In his talk and the answers to questions from the floor, Dr. Boediono (Vice President Designate of Indonesia) said that decisions will be taken for the benefit and welfare of the people.
When asked about the policy on privatisation and the use of natural resources, he said that the key criteria is to improve efficiency and ensure that the outcome will be for the benefit of the ordinary people.
He also said that Indonesia has been transformed into a democratic country and that the recent general election has been completed peacefuly and fairly. The test of democracy is its ability to improve the lives of the people.
Indonesia has gone a long way in improving its governance structure to reflect the will of the people. Watch out for a printed copy of his talk, when it is reported in the mainstream newspapers.
Monday, July 27, 2009
Honesty in Politics
I attended a talk given by Professor Dr. Boediono, Vice President Designate of Indonesia arranged by the Rajaratnam School of International Studies in Singapore.
One Singapore minister asked the question to Dr. Boediono, "What is your experience during the election campaign? How much of your success is due to hard politics and how much do to soft politics?" He used an Indonesian term to describe soft politics, which appealled to human emotions.
Dr. Boediono replied, "I do not know what is hard politics and what is soft politics. I only know what is correct politics, and that is being honest."
I like this answer. It confirms that politics does not have to be manipulating public opinion or the election process. It is possible to be honest and sincere and win over the trust of the people.
One Singapore minister asked the question to Dr. Boediono, "What is your experience during the election campaign? How much of your success is due to hard politics and how much do to soft politics?" He used an Indonesian term to describe soft politics, which appealled to human emotions.
Dr. Boediono replied, "I do not know what is hard politics and what is soft politics. I only know what is correct politics, and that is being honest."
I like this answer. It confirms that politics does not have to be manipulating public opinion or the election process. It is possible to be honest and sincere and win over the trust of the people.
What is the future for this country?
QUOTE:
If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?
GD
Read this letter.
If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?
GD
Read this letter.
Free market - success and failure
The free market works for certain products which are physical, transparent and easy to understand. It has produced better quality products at lower prices.
The free market has failed to work well for many services, such as financial, medical and legal services. The consumers require an expert to advise on these matters. If the experts are allowed to charge any fee and define their own standard, it is likely to lead to exploitation of consumers.
These services need to be regulated to protect the interest of consumers. It also needs a strong consumer association to help the consumers to understand and exercise their rights, and to ensure fair treatment of consumers.
In the past years, these professional services are regulated by the authority and self-regulated by the professional bodies.
The standards of regulation and self-regulation has dropped in recent years during the era of the free market. The authority believed that consumers can take care of themselves and choose the advisers who can serve them best. This view goes against empircal evidence. Many consumers are fleeced by some unscrupulous so-called experts.
The role of government is to govern. It cannot be delegated to the "free market". The government has to ensure honest and fair behaviour for the benefit of society. It has to set the example for businesses and the people to follow. It is time to re-think the role of the free market.
Tan Kin Lian
The free market has failed to work well for many services, such as financial, medical and legal services. The consumers require an expert to advise on these matters. If the experts are allowed to charge any fee and define their own standard, it is likely to lead to exploitation of consumers.
These services need to be regulated to protect the interest of consumers. It also needs a strong consumer association to help the consumers to understand and exercise their rights, and to ensure fair treatment of consumers.
In the past years, these professional services are regulated by the authority and self-regulated by the professional bodies.
The standards of regulation and self-regulation has dropped in recent years during the era of the free market. The authority believed that consumers can take care of themselves and choose the advisers who can serve them best. This view goes against empircal evidence. Many consumers are fleeced by some unscrupulous so-called experts.
The role of government is to govern. It cannot be delegated to the "free market". The government has to ensure honest and fair behaviour for the benefit of society. It has to set the example for businesses and the people to follow. It is time to re-think the role of the free market.
Tan Kin Lian
Reuters: Investors dump brokers to go it alone online
Article.
Quote: "I will never again trust anyone who is commission-driven to manage my portfolio," said Mallah. "If they're not making money off you, they have no use for you."
Quote: "I will never again trust anyone who is commission-driven to manage my portfolio," said Mallah. "If they're not making money off you, they have no use for you."
Lehman victims international/ planning for Sep. 15
Planning for the protests on the Lehman anniversary on Sep. 15 is progressing in Germany. We are actively discussing activities and locations in our forum here: http://lehmanschaden.19.forumer.com/viewtopic.php?t=2170 (all in German, sorry about that...)
We want to stage one or two larger events in Frankfurt (that's the banking center in Germany and that's where Lehman had their offices) and/or Düsseldorf (that's where Citibank Germany is headquartered, they sold 75% of all Lehman bonds to individual investors over here). Other cities may stage small events or vigils on that day, especially for people who cannot/will not travel. Many of the victims are elderly...
I would like to find out which other cities/countries are willing to co-ordinate a joint protest on Sep. 15. The aim is to maximize our joint press coverage and make clear that our fate is a global phenomenon and not just a local/regional aberration. The banks (and Lehman) screwed little people everywhere!!!
Please state which city/country you represent and how many people you could mobilize. Any city/country would do their own planning, we would just co-ordinate stuff like press releases and maybe some big banners.
Please forward this e-mail to anyone you know that represents Lehman victims in other places. As far as I know, we now have the following cities/countries on this distribution list:
- Hong Kong SAR
- Taiwan (?)
- Singapore
- Spain
- Switzerland
- UK
- Germany
I'm looking forward to hearing from you!
LS from Germany
Web: http://www.lehman-zertifikateschaden..biz
Forum: http://forum.lehman-zertifikateschaden.biz
We want to stage one or two larger events in Frankfurt (that's the banking center in Germany and that's where Lehman had their offices) and/or Düsseldorf (that's where Citibank Germany is headquartered, they sold 75% of all Lehman bonds to individual investors over here). Other cities may stage small events or vigils on that day, especially for people who cannot/will not travel. Many of the victims are elderly...
I would like to find out which other cities/countries are willing to co-ordinate a joint protest on Sep. 15. The aim is to maximize our joint press coverage and make clear that our fate is a global phenomenon and not just a local/regional aberration. The banks (and Lehman) screwed little people everywhere!!!
Please state which city/country you represent and how many people you could mobilize. Any city/country would do their own planning, we would just co-ordinate stuff like press releases and maybe some big banners.
Please forward this e-mail to anyone you know that represents Lehman victims in other places. As far as I know, we now have the following cities/countries on this distribution list:
- Hong Kong SAR
- Taiwan (?)
- Singapore
- Spain
- Switzerland
- UK
- Germany
I'm looking forward to hearing from you!
LS from Germany
Web: http://www.lehman-zertifikateschaden..biz
Forum: http://forum.lehman-zertifikateschaden.biz
The Standard:61pc of minibond investors undecided on offer
27 July 2009
Investors who bought Lehman Brothers minibonds appear to be softening their stance on the banks' repurchase scheme.
According to the preliminary results of a survey conducted by the Democratic Party at a meeting yesterday, 61 percent of 431 investors are now undecided on whether or not to accept the banks' scheme, while 27 percent plan to reject the offer and just 11 percent will accept it. Previously the investors were overwhelmingly against accepting the plan.
Some 29,000 investors _ more than 90 percent of Hong Kong minibond investors _ will be refunded about 70 percent of their original investments, financial regulators said last week.
``I will not pursue litigation as I don't want to get entangled with the bank,'' an investor surnamed Lee said at yesterday's meeting.
The political party estimated more than 1,200 minibond investors attended the two sessions it held.
Investors also criticized the Hong Kong Monetary Authority and the Securities and Futures Commission for not making clear the requirements for claiming their money back. ``It's confusing as an HKMA staffer told me on phone I am a professional investor if I've invested HK$8 million,'' an investor surnamed Yu said. ``However, another person from the HKMA said the next day that it depends on whether we have signed documents to describe ourselves as professional investors.''
On concern over the definition of ``professional investors,'' HKMA executive director Raymond Li Ling-cheung said on Saturday that investors with more than HK$8 million in investments will not be classified as ``professional'' as long as they have not signed any documents to say they are professional investors.
``I advised investors not to make their final decision in a hurry as they have 60 days to consider the offer after banks inform them in early August,'' said legislator Kam Nai-wai.
Meanwhile, a representative of a group of Lehman underlying equity- linked notes investors said they hope to meet Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung today and they will hold a meeting themselves on August 2, according to Sing Tao Daily, sister publication of The Standard.
A spokesman for the secretary said yesterday: ``Resources from the two regulators could focus on misselling complaints of other non-minibond structured products.''
Investors who bought Lehman Brothers minibonds appear to be softening their stance on the banks' repurchase scheme.
According to the preliminary results of a survey conducted by the Democratic Party at a meeting yesterday, 61 percent of 431 investors are now undecided on whether or not to accept the banks' scheme, while 27 percent plan to reject the offer and just 11 percent will accept it. Previously the investors were overwhelmingly against accepting the plan.
Some 29,000 investors _ more than 90 percent of Hong Kong minibond investors _ will be refunded about 70 percent of their original investments, financial regulators said last week.
``I will not pursue litigation as I don't want to get entangled with the bank,'' an investor surnamed Lee said at yesterday's meeting.
The political party estimated more than 1,200 minibond investors attended the two sessions it held.
Investors also criticized the Hong Kong Monetary Authority and the Securities and Futures Commission for not making clear the requirements for claiming their money back. ``It's confusing as an HKMA staffer told me on phone I am a professional investor if I've invested HK$8 million,'' an investor surnamed Yu said. ``However, another person from the HKMA said the next day that it depends on whether we have signed documents to describe ourselves as professional investors.''
On concern over the definition of ``professional investors,'' HKMA executive director Raymond Li Ling-cheung said on Saturday that investors with more than HK$8 million in investments will not be classified as ``professional'' as long as they have not signed any documents to say they are professional investors.
``I advised investors not to make their final decision in a hurry as they have 60 days to consider the offer after banks inform them in early August,'' said legislator Kam Nai-wai.
Meanwhile, a representative of a group of Lehman underlying equity- linked notes investors said they hope to meet Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung today and they will hold a meeting themselves on August 2, according to Sing Tao Daily, sister publication of The Standard.
A spokesman for the secretary said yesterday: ``Resources from the two regulators could focus on misselling complaints of other non-minibond structured products.''
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