AIA: Damage Control

Working in a bank has certain privileges and one of them including getting access to financial news before the others. I heard about problems with AIG on Monday morning, along with Merill Lynch getting sold to the Bank of America (with Temasek Holdings allegedly making some US$5 a share or so on paper value from that) and Lehman Brothers filing for bankruptcy.

Sadly, while I have such news about the turmoils in the financial market, the shortcoming is that I become completely blind as far as local news is concerned. I didn’t know there was a long queue of concerned policy owners down at AIA branches today even though I am pondering if I should start liquidating some of my investment plans to save whatever that’s left of my investments.

When I reached home today, I found this in my mailbox from my agent – an attempt to do some damage control to the situation.

Dear policy holder,

AIA assures all policyholders that it is able to meet all the obligations to policyholders. We would like to refer you to three articles published today in The Straits Times, Business Times and Lianhe Zaobao.

Quoted from The Straits Times

“When Contacted, the Monetary Authority of Singapore said yesterday that AIA Singapore is required under the Insurance Act and Regulations to maintain sufficient financial resources to meet all its liabilities to policyholders at all times. AIA currently meets these regulatory requirements. MAS will continue to monitor the financial position of AIA”

Quoted from The Business Times

” In Singapore, BT understands that AIA , as with other insurers here, maintains separate insurance funds for policies. Any sub-prime losses that may be borne by AIG at the group level are understood to have no impact on Singapore policyholders.”

While it is all good that the MAS has assured us that our investments are safe, and in spite of the fact that I worked in a bank, I wondered if that the MAS has real time monitoring over AIA financial status to be sure that AIA could pay up if they are required to liquidate their assets to pay us all. The reason of my concern is that in spite of MAS stringent requirements, Mitsui Oil (Asia) Pte. Ltd still managed to lose $81 million when a 35-year-old trader had falsified data since spring to cover up the losses.

Being complete clueless as to how these regulatory requirements are enforced, I wondered if MAS has now already moving in to audit AIA Singapore. Otherwise, with what can we be assured that everything will be alright? Thus I am two-minded as to what I should do about my policies. On one hand, I felt that if I start cashing out, then it would make AIA’s collapse a self-fulfilling prophecy, since when enough people withdraw their money, then it is possible that AIA would suffer some cash-flow issues. On the other hand, I am unwilling to risk what I have remaining in there, with the possibility of losing even more and even all of my money in these investments.

I think all I can do now is pray to God that the MAS’ assurance will be good.


Included: * Newspaper cutting from Zaobao

小龍女的 “女乃 豆頁”

昨天下午在网上聊天时,有人问:“到最后小龙女知道她不是被杨过奸污的真相吗 ?”

我就随便的回答了她说小龙女后来的确发现是尹志平奸污的真相,也说了到最后尹志平是死在小龙女剑下的。但是其中的来龙去脉我就不怎么清楚了。

在好奇心的驱使下,我就到百度去查看,想把《神雕侠侣》的这一部分给弄清楚。在只输入 “小龙女” 后,我就按下了 “百度一下”。当然是什么都找不到,因为输入的参量实在是太少了。但是在搜索的结果的头一页最下面 相关搜索 的那部分,却让我感到非常的惊讶。[请看下图]

真的是世风日下!怎么会有如此的 相关搜索 呢?是那个狗日的变态对小龙女的乳头、或者奶头和她和杨过的性生活那么的关心啊?金庸的《神雕侠侣》几时变成了黄色小说了?还是真的有这样的色情电影的存在?

这你可别问我,你要知道的话你就自己去按下看看有些什么结果吧。唉,怪不得有朋友说百度因该叫 “百毒” 才对。也真有他的道理。

Translation:

In a Internet chat yesterday afternoon, someone asked: “Did gugu (Little Dragon Girl aka Xiao Long Nü) ever find out that it wasn’t Yang Guo who took away her virginity?”

So I casually replied that in the end she did find out the truth, and the rapist died under her sword. But as to the exact details, I am not clear.

Beset with curiosity after I said this, I went to Baidu to check, hoping to figure out this particular episode in the ‘The Return of the Condor Heroes’ . So after entering the Chinese characters of “Xiao Long Nü” into the search box, I just click on the Baidu equivalent of the ‘Go’ button. Of course I found nothing because I have entered just too few parameters. But right at the bottom of the first page of the search results where the related searches are shown, I was shocked. [See screen capture above].

What decadence! How did such related searches come about? Just which dog copulating pervert is so interested in Xiao Long Nü’s nipples and her sex life with Yang Guo? When did ‘The Return of the Condor Heroes’ become an erotica story? Or is there some pornographic movies around under the same name?

Don’t ask me! If you want to know you go click on the links yourself. No wonder another friend said Baidu should rightfully be called ‘A Hundred Poisons’. He certainly have his point there!

Ah-dolf Hits-mail…

In a press conference where it was widely believed that Ahmad Ismail Ah-dolf Hits-mail, the ex-chief of UMNO’s dUMNO’s Bukit Bendera division chief in northern Penang, would give an apology for certain racist remarks he allegedly made on Aug 24, Ah-dolf instead made the following comments:

“The patience of the Malays and Muslims has a limit. Do not push us to the wall, as when we turn back we will be forced to push the Chinese in the interests of our own survival. The Chinese should not try to be like the Jews in America – it is not enough they control the economy, now they want political control.”

This is almost funny, except that any social upheaval in Malaysia is too close for comfort for us here in Singapore. And it is almost ominous, when you are a member of the minorities in Malaysia.

Just what an ‘exemplary display’ of demagoguery this is! Had some other politicians of another race done this, the Malaysian gahmen would have been all over that guy with the ISA. But all this little axxhole got for such seditious remarks only cost him his post and a membership suspension from dUMNO for 3 years. * ptui *

Anyone with brains would have asked if Ah-dolf Hits-mail is admitting that the lot of the bumiputra in Malaysia hasn’t actually improved all these years. In short, he has just admitted to the dismal failure of UMNO dUMNO. He has implicitly admitted that the implementation of the New Economic Policy (NEP) from 1971 to 1991 has been a futile endeavour and its extension, the current ongoing National Development Policy has failed to achieve any of its objectives. * Pathetic !! * The Chinese have a term for that – 一塌糊涂![loosely translated as: an utter mess!]

If that is what Ah-dolf Hits-mail is admitting to, then the election results of Mar 08 this year has really been kind to dUMNO. It has definitely gotten away lightly and it should be grateful that the setback hadn’t turn into a rout at all for its failure to deliver, after the Malaysian people have entrusted them all these years. Either Ah-dolf Hits-mail is a complete absolute fool, or the Malay ultras are trying to play up certain sentiments for a repeat of the 1969 power grab again. Abdullah Badawi would do well to take note of how Tunku Abdul Rahman end up ousted then, to prevent the same fate from happening to him as well.

So what were the comments that created this storm? Apparently, this sneaky fellow has allegedly made this remark: “Orang Cina cuma tumpang di sini sahaja. (The Chinese are only squatting here.)” In some reports I glimpsed on Google search, it was reported that he said Chinese are squatters and cannot expect to enjoy equal power, while he claims to be referring to the Chinese of the pre-Merdeka (pre-1957) days.)

Whatever the case is, and no matter how he now claims he hasn’t meant the Chinese community any offense with his earlier remarks, his latest remarks vindicated the journalists who reported it to the public. Shame on you, Ah-dolf!

And here’s another thing that’s quite hilarious. Tun Mahathir Doom Mama-thir has questioned why Malay leaders lea-duhs were apologising over a remark deemed as racist by an dUMNO lea-duh. He cited the case of Wee Meng Chee who made parody of the Negaraku (the Malaysia National Anthem) and poking fun at the call for prayers but there was no apology from lea-duhs of the Chinese community over Wee’s actions.

Apparently, the Doom is really getting old and senile. Wee Meng Chee is technically a nobody but a common citizen with no political aspirations. I suspect Mama-thir didn’t realise he has just insulted Ah-dolf with this comparison, but Ah-dolf may not have the mental capacity to realise that anyway.

And if that’s not the case, these ultras are losing their marbles over the prospect of Anwar taking power.

On Foreign Worker Dormitories…

I read this with a considerable amount of dread. I quote:

Dormitory operators said townships will be similar to this, but on a much larger scale.

Director of Mini Environment Services Pte Ltd, Mohd Jinna, said: “We will be able to handle 18 to 20 thousand workers in one location, with segments of maybe four dormitories.

As if having 1000 foreign workers in one place isn’t a big problem on its own, try for a moment to imagine a riot breaking out, because of alleged ill-treatment or discrimination, a wage dispute, a minor misunderstanding between a foreign worker and a fellow Singaporean or even simply because of Singapore beating them in a soccer match. Now let us recap:

Aug 23, 2005 (Taipei Times) – Furious with what they saw as inhuman personnel management, some 300 Thai workers in Kaohsiung set fire at the management center, a work dormitory, cars and other facilities Sunday night, police said.

June 20, 2008 (Reuters) – A group of Nepalese Gurkhas in a contingent attached to Singapore’s police “scuffled” last week in a dispute over wages, a rare display of indiscipline in a force renowned for its bravery and devotion to duty.

And even if we treat them so well they don’t have reasons to target us, what about difference within their own community and it end up as some kind of sectarian violence? For e.g. rival gangs of foreign workers barricading their part of these townships to fight one another as a result of political or religious differences back home? Do we have to end up sending security forces – some of them made up by our own fellow citizens – to go and break it up, and then later spend our own money to clean it up later. I wonder if we are going to built some army camps or have army personnel stand by near these places on weekends.

While it makes economic sense to have dormitories for foreign workers – which in a way makes it cheaper for companies to house them (and transport them too) – the concerns for security of our fellow citizens is real. Only now I fully understand some of the concerns my fellow citizens in Serangoon Gardens have regarding the dormitory in their estate. Do note I am not pointing out that crime rate will increase, since I have personally once observed some self-policing among foreign workers and also read about them, nor am I looking at this from a racist point of view, but consider the above ‘what if’ scenarios. How are we Singaporeans to be assured that our safety will be ensured in the event of Agent Provocateurs of nations unfriendly to us stirring up anger among them?

On top of which, I believe we can agree that putting a large group of people with the same cultural background together is a creating the potential for trouble. Otherwise, why would the HDB place quotas to prevent estates from turning into ethnic strongholds? By allowing such large number of foreigners to be at one single place, I must ask, if our government gahmen trust foreigners more than they trust us? Are we Singaporeans are even less capable of behaving and living in harmony with one another compared to foreigners that such a quota is enforced?

Our confidence is already shaken over the numerous security brouhahas in the recent months. This simply make me wonder if the guys in the Ministry of Home Affairs (MHA) are proactive in looking at potential problems and preventing them at all. In fact, it makes me wonder if it is not already the time for our 3-million-dollar talents-in-white, to look within their group for someone more capable of taking up this portfolio since I clearly no longer have confidence in the current one to ensure my security.

9 Days and Counting…

In 9 days, will we be seeing for the first time a Malaysia without the Barisan Nasional at its helm? Will Anwar’s claims of a defection of MPs numerous enough to topple the BN government gahmen occur? And what will that mean for us?

A friend of mine whom I met for dinner regularly every 4 – 6 weeks said it might not be a bad thing completely for the opposition to take power, since the opposition parties may not carry the historical burden that UMNO dUMNO leaders lea-duhs have traditionally carried since Singapore’s expulsion from the Federation. In short, we might be looking at a new Malaysian gahmen who might consider moving forward in their relation in a radical way which might be beneficial for both nations. However, the new gahmen may also take a even harder stance against Singapore, to force for more concessions, and / or as a focal point to divert attention from any possible domestic problems and issues that would continue to plague them after taking power. Unfortunately, I do not know enough of the opposition lea-duhs in Malaysia, to even make a guess if they will be friendly to us if they should take power.

Anyway, I maybe looking a little too far ahead, because there will also be the question on whether the new gahmen can last. Unless it brings the traditional BN alliance crashing down when this happens, dUMNO and the Malay ultras – which have hijacked national agenda since 1969 – is unlikely to take it lying down nor will they stay put after the opposition topples them. Furthermore, unless there is a 2/3 majority, there is always a question on how long this opposition gahmen will be in power as we can see just what kind of trouble the Samak Sundaravej gahmen of Thailand is in.

The real fear of course, is that the political struggle will spill onto the streets and a repeat of the May 13th racial riots in 1969. With the recent comment by the Bukit Bendera division chief, a Datuk Ahmad Ismail, that the Chinese are squatters in Malaysia during the recent Permatang Pauh by-election campaign, one can feel the menace of that dreadful specter hovering near.

Whatever the outcome maybe, any social instability in our neighbouring countries is never good for us. I hope that whatever may come on Sep-16, the transition will be as peaceful as that of Taiwan, which has seen two changes of political parties at the helm.

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