Independent Director jailed

This is the first time that an independent director was jailed. In the past they simply resigned and disappeared when trouble was brewing. That was an easy escape route for this profession. Would this jailing of independent directors be a signal that collecting director fees is not going to be a cup of tea and independent directors will now be held accountable and be put in jail if they failed in their duties? I really hope so. Oh some are crying foul, $50k or $60k not enough to risk being jailed! My two big balls! If one is doing his job well, there will not be any jailing and $50k or $60k is a big sum of money. And some even claimed that there is a shortage of independent directors. Really, just because some are sitting in 8 or 10 boards? The fact that people are rushing to grab as many independent directorship as possible is proof that it is a very lucrative job and many people are willing to do it as a full time job. Now part timers are aplenty, hoarding 5 or more directorships and pretending that they are able to cope with the demand of the job and its responsibilities. Let’s be serious, and make this a responsible profession and independent directors be made to work for their keeps. Imagine some could be taking hundreds of thousands and quickly resign the moment they see trouble coming. This is making a mockery of the system and the good money paid. If nobody wants to be independent directors because money not enough and risk too high, just let me know and I will be able to recommend to them qualified professionals who are more than willing to do the job, including your goodself.

From oversupply to undersupply to…

With all the best talents, with all the planning, pre emptive policies and targeted response, the housing market has been swinging like a pendulum, from over supply to under supply and to stop gap measures. Is this how the housing of the people should be managed? Over built and under built seem to be a norm because supply and demand are fickle and unpredictable. This all boils down to the meddling of a public housing policy to house the people to one that turns housing into a commodity for trading and speculation, responding to market forces with different objectives. When the supply of public housing is determined strictly be demand and trying to anticipate demand and not to provide a home for the people, this is what we get. Public housing is not only an economic consideration, it is a political issue and cannot be simply decided based on profitability and market forces. A 10,000 unit over supply is a problem that should not be from the start. Why, how could it happen? But having a situation that there is completely no available stock and to build only when there is a demand and be completed in 3 to 4 years down the road is equally disgusting as a public policy. Heard the latest stop gap measure that raises the income ceiling to $5000 for buying of 3 rm flats. The reason, to prevent these buyers from over stretching themselves and forced into buying more expensive flats that they could not service. What about those who happened to earn more than the commandment that $8000 ceiling is immovable and be forced into buying private properties and overstretching themselves? Is it alright to force those who earn a little more into the crazy private property market to be squeezed by the astronomical prices of private properties? Where is the responsibility to ensure that people should buy within their means and not endanger themselves by over committing? It is individual responsibility to manage their finances. But how can govt policy force people to over commit themselves with an immovable income ceiling that is already obsolete? Can we have another stop gap measure tomorrow to raise the ceiling for 4 rm flat and another one for 5 rm flat next year? Such piece meal changes are manifestation of not thinking through the whole problem and not looking at the big picture. Can someone remove the blinkers please.

The Dance Floor

Two couples dancing away.

Why no interest in Jasmine Revolution?

Peh Shing Huei, ST’s China Bureau Chief interviewed several Chinese and was disappointed that most were just not interested in the call for a Jasmine Revolution in China. In a way a revolution is fun, as long as it is happening in someone else country, and other people’s blood are flowing. Many anglophiles and western biased Chinese analysts would love to have a Jasmine Revolution in China. For the ethnic western journalists, no need to say, for a China in disarray is a good thing. Why would the Chinese want a revolution at this point in time when China is on a roll? China has risen like a phoenix from the ashes. Yes there are problems, but the problems are miniscule given the enormity of the problems when China was a poverty stricken state when being a Chinese was a shame. During those dark days, many Chinese probably wished they were not born and wanted to be Europeans. Some Chinese today still want to be Europeans. But the number is dwindling. There is great pride in China and in being Chinese. China and the Chinese are positioned to upstage the Americans in a matter of time. Why would the Chinese want to kill this golden opportunity, to turn their country upside down, and to be conquered and treated like pariahs by the westerners one more time? No doubt there are still some silly Chinese who had a few hamburgers too many and think that China should succumb to western pressure and be a failed state. They are praying everyday for it to happen. The Chinese in China must not make the same mistake and destroy what their govt has done over the last 40 years. They have done everything right with some exceptions which are more of failings of individuals rather than the govt. Would the Chinese be stupid enough to listen to silly overseas and local Chinese who advocate them to destroy what they have built today? If China would to be messed up today, it will never be able to stand up again for another century. And some of the western minded Chinese will be most happy. And they will call themselves John Smith wherever they go and proudly announce that they don’t understand a word of Chinese. And being Chinese would once again be a shame.

Dictatorship of a political party

A dictator controls everything in a country, the people, resources, finances, power and ideas. A political party can also behave like a dictator, controlling everything in a country. Have we reached such a state? I was reading Tharman’s reply to Low Thia Khiang in Parliament and I came away with the feeling that everything he said was true, right and the best for Singapore. He and his team had thought through everything in detail and came out with the best solution available. ‘There is more than enough for lower and middle income households in the Grow and Share package in this year’s Budget to tide over this period of high inflation.’ Period. Believe it or not, agree with it or not, like it or not, that’s it. That’s the final answer. ‘A retired couple is likely to see their costs of living increase by $400 this year….A three generation middle income household’s living expenditure for the year is estimated to rise by $1,850….’ Undisputed hard numbers and hard truths. And the GST issue… The current system is the best. The other variations, permutations, modifications, are either not effective, bad or too difficult to implement. GST is not regressive taxation. Next please. And despite all the questions and questions, the answers given by Tharman are all the answers that will be given, and that’s it. The party has all the correct and perfect answers and solutions to all problems. Do we need another alternative party or alternative voice? As for the dictatorship of the party, we are not there yet. At least there are some who acknowledged that they did not have the monopoly of ideas. They only have all the answers.