In a pow wow session of local banks, most of the CEOs present were foreigners. Even the top local bank is represented by a foreigner who ‘may have just turned citizen.’ Sitting at the discussion panel organized by the Institute of Banking and Finance were ‘Lester Gray, CEO, Asia Pacific, Schroder Investment Management; Loh Boon Chye, managing director, head of corporate and investment bank, Asia Pacific, Deutsche Bank; Piyush Gupta, group CEO, DBS Bank; and Ray Ferguson, regional CEO, Singapore and South East Asia, Standard Chartered Bank.’
The only local sitting in the panel of CEOs was only a MD. A participant asked why there were so few local CEOs and the replied was that the banks were not concerned with nationalities but with experience. So the daft Singaporeans would still need to wait to be experienced. And hopefully someone will give them the experience and the chance to make mistakes. The Sinkie culture is not to take risk and not to try out the locals. On the other hand, foreigners were given all the opportunities to gain experience and make mistakes, even in Singapore.
So, how are Singaporeans going to gain experience and become CEOs when they are not even given the chance to gain experience? By the way things are developing, in the next 30 years or more, the daft Singaporeans will all be waiting to gain experience to become CEOs, even of local banks. And very likely during this period, all the local banks will be headed by foreign CEOs. The only exception is UOB if it is not forced to put a foreign CEO to take over the banking empire that Wee Cho Yaw has built.
Kind of embarrassing isn’t it? Actually it is not embarrassing. It is stupidity of the extreme kind. Our locals better go overseas to try to be CEOs there and hope that those countries are stupid enough, like us, to let them gain experience and make mistakes as CEOs.
I am waiting to see who will be the next foreign CEO to take over UOB.
6/24/2011
Another challenge to PAP’s political dominance
Tony Tan has resigned from the PAP and confirmed his running for the president as an independent candidate just like Tan Cheng Bock. Many people will be wondering how independent does it mean? Is he PAP’s sponsored candidate just like the past elected presidents? Teng Cheong and Nathan did not claim to be independent candidates and were comfortable to be seen as PAP’s choices. Is the announcement that he is an independent candidate puts him at a distance from the PAP and would the people believe this to be so?
It is in the interest of the PAP to have its own sponsored candidate as it had done so in the past. The Elected Presidency, like the GRC, is designed to favour the PAP’s choice of candidate. And it is unlikely that PAP would not run a presidential candidate and give up its stake in the Elected President. In all reasonings, Tony will be seen as the PAP’s candidate unless PAP actually put up another candidate with an official endorsement of support. Without doing so, how many voters would believe that Tony is not PAP’s candidate.
Tony is PAP’s trump card, the strongest card it has played and available to the party. The winning of the presidency by a PAP backed candidate is of paramount importance to the party. It must win as the other candidates have openly stated that they want to be guardians of the reserves, exactly as what the elected president was set up to do. Life will be tough or at least not as easy going should anyone not on the PAP’s side is elected.
How would the people decide who should be their president? Would they choose a president the PAP wanted, or would they choose otherwise? Or would PAP just leave the situation as it is, that Tony is an independent candidate and not say anything in his favour? Given Tony’s standing and stature, it should be a walkover. He has all the good qualities expected of a president. He even looks like a president.
It is not that Cheng Bock or Kin Lian look less like a president. They too look quite good. If one were to place all the cards on the table, Tony definitely has a big edge. The only thing going against him is his closeness with the PAP.
If the people find that a truly independent president, independent from the PAP, is the crux of the matter, and the most important attribute of the president, then all the goodness of Tony may be swept aside. If the people want a president that will stand up to the PAP, then unfortunately, Tony will not be their candidate of choice no matter how many thousand times Tony claimed that he is an independent candidate, ready to do what is expected of him as the President, to protect the country’s reserves.
There is nothing Tony can do to remove himself completely from his past association. You can’t blame anyone for thinking that he is PAP. It would be an uphill task for Tony to persuade the people to think otherwise. He can try of course.
So, what do the people want? A rejection of Tony will be the clearest warning that the PAP has lost all its political capital and on its way out. This is a presidential election to watch, coming so close behind the last GE. The GE was a watershed. The presidential election could be a waterfall. It will see another of PAP’s foundation being knocked down should Cheng Bock or Kin Lian trounce Tony. It will be another attempt by the people to chip on the PAP’s armour of invincibility.
The public consensus that no opposition can bring down the PAP except the PAP itself is becoming a reality. Both Cheng Bock and Kin Lian were PAP. It is the breakaway, the internal rivalry that is coming to the open. It only needs the people to help make it happen.
It is in the interest of the PAP to have its own sponsored candidate as it had done so in the past. The Elected Presidency, like the GRC, is designed to favour the PAP’s choice of candidate. And it is unlikely that PAP would not run a presidential candidate and give up its stake in the Elected President. In all reasonings, Tony will be seen as the PAP’s candidate unless PAP actually put up another candidate with an official endorsement of support. Without doing so, how many voters would believe that Tony is not PAP’s candidate.
Tony is PAP’s trump card, the strongest card it has played and available to the party. The winning of the presidency by a PAP backed candidate is of paramount importance to the party. It must win as the other candidates have openly stated that they want to be guardians of the reserves, exactly as what the elected president was set up to do. Life will be tough or at least not as easy going should anyone not on the PAP’s side is elected.
How would the people decide who should be their president? Would they choose a president the PAP wanted, or would they choose otherwise? Or would PAP just leave the situation as it is, that Tony is an independent candidate and not say anything in his favour? Given Tony’s standing and stature, it should be a walkover. He has all the good qualities expected of a president. He even looks like a president.
It is not that Cheng Bock or Kin Lian look less like a president. They too look quite good. If one were to place all the cards on the table, Tony definitely has a big edge. The only thing going against him is his closeness with the PAP.
If the people find that a truly independent president, independent from the PAP, is the crux of the matter, and the most important attribute of the president, then all the goodness of Tony may be swept aside. If the people want a president that will stand up to the PAP, then unfortunately, Tony will not be their candidate of choice no matter how many thousand times Tony claimed that he is an independent candidate, ready to do what is expected of him as the President, to protect the country’s reserves.
There is nothing Tony can do to remove himself completely from his past association. You can’t blame anyone for thinking that he is PAP. It would be an uphill task for Tony to persuade the people to think otherwise. He can try of course.
So, what do the people want? A rejection of Tony will be the clearest warning that the PAP has lost all its political capital and on its way out. This is a presidential election to watch, coming so close behind the last GE. The GE was a watershed. The presidential election could be a waterfall. It will see another of PAP’s foundation being knocked down should Cheng Bock or Kin Lian trounce Tony. It will be another attempt by the people to chip on the PAP’s armour of invincibility.
The public consensus that no opposition can bring down the PAP except the PAP itself is becoming a reality. Both Cheng Bock and Kin Lian were PAP. It is the breakaway, the internal rivalry that is coming to the open. It only needs the people to help make it happen.
6/23/2011
PAP’s presidential candidate
With the amount of publicity in the main media, it is almost certain that Tony Tan is the likely PAP candidate for the presidential election. So Nathan would likely be stepping down. For those who are looking for a Malay President, the hope is fading away fast.
There should be no issue about Tony’s credential and qualification for the presidency. His only weakness is his PAP badge even if it is taken down. The mood of the people is for a truly independent president, not just because of his great credential and track record. If Tony is defeated, it is not because he is not good enough.
The bigger issue is who to fill his position of Executive Director in GIC. From past experience, no one is good enough, I mean no locals will be good enough. They all lack international exposure and experience. Very likely another yoda will be wheeled to fill the post. If they can’t fill any yoda that is still kicking, maybe the next obvious choice is a foreign talent. And there are plenty of foreign talents available. If need be, just offer the candidate a citizenship badge and call him citizen. That should do the trick to soothe the nationalistic fervour.
Any true blue Singaporean hopefuls eyeing for the job will only be disappointed. We just don’t have that kind of caliber candidates today. Anyone under 60 belongs to a generation of straight As and first class but good on paper only. Maybe good enough to become politicians. The real talent will likely come from a little village somewhere around the world, preferably in a third world country, hungry and willing. Never mind if his primary or secondary or even first degree is not from a branded top notch school. Never mind if there are no straight As. Ability and talent are not written in a straight As report card or first class degree from the Ivy League.
There must be many dark horses waiting to fill Tony’s shoes. Or maybe a white stallion from the US or Europe will also do. Sinkies, forget it. Just my reading after gazing too long at an old crystal ball.
There should be no issue about Tony’s credential and qualification for the presidency. His only weakness is his PAP badge even if it is taken down. The mood of the people is for a truly independent president, not just because of his great credential and track record. If Tony is defeated, it is not because he is not good enough.
The bigger issue is who to fill his position of Executive Director in GIC. From past experience, no one is good enough, I mean no locals will be good enough. They all lack international exposure and experience. Very likely another yoda will be wheeled to fill the post. If they can’t fill any yoda that is still kicking, maybe the next obvious choice is a foreign talent. And there are plenty of foreign talents available. If need be, just offer the candidate a citizenship badge and call him citizen. That should do the trick to soothe the nationalistic fervour.
Any true blue Singaporean hopefuls eyeing for the job will only be disappointed. We just don’t have that kind of caliber candidates today. Anyone under 60 belongs to a generation of straight As and first class but good on paper only. Maybe good enough to become politicians. The real talent will likely come from a little village somewhere around the world, preferably in a third world country, hungry and willing. Never mind if his primary or secondary or even first degree is not from a branded top notch school. Never mind if there are no straight As. Ability and talent are not written in a straight As report card or first class degree from the Ivy League.
There must be many dark horses waiting to fill Tony’s shoes. Or maybe a white stallion from the US or Europe will also do. Sinkies, forget it. Just my reading after gazing too long at an old crystal ball.
6/22/2011
Screw those with entitlement mentality
No one is entitled to anything. There have been many strong remarks chastising young people for wanting to buy bigger flats as if it is an entitlement. If you can’t afford bigger flat, buy smaller flat that is within your means. This is the haughty reply of the successful. The losers, please take note, you only got yourself to blame for not being able to afford bigger and more expensive properties.
Today, young professional couples were told to buy smaller 4rm or 3rm flats with 2 incomes. Their aspiration for a bigger flat was doomed with the high prices in public flats and profiteering of private developers. Compared to their parents, a taxi driver or technician with one income could comfortably buy a 5 rm flat. Some even could afford executive flats. So what went wrong? The quality of housing has gone down. A 3rm mickey mouse flat is for mickey mouse and not for bringing up family.
Don’t even mention about those 500 sq ft shoe boxes. No matter how well furnished, they are good for pets only, not for human beans.
The expectation and aspiration for better housing and bigger housing are not entitlement mentality. Everyone wants to live better, has a decent place to bring up family. And they elect MPs to Parliament, to form govt, to look after their interest and aspiration. If the govt cannot fulfil the needs and aspiration of the people, they can piss off. The people are not going to take no and rubbish for an answer. If a govt cannot deliver and rebuke the people for better and higher expectations in living standards, and rubbish them as entitlement mentality, the people must remember to vote them out in the next GE.
What is entitlement mentality? Entitlement mentality is expecting to be paid several millions a year, even when one has no executive responsibility, no ministry to run, no tangible portfolio and no army of people to manage. This is the kind of entitlement mentality that should be debunked. Entitlement mentality is expecting to be paid as much or more than one’s previous job when they are totally unrelated or irrelevant. What skill does a professionally trained person in medicine, law, science or whatever brought in to the govt other than basic thinking and management skill? Why should one then be entitled to the same kind of remuneration?
If you don’t pay me, then I would not serve. Thank you, good riddance. There are plenty of talents out there who can do equally well in govt and would not have the entitlement mentality of wanting to be paid in millions. Screw those with this kind of entitlement mentality. Don’t vote for them in the next GE.
Today, young professional couples were told to buy smaller 4rm or 3rm flats with 2 incomes. Their aspiration for a bigger flat was doomed with the high prices in public flats and profiteering of private developers. Compared to their parents, a taxi driver or technician with one income could comfortably buy a 5 rm flat. Some even could afford executive flats. So what went wrong? The quality of housing has gone down. A 3rm mickey mouse flat is for mickey mouse and not for bringing up family.
Don’t even mention about those 500 sq ft shoe boxes. No matter how well furnished, they are good for pets only, not for human beans.
The expectation and aspiration for better housing and bigger housing are not entitlement mentality. Everyone wants to live better, has a decent place to bring up family. And they elect MPs to Parliament, to form govt, to look after their interest and aspiration. If the govt cannot fulfil the needs and aspiration of the people, they can piss off. The people are not going to take no and rubbish for an answer. If a govt cannot deliver and rebuke the people for better and higher expectations in living standards, and rubbish them as entitlement mentality, the people must remember to vote them out in the next GE.
What is entitlement mentality? Entitlement mentality is expecting to be paid several millions a year, even when one has no executive responsibility, no ministry to run, no tangible portfolio and no army of people to manage. This is the kind of entitlement mentality that should be debunked. Entitlement mentality is expecting to be paid as much or more than one’s previous job when they are totally unrelated or irrelevant. What skill does a professionally trained person in medicine, law, science or whatever brought in to the govt other than basic thinking and management skill? Why should one then be entitled to the same kind of remuneration?
If you don’t pay me, then I would not serve. Thank you, good riddance. There are plenty of talents out there who can do equally well in govt and would not have the entitlement mentality of wanting to be paid in millions. Screw those with this kind of entitlement mentality. Don’t vote for them in the next GE.
6/21/2011
No letting up in anger
Housing problems continue to drive the angry home buyers up the wall. And the high but affordable prices of the newly launched flats in Tampines only add fuel to the already unhappy young couples. Boon Wan’s explanation that DBSS flats must not be seen as HDB flats was immediately dismissed by the affected people. No one believes or want to believe that DBSS flats are different from HDB as many of the HDB rules and regulations are still applicable to these flats except for the part of the developer.
Boon Wan’s explanation is going to go the road of his $8 open heart surgery. Can anyone blame the people for their anger and cynicism? The writing is on the wall for the govt. They have 5 years to appease the anger of the people and their expectation for a whole range of issues, from housing to foreign talents and the recognition that the citizens must be taken care of first. Haughty talks of telling the people to tighten belt, lower their expectations to fit their pockets are not going to be well received. Failing to address these issues will see the party being dumped into the pages of history.
Make no mistake about it. The previous hard nose and snotty approach to handling the citizens and brow beating them to acquiescence no longer works. No one in the govt has that kind of authority and stature to brush the people aside anymore. Any politician who thinks he can still behave and talk like immortals or gods got to prepare for the backlash that will come swift and fast. Talking cock and trying to pull wools over the eyes of a new people that have woken to their rights and the realization that they must take control of their own future and country will be tough going.
There is a sense of emancipation from years of oppression and intimidation. The political culture and climate are at a cross road, for more freedom of choice and expression or for the hammer to come smashing down and a return to an abrasive and intolerant past.
What would it be like in 2016 depends on the changes that are taking place today, a pro people govt or a govt that decides on what it thinks best, even contrary to the people’s interests and aspirations.
Boon Wan’s explanation is going to go the road of his $8 open heart surgery. Can anyone blame the people for their anger and cynicism? The writing is on the wall for the govt. They have 5 years to appease the anger of the people and their expectation for a whole range of issues, from housing to foreign talents and the recognition that the citizens must be taken care of first. Haughty talks of telling the people to tighten belt, lower their expectations to fit their pockets are not going to be well received. Failing to address these issues will see the party being dumped into the pages of history.
Make no mistake about it. The previous hard nose and snotty approach to handling the citizens and brow beating them to acquiescence no longer works. No one in the govt has that kind of authority and stature to brush the people aside anymore. Any politician who thinks he can still behave and talk like immortals or gods got to prepare for the backlash that will come swift and fast. Talking cock and trying to pull wools over the eyes of a new people that have woken to their rights and the realization that they must take control of their own future and country will be tough going.
There is a sense of emancipation from years of oppression and intimidation. The political culture and climate are at a cross road, for more freedom of choice and expression or for the hammer to come smashing down and a return to an abrasive and intolerant past.
What would it be like in 2016 depends on the changes that are taking place today, a pro people govt or a govt that decides on what it thinks best, even contrary to the people’s interests and aspirations.
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