He replied that he wish the money to be donated to FISCA. He is generous. I hope that more Singaporeans can learn to be generous (and not selfish), and to think about the welfare of others.
Thursday, September 3, 2009
A generous donor
One investor donated $500 towards the expenses of the Gathering on 22 August. As the actual expense was quite low, and the total donation exceeded the expenses, I wanted to return back $400 to the donor.
A new society (2) - Distribution of work
We need a fair way to distribute the work among the people in a society, so that every person has the right to work at a suitable occupation for a fair wage, that is sufficient to meet their basic needs.
Based on the size of the population and the output of the essential services and products, it is possible to determine the number of people to be engaged in each occupation. The workers can bid for these jobs. A right quantum of work should be allocated to each person, to ensure a fair distribution of the work.
The rate for each job can be determined by supply and demand, almost like the bidding system. If there are more people willing to do a certain occupation at a specified rate per hour, the rate has to be adjusted downwards to reach a market balance. If there are less people interested, the rate has to be adjusted upwards. This rate can apply for a period of six or twelve months.
Under this system, it may be possible for a doctor to earn (say) $30 an hour and an office worker to earn $10 per hour. This will reflect the market conditions and the training needed for the occupation.
A doctor can earn 3 times of an office worker, but not 30 times or 300 times. Each qualified doctor is confident of being able to earn a certain number of hours of work each day, based on the way that the work has been allocated.
It is possible to introduce fair competition in this system. For example, the consumers know that standard rate for a doctor is $30 an hour. An individual doctor may charge a higher or lower rate than the standard rate, but this has to be disclosed to the patients. The patient can decide whether to go for the standard or the special rate.
The doctor can work more or less than the standard hours, but if there is a fair balance between supply and demand, there is no need for excessive or predatory competition. There is enough work to be shared among the doctors.
The same concept can apply to other occupations.
Tan Kin Lian
Based on the size of the population and the output of the essential services and products, it is possible to determine the number of people to be engaged in each occupation. The workers can bid for these jobs. A right quantum of work should be allocated to each person, to ensure a fair distribution of the work.
The rate for each job can be determined by supply and demand, almost like the bidding system. If there are more people willing to do a certain occupation at a specified rate per hour, the rate has to be adjusted downwards to reach a market balance. If there are less people interested, the rate has to be adjusted upwards. This rate can apply for a period of six or twelve months.
Under this system, it may be possible for a doctor to earn (say) $30 an hour and an office worker to earn $10 per hour. This will reflect the market conditions and the training needed for the occupation.
A doctor can earn 3 times of an office worker, but not 30 times or 300 times. Each qualified doctor is confident of being able to earn a certain number of hours of work each day, based on the way that the work has been allocated.
It is possible to introduce fair competition in this system. For example, the consumers know that standard rate for a doctor is $30 an hour. An individual doctor may charge a higher or lower rate than the standard rate, but this has to be disclosed to the patients. The patient can decide whether to go for the standard or the special rate.
The doctor can work more or less than the standard hours, but if there is a fair balance between supply and demand, there is no need for excessive or predatory competition. There is enough work to be shared among the doctors.
The same concept can apply to other occupations.
Tan Kin Lian
Will the PM or MAS agree to a meeting?
Dear Mr. Tan,
Do you seriously expect the Prime Minister or the MAS to agree to your request for a meeting (on the credit linked notes)?
REPLY
My opinion on this matter is irrelevant. It is more important for the public to know the PM or MAS agree to this request, or just ignore it.
Do you seriously expect the Prime Minister or the MAS to agree to your request for a meeting (on the credit linked notes)?
REPLY
My opinion on this matter is irrelevant. It is more important for the public to know the PM or MAS agree to this request, or just ignore it.
Quote: The worst is not behind us
Quote: Thanks to the radical actions of the G-7 and others, the risk of a total systemic financial meltdown has been reduced. But unfortunately, the worst is not behind us. This will be a painful year. Only very aggressive, coordinated, and effective action by policymakers will ensure that 2010 will not be even worse than 2009 is likely to be.
Nouriel Roubini is professor of economics at New York University’s Stern School of Business.
Nouriel Roubini is professor of economics at New York University’s Stern School of Business.
MAS defends the interest of financial institutions
COMMENT POSTED IN MY BLOG
Now every body understand how bold our MAS in defending the interest of the FIs under the instruction of our top learders.They openly said the HK accross the board method is not acceptable. You think HK people are all stupid and we are smarter? The whole world thinks otherwise.
MAS said FIs are not using legalistic approach. I wonder what approach they are using? MAS is blind or twists the fact that FIs are forcing investors to take action becuse investors have no alterlative. How dirty was these tactics adopted by MAS.
Do you think you will have a fair hearing in FiDREC? Every FI can send 2 legally trained officers as defenders, and the RM, who mis-sell and mis-rpresent the products to us, will stand as witness. You are alone to fight against them.
Do you find the arrangement by FiDREC is rediculous?
The fight is over. The winner--FIs. Score--100 to 0.
Now every body understand how bold our MAS in defending the interest of the FIs under the instruction of our top learders.They openly said the HK accross the board method is not acceptable. You think HK people are all stupid and we are smarter? The whole world thinks otherwise.
MAS said FIs are not using legalistic approach. I wonder what approach they are using? MAS is blind or twists the fact that FIs are forcing investors to take action becuse investors have no alterlative. How dirty was these tactics adopted by MAS.
Do you think you will have a fair hearing in FiDREC? Every FI can send 2 legally trained officers as defenders, and the RM, who mis-sell and mis-rpresent the products to us, will stand as witness. You are alone to fight against them.
Do you find the arrangement by FiDREC is rediculous?
The fight is over. The winner--FIs. Score--100 to 0.
Petition to Prime Minister - Reply by MAS
The Petition, signed by 777 people was sent to the Prime Minister on 26 August. The Prime Minister's office forwarded it to the Monetary Authority of Singapore. Here is the reply (31 August 2009) from Andrew Khoo, Director, Capital Markets of MAS.
The reply is disappointing, as expected. I have asked Andrew Khoo for a meeting for me and a few representatives of the signatories to meet with him. I have also asked the Prime Minister's Office for a similar meeting. I have not received a reply from both parties.
The reply is disappointing, as expected. I have asked Andrew Khoo for a meeting for me and a few representatives of the signatories to meet with him. I have also asked the Prime Minister's Office for a similar meeting. I have not received a reply from both parties.
Tan Kin Lian
Investors of Pinnacle Notes can get news from Lion Investors
Hi Mr Tan
Sometimes, investors just do not know which direction to head, hence i would like to share what i discover after joining FISCA.
FISCA has lead me to articles in www.lioninvestor.com. Under "Pinnacle", there was a "Pinnacle Notes Default". The discussions there is active. Pinnacle Action Group entry on 11 jun 2009 mention a class action.
I do not know if it will be helpful to others who visit your Blog but i was very happy to know i can get some info there.
Sometimes, investors just do not know which direction to head, hence i would like to share what i discover after joining FISCA.
FISCA has lead me to articles in www.lioninvestor.com. Under "Pinnacle", there was a "Pinnacle Notes Default". The discussions there is active. Pinnacle Action Group entry on 11 jun 2009 mention a class action.
I do not know if it will be helpful to others who visit your Blog but i was very happy to know i can get some info there.
Survey: Lehman bonds
Dear Mr Tan
I have been following your commendable efforts to help those stuck with Lehman's Mini bonds et al.
Do you know of people stuck with Lehman Brothers Holdings' bonds and who now have to file proofs of claim?
In early 2008, I bought $250,000 of Lehman Brothers Holdings Inc. 4.20% 5-year Fixed Rate Notes Due 2013 from OCBC who is the Joint Lead Manager and Bookrunners (together with Lehman Bros S'pore Pte Ltd) .
I need help to file the claim by Sept 22 2009 and have contacted OCBC but they apparently are not very sure themselves what is happening.
Do you know of anybody else in the same predicament? Perhaps you could circulate this note to help find out how many others are similarly stuck and how we could get together to organise something for mutual help.
Thank you for your time and assistance.
FOR THOSE WHO ARE STUCK WITH LEHMAN BONDS, PLEASE GIVE YOUR PARTICULARS IN THIS SURVEY.
I have been following your commendable efforts to help those stuck with Lehman's Mini bonds et al.
Do you know of people stuck with Lehman Brothers Holdings' bonds and who now have to file proofs of claim?
In early 2008, I bought $250,000 of Lehman Brothers Holdings Inc. 4.20% 5-year Fixed Rate Notes Due 2013 from OCBC who is the Joint Lead Manager and Bookrunners (together with Lehman Bros S'pore Pte Ltd) .
I need help to file the claim by Sept 22 2009 and have contacted OCBC but they apparently are not very sure themselves what is happening.
Do you know of anybody else in the same predicament? Perhaps you could circulate this note to help find out how many others are similarly stuck and how we could get together to organise something for mutual help.
Thank you for your time and assistance.
FOR THOSE WHO ARE STUCK WITH LEHMAN BONDS, PLEASE GIVE YOUR PARTICULARS IN THIS SURVEY.
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