Time for minority shareholders to demand justice and accountability

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

Running in the big league

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

A little remembrance and a little gratitude

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

We have misunderstood Lui Tuck Yew.

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

The Shahibs have landed

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