Thursday, May 13, 2010

Legal action for overcharging of fees

Read this report of a class action in Australia.

My comment
I hope that the banks are fairer in the charges that they levy on customers, and that the regulator will take the lead to get the banks to be reasonable in their charges.

Investigation of US banks by New York AG

Read this article.

My comment.
This investigation has relevance to the investors of the Mini-bond, Pinnacle notes and Jubilee notes. If the banks had acted fraudulently in getting the rating agencies to give a misleading rating, there is the possibility of recovering the loss in US courts.

I respect the AG of New Yrok. At the time that the alleged wrongdoings were happening, people were not aware. When they now know the facts, with the benefit of hindsight, they are willing to take the banks to court and let the court decide if there were any wrongdoing. The banks are likely to agree to some form of settlement and to make some compensation to the parties that were wronged.

I hope that our authority in Singapore will also consider similar action on behalf of the small investors that were hurt by these wrong doings.

Dr. Goh Keng Swee

Dr. Goh Keng Swee has passed away after a long period of illness. He was the architect of Singapore's economic success. He was also the founder of NTUC Income.

Taxi surcharges

Read this letter in the Straits Times Forum

My comment
I agree with the writer that we should simplify our system of taxi charges, and avoid the peak hour and location surcharges. It is better to have a standard flat fare applicable to all taxis. The mileage charge can be higher than the current fares to provide sufficient income for the taxi drivers.

The government can also reduce the charges levied for taxis so that the taxi fares can be lower across the board. If more people take taxis instead of their private cars, it will reduce the pressure on parking space.

Mother Tongue Language

Did the government make these commitments?

My view.
The purpose of education is to teach students to be literate, numerate, able to communicate and have social skills and values. A second language is useful. The approach towards any subject, including the second language, should be flexible and be changed according to future needs.

Why is life a struggle?

Extract from Tommy Wong's book, "Wisdom on How to Live Life"

Tom: I was told that life is a struggle.
Guru: Life is only a struggle because the world operates on the basis of competition rather than cooperation.
Tom: Can you elaborate?
Guru: You see like you and I, if we take a walk on the basis of cooperation, then we’ll walk at a pace that both of us are comfortable with. We can then also enjoy the scenery on the way.
Tom: Enjoy life.
Guru: So who is the winner?
Tom: We’re both winners.
Guru: But if we take the walk on the basis of competition, then we’ll walk as fast as we can. Both of us will find the walk a struggle and there’s no chance to enjoy the scenery.
Tom: Life becomes a struggle.
Guru: So who is the winner?
Tom: There’s no winner, we’re both losers.
Guru: Exactly, in the world of competitions, even winners are actually losers. That’s why the world is full of losers.
Tom: And that includes the rich and powerful?
Guru: And that includes the rich and powerful!

Tommy Wong's book can be ordered online here. The price is cheaper than ordering through Amazon.