Bankers Fleeing Europe Crisis Head to Singapore

The Europeans have started to take them down, one by one. The crooks and robbers in high places, wearing designer suits and an air of superiority, in the financial industry of the west, will hit the dust as their ill doings are being exposed. More will see their light being snuffed out as the financial industry with its unregulated mischievious products and practices revealed themselves as purely toxic and worthless waste. After wrecking the world economy in the late 1990s, nothing seems to change as they continue to revive and indulge in their old ways, and aggrandizing themselves with more dirty money from their ‘sophisticated’ but daft high net worth clients.

As the curtain is coming down, many are scrambling to the ignorant and naïve Asian countries that would open their doors and arms to embrace these financial rogues and their scam practices thinking that they were the god sent angels to boost up their financial systems and profits. If only they think a little and ask if these were really so talented, if their practices were so supreme, they would not be running away from the western paradise. And the top crooks and robbers would not be taken down, the big banks and financial institutions would not be in ruins.

But never mind, the Asians are always willing suckers to the west. Below is a compressed post on the great talents and their exodus to Asia. Sinkieland will be waiting in glee for these great talents. The first financial centre in Asia that will be in ruins will be Sinkieland if it blindly allowed all the rogues and their rotten products and systems into the island. Just watch the stock market and the signs of its demise.

Posted By: Rajeshni Naidu-Ghelani
Assistant Producer, CNBC

29 Jun 2012

A 37-year-old Paris-based French investment banker, who’s worked in London and New York, has been looking for a job in one of Asia's financial hubs, Singapore, for the past six months.

A director at an asset management firm owned by one of France’s big banks, she asked to stay anonymous, but told CNBC that even her husband, a portfolio manager, was on the lookout for work in Singapore. She added that they would move to the city-state with their two children as soon as one of them lands a job….

The French investment banker is one among a growing number of bankers looking to leave Europe as deteriorating economic conditions together with tougher regulations have slowed business and led to job cuts…. “It’s very, very slow here [in Europe]. On top of that, there are a lot of regulations adding up on each other, so it makes things a bit difficult,” she said.

Several global recruitment firms have told CNBC they’ve seen a significant increase recently in the number of European bankers wanting to relocate to the Southeast Asian city-state….The slowness in European and U.S. markets is also leading to more Asian-born bankers returning home to work, according to Norton….Malaysian-born Wai Keng Kwok, 33, is one Asian-born banker looking to make a fresh start in Singapore. Kwok moved to the island-nation in February,

after working for Morgan Stanley in New York for five years, to take up the role of chief operating officer at a local hedge fund started by a friend.

Another white mice story

58 year old taxi driver got punched by 47 year old airline pilot twice his size. Taxi driver’s story, airline pilot ‘walked towards him in an aggressive manner and accused him of being a gangster…then punched him and his dentures fell out of his mouth.’ Airline pilot claimed taxi driver who was in a coffee shop, drunk, lost balance, hit his cheek on the shoulder of a friend seated in the same table.

It was reported that there was bad blood between the two neighbours over the taxi driver burning joss sticks outside his door. The pilot was fined $1000. Obviously the judge did not believe that the taxi driver was drunk and lost his balance.

Is this a case of a foreign talent or new talent unable to integrate to the local way of life and incensed by the incense being burnt by his neighbour? The little 58 year old man was easy meat to this burly pilot to take on. One is so small and so old, the older so big and so young.

Anyway, the taxi driver should know his station in life and should not have antagonized the airline pilot. He should burn the joss sticks when the pilot is not at home. Then there will be no problem and he would not have got drunk, fell and his dentures fell out of his mouth.

Learning to eat shit blindly

One of the most outstanding characteristics of Sinkieland is learning to eat American shit without thinking. When they said big is good, we went ahead blindly to force merge our local banks into three, with the intent to probably end up with only two, only for the Americans to curse the too big to fail syndrome. The financial crisis brought not only the too big to fail banks to their knees, it also meant that the poor tax payers would have to pay for the crooked ways of the big bank robbers.

Then we went in blindly to sell toxic notes and bonds without knowing that they were more than snake oil, but poison. And the blame was on the ignorant and innocent investors for not doing their homework. Wonder if NTUC sold some poisoned foodstuff and the blame would be put to the people or the AVA?

And the bigger Lehman bond is going to blow in the face of all investors and the finance industry when the stock market goes into a limp when the Viagra used to boost trading activities turns out to be fake, Made in USA. Many investors have lost a fortune and many people in the industry will be losing their jobs and their ability to service the big home mortgages.

The latest, the auntie pattern army uniforms, was copied from the Americans. Whatever the Americans do, we copied. Now, even before every soldier is issued with the uniforms, the US realized their stupidity and is abandoning the pixelised uniforms for a more relevant pattern, which is another farce really. It is not very much different from the one that was replaced earlier. The victims will be the taxpayers for the billions of dollars spent to switch and switch. But that can be expected from the Americans as it is big business interests involved.

Now we will end up with this stupidity and trying to justify that it is the right thing. To me it looks sissy, and nothing like the jungle. It may fit into the wet market or the new botanic garden. And changing it will cost another bomb and another big logistic nightmare.

Failed spamming attacks

I have received reports that my site has been under heavy spamming attacks recently, apparently from 'foreign sources'. I did not know why the foreigners would be so interested to attack a little Sinkie blog so persistently, or is there any reason for them to do so.

Anyway, the attacks failed miserably and all their effort was wasted as none of the spams came through except for one one two occasionally.

Bloggers have a very effective screening process to keep these pests out of their system.

I shall say try harder. They need to be better or need to pay for more talented spammers to do damage to bloggers' firewall.

My two ups to them.

Same challenges different responses

Leong Chun Ying has taken over as the new head of Hongkong. His maiden speech was about tackling the immediate challenges facing the island, high property prices, high income gap and social harmony. These are exactly the same problems that Sinkies are facing. And the Today paper has frontpaged the thoughts of Chan Chun Sing on the same issues yesterday.

The problems are recognized but how the govt is dealing with them can be filtered from Chan Chun Sing’s comments. Taking care of the low income and making sure they have enough to get by is relatively an easier issue to resolve. Raising productivity and increasing social transfers to ensure a basic standard of living for low wage earners will do the trick, and they will have enough to buy milk powder and other basic necessities. It is the aspirations of the highly educated Sinkies that are difficult to deal with. To the latter, it is how much more to have, I think, that is worrying. They need to own assets worth several millions before they are satisfied. For the lower income, they have little or no aspirations. Really?

Let me summarise, helping the rich getting richer is difficult, ie, no answers. Helping the poor with their basic needs is easy. Just make sure they have enough to eat and money to buy milk powder. They will survive. Some are doing very well with $2000 a month income. Why should those earning $5000 be complaining? So $2000 should be enough, afterall $1000 can already buy HDB flats. $2000 must be a luxury.

Now I understand why the income gap will not be narrowed. It is relative and matter of perception and lifestyle. Many can live on $2000. So what is the problem? In Hongkong, Leong is going to listen seriously to the voices and complaints of the people. Here, the income gap can simply be explained away as part of progress and nothing can be done. So is housing prices. Now what is the Hongkie govt going to do to narrow the income gap and high property prices? I don’t think they are going to say the same thing, or the problem is too difficult to resolve.

I think the Hongkie govt will have serious problems trying to solve these if the super talents here could not. The Hongkies did not claim to be super talents and are not drawing super talented pay and can be excused for being not so clever.