The unthinking
embrace of derivatives as the business model for rapid growth to boost the
dying stock market despite all the warning signs of a big derivative bubble
waiting to collapse is not getting noticed by the people that should know how
serious this could be to the banking industry. No one is taking heed and worse,
plunging head long into this time bomb waiting to blow up. When it does, not
only the whole banking and finance industry will be shaken, the whole economy
will be affected and no one will get away unscathed by the ripple effect. It is
like a weapon of mass destruction, to quote Warren Buffet, like the atomic
bombs on Hiroshima and Nagasaki, the dead will be dead, the undead will be
burnt and scarred for life.
The problems
in the banking and finance industry are not limited to playing with fire and
fraudulent products. When it was announced that we don’t have local talents to
fill up the top management positions in the banking and finance industry, no
one understood the seriousness of this development. How could a financial
centre ended up with no financial talents? And the next big blurp, we will need
another 30 years to develop our local talents for such positions. And everyone
regard this statement as normal. What have we been doing all these years as a
financial centre? Lost sheep not knowing what was happening?
And the
frightening thing about these developments is that these are taken so lightly,
as the new normal. No one sees anything wrong with it. No one sees any urgency
about it. How did the local banking and finance industry degenerated to such an
appalling state where there is a dearth of local talents? Wait a minute, this
also means that the banking and finance industry is run and controlled by
foreigners, not Singaporeans. Does this
ring a bell? Does anyone know how serious it is when the country’s banking and
finance industry is in the hands of foreigners? Would they wait for the
foreigners to pull the rug under our feet before they know how precarious this
situation is?
Heng Swee
Kiat has an enormous task to do, to reclaim the banking and finance industry to
be run by Singaporeans, not by foreigners or new citizens. He better consults
Koh Beng Seng and pull out the blue prints of Goh Keng Swee to rebuild our now
non existence banking and finance industry. How can there be a banking and
finance industry if it is controlled by foreigners?
If you take
out the Wee family, take out Wee Ee Cheong, the whole banking industry is in
the hands of foreigners. Is this a brilliant strategy or there is no strategy
at all, no vision, no plans, let things happen, let the foreigners take control
of our country, our banking and finance industry?
What do you
think?