7/20/2012
Dunno what to say
Trying asking anyone about the Ravi Incident in court, ‘What do you think?’
A doctor’s reply, ‘Dunno what to say.’
A psychiatrist, ‘Dunno what to say.’
Go ask a lawyer, also same answer, ‘Dunno what to say.’
Ask a senior politician, the answer, ‘What do you think?’
Ask a junior politician, the answer, ‘Dunno what to say.’
The criminals in the finance and banking system
Betting derivatives and conducting proprietary trading or gambling.
Below are three short paragraphs that could really summarized the shit situation JP Morgan is in as well as many to big to fail bank and sovereign wealth funds. The first is about derivatives and how this monster has grown to a size that could destroy not only the biggest banks but also taking down the global finance and banking system with it.
Simply, ‘A derivative buys you the option (but not obligation) to buy oil in 6 months for today's price/any agreed price, hoping that oil will cost more in future. (I'll bet you it'll cost more in 6 months). Derivative can also be used as insurance, betting that a loan will or won't default before a given date. So its a big betting system, like a Casino, but instead of betting on cards and roulette, you bet on future values and performance of practically anything that holds value. The system is not regulated what-so-ever, and you can buy a derivative on an existing derivative. ….no economist in the world knows exactly how the derivative money flows or how the system works, while derivatives are traded in microseconds by computers, we really don't know what will trigger the crash, or when it will happen, but considering the global financial crisis this system is in for tough….the 9 largest ‘American and European’ banks hold a total of $228.72 trillion in Derivatives - Approximately 3 times the entire world economy. No government in world has money for this bailout.’ These paragraphs are copied from Democracy.info
When banks are indulging in such huge bets, they need to cover their backsides through hedging, betting against a loss position.
‘A JP Morgan trader, Bruno Iksil, has been accumulating a giant bet on U.S. corporate bonds. He used derivatives to do it, and he messed up the bet and lost $2 billion for the bank. He could end up losing $1 billion more if the market doesn't cooperate.’ According to Market Place Easy Street blog.
To add into the mess, banks used to be conservative but could not resist the big money that traders were making. They too want a piece of action for themselves. How else would they be able to make the kind of crazy profits to pay the kind of crazy money to their top management and traders? The big salary must be foot by some operations, and they went for proprietary trading, ie trading themselves with the bank’s or clients’ money. The more they traded, the more hedging they needed and the more derivatives would be written. And they ended up with a mountain of debt, swaps, derivatives and betting slips that they probably did not know what was happening and any small changes in a position could end up in huge losses.
To summarise, fraudulent banking practices were allowed to go on, deregulation allowed the banks and their traders to do as they pleased with the regulators just as blurred as to what was going on. The regulators just lapped it up on whatever information the banks and their traders told them, if they were not in cahoot. When they said everything was in order, under control, the regulators could not be more happy even if it was a big white lie. How could the regulators allow the derivative transactions to balloon to US$228 trillion? Imagine the risk involved and the amount of losses should anything goes wrong? Do they have any clue what is happening? They don’t even have any clue about banks rigging Libors!
And they allowed the presumably smarter banks and traders write bets on anything, and they have not the slightest clue of what they were. And when pushed to allow the banks to trade their own money, even against their clients’ position, the regulators were as good as raising the white flag. Let them do whatever they want, just don’t create a mess, as they were lost in the maze of financial instruments and betting slips. The banks were addicted to gambling as they need to pay their robbers at the top with millions per head and hundreds of millions annually. No amount of loans officers and tellers could make this kind of money to pay these turkeys. Only gambling in derivatives could feed their appetite.
And all it needs is a little trigger and for a bank to surrender when it is no longer able to conceal its losses and cooking of the books, everything is going to come down very quickly. All the façade of well ran, well managed sophisticated systems and instruments by the best brains from Harvard and other Ivy League universities was only a great deception with each rogue bank or trader trying to disguise their excesses for as long as they could, and to demand as high a compensation package, plus an equally atrocious severance package. These turkeys cannot lose. Only the clients of the banks and the general taxpayers that would eventually have to foot the bill.
Below are three short paragraphs that could really summarized the shit situation JP Morgan is in as well as many to big to fail bank and sovereign wealth funds. The first is about derivatives and how this monster has grown to a size that could destroy not only the biggest banks but also taking down the global finance and banking system with it.
Simply, ‘A derivative buys you the option (but not obligation) to buy oil in 6 months for today's price/any agreed price, hoping that oil will cost more in future. (I'll bet you it'll cost more in 6 months). Derivative can also be used as insurance, betting that a loan will or won't default before a given date. So its a big betting system, like a Casino, but instead of betting on cards and roulette, you bet on future values and performance of practically anything that holds value. The system is not regulated what-so-ever, and you can buy a derivative on an existing derivative. ….no economist in the world knows exactly how the derivative money flows or how the system works, while derivatives are traded in microseconds by computers, we really don't know what will trigger the crash, or when it will happen, but considering the global financial crisis this system is in for tough….the 9 largest ‘American and European’ banks hold a total of $228.72 trillion in Derivatives - Approximately 3 times the entire world economy. No government in world has money for this bailout.’ These paragraphs are copied from Democracy.info
When banks are indulging in such huge bets, they need to cover their backsides through hedging, betting against a loss position.
‘A JP Morgan trader, Bruno Iksil, has been accumulating a giant bet on U.S. corporate bonds. He used derivatives to do it, and he messed up the bet and lost $2 billion for the bank. He could end up losing $1 billion more if the market doesn't cooperate.’ According to Market Place Easy Street blog.
To add into the mess, banks used to be conservative but could not resist the big money that traders were making. They too want a piece of action for themselves. How else would they be able to make the kind of crazy profits to pay the kind of crazy money to their top management and traders? The big salary must be foot by some operations, and they went for proprietary trading, ie trading themselves with the bank’s or clients’ money. The more they traded, the more hedging they needed and the more derivatives would be written. And they ended up with a mountain of debt, swaps, derivatives and betting slips that they probably did not know what was happening and any small changes in a position could end up in huge losses.
To summarise, fraudulent banking practices were allowed to go on, deregulation allowed the banks and their traders to do as they pleased with the regulators just as blurred as to what was going on. The regulators just lapped it up on whatever information the banks and their traders told them, if they were not in cahoot. When they said everything was in order, under control, the regulators could not be more happy even if it was a big white lie. How could the regulators allow the derivative transactions to balloon to US$228 trillion? Imagine the risk involved and the amount of losses should anything goes wrong? Do they have any clue what is happening? They don’t even have any clue about banks rigging Libors!
And they allowed the presumably smarter banks and traders write bets on anything, and they have not the slightest clue of what they were. And when pushed to allow the banks to trade their own money, even against their clients’ position, the regulators were as good as raising the white flag. Let them do whatever they want, just don’t create a mess, as they were lost in the maze of financial instruments and betting slips. The banks were addicted to gambling as they need to pay their robbers at the top with millions per head and hundreds of millions annually. No amount of loans officers and tellers could make this kind of money to pay these turkeys. Only gambling in derivatives could feed their appetite.
And all it needs is a little trigger and for a bank to surrender when it is no longer able to conceal its losses and cooking of the books, everything is going to come down very quickly. All the façade of well ran, well managed sophisticated systems and instruments by the best brains from Harvard and other Ivy League universities was only a great deception with each rogue bank or trader trying to disguise their excesses for as long as they could, and to demand as high a compensation package, plus an equally atrocious severance package. These turkeys cannot lose. Only the clients of the banks and the general taxpayers that would eventually have to foot the bill.
The colonisation of Africa
When the Europeans landed in Africa, they brought their guns and started to rob, loot and kill. They did that to India and Asean countries as well. They enslaved a continent of Africans and hunted down the men and women like animals to be bought and sold as slaves. 20 million Africans were turned into slaves in the US for 200 years under the western colonial slavery practice. They provided free labour and amusement to make the US what it is today. The continent of Africa was owned by the Europeans, including its inhabitants which became subjects of their various empires and all the resources. Subject is a more polite word than slaves.
After robbing and raping the Africans dry, the Africans picked themselves up through nationalistic uprising and independence movements. Today the nations of Africa are independent nations governed by Africans and charting their own future and developments. They traded with countries of the world on equal basis, no more master and slave relationship. No more one sided agreements.
China has been in Africa for the last 60 years, trading on equal terms with them, from the time when China was still a very poor and weak nation to what it is today. The profit of China is being reinvested in the African countries through generous loans. Yesterday, China announced another loan package of US$20b which is twice the amount given in the last three years. 59 African nations are now in China in a trade conference. No slaves were taken. No African country was looted.
Despite the good relations between China and Africa, the western agents and some unthinking Sinkie thick heads have been spreading misinformation about China in Africa. They are spreading the mischievous message that China is recolonising Africa as if the Africans were as weak and daft as their forefathers under western rule. Such disinformation will continue subtlely to undermine the unwary and the unthinking that China is indeed colonizing Africa. They are planting ideas into the heads of daft Sinkies, telling them how and what to think. The western agents have an interest to sabo the Chinese economic activities everywhere. Why would daft Sinkies do the same job for the West? Every trade deal that the African countries signed with China is on a par basis, both parties studying their terms and agreeing to them, unlike in the past when the Europeans went there with a gun pointing at the heads of the African leaders.
What colonizing shit are these provocateurs talking about?
Sons of laundrymen and cooks making it in USA
The Chinks or Chinese were once discriminated, marginalized and oppressed by the racist European Americans in the early years of the American history. They have laws that forbade Chinaman from the more respectable professions and degraded them to just railroad coolies, laundrymen and cooks. And for centuries the westerns have been rubbishing the Chinaman as good for nothing drags of the human race, untalented, no creativity, and plain stupid, through this racist exclusion. The laundryman tag resurfaced recently in a brawl when a racist Brit used it to insult a local Chinese of the same stock as the Chinky laundrymen and cooks.
The discrimination of Chinaman was nationwide and across the western world, and Chinaman was treated as a good for nothing breed by the West. Even the unthinking Africans and Asians look down on the Chinaman till today. They share the same perception painted by the West that Chinaman are useless, brainless, good for nothing, invented nothing, uncouth ruffians and peasants. Only the civilized descendants of the Chinaman in Sinkieland are different, or they thought they are different. They regarded themselves as a different breed, that they are as polished, cultured and sophisticated as the westerners, speaking western tongues.
Today, a Chinaman by the name of Donald Tan, actually an eminent ophthalmologist, a Singaporean, has been appointed as head of the renowned Cornea Society in the USA. This is the kind of recognition that is rare even today. Prof Tan is at the forefront of cornea transplant technology and has developed many procedures and instruments that were used world wide and named after him. Among his contributions are the DALK(Deep Anterior Lamellar Keratoplasty) Tan Scissors and a procedure called Tan Endoglide.
If Donald Tan would have been born in those ugly racist American days, (today many descendents of Chinaman are conducting leading edge research and technologies in the US today), they would probably end up as laundry boys or cooks. And they will be very familiar with laundry tags on the clothes of their European customers.
The world has changed so much and the laundryman and cook tags are starting to fall off. But Chinks are still Chinks. The difference is whether they are PRC Chinks or Sinkie Chinks. No matter what designer suits they put on or what famous pubs or bars they patronized, or what European company they keep, unless they are as good as Professor Donald Tan, behind their backs they would still be called Chinks. It is not funny to read in the blogs that Sinkie Chinks are spitting at PRC Chinks.
7/19/2012
Celebrating Singaporean - Judge Philip Pillai
It is not often that I praise anyone in public or any public officer. The way Judge Philip Pillai conducted himself is highly professional and highly respectable. He knows his job, his rights and what is within his jurisdiction. By upholding the dignity and integrity of his office, he commands great respect from everyone, and I think even his enemies will respect him, for upholding justice and principles.
He has lifted the judiciary a notch higher in the international arena. And everyone in the judiciary and the legal profession, including Singapore as a country, has Judge Pillai to thank for.
Judge Pillai is the epitome of what a civil servant shall strive to become, and be respected in an honorable way. Be truthful and professional in the execution of your duty and responsibility, without fear or favour. This is the only way to command respect and bring a good name to the profession and to oneself and to one's country.
Anyone who compromises his professional integrity will live to regret it later and no amount of money can make it look right again.
He has lifted the judiciary a notch higher in the international arena. And everyone in the judiciary and the legal profession, including Singapore as a country, has Judge Pillai to thank for.
Judge Pillai is the epitome of what a civil servant shall strive to become, and be respected in an honorable way. Be truthful and professional in the execution of your duty and responsibility, without fear or favour. This is the only way to command respect and bring a good name to the profession and to oneself and to one's country.
Anyone who compromises his professional integrity will live to regret it later and no amount of money can make it look right again.
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