Big banks can gamble away your money

There were so many excruciatingly painful stories of gamblers gambling away everything and ended in deep trouble, and dragging their families along with them. And both the govt and NGOs are struggling to come up with more rules and regulations to keep the gamblers from trouble. The most notable thing is the self exclusion order, or family members can choose to exclude them with the same order. These are individuals that could do just so much harm to themselves and their loved ones.

What would happen if banks, financial and investment banks were to gamble with high stakes, with the depositor/investor/shareholders’ money? Any mess up means hundreds of thousands of people will be in deep shit. This is exactly the same problem with the ‘too big to fail’ banks in the last financial crisis. The govts had no choice but to rescue them using taxpayers’ money. And hopefully these rascal bankers would have learnt and stay away from high gambling using other people’s money. No, they are back at it, everyone of them.

I am really surprised to read in the BT today what Hsien Loong said about these big time gamblers while in New Zealand. Below are some of his comments:

‘The difficulty is that financial markets have variegated into all kinds of sophisticated activities, products, derivatives, investment activities, trading – and the banks are also in these….But the reality is that the gambling part is intrinsic to the financial system….Noting that central bankers and regulators are under a lot of pressure to split the deposit taking role of banks from the reckless and even morally doubtful part that many argue amounts to gambling with money….These were investment banks, risking their shareholders’ money. But they were all doing similar things, they were all getting sick at the same time and the govt had no choice but to go into it.’

What can I say? And these bankers knowing that the govt cannot do anything about their gambling activities, will go on crazily gambling away with OPM and demanding huge outrageous pay for doing that. And should they lose, they know that the govt will have to bail them out.

What kind of shit are these animals made of? Licensed to gamble and to break banks and destroy the savings of everyone coming into contact with them, having trusted them and putting their money with them? And better still, govts simply dunno what to do with them and cannot control their wild gambling streaks disguised as sophisticated investments!

My goodness, what is happening? No wonder all the banks and SWFs are happily gambling away.

The Tramp’s Corner

With million dollar public flats everywhere, Singapore is a country that literary has no slums. The closest that one can get to resemble a slum is the little corner in Potong Pasir, a void deck with an aged and worn out desk and with a couple of make shift dividers to keep the weather away. This little corner in Block 108 was the make shift office of the elected representative of the people where Chiam See Tong used to meet his residents to assist in their problems.

Comparing to the surrounding, it was quite pathetic really. It was not much better than the desk of Chief Minister David Marshall under the staircase in City Hall in 1959. The colonial govt was too poor to provide the Chief Minister a proper office. It is difficult to understand why the richest country in the world, willing to spend billions on make belief gardens, but could not afford to provide its elected members of Parliament with a proper office space to serve the people. It is puzzling to think that a junior civil servant is found necessary or appropriate to ride around in a top end model bicycle that cost $2000 when a $200 would suffice. And the junior civil servants would also have a decently equipped office with very decent chairs to sit on in an air conditioned environment.

Why are our members of Parliament treated so shabbily? Are they not serving the people, not working for the people? Are they not the law makers of the nation? Are they not the leaders of the country, the elected representatives of the people?

For justice and equality, may I suggest that all members of Parliament be given a proper office with desk and chair in a void deck to conduct their meet the people’s session there? I think any security guard would have a more decent office to work in. Maybe the country cannot afford to pay for such an office. It must have something to do with being financially prudent, not to squander public funds too freely.

How many slums corners are there in the island of millionaires and million dollar flats? Can the govt show some decency and respect to the office of the Members of Parliament? Thank God this little tramp corner is gone and not need to be an eye sore anymore. Are there anymore eye sores in Hougang and Aljunid?

Malaysian hospitality

I literally enjoyed a day of Malaysian hospitality yesterday. That’s the reason why I did not post anything. Woke up at 5.30am to have golf at Horizon Hills. The new maze of flyovers and viaducts still posed a serious problem to unwary drivers. My partner driver has driven in many many times and still can get lost quite easily.

I was aiming for Jalan Tun Razak, that means trying to get back to town instead of heading to KL. We missed a lane and the next familiar turn was Permas Jaya. We took it and fortunately I am quite familiar with that area, made a U turn towards the coastal road along Bukit Serene and was on our way to the Club.

Fine day for golf with bright sunny sun. On the 6^th hole after making a decent drive I was tripped by the tee box marker. Some jokers thought it was a great idea to carve the alphabet H to be unique, HH equal Horizon Hills. Nice. But it was too big and high, and being blue did not stand out from the green grass.

I stumbled, couldn’t control myself and smashed my face against the hard buggy track. There was a 5cm deep cut on my forehead and that was the end of my game. I ended at a nearby hospital, brand new, medium size and with the name of Columbia Hospital. Nice thought, sounding very American in bumi country. Indeed it was an American chain of hospitals.

What surprised me was the staff. All Malaysians, no pinoys, PRCs, Indians or Myanmese. There was a Dr Soh, a senior nurse Ms Lim, a staff nurse by name of Jawady or something like that, another Indian staff nurse and many local female Malays nurses. The uniform was smart and probably by a good designer. And they were first class in their attentiveness, politeness and very professional. And they work very well as a team, very friendly among themselves and to the patients.

There were quite a number of patients but they don’t seem to be queuing for several hours like here. And the number of hospital staff, especially the nurses, was clearly sufficient to do an efficient task.

The hospital is entering its third year and the equipment was brand new and modern. I was taken into the surgery theatre, spanking clean and modern. And that was after all the checks and X-ray, and everything was over in about 3 hours with 14 stitches to close my wounds.

With this kind of service, the club is paying for the bills and I never ask, they will pose a serious alternative to the atrociously expensive hospitals we have here. The service quality is as good and you can feel that they are looking after you with tender care.

The other big surprise, far away from the politicians, is that the people work harmoniously despite all the hype about racism in the country. Get rid of politics and the politicians, the people will not be spending time bickering against each other on stupid political issues. There was not the slightest tension arising from race related staff.

The politicians should stay far far away from the economy and industries and let the people run their own businesses and live their own lives in peace, harmony and prosperity. The only thing they need to do is to make the infrastructure efficient and easy for the people, and make sure the place is crime free.

The Sinkies will have a good alternative in JB and not be robbed in our hospitals.

It is criminal to force our young into huge debt

Do not force our young into acquiring huge debt in the purchase of properties. This is a very wicked thing to do when seemingly responsible people are blowing the trumpet of prudence and not spending beyond one’s means.

Young people, fresh from schools, should be encouraged to save rather than to force them into buying big ticket items that run into several hundred thousands or millions of dollars and hang a big mortgage mill on their necks. They should be saving their first few years of income to act as security, to cushion from upheavals and upsets in the early stage of their lives.

The govt should make it a priority to provide young people the opportunity to buy their first flat, to start life, in a thrifty manner. The outrageous income ceilings on first time buyers of public housing is daylight robbery, forbidding the young people from a little savings and forcing them to spend all their income/savings in their first home.

Only very wicked people would conceive of such a policy and peddle it as good. As it is, public housing is no longer cheap and the ceiling is obnoxiously low and unjustified.

Standardization of pre schools

Standardising pre schools or setting standards for pre schools. Are they joking? Pre schools are play schools, not the proper schools for older children. Are they going to set standards as to how many words a child must acquired in pre schools, how many numbers, how many this and that?

As far as educators are concerned, there are wide and varied views as to what pre schools should be, what is good or bad for the little children. There is still no agreement as to what is best or what should not be done. The thought of setting stands for pre schools could end up with the same problems as proper schools, academic achievements, banding and branding.

Perhaps they are not talking about such standards but the standards of the infrastructure and the teachers. What would probably be important are the quality and professional training of the pre schools teachers and their compensation. Raising the standards of the pre school teachers is important as better trained professionals would be better placed to look after the little tots relative to untrained caregivers that are not more than caretakers with little value add other than feeding and looking after their physical needs and safety.

Good and well trained professionals must be recognized and rewarded accordingly for their level of training and expertise. They have invested time and effort to be more knowledgeable and professional in their very specialized field of childcare that requires them to know and understand a whole new skills set and information.

With quality and trained professionals as the standard, the pre schools should be allowed the freedom to design their own programmes for the toddlers. Some may emphasize play, creativity, relationship, social skills, confidence, cognitive skills, motor skills, etc. Different schools should be allowed to market their own programmes that may be very different from another school. The last thing that pre schools should become is straight jacket curriculum and ended up as factories with a standard mould and producing one type of toys that will respond similarly when the right button is pressed. Variety and free wheeling activities are the keys at this tender age and regimentation or standardization should be frown upon.