped and it was all over. Not sure about the reported RM42b debt.

Such big funds are usually managed by a team of professional managers, the lucky people that got to gamble with OPMs with little responsibility and at most losing their jobs. They gamble with other people’s money, not their money, and imagine the kind of opportunities these lucky people have to line their pockets with the payments from all parties, the buyers/sellers of assets and investments, and their employers paying them good salaries plus big bonuses when the gamble was right?

And the good thing is that many of them would not be sacked even if they lost big money as long as no fraud was discovered. They became valuable assets for the expensive training fees paid for their mistakes and wrong bets. They become indispensable for the experience of losing big money.

In the 1MDB case, it was just bad luck that there were Tony Pua and the social media to expose the doubtful and questionable investments made. If all this was hidden, undisclosed, no one would be wiser. The 1MDB could even churn out financial reports after reports to show how profitable were their investments. Who is there to check on the real stuff, who is there to check and confirm that it was really making big losses and all the reports were merely cover ups?

The truth would be revealed in the investigation ordered by Najib. I bet he would assign an independent committee and not cronies to do the investigation. I bet the opposition leaders would demand to be a party to the investigation or to insist on an independent committee, not appointees of the govt. If not, then it would be no different than a kangaroo court with kangaroos doing the investigation.

There is really very big risk in the management of a sovereign fund when the money is OPM and the professional managers are employees who are also human beans and at times would behave like human beans when the temptations are sexy enough. The need for transparency cannot be overstated. Without transparency, no one really knows what is going on.

Malaysia is lucky in this sense, that Najib also believes in transparency and there is real opposition in Parliament to demand transparency. Otherwise, 1MDB would still be happily playing with OPM until the cow comes home and more and more OPM would be injected into the fund for the fun of the management and their patrons.

Tony Pua and his peers could claim one down and more to go.

CPF is an idiot proof retirement scheme

I am inspired, truly inspired, by what the leaders in the PAP Women’s Wing said about putting more money into the CPF for the wives. On first impression it sounded silly, and I thought so too, until I put on my thinking cap and realised how brilliant it is. I cannot blame those people who are so angry with all the things that are happening to the CPF Scheme and their money that is being transformed into not their money in many ways. It is a good lesson to learn. Once you put your money into someone else pocket, you might as well forget it.

Let me explain why the suggestion to put more money into the wives CPF accounts and why I called the CPF Scheme an idiot proof scheme make sense. I am sure all of you understand the meaning of idiot proof. It means it is safe even in the hands of an idiot. So, if one is an idiot, put your money in the CPF is absolutely safe. For there is this very caring and clever govt always there to look after your money and make sure it will be there for the rest of your life and with a lot to spare even after you passed away. In other words, your money cannot finish even after you are finished.

Other than the idiots, people that are prone to gamble away their money, people that are irresponsible with their money, stupid people that could easily be conned of their money, or anyone that does not know how to manage his money, the idiot proof CPF Scheme is the safest. Put your money there and it is guaranteed that the money would always be there, paying good interest rates some more.

And don’t forget about putting more money into the wives accounts too as recommended by the PAP Women’s Wing. The money would also be safe there in the wives’ accounts. But before doing that, remember to ask a few questions or the wives will kill you. Check if your wife is an idiot. Check if your wife is a gambler. Check if your wife is irresponsible or careless with money. Check if you can trust your wife if you give her good money in cash. If all the answers are yes and the last answer is no, then put whatever money you want to give to your wife into the CPF. Then you can feel very safe with the money and your wife not squandering it away.

Now you understand why this idiot proof CPF Scheme is an ideal scheme? Over to you wives.

Japan, who is the real devil?

A recent AFP report had Prince Naruhito chastising Shinzo Abe for trying to whitewash Japan’s crimes against humanity in the Second World War. Today, former PM Maruyama warned Abe for trying to undo all the works of previous PM and discredit them with his revisionist policies and turn them into liars.
 
‘Japan's crown prince has warned of the need to remember World War II "correctly", in a rare foray into an ideological debate as nationalist politicians seek to downplay the country's historic crimes.
 
In an unusual intervention in the discussion, Naruhito's mild-mannered broadside was being interpreted in some circles as a rebuke to Prime Minister Shinzo Abe, a key figure in the right-wing drive to minimise the institutionalised system of wartime sex slavery. They even insulted the Koreans by saying the Korean women were willing to serve the Japanese armies as prostitutes, hundreds of thousands of them.
 
"Today when memories of war are set to fade, I reckon it is important to look back our past with modesty and pass down correctly the miserable experience and the historic path Japan took from the generation who know the war to the generation who don't,"
 
During the war crime trial against Japan after WW2, the Emperor Hirohito, as the Sun God, was shielded from all the blame for Japanese aggression and atrocities against the people and countries they invaded. But everyone was quite sure that the Emperor was the one that gave the order, and the guilty one. The Japanese Imperial Army and the Japanese soldiers were merely soldiers obeying the Emperor’s orders. If any one was to be blamed it must be the Emperor. But due to some horse tradings, the Japanese Emperor was spared the embarrassment and punishment. Not guilty but guilty.
 
Today, we are seeing the Prince, a member of the Imperial Household, feeling remorseful at what Abe was trying to do to rewrite history, to change historical facts and to remilitarise Japan into another military power like its infamous past. And the Imperial Household is the one that is distancing itself from the civilian power that wanted otherwise. Is this the same as during WW2 when the Emperor was not for war but dragged into a war by those holding the real power, PM HidekiTojo and his rightist cabinet and those in the Imperial Army? If what we are seeing is the truth and should Japan ended up in a Third World War, the people to be blamed must be Abe and his right wing govt and not the Imperial Household.
 
What actually happened that led Japan to its aggression against its neighbours? Was the Imperial Household wrongly blamed for the war and the criminals were really the non royalties and rightly executed for war crimes? Is Prince Naruhito trying to say something to redress the wrongs done to his grandfather as the one that issued the order for war when it was the civilians that dragged Japan into WW2 like what Abe is doing today, dragging Japan into a WW3?

Depleting our reserves!

Many jokers are screaming about depleting our national reserves without knowing what cock they were talking about. Do they know how much is in our national reserves, how much is being used for whatever schemes to help the people and how much is being put into the reserves or how much is the reserves growing, and how much is enough? Or are the reserves at such a low level, being depleted by losses that it is in danger of being depleted? As an analogy, if our reserves are $1 trillion, and growing by $20b annually, what is the fuzz if the Govt is taking out $15b to throw at the people? If what is being taken out is less than being put in, how can it be depleting?
 
There are many simple questions that needed to be asked about our reserves. How much is there? Is it growing or depleting? How much is enough? What should the excess be use for? Does anyone know anything about our reserves? Does any joker in Parliament know how much is in our reserves before crying father and crying mother about a few billion being spent? Are they really concern about the big money that belongs to the state and people when they are contented with grappling at this huge grey shadow called reserves but not knowing what exactly it is? President Ong Teng Cheong asked about it, to know how much was there, and only then could he or anyone be making sense in what they are talking about. Tiok boh?
 
Would the Govt of the day make a policy statement on our reserves, how much it is, what is the rate of growth, presuming that it is growing and it should be if the two SWFs and MAS are investing wisely and making profits instead of losses. Would the Govt take a position as to what percentage at what level should be used for the benefits of the people? It doesn’t make sense to have an unlimited number and to keep on accumulating the reserves for the sake of growing the reserves and not benefiting the people?
 
And before another joker scream in fear, until face white white, that our reserves are being depleted please make sure you know what you are talking about. If the amount to be spent is less than the amount being used, it cannot deplete the reserves. If the fund managers of our reserves are making positive contributions with profits from their investments, and with more injections of new funds, the reserves will not be used up by a controlled and limited expenditure for the good of the people.
 
How much is our reserves? Do you know? Don’t be a clown crying wolf whenever someone suggests using some of the reserves or sharing some of the profits from the reserves. It may be time that we grow the reserves at a slower pace with a greater portion of the profits being used to better the life of the people, to let the people enjoy a bit of the combined wealth of the nation.
 
What is wrong with that? You only start to deplete the reserves when you are spending more than you are putting into it? Is the Govt spending more and putting less into the reserves?

CPF is not your money, the drumming starts

NMP Chia Yong Yong’s debutante speech in Parliament is exactly the right kind of speech the Govt is waiting to hear, and must be very pleased with it. CPF money is not the CPF member’s money, or at least not all. Her reason, the employer’s contribution would not be there if the Govt did not legislate it to be there. And the Govt also tops up once in a while. So, the CPF members cannot decide how and when it should take it out and how to spend it. Tiok Boh? See, when the Govt helps you, by topping up your CPF, see what is going to happen to your money? So scary.
 
All the charity organizations in Singapore that I have contributed my $2 to, using the same reasoning, please, the money is not yours and you have no right to do as you please. I want to have a say. All the civil servants and ministers and MPs, your salary is paid by taxpayers’ money and I am a taxpayer, I contributed part of your salary, you cannot anyhow spend your salary without my permission ok?
 
KNN, I am also confused. So, please tell me the money in my CPF account belongs to who? Who has the right to use it, spend it or use it to buy Medishield Life or CPF Life? Oh dear, if the entity that decides how to spend the money must be the owner of the money, then I retract my question. Sorry, take it that I never ask. It just confirms that the money is not my money because I cannot or did not decide or give permission for the CPF to buy CPF Life and Medishield Life Insurance for me. And yes, I also cannot decide when I can take out the money and how much I want to take out for my own use. So, on these grounds it is not my money. Tiok Boh?
 
This is the first time when the ownership of a person’s life time savings is in question, and it seems that the Govt or the CPF has a right to it. Not my money. But why the Govt says it is my money, or at least dare not say it is not my money, or says it is the Govt’s money? Not my money mah!
 
The money in the CPF is like in no man’s land, dunno who is the rightful owner. Got like that meh? While the Parliament is sitting, can the ministers clarify this for once, whose money is it? And if it is the members’ money, what right can the Govt decide how and when it wants to spend it on things the Govt compulsorily made the members to pay for it? Who gives the Govt this right to spend the members’ money on CPF Life and Medishield Life?
 
What do you think? Keep beating the drums that the money does not belong the the CPF members and after sometime the people will get use to it and will convince themselves that the money do not belong to them but to whoever that has the audacity to take it by hook or by crook. A lie when repeated often enough will be taken as the truth.
 
I think a legally trained mind must be cleverer than the ignorant and daft untrained mind. The daft Sinkies must get use to this new interpretation of your money, oops, not your money, but the money in your CPF account, is not entirely yours. Other entities also got a share to it. Maybe the employers can take it back. Maybe the charitable Govt that contributed $200 into it can have a controlling say over it.
 
Tiok Boh? This must be another uniquely daft Sinkie thinking.

Mysingaporenews Collection – Book launch update

Hi everyone,

Let me say thanks to all those who have made their orders for the book, slightly more than 40 copies so far and a very long way to the 300 books target.

I hope everyone can help to spread the words. And it would be good if someone could sponsor the printing cost, or partially, $2,000 should be enough to get the project going.

In the meantime please keep the orders coming. Every book counts.

Thanks again.

Redbean

SMRT breakdowns are becoming routine

5 breakdowns in 9 days! This is going to be better than in 3rd World countries man. And because of the regularity of train breakdowns, everyone is getting use to this new normal and life goes on. No one seems to be feeling the heat anymore. If this is going to be the trend, in 90 days there will be 50 breakdowns, in 365 days there will be 203 breakdowns. Of course this is only statistically speaking or straight line extrapolation. But it would be useful for people who like to use statistics to attack people, in this case SMRT.
 
It will not be the case. 5 breakdowns in 9 days is just one of those once in 50 year incident. The pain is that it must happen at a time when we are trying to celebrate our 50 years of Independence and being a world class city that prides itself that everything works here, with the flip of a switch. This train thing is going to be a little bit embarrassing, and the bad part, it cannot be swept under the carpet. Every time there is a breakdown thousands of commuters will be affected, businesses will be affected, the economy will be affected.
 
I think they are going to appoint a COI to investigate why breakdowns is a daily affair. Or would they be hunting for a foreign talents around the world to take over the train management? Our local talents are looking like not up to it. Maybe they should bring in a team from Mumbai. They have the experience to do the job. They also go MRT, I think.
 
What is the point of writing this? I think we should not blame the SMRT management. This is what you will get when the system is overloaded, over used. The important point which I think people must learn from these breakdowns is that it is a warning sign, it is telling us what to expect when the population hit 6.9m. This is only the tip of the problem. When the population is 6.9m, imagine what would happen to the train services, the public transport system and other supporting services? Can this island take the stress and strains and demands of a 6.9m population when we are starting to break down with 5.4m?
 
What, 10m also can? Everything will be fine with our superb planning skills and our super talents at work. I just have one comment. Please make sure the system will not fall apart like the SMRT now. If this is going to be the new normal, 6.9m would be a daily nightmare.
 
Believe me, trust me. Or you want to believe the super talents? The breakdowns are a peek into the future on how things would be. Be grateful for the early warning signs. Would the govt take heed.

Tharman’s budget – Handouts or welfarism

For once I share the pains of our Ministers and MPs in Parliament for speaking out against the angpow budget pushed out by Tharman. We have resisted 50 years not to turn our country, sorry, not sure if it is still a country, into a welfare state. We have carefully planted in the minds of our people that welfarism is bad. It would lead to a crutch mentality when the people become too dependent on the Govt for handouts and refuse to work, become lazy.
 
This Tharman budget is exactly that, a welfare budget, leaning to the left and like what NMP Chia Yong Yong said, would lead to nothing left in our reserves. How can we empty our reserves and turn this island into a welfare state? This is not sustainable. Where is the money going to come from? The recipients of welfare would lose the drive to work. This is very dangerous.
 
Look at our Ministers and MPs, no welfare or subsidies except their million dollar income and $16,000 allowance and they could live well and never bother to ask for welfare or subsidies. And they are still working so hard, never loosen their work ethics despite the big handouts, oops I mean pay and allowance. See the point?
 
It is not the subsidies or welfare. It is how much they are getting. The solution is simple. Give the people enough like the Ministers and MPs and they would scorn and talk cock about the danger of welfarism. They would go to the street to demonstrate against welfarism and handouts. They would throw out any govt that proposes the easy way of going left.
 
Maybe giving the people millions would not be sustainable. A few ministers getting millions is surely sustainable. How about $16,000 to the MPs or more political appointment holders, more mayors and ministers of states? Sustainable? Where is the money coming from? How come no MPs asking any questions whether these largesses are sustainable? Silver Support Scheme not unsustainable? Maybe $3,000, yes $3,000 is just right. I think if the Govt were to give the people $3,000 each, no need $16,000, they would be so happy and would tell the Govt to do away with all the subsidies and handouts. And they would surely work as hard as the Ministers and MPs. The more entitlements or handouts, the harder they will work. The Ministers and MPs are testimonies to this formula. See how hard they are working despite their high income, not handouts? See, no crutch mentality right?
 
To those who are talking against the handouts or welfare state mentality, I think they are wrong. People work harder with bigger handouts and welfarism. When they are earning millions, working is for fun and they are enjoying every moment of their life, working or talking cock doesn’t matter. The trick therefore is to make the people rich and fat and they would all be happy working and enjoying life. No more needs for subsidies and welfarism.
 
Tiok boh?

Degree course for politician wannabes – Lesson 3

The politician wannabes must be clear of their roles as politicians when they are elected to become lawmakers. They have a very heavy duty and responsibility to sit in Parliament when the Parliament is in session, which happens quite rarely in their terms of office. Unless they are seriously ill, there is no excuse not to be present in Parliament.
 
The meaning of part time MP does not mean they can attend Parliament part time or anytime their want. The part time concept means they could still be working full time but when comes to Parliamentary duties, it must be full time. That is the most important function of an MP other than help the residents with their problems and how to cope with govt policies.
 
The MPs may go around hunting for soiled panties, taking care of stray dogs, kissing babies, taking selfies, etc etc but these are not their primary duties. Get the respective departments and officers to go chasing dogs and hunting soiled panties. Law making, making sure that relevant and effective laws are passed in Parliament, asking relevant questions, not about $20 or $200 issues and neglecting the $2m, $200m or $20b dollar problems. There are many very important matters to be discussed in Parliament that rat catching may be not so so important to the hard working MPs.
 
The simple lesson, get your priorities right. Do the important and the necessary. And know how to pass the buck, point the arrow and let the various departments and agencies do the running and get their jobs done. Part time MPs where got so much time catching rats and chasing soiled panties?
 
And it is not about running Town Councils. Leave that to the professionals, the civil servants who know what they are doing and would do it regardless of political parties in power. The interests of the residents must not be compromised by a system of musical chairs when the team going to run it could have very little professional knowledge or have to start to learn the ropes all over again after every GE. This is simply unsound and not good for the residents.
 
Get the point?

PS. Apologies for repeating an earlier post on lesson 2.Deleted.