MAS and SGX propose measures to strengthen the securities market

‘The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) today released a joint consultation paper setting out proposals to strengthen the securities market in Singapore.
 
The proposals follow an extensive review by MAS and SGX of the securities market in Singapore. The review concluded that while the securities market remains sound, there were three areas for improvement:
• promoting orderly trading and responsible investing;
• improving the transparency of market intervention measures; and
• strengthening the process for admitting new listings and enforcing against listing rule breaches.’
 
It is timely that MAS and SGX finally find a need to take a look at the health of the stock exchange and are inviting feedbacks on what needs to be done to make the stock market a more resilient and sustainable institution for the long haul. The objectives of this exercise are posted above, copied from SGX.
 
For all intent and purpose, this is a move in the right direction, a sign that things are not doing well and to take a serious look at the problems before it falls apart. On the other hand, this exercise tells another depressing story. The proposed changes and the need to ask the layman public on such serious and technical issues that require the technical knowledge of experts and thinking people in the industry says that MAS and SGX do not know what is wrong with the stock market. It is doing fine, just a little cosmetic changes and it will look pretty again.
 
Or, it may be that they know what is wrong but are turning the other way, not wanting to face the uncomfortable truth and wishing that everything is fine. There is no elephant in the classroom.
 
The public, even the stakeholders, if they are not willing to put on their thinking caps to look seriously into the problems that led to the current pathetic state of the stock broking industry would at best scratch the surface of a systemic problem and would make a few cursory or casual remarks and suggestions and thinking the problems will go away. From my experience, many are still totally ignorant of what is happening and the real causes of the failing market.
 
The stock market is in the critically ill stage and needs immediate resuscitation if it is not to collapse into a coma. And the proposals made by MAS and SGX are not encouraging. It is like a patient dying of syphilis and the doctors are recommending treatments for measles, for acne, and for insect bites. Unless MAS and SGX are serious to want to save the stock market from its certain demise, this exercise would be a waste of effort and time.
 
To be able to come up with effective measures to save the stock market, it is paramount that they know what is wrong with the market. What are the causes that are contributing to a market in distress. If they are chasing after the shadows, what good would come out of it? If they don’t even know what is wrong with the market, what is there to do to right the wrongs?
 
Another very important factor that can make this exercise real, if real solutions and tough measures are to be taken to revive the market, is professional expertise. You need people who know what they are saying, to know what is wrong and what needs to be done, and most of all, have the credentials and authority to tell the SGX that these things must change. Recommendations made by the public, or the stakeholders, could simply be ‘pooh pooh’ away by the SGX for obvious reasons and by the authority vested in them as the incumbent officials. They would flash their badge of professionalism and expertise and simply claimed that they know best and what they are doing are the best, and nothing meaningful will be accepted. Who is in a better position to go against the gods?
 
What can the other stakeholders do when authority and power are vested in the office bearers at SGX to make them change a flawed system?
The MAS should engage foreign experts that have the knowledge and authority to tell the SGX what needs to be done to save the industry. Here we are talking about real talents, people like Paul Volcker and the critics of the NYSE, of how the NYSE has been turned into a scam, a casino instead of a stock exchange. The western model stock markets, including SGX, are no longer stock markets for investment but for pure gambling, not even for speculations.
 
Now who is saying that we should not encourage a gambling mentality in the stock market when the stock market has been redesigned into a casino? There is no elephant in the classroom if one does not want to look at it.
 
This is just my general comments on this exercise. I will submit my views on what is wrong and what needs to change, and I will submit it to MAS and SGX even knowing that it would likely end up in the thrash bin. No one, not even the broking houses, would be in any position to make serious and important changes to the right the wrongs in the stock market if the authority in MAS and SGX do not want to see the wrongs and do not want to make changes to a system they think is doing fine.
 
For real changes to be effected, you need the pros that could speak to the MAS and SGX on equal terms and have the clout and confidence to make them do the right changes against their objections. The govt must spend this money if they do not want to see the worse from happening.
 
The few proposals put up by MAS/SGX would have little impact on the general health of the stock market, and some would actually hasten its demise if implemented. It just shows the level of thinking and understanding of what is happening to the stock market. They are refusing to remove the blinkers and are trapped in an old mindset programmed by the so called experts, to see and say the right things that are really frivolous.

Les Miserables – A Singapore musical

 

The latest talk in town is about the two musicals commissioned to write about the life of LKY in time for the 50 year celebration next year. This has created a buzz unseen and unheard of in the arts scene for a long time. Even the winning of several awards by Anthony Chen with his Ilo Ilo movie pales in comparison. I just feel like dabbling and smoking about this new fuzz, oops, I mean buzz, and Sunday morning is about the best moment for such an intellectual or artistic pursuit or whatever you call it.

No, I don’t think I am up to it to write a musical. It is Greek to me and you need to be very talented individuals to do such a piece of work. Maybe Anthony or Jack Neo can have a go at it. Wait a minute, Jack Neo is Channel 8, so will be out of contention for sure unless the musical is to cater for the Chinese educated audience. That would put Ivan Heng a top contender for such a luminous project for his Channel 5 viewers.

The plots for the two musicals may have already been scripted by now. There must be plenty of plots and sub plots in the life of LKY to interest the audience. His life is the history of modern Singapore. Let’s hope the producers are not going to write about the founding of Singapore like they have done in every National Day or about the multi racial society. Have something new and novel. They are after all a musical and some fictions and dramatisation would be acceptable.

I think a musical in the likes of Les Miserables, Singapore version, on how LKY fought to liberate the people from poverty would be a nice one. We can see him taking to the streets fighting alongside the Hock Lee bus drivers or the port workers and with a finale showing how the lives of the workers have improved and become millionaires. And we can have Fish humming his favourite tune, ‘Do you hear the people sing’, with gusto in the background.

Did I hear ‘No’, I can feel so many people shaking their heads and giving me a dirty look. Why is that so? Ok, ok, let me try another title, ‘Showdown at the Cul de sac’. How about this, LKY taking his opponents one by one and coming out triumphant every time. We can bring in Donnie Yen or Sammo Hung to choreograph the fight scenes. The pinoy pacman would be in awe to see how the opponents were taken down and KO for good, while some simply fled the scene.

What? No good?  Too much violence? I thought violence sells. You people are hard to please. Or you prefer more mushy stuff like how he courted his wife and the never ending romance?

Ok, let me attempt another title, Fist fights in Parliament? This one would have historical values and history students would have a chance to see all the parliamentarians battling out in Parliament House. We can add some pepper and salt by introducing some fictional scenes of brawls and chairs throwing ala Taiwan style. Our celebrity MPs and ministers could also chip in, like Zorro with his whip or sword. Won’t that be dramatic and with a little comical distractions and reliefs?

Oh, the objections for this one is not so violent. Looks like I am getting somewhere. I hope the musicals would not make LKY look too wussy or less macho. Talking about this, I am sure the crying scene would be a must have. How to weave this into the plots? Should be no problem if the time frame goes back to the days of Malaysia. Can even include the singing of Negara Ku since musicals must have a lot of songs.

The possibilities and the amount of material available are so immense that two musicals would not do justice to this great leader. This reminds me of another possible title, ‘Dear Leader’. Ouch! Don’t you people have any sense of humour? Musicals can have many themes, sad, joyous, comedy, satirical, romance, corruption, injustice, oppression, historical or simply a musical with a lot of good music and theme songs. As long as the moral of the musical is good and a good ending. Better still if it can draw out the emotions of the people, with some having their hankies wet from tears, laughing or crying.

I can still hear Fish singing, ‘Do you hear the people sing, singing a song of angry men. It is the music of a people, who would not be slaves again…’ How nice if LKY and Fish could sing this song together in the musical before the curtain falls and sing again for the encore.

Kopi level - Yellow

The flawed concepts and designs of the F35

Anyone who wants a clear understanding on why the F35 is a conceptually flawed and very expensive piece of junk can listen to the opinions of experts aired this clip attached. https://www.youtube.com/watch?feature=player_detailpage&v=mxDSiwqM2nw

Basically it is all about the same concept that someone was pushing a few decades ago, multi tasking and ended with everyone becoming jack of all trades and master of none. The assumption behind this concept is that everyone is a super talent so can be taught to be an expert in many tasks and roles. In reality multi super talent is a rarity.

The F35 is supposed to do everything, close air support for the infantry, carries a lot of payloads/bombs, a good interceptor fighter, and a stealth aircraft. It is like trying to put a Bentley, a Ferrari, a Landrover and maybe a motorcycle into one machine. The result is obvious, and that is what the F35 is all about, rojak.

Not only that, you would expect to have pilots that can perform like a super robocop in the cockpit to operate the aircraft to its maximum capability it was designed for. You need a machine to fly that machine.

Another silly problem is that instead of paying the same money for 10 specialised aircraft that are good in their respective tasks, one will be buying one such compromised aircraft for the price of 10 and can be used in one theatre of operations at a time when 10 aircraft can be deployed in many areas. The presumed saving is that you need to train one super robocop instead of 10 different specialisation pilots.

The flaws of the F35 are infamous and known to all the players in the industry. It is really very funny, maybe not funny anymore, that we are so adamant to buy this aircraft as a must have. All the experts in the world are finding this aircraft a lemon except our experts. They said the difference between a genius and insanity is only a fine thin line.

We shall wait patiently to see if this aircraft is bought to be our top of the range multi purpose multi tasking fighter/bomber/GD aircraft.

Happy viewing the video clip.

Kopi level - Yellow

Tan Cheng Bock - I invite, I disinvite

There are many ways to look at this comedy. I like to call it so and I am going to drum about it. What I am saying is pure drumming as there is no element of truth in it. Just for a little giggle.

Think that this invite could be real, intentional, carefully choreographed. I invite you to this grand party. I know you like to be there as it is the right place to be at this time of the year. Then I disinvite you. This is like telling the guest, see, you could be there. All I need is to send you the invitation. But you must know which side is your bread buttered. Now I am letting you know that you could be there but I decided not to let you be there.

The above of course is based on the assumption that there is no mistake in the invite. But it could be a simple mistake. It could happen in several ways. One way is that the junior executive that sent out the invite was just doing a routine job. Get the list compiled which is an annual exercise and sent it out with the clearance of the immediate boss. They have been doing this every year. It is like second nature.

Then the bigger boss read the list and decided that something is amiss and decided that some must be dropped. And the order came down and someone has to do the job of telling the unpleasant truth of the disinvite.

Or it could be a genuine mistake like the CIA using an outdated map to bomb the Chinese Embassy in Belgrade. It was a genuine mistake that the loser must squeeze his balls and accept the explanation as genuine and it came with a sincere apology.

The stature of Cheng Bock has risen since he came so close to be the President of the country. Many believe that he is the President but somehow was robbed of the post by many funny reasons. And many believe strongly that he would definitely be the President if there is a reelection.

For being such a near miss President, would it not be nice and respectful to invite him to the Istana that could be his, or he could be the host for the party? Would his presence make people feel uneasy and be confused as to which one is the real people’s president?  Thus it is better to do the disinvite to avoid any red faces even knowing that Cheng Bock would not be there to claim that he could be the party host that night.

What do you think?

Medishield Life – No need to pay one, it is free

‘'Mr Gan said that working adults should not need to fork out any extra cash to pay for the new MediShield Life. That is because the Govt intends the individuals to pay the higher premium entirely from his Medisave.

He said that the individual’s annual Medisave contributions should be enough to pay for it.’

The above is everything you want to know about the Medishield Life Scheme. It is everything but nothing but your savings in your Medisave saving accounts, in the minimum sum. No matter how much you have, it will be just enough to feed this scheme. And it will be painless because you don’t see it and don’t feel it. They just quietly drain the money in your Medisave Account for you to pay for this Medishielf Life scheme whether you like it or not, whether you need it or not.

I remember in the past many people used to say, it is free, when they bought HDB flats or stay in the hospitals, all because the payment comes from their CPF savings. I think this will be a better promotional catchphrase, ‘Medishield Life is Free, no need to pay’. No cash needed to be paid up front. Everything will be just on papers, like what is being printed in your CPF statements. There is a lot of money there and there will be a lot of money being transferred compulsorily from your account when Medishield Life is enforced.

And every daft Sinkie can go around happily saying that Medishield Life is so good, or the govt is so good. It is free. No need to pay one.

Our retirement saving scheme in the form of CPF is so unique that despite setting aside so much for our retirement, many will end up without any money left or not enough for retirement. The trick is that the public housing scheme and the impending Medishield Life Insurance scheme will have first charge to draw down from the CPF, all designed to draw as much as they could without drawing blood and causing immediate pain. The way the CPF savings are spent is so ingenious that the daft Sinkies don’t even know what is happening to their savings. Simply brilliant and deserving to be paid in the millions! It does not hurt your pocket, only what is put into your CPF, your life time savings.

So, is it free or not free?