Worth a Read - Old Man and his deeds

[aurvandil]

Koh became radioactive that he could not find a job here. He went to Thailand to make a living. WCY was the only one to extend a lifeline to him. The slaughtering of the chicken made it clear to the entire civil service that GCT was not in charge and never will be in charge.

KBS was also deadly against the current free-for-all regime in the financial markets. Under his watch, he helped keep out a lot of shady financial practices which have since become common place in Singapore. For example under his watch, it is unlikely we would have had failures like the Minibond collapse. Compared to KBS, those who came later like HSK are men of straw that helped convert Singapore from a well regulated financial hub to a haven for financial swinders and crooks.

Btw have you wondered as to what is the long term strategic vision the PAP has for Singapore? Over the weekend I shared a truly horrifying vision with a seasoned old political warhorse who has just about seen it all and heard it all. Even he was saddened when I shared with him the mounting empirical evidence of where we are going.

For those not in the loop and want a hint, here's something to ponder: What do you think Singapore is getting in return for intelligence, bases, military support and the odd US$ 5 billion loan? The PAP wouldn't give money to a mother to help save a starving child. Why do you think they are bending over backwards and opening up the piggy bank with our national savings?

 

[freedalas]

Koh became radioactive that he could not find a job here. He went to Thailand to make a living. WCY was the only one to extend a lifeline to him. The slaughtering of the chicken made it clear to the entire civil service that GCT was not in charge and never will be in charge.

When the very first principal private secretary to the PM was appointed donkey years ago, the worlds longest serving cabinet secretary gave him one piece of advice - blood is thicker than water. That PPS never forgot it and eventually became the Head of the Civil Service.

Ps. Koh was at one stage, the prospective son-in-law. The prospective bride was caught flipping properties as revealed in tjhe scandal and now provides homilies and moral lessons via her column.

That's all true including the bit about prospective son-in-law.

KBS has a bunch of very close followers in MAS. When he ended up in UOB after drifting in wilderness for awhile, he pulled these kakis over, not all at one go, but eventually all did. KBS was not made to leave MAS immediately after the HPL case was brought to the open. The Old Fart was more cunning than that. What he did was sometime later, he said the S'pore's financial sector has stagnated, was lacking behind HK and a certain amount of financial buzz was missing in S'pore. He said it's time for a review of MAS's approach in developing the financial sector here. And in order to do that, he put none other than his son LHL who was DPM then into MAS as its Chairman, replacing Dr Hu (who is made to pay for listening to KBS and reporting it to GCT). After LHL got into MAS, it was never tenable for KBS to stay as all policies that were implemented by him were subjected to scrutiny and often, ridicule as well. Hence it would appear to the public that KBS was never asked to leave, he left on his own accord.

What auravandil said his post is also true. When KBS was in charge, he was very strict and never allow in financial products that were deem to complex and risky to S'poreans. But after LHL liberalised the supervision of banks here in the name of turning S'pore into a gloabl financail hub, many financial rules and regulations were lifted or made more lenient, thereby offering less protection for the people. I'm not sure many people know that no one in Malaysia was affected by the mini-bonds saga following Lehman collapse because these complex products were never allowed in Malaysia.

 

[scroobal]

Really sad. Losing Pillay and KBS has allowed things which should not have happened.

KBS was also deadly against the current free-for-all regime in the financial markets. Under his watch, he helped keep out a lot of shady financial practices which have since become common place in Singapore. For example under his watch, it is unlikely we would have had failures like the Minibond collapse. Compared to KBS, those who came later like HSK are men of straw that helped convert Singapore from a well regulated financial hub to a haven for financial swinders and crooks.

Btw have you wondered as to what is the long term strategic vision the PAP has for Singapore? Over the weekend I shared a truly horrifying vision with a seasoned old political warhorse who has just about seen it all and heard it all. Even he was saddened when I shared with him the mounting empirical evidence of where we are going.

For those not in the loop and want a hint, here's something to ponder: What do you think Singapore is getting in return for intelligence, bases, military support and the odd US$ 5 billion loan? The PAP wouldn't give money to a mother to help save a starving child. Why do you think they are bending over backwards and opening up the piggy bank with our national savings?