‘Serving NS in non combat positions just as taxing.’ By Leong Kai Yan.
This is an article in the ST forum today by a Kaiyan Leong. I didn’t know that Kaiyan is a western word like Tom or Jerry to be placed in front of a Chinese surname, or is this the right way to write Chinese name? I am getting out of touch with the new generation. Anyway, a better version will be ‘Serving NS in non combat positions just as dangerous.’ Ok, this is my version.
How so, sitting in the comfort of aircond offices can be dangerous meh? Why not? He can be electrocuted when typing on the keyboard. Or he could trip over a carpet or a slippery office floor and hit his head against a sharp corner of a furniture.
Or the secretary may pour a cup of hot kopi on his face by accident and burn his whole face. What about a ceiling fan dropping down and chop off his head?
Mine, non combat positions are terrifying and truly dangerous. A jeep or tank can overturn. So can a car on the road. Both equally dangerous. A hand grenade exploding? What about the danger of a letter exploding when opened?
I concede that non combat positions are equally dangerous, and taxing too. No wonder not many PES A NSman were allowed to be in non combat positions. Oops, there are some exceptions to the rule.
9/06/2011
The indictment of a prime minister
Iceland has taken an unprecedented step to indict its Prime Minister, Geir Haarde, for being the cause of its financial collapse. The charges were ‘intent or gross neglect, mostly violations against the laws of ministerial responsibility.’ According to another law maker, Ath Gislason, Haarde’s great sin was omission. He did nothing and allowed the world financial crisis to hit Iceland to ground zero.
Some law makers were kinder and put the blame squarely on his predecessor, David Oddson. Oddson did something very familiar to countries that are suckers to the flawed American financial system, by allowing the privatization of banks and ‘liberalized banking laws, paying the way for a brief period of prosperity and the bank’s risky and ultimately self destructive behavior.’
What happened in Iceland is a common phenomenon in many western countries, a brief period of ecstasy before doomsday comes. The stock markets too got a small lift, but the collapse is just around the corner. With liberalization, it is like giving a licence to kill to the bankers and big fund operators.
It is so lucky that we have no reason to indict any politician here. They have all done well in their ministries and everything is just fine. Some thought there were a few cases that deserved to be indicted. Some thought the time is not ripe. The financial system and the stock exchange, and the nation’s reserves, are still kicking and looking healthy, just like the housing bubble. Let’s hope that they stay that way and there is no need to indict anyone as the consequences of a bad judgment and decision can be fatally destructive and beyond redemption.
Some law makers were kinder and put the blame squarely on his predecessor, David Oddson. Oddson did something very familiar to countries that are suckers to the flawed American financial system, by allowing the privatization of banks and ‘liberalized banking laws, paying the way for a brief period of prosperity and the bank’s risky and ultimately self destructive behavior.’
What happened in Iceland is a common phenomenon in many western countries, a brief period of ecstasy before doomsday comes. The stock markets too got a small lift, but the collapse is just around the corner. With liberalization, it is like giving a licence to kill to the bankers and big fund operators.
It is so lucky that we have no reason to indict any politician here. They have all done well in their ministries and everything is just fine. Some thought there were a few cases that deserved to be indicted. Some thought the time is not ripe. The financial system and the stock exchange, and the nation’s reserves, are still kicking and looking healthy, just like the housing bubble. Let’s hope that they stay that way and there is no need to indict anyone as the consequences of a bad judgment and decision can be fatally destructive and beyond redemption.
When would stock exchanges be sued?
When the Lehman bonds and High Notes turned out to be lemons, many investors suffered huge losses across the world. There were compensations and pay back to some investors, notably the ignorant and less well educated uncles and aunties.
The well heeled and branded investors, known simply as sophisticated investors, were not so lucky. Even the sellers of the toxic notes were spared except some low level clever sales people who were found to have fouled only because they sold to the ignoramous. If the clever sales people targeted the intelligent and sophiscated investors, it was caveat emptor. No trouble at all. Under the same logic, they could even sell poison.
The bottom line is that the notes were dangerous but intelligent investors should know the risks involved. They were dangerous but not poison. They were not snake oil but high risks financial instruments.
The financial institutions were taken to task not because of faulty products but not telling enough of the risks. No one really was found guilty of any crime except some low level sales people, also not for crime but maybe a bit negligent.
Last week the American govt took up a suit against more than a dozen financial institutions for selling flawed products during the housing crisis. What this means is that someone and some institutions could be found guilty. The names of those senior people instrumental in the packaging of the toxic products have been compiled and awaiting prosecution. This is a serious development as the products were never seen to be at fault.
What if the banks and financial institutions were found guilty of selling snake oil or fraudulent products, or guilty of fraudulent practices? Would the banks and financial institutions here also be found guilty for selling snake oil as well? At the moment everyone is walking around with a hallow on his head, like angels. Water under the bridge, no point digging out shit to get people to court.
The seriousness of the American govt suit against the financial institutions and the legal implications can be widespread, depending on the findings. If fraud can be established, many heads will roll. Those heads over here may have to face the music as well.
An interesting article in the ST yesterday titled America’s great bank robbery by Nassim Nicholas Taleb and Mark Spitznagel is worth reading. It discussed the elaborate schemes of bankers and fund managers in transferring their client’s wealth into their own personal accounts. This kind of day light robbery is not confined to the US but affected all the financial systems modelled after them. The same players, the same systems and the same copycats, all lining their pockets with quick easy money.
Would the stock exchanges be next to be sued?
The well heeled and branded investors, known simply as sophisticated investors, were not so lucky. Even the sellers of the toxic notes were spared except some low level clever sales people who were found to have fouled only because they sold to the ignoramous. If the clever sales people targeted the intelligent and sophiscated investors, it was caveat emptor. No trouble at all. Under the same logic, they could even sell poison.
The bottom line is that the notes were dangerous but intelligent investors should know the risks involved. They were dangerous but not poison. They were not snake oil but high risks financial instruments.
The financial institutions were taken to task not because of faulty products but not telling enough of the risks. No one really was found guilty of any crime except some low level sales people, also not for crime but maybe a bit negligent.
Last week the American govt took up a suit against more than a dozen financial institutions for selling flawed products during the housing crisis. What this means is that someone and some institutions could be found guilty. The names of those senior people instrumental in the packaging of the toxic products have been compiled and awaiting prosecution. This is a serious development as the products were never seen to be at fault.
What if the banks and financial institutions were found guilty of selling snake oil or fraudulent products, or guilty of fraudulent practices? Would the banks and financial institutions here also be found guilty for selling snake oil as well? At the moment everyone is walking around with a hallow on his head, like angels. Water under the bridge, no point digging out shit to get people to court.
The seriousness of the American govt suit against the financial institutions and the legal implications can be widespread, depending on the findings. If fraud can be established, many heads will roll. Those heads over here may have to face the music as well.
An interesting article in the ST yesterday titled America’s great bank robbery by Nassim Nicholas Taleb and Mark Spitznagel is worth reading. It discussed the elaborate schemes of bankers and fund managers in transferring their client’s wealth into their own personal accounts. This kind of day light robbery is not confined to the US but affected all the financial systems modelled after them. The same players, the same systems and the same copycats, all lining their pockets with quick easy money.
Would the stock exchanges be next to be sued?
9/05/2011
A simmering dissent brewing
Over the weekend I read a forum letter in the ST expressing aloud the fear that there will be no minority president in the future. Today I read that the Tamil language on the sign boards of a hospital was removed and only English and Chinese were left. The fear on the president issue is the need for a popularly elected President and statistically it is biased in favour of the majority. The minority races would be disadvantaged.
The reason given for removing Tamil from the signboards was that the customer profile in Khoo Teck Puat hospital does not necessitate the use of Tamil language. The excuse is lame for sure.
Taken simply, the problems will only be solved if the proportion of minority races increases to a point where all are more or less equal. This, I think, shall not take too long and it is only a matter of time when all the 4 racial groups will form about 25% each of the whole population. And we will have our enlightened immigration policies to thanks for.
Don’t worry, everything will be fine. Govt policies are well thought out by the finest talents in the island.
The reason given for removing Tamil from the signboards was that the customer profile in Khoo Teck Puat hospital does not necessitate the use of Tamil language. The excuse is lame for sure.
Taken simply, the problems will only be solved if the proportion of minority races increases to a point where all are more or less equal. This, I think, shall not take too long and it is only a matter of time when all the 4 racial groups will form about 25% each of the whole population. And we will have our enlightened immigration policies to thanks for.
Don’t worry, everything will be fine. Govt policies are well thought out by the finest talents in the island.
Ministerial Salary Review
Read in the papers that the findings and recommendations of the Ministerial Salary Review Committee will be out by the end of the year. And they have received many feedbacks and will take them into consideration.
I just have one point to add on the new salary. It must be absolutely transparent and with little room for too much variations. If there is any provision for bonuses, rightly there should not be, it must be minimal, at most a 13th month.
The last thing I want to see happen is for a small fixed salary and a huge variable that can be paid as bonuses or whatever, like 24 or 48 months more. The tenure of office of an elected govt is 5 years and nothing more. The salary shall be fixed for 5 years and anyone taking office shall know exactly what to expect.
The practice of a fixed salary plus bonus plus bonus shall be done away with. Allowances shall be specified as well. The basic position is that there must be no room for doubts, suspicions and imaginations.
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