Banking malpractices

It took so long for the ST editorial to come out with an article to chastise the wrongs of the robbers in the banking and finance industry. While the noose is tightening in the West to rein in the wild and reckless behavior of the bankers and their fraudulent ways, nothing of such nature is happening in Asia. Many Asian countries are still gulping in all the toxic products and practices of the West and think, like one western bankers stationed in Hongkong said, ‘If it is ok for London it must be ok for us.’

How many Asian bankers and govts really scrutinized the faulty and dangerous products and instruments coming out from the west, from derivatives and deregulations to computers plugging into the exchange system and hi speed computer trading, and dare to say no them? Or how many really bother to assess the suitability or the unacceptable risks that these instruments and products will cause to their financial markets?

The regulators of stock exchanges have a basic and fundamental principle to uphold, of providing a level playing field and fair practices for all investors big and small. By allowing the big funds to plug their computers to their exchange system and allowing them to gain advantage in speed and information is a clear violation of this principle. The use of hi speed computers, something that many decent finance experts and lawmakers in the West have acknowledged as cheating, is blindly being accepted by Asian govts and stock market regulators, likely believing the same, that if London and New York allowed it, then it is ok to accept them.

Asians will always be condemned as foolish if they continue in their silly ways to accept all the rubbish and snake oils from the West without questions asked and risk destroying their financial markets and the savings of their investors. It is not only illegal, it is irresponsible and immoral.

Are there any Asian experts or thinking persons in the Asian finance industry, strong and with the conviction to keep their financial system clean, fair, and healthy and not be corrupted by the wild Western ways out there?

The little piece of editorial in today’s ST titled ‘Checking banking malpractices’ is just too little and too flimsy to mean anything. More serious work needs to be done to keep check on the wayward and reckless ways of the western bankers before it is too late.

Hi speed computer trading is so foul, giving big funds and their hi speed computers to much unfair advantage over the innocent small investors that it is unbelieveable for it to get a green light to create havoc in the stock markets of Asia. No one can see anything wrong with hi speed trading? If they are so dumb, so speak to the experts in the West of their concerns and misgivings. No need to work too hard to sweat the small stuff. The amount of work and research done to tell how unacceptable hi speed trading is are all out there for all who wants to know, who needs to know.

We need to bring back the likes of Koh Beng Seng.

New trend in begging

Some data showed that at 9 pm last night the PSI hit 452. Before at 8pm it was 224 and after at 10 pm it was 287. For that one hour the PSI went into very dangerous level. And many people have been storming the pharmacies trying to buy N95 masks but all sold out. What contingency plan to stockpile such masks for emergencies just like this?

If the situation gets worst, and the N95 masks are not available, we could see beggars begging for mask along the streets. Please give me a mask, I am suffocating.

Hazy and dazed

Work up this morning, took a peep at the window. Just as bad if not worst. Turn on the TV for confirmation. PSI 95! Real or not? I like to believe that it was 95, but my eyes were telling me that it could not be. An hour later, walking down the same path towards MBFC from Raffles Place, took a look at the MBS three pillars of strength. They were barely visible unlike yesterday morning. My eyes confirmed that the air quality was worst than yesterday and the PSI yesterday morning was near to 200.

Something was not right, must be my eyes, watery and starting to hurt. The machine reading the PSI could not be wrong. But I still chose to believe my eyes and the pain and discomfort in them.

When I stepped into the office there was an uproar. What 97? Bullshit. It was worst than yesterday. And this was what everyone commented. No one believed that the PSI had suddenly dropped below 100.

What is the point of having a national reading that no one wants to believe in? And how could anyone believe in something when they could see, feel and smell the air and know that the situation is getting worst or not better?

Recalibrate the machine or go for an eye check?

PSI above 400 is life threatening

‘PSI levels above 400 may be life-threatening to ill and elderly persons. Healthy people may experience adverse symptoms that affect normal activity.’

The quality of our air hit 371 on the PSI scale on Thursday. This is 29 points short of 400. According to the PSI definition, above 400 is life threatening. How threatening is this? Is it more serious than the dengue situation at the moment? Is it more serious than during the SARS crisis? What kind of adverse symptoms will hit the people?

What are the measures or plans that will be rolled out by the govt when 400 is reached? There were reports that more measures will be taken when the haze condition worsen. So when and what will be the measures that the people can expect? Would there be hospitals with special setups to take care of those having respiratory problems or other problems caused by the haze? Would there be field camps set up for the sick that are overflowing from the hospitals or are deemed dying?

How serious is a PSI of above 400 and what will the situation be like? Would all economic and social activities be halted and everyone be told to stay indoors? Would people be falling down along the roads?

Could the govt or the main media with their experts enlighten or educate the ignorant masses on how critical the situation will be like and what can the people do to protect themselves? We have fire drills, bomb drills, would there be a deadly haze drill?

When will it hit a crisis state or a national emergency be declared?

Do we need foreigners to win medals?

The Singapore Athletic Association SAA has brought back Chinese sports woman Du Xianhui to don Singapore colours to win medals for Singapore. The shot putter is definitely a medal hopeful and will keep Singapore flag flying. The question is whether this is the way to go, spending public money on foreigners to win medals and glory for Singapore. Are we so desperate to win medals to the extent of buying athletes and sports people to do that for us? Should we not use the money to develop and train our own citizens to mount the winner’s rostrum?

Are the money well spent? Are the glories well earned, something that we can be proud of? When would Singapore grow up from this third world mentality of winning glories in sports to claim honours for the country, that we are also good in sports? So what if our own athletes cannot win medals if they are not good enough. So what if these foreigners win medals for us?

Where is the achievement? What is so great about such medals? Why spent such money when money can be put to better use for the betterment of our own citizens? How much is the total spent annually on foreigners to win medals? Would it not be more meaningful to pay for coaches and trainers to train our citizens instead? The way we are going, we are going to be dependent on foreigners forever, as this is a sure short cut for medals.

Are we so hard up for medals?