I always wondered if Clinton had the inside and was taking the mickey out of everyone. He certainly hit the spot with his latest thread. It appears the powers therein have made discreet queries with SGX and MOF on the breakup of SMRT. The trouble is that the free float is about 45% with many institutional and overseas pension funds who naturally prefer utilities which are monopolies holding stake in the company. To compound the matter, the dividends has been high and consistent more because of the monopoly status I suggest. Even if the shareholders were more than adequately compensate in a break-up, the move might damage the attractiveness of the GLCs in the market place. The Govt has always preferred the free market economy and interfering with a listed public company is matter of last resort. If you cannot break-up the company is the removal of the CEO the next best thing. Again SGX and MOF was asked the same. How do you relieve a CEO that has looked after the shareholders interest even though she ignored her customers. The effects are no different to the break-up of the company.Looks like we are looking at a stalemate until the Public Inquiry and even then a few heads may roll but what about the woman notorious for her callous remarks. Looks like we are about to witness if spines and moral fibres are in play or plain missing.
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SMRT BreakUp Quandry
- Thread starter scroobal
- Start date
Just sack her that is all to be done, why quibble over this? It is a public listed company, I am sure, there are talented, capable people out there, that can balance earnings with customer service. They have too many of their people in any organization, go look at the board or directors, how many on that board that have no affliation with the ruling party?. The only thing they are interested now, is to balance their interests. Making money people have limited moral values.
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morals? they'd ask how much does it worth.
Morals are worth nothing unless it can be quantified. SORE eye is a very very low level player. SORE eye has been playing the Ponzi game. Borrowing money from people in the stock market and use that money to return back to others as dividends means nothing. Morals can be quantified this time as public transport is an economic multiplier to the economy. If the economic costing is calculated against the loss generated due to poor public transport from the MRT then, LTA、MOF and MITI can fine SMRT for the national economic loss created by an errant private company. That is the job of a government - to intervene to ensure the economy is moving forward fine. If you wanna play Ponzi to generate numbers, can. Have 1 company overseas and SMRT and that company sell to one another to inflate revenues and play the stock market. Italy and the fake milk empire did that. Of course that is illegal but if you cross borders, legal issues become more complicated. Borrow money and sucker more foreign monies also does great for numbers growing but are in the end meaningless and destructive. Economics is about human social activities. Ponzi games only mean the community is headed for a painful readjustment. What SORE eye can do, anyone with some MBA and finance background from uni can do. It does not generate meaningful value. It creates the potential of leverage. But mind you, leverage means you do not have enough resources or power. Leverage is a double edged sword and deleveraging can occur.EU is case in point.
This tit bit explains the recent turn of events.
If the goat had agreed to be brought quietly to the altar, they would probably have shown some mercy and found her a position somewhere else in the empire.
The goat however decided to loudly whine defiance in a press conference that did not show respect to PM Lee.
Over the years, the MSM has helped build the legend that the goat is an extra ordinary talent.
To justify what is going to be done, there is a need to highlight her various failings. The MSM fired their first salvo yesterday by carrying the Cleopatra pictures prominently. We can expect more of such humilation in the lead up to the COI. When the year end holidays are over and the COI finally meets, we can expect a lot of dirty laundry to be aired. These include cutting corners on maintainence, overloading and how profits were put before the good of the Singapore people.
If she has not resigned by then, our heroes in white can then righteously remove her.
As per NKF, they will then parachute in a saintly looking crony (Gerald Ee again ?) to rehab SMRT.
If the goat had agreed to be brought quietly to the altar, they would probably have shown some mercy and found her a position somewhere else in the empire.
The goat however decided to loudly whine defiance in a press conference that did not show respect to PM Lee.
Over the years, the MSM has helped build the legend that the goat is an extra ordinary talent.
To justify what is going to be done, there is a need to highlight her various failings. The MSM fired their first salvo yesterday by carrying the Cleopatra pictures prominently. We can expect more of such humilation in the lead up to the COI. When the year end holidays are over and the COI finally meets, we can expect a lot of dirty laundry to be aired. These include cutting corners on maintainence, overloading and how profits were put before the good of the Singapore people.
If she has not resigned by then, our heroes in white can then righteously remove her.
As per NKF, they will then parachute in a saintly looking crony (Gerald Ee again ?) to rehab SMRT.
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something about overloading bugs me a lil', isn't there a maximum carrying load for buses, taxis, and the MRT?
i suspect only taxis uncles adhere strictly to that rule whilst the buses & MRT seemed to be overloaded.
i do remember myself stating in the old Delphi that sardines had more dignity, yet this Saw stated that commuters can choose to board the already crowded carriage or not. not forgetting that PTC approved the request to increase their fares despite growing profits reported by SMRT. Sinkies are fucked.
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If the COI does their work properly, they will be able to unearth that SMRT has been using funny numbers in the metric reports to LTA.
During peak rush hour, the train load numbers are at a large deviation from the number of people who swiped their Ezy Link cards. Hopefully someone intelligent on the COI will ask SMRT to reconcile the discrepency.
If I am not wrong, this would also call for re-think of the rail management strategy under the radar of LTA.
From the beginning, they allow SMRT to run all the rail, then they break it to SBS & SMRT. And latest thinking, allow for bidding of the rail lines on 30 year tenure with the winning company providing the maintenance and software to run the system & infrastructure / sunk cost investment by LTA.
If we look at the other transport provider - notably SIA, where they have more incentive to improve & toe the line regarding FTA & IATA regulations - they cannot afford to cut corners / make quick shortcuts regarding service / maintenance else they risk having their landing rights stripped or planes inpounded (like Tiger found out recently).
Starkly, the incentive is missing given the local context. The fault also lies with the overly meek PTC who is suppose to regulate the sector - how did they get away with nice report that passengers are increasingly satisfied with service providers every half a year is beyond everyone's comprehension.
Definitely, the governing body (or policing body)needs to be revamped and more policing & stricter KPI needs to be in place. From layman's point of view, the cause of train breakdown (barring any more fresh details being scripted), seems to be preventable via stringent maintenance checks.
You may have a commercially-driven CEO, how about the Chief of Operations / Equipment or the COO equivalent? He is answerable as well in this case.
If Saw is to be spared the noose, then the BOI will then place the COO on the sacrificial plate.
From the beginning, they allow SMRT to run all the rail, then they break it to SBS & SMRT. And latest thinking, allow for bidding of the rail lines on 30 year tenure with the winning company providing the maintenance and software to run the system & infrastructure / sunk cost investment by LTA.
If we look at the other transport provider - notably SIA, where they have more incentive to improve & toe the line regarding FTA & IATA regulations - they cannot afford to cut corners / make quick shortcuts regarding service / maintenance else they risk having their landing rights stripped or planes inpounded (like Tiger found out recently).
Starkly, the incentive is missing given the local context. The fault also lies with the overly meek PTC who is suppose to regulate the sector - how did they get away with nice report that passengers are increasingly satisfied with service providers every half a year is beyond everyone's comprehension.
Definitely, the governing body (or policing body)needs to be revamped and more policing & stricter KPI needs to be in place. From layman's point of view, the cause of train breakdown (barring any more fresh details being scripted), seems to be preventable via stringent maintenance checks.
You may have a commercially-driven CEO, how about the Chief of Operations / Equipment or the COO equivalent? He is answerable as well in this case.
If Saw is to be spared the noose, then the BOI will then place the COO on the sacrificial plate.
For one, I know that the government has interfered with the private sector, for this case, it's whether they choose to and how.
They can always create a new position within SMRT and have Saw PH report to this new appointee. It happened to Tony Davis at Tiger Airways, and he resigned.
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No doubt she has helped rake in more money for shareholders during her tenure, but she was also duly paid for her work. To run a monopoly like SMRT, I believe finding someone who can produce equivalent, if not better, results than her shouldn't be that hard. While waiting to live through the remaining days/months in SMRT, she can only "aiwan" that she will forever be remembered as a screw-up lady who brought SMRT into a shit-hole.
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What is more worrying is after the BOI findings, it's the middle or lower level blue collar workers that got to carry the 'black-pot' and asked to go back to maintain Thomas the Train rails instead.
Afterall, 'members' have their privileges one leh... and not all have to be wearing white all the time. Highly doubtful anyone from the top will get into any shit.... Looking at track records of BOI.
Afterall, 'members' have their privileges one leh... and not all have to be wearing white all the time. Highly doubtful anyone from the top will get into any shit.... Looking at track records of BOI.
According to AR2010, 895million was revenue and maintenance cost was 79.175million or 8.84% of revenues. Let us a very very rough rule of thumb calculation with some rudimentary limits. Singapore 2010 generated a GDP of 303.652 million SGD or per day 831.9 million SGD. Every day, 1.57 million trips occur. SMRT operates for 20 hours a day which averages out to 78,500 ridership per day. So if each rider's economic productive value is set arbitrarily at 10SGD an hour (based on median income of 2400SGD/30/8=10). I feel so bigfuck generous so I do a bigfuck generous lower limit calculation of economic loss for Singapore before for MRT. For 5 hours on Thursday only, the economic loss to Singapore for commuters is 78,500*5*10=11.78million SGD. Let us say teh each affected commuter has an economic multiplier of 3 because his 10SGD dollar time contributes to other businesses like shopkeepers, foodstores factories, potential insurance and property customers.
That would be 35.3million SGD. So for just one, using a very bigfuck discounted calculation, the loss is between 14.9 to 44.6% of the repairs and maintenance expenses. For SMRT, if the average fare is 1.2SGD and considering the free bus ride given, the loss in one day is 1.2SGD*2*78,500*5*10=942,000SGD. SMRT lost 3.6 percent in share value this Monday. So you tell me, what should the fine be? So you tell me, should SMRT increase maintenance by another 10 percent?
That would be 35.3million SGD. So for just one, using a very bigfuck discounted calculation, the loss is between 14.9 to 44.6% of the repairs and maintenance expenses. For SMRT, if the average fare is 1.2SGD and considering the free bus ride given, the loss in one day is 1.2SGD*2*78,500*5*10=942,000SGD. SMRT lost 3.6 percent in share value this Monday. So you tell me, what should the fine be? So you tell me, should SMRT increase maintenance by another 10 percent?
Dear Scroo
If I was a shareholder, I would applaud the break up. For whatever reasons, SMRT as company is losing money on buses and taxis. Call it concentration on core engineering competency etc etc. Sell the taxi and bus business or Delgro in exchange for its MRT ops.
Locke
If I was a shareholder, I would applaud the break up. For whatever reasons, SMRT as company is losing money on buses and taxis. Call it concentration on core engineering competency etc etc. Sell the taxi and bus business or Delgro in exchange for its MRT ops.
Locke
Are we glad that Old Fart is still alive to see all these failures from his own creations all falling apart?
Look like he was forecasting more failures of his creations coming apart one by one in the past 5 years as MM.
Next disaster like a big earthquake will shatter Singapore into pieces which was built on reclaimed lands. All fakes will not survive ....... hehehe
Look like he was forecasting more failures of his creations coming apart one by one in the past 5 years as MM.
Next disaster like a big earthquake will shatter Singapore into pieces which was built on reclaimed lands. All fakes will not survive ....... hehehe
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Thanks bro, great point. Will start a thread based on what you said.
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