Grace Fu Should Consider Resignation

Singapore has the world's most highly-paid ministers. If I recall correctly, they have held this world record for about the past 20 years. It is a record that has caused a huge amount of public unhappiness. Especially in the past decade, during which the government didn't ever seem to be particularly impressive or outstanding.

Now, finally, ministerial salaries are going to be cut. Mind you, after these cuts (which are quite substantial in percentage terms - about 36%), the ministers will STILL hold their world record. Which must surely suggest to any half-intelligent person how grossly overpaid the ministers have been all along.

But then you get the likes of Grace Fu (who is our Minister of State for something or the other). Writing on her own Facebook wall, Fu says:

“When I made the decision to join politics in 2006, pay was not a key factor. Loss of privacy, public scrutiny on myself and my family and loss of personal time were. The disruption to my career was also an important consideration. I had some ground to believe that my family would not suffer a drastic change in the standard of living even though I experienced a drop in my income. So it is with this recent pay cut. If the balance is tilted further in the future, it will make it harder for any one [sic] considering political office.” Grace Fu.

Now, lots of Singaporeans are angry with Grace Fu. The comments have come thick, fast and furious. As of right now, her Facebook post has drawn about 1,300 comments (that's about 650 times the average number of comments on her other Facebook postings). And of course, there is plenty of negative media attention, online and in the newspapers too.

Putting aside the other issues for now, I'm startled at Grace Fu's lack of political sensitivity. It was really, really stupid and unnecessary of her to write such a thing. Fu wasn't even under pressure. It wasn't as if she was at a press conference, and a belligerent journalist had just thrown an unexpected and difficult question at her, and she couldn't think fast enough about what best to say.

Instead - we can imagine it - there she was, relaxing in her living room, playing with her iPad, sipping a nice cup of tea, logging in to check her messages. And then suddenly, Fu decided to write what she wrote. On Facebook. Not in a private journal, not in a personal memo, but on Facebook.

She must have totally failed to foresee what would happen next.

What poor judgment! What a severe lack of foresight. And she's a minister, for goodness sakes. Who knows what other horrible errors she might have spoken or written, on other past occasions.

Now, of course Fu is backpedalling and she has made a statement that she had been "misunderstood". This is damage control .... for completely self-inflicted damage. LOL, that is funny.

Imagine this - you are a minister, and you say something, the public is shocked and angry. And then you say, "Oh, all of you tens of thousands of people, you've misunderstood me. I am the poor, unfortunate, misunderstood one."  Sing me another song, birdie.

"Me talk cock. Also can sing song.

How much you pay me?"

If Grace Fu can be so badly misunderstood, then that surely says something about Grace Fu's  communication skills. It is extremely difficult to get thousands of people to misunderstand you. I am sure that I could not possibly succeed in pulling off such a feat. (But then I am not a PAP minister, I lack such talent).

However - and this will surprise many of my own readers - I am not actually angry about the content, the actual substance, of Grace Fu's statement.

Why am I not angry?

Look - this woman is merely a product of the system. And what is the system that I speak of? It is the PAP recruitment system that Lee Kuan Yew decided to create, 20 years ago. A system that deliberately entices job applicants with world-record-setting amounts of money.

The inevitable result - the PAP attracts many talented political wannabes whose main interest is in the money. (Meanwhile, talented political wannabes who just hope to serve the nation can join the Workers' Party - like Chen Show Mao did).

And when the money gets cut, well, you can naturally expect the PAP ministers (at least, the more money-minded ones) to get upset. Isn't that logical? If you had come for the money, then you WOULD be upset by a pay cut, surely.

My blog post is entitled "Grace Fu Should Consider Resignation". Sounds sensationalist, doesn't it? But it isn't really. (I'm not that kind of blogger, lah). Let me just explain my thinking.

It goes like this - if any minister is really very unhappy with his or her pay, then he or she can always quit. It's not like they are being forced to be ministers.

Unhappy employees don't perform well - we know that from our own experiences in working life. It is better for the company if they quit. It is better for themselves too, for they can go elsewhere and find another job that is more satisfying for them.

Why would we expect things to be any different for our ministers? If they are not happy with their pay, they won't perform well. They should just quit and get a more lucrative job elsewhere (if they can, of course). After they resign as ministers, Singapore can replace them with new ministers who care less about the money, and care more about serving the nation.

So I say this to all the ministers - if you're not happy with your pay, please quit. Now, rather than five years later. Do yourself a favour, and do the country a favour. Just get out.

How to Get $100 Worth of Free Vouchers

This might have happened to you before. It happened to me several days ago (and it wasn't the first time either).

A person calls up on my handphone. I have no idea how she got my number. She says, "Congratulations! You are very lucky to have won $100 of NTUC Income vouchers!".

Of course, there is a catch to it. The catch is that in order to collect the vouchers, I have to go to a certain place and listen to a 75-minute presentation. I get to collect the vouchers only if I stay to the end of the presentation. Also, I need to bring my wife. If she doesn't come along, I get only $50.

So at the appointed date and time, Mrs Wang and I go to this place. We fill up some form which asks some questions about where we live, how much we earn and so on. We are asked to show a credit card - no details are taken, they just want to see that we actually have credit cards.

Then we are whisked away to a small meeting room. There a salesperson goes through a detailed questionaire with us. There are questions about how often we travel; what kind of hotels we like to stay in; which countries we have visited in the past few years; how much we spend on our airfare, and so on.

Then the salesperson starts talking about his product. Some kind of holiday club. Pay an upfront fee (which is quite hefty), get a 15-year membership, and for the next 15 years, you will be able to enjoy big discounts on hotel accommodation, airfares and land tours all over the world. At the end of 15 years, get your entire membership fee back.

I won't bore you with the details, because the specific details are not that important. Many different kinds of companies use such a marketing strategy nowadays. They sell different things - land banking; timeshares in holiday houses; spa services; golf club holidays; travel services, and so on.

The point is - they REALLY give you the $100 vouchers at the end of the presentation. Some even give you a choice of vouchers (Carrefour or Takashimaya?). Or they give you a free massage for two, if they are pitching a spa membership. You have no obligation to actually sign up as a member or to buy the product. What they want is a fair chance to thoroughly pitch their product to you, for 75 minutes.

I think that these are very good deals. All you have to do is listen. If the product/service meets your needs, then you could sign up. If it doesn't, then just firmly say "No" at the end of the 75 minutes, and ask for your vouchers. The main thing is that you must keep a clear mind and not allow yourself to be persuaded into  buying something that you later regret.

Mrs Wang and I firmly said "No", at the end of the presentation. For us, it was a rather interesting presentation and we asked many questions (Mrs Wang and I often like to study how different types of business models and figure out how they try to make money).

But in the end, we simply said, "No". We collected our vouchers. We left. The salesman was courteous and friendly throughout the time. And now I have $100 of NTUC vouchers to buy groceries, yay.

Onwards with the Plan

Three working days have passed since I began my project. And on all three working days, I was able to leave at 6 pm sharp. So that is a success.

Of course it is early days yet. The new year has just begun and the pace of work is still slow as some people are still away on leave. The challenge will be to increase my productivity so much that even when business is in full swing, I am still able to leave at 6 pm.

I have already implemented all the seven productivity ideas mentioned in my earlier post. Here are three additional ideas that I will be implementing.

• Using the Blackberry while commuting. On most days, I use public transport to go to work and to return home. So I will use this time on the MRT or bus to read my emails and draft replies. For example, if I leave office at 6 pm and the bus or train ride takes 40 minutes, I can use those 40 minutes to check my emails.
•  Having lunch early or late. I can beat the lunchtime crowd either by going for lunch early, or very late. This means saving the time that would otherwise be spent queueing to buy for food and waiting for a place to sit. I can then use the regular lunch (12:30 to 1:30 pm) to do more work in the office.
• Using a to-do list. I have often used some sort of to-do list, but now I am trying to be more consistent about it - in other words, to use it every day. Using a to-do list helps to track my work and also prioritise the different matters. There is an art and skill to using to-do lists effectively. This merits a separate blog post for the future.  

Anyway as I am typing this, it is 10:45 pm. I am at home and I am waiting for the clock to show 11:00 pm. The reason is that at 11 pm, I need to dial in for a conference call with some colleagues in New York and Frankfurt.

These are the perils of working in an extremely international organisation. I estimate that in a year, I might do about 16 conference calls at night (after 8 pm Singapore time). I don't think that it is really possible or desirable to avoid these calls - in fact, they tend to be quite important - even though they are not in line with the spirit of my 6 pm project.

On the plus side, I am usually able to take these calls from my home. So they do not technically interfere with the 6 pm target.

Flooding in Singapore - We Need Solutions, Not Excuses

It rained heavily on 23 December and there was flooding in several parts of Singapore. However, the PUB claimed that there was no flooding at Orchard Road. I quote the exact words from their press release: "There was no flooding at Orchard Road."

I don't understand how government authorities in Singapore can tell such blatant lies. It is shocking and it makes me worry about what this country is coming to. It is normal for a country to have problems, and I think it is ok to say, "We have a problem, and we will be taking action to solve it." But to tell an outright lie, such as "There was no flooding at Orchard Road" ... What does that tell you about our government?

It indicates dishonesty. That's bad enough. But it also shows stupidity. This is also very worrying, for we are in serious trouble if we have a stupid government. Why do I say that the Orchard Road incident reflects the government's stupidity?

I say so, because the lie was so stupid. This is the Internet era. Anyone in Orchard Road at that time could easily have pulled out his or her handphone, and taken a photo of the floods and posted it on blogs, forums, Facebook, Stomp etc.

And the lie would be completely exposed. If you were dishonest and you also actually had some brains, you should be telling your lies with a little more skill, surely.

Indeed, at Orchard Road, buildings such as Liat Towers and Lucky Plaza were flooded, and people did take photos and post them on the Internet.

Not a flood ... Then what is this?

A new water catchment area in Orchard Road?

Lucky Plaza's new design for a water fountain.

Works only on rainy days.

It took a full week, but later the PUB decided that it had better admit that there were floods at Orchard Road. Their new press release on 30 December stated: "The sustained heavy downpour resulted in the flooding of several roads including the Thomson/Cambridge areas as well as the basements of Liat Towers and Lucky Plaza."

Oooh, the magic word has suddenly appeared in their statement. There was "flooding", after all, and at Liat Towers and Lucky Plaza, which are in the heart of the Orchard Road area.

But you can still smell the stubborn PUB attempt at obfuscation - they won't say the words "Orchard Road" and they insist on inserting the word "basements".

Well, of course, it is the BASEMENTS that are flooded. Basements are the lowest floors of any building. Isn't it bad enough that the basements are flooded? What does the PUB want - does it expect the 2nd floor or 4th floor to be flooded? Bah.

In the aftermath of the event, it's also distressing to see how the Straits Times reported the event. To me, it felt like the top ST priority was to defend the reputation of the PUB and the government. Look at the way the Straits Times chose to entitle its article - "Half a Typical December's Rain Fell in Three Hours". The first two paragraphs of the article read as follows:

"In three hours last Friday, the rain that pelted down on Orchard Road was half of what December typically gets in the entire month.

Between 2.20pm and 5.20pm, 152.8mm of rain fell in the area. The long-term average for December - the wettest month in the entire year - is 287.4mm."

Okay, let me deconstruct that for you. In the context of all the flooding events that occurred in the past year, the underlying message from the Straits Times is:

1. The rain on 23 December was really, really extraordinary.
2. Don't blame the government for the floods at Orchard.

But was the rain on 23 December really that extraordinary? Was the flood at Orchard all that different from all those many floods that we have seen in the past few years, in different parts of Singapore? Including Orchard Road itself?

To understand what a "typical" December rainfall is really like, we can investigate the source of the ST's claim. It comes from the PUB press release on 30 December. The PUB states:

"On the afternoon of 23 Dec 2011, a total of 152.8mm of rain fell from 2.20pm to 5.20pm at the Orchard Road area. This is equivalent to about half the average monthly total (287.4mm) of rain recorded for the entire month of December over the last 142 years (1869 to 2010)."

So their idea of typical December rainfall is based on the average December rainfall over the past 142 years. Dating back to the time when Lee Kuan Yew's father's father's father had just emigrated to Singapore.

Rainfall levels over the past 142 years may be of some meteorological interest to the meterologists. To the general public, it can't be. Singapore has been suffering from floods for the past few years now, and even prime shopping areas and tourist attractions like Orchard Road are getting hit. This is NOT the first time in recent memory that Orchard Road is getting hit.

To the PUB:

We don't care what happened 142 years ago. We don't even care what happened 50 or 30 years ago. Singapore has a flood problem TODAY. And it is your responsibility to fix it. Even if global warming is causing climate change and heavier rains nowadays, it is STILL your responsibility to fix the flood problem.

You should spend less time worrying about how to protect your public image. And more time actually working to solve the flood problem. You'll probably make more progress that way. And the people of Singapore will appreciate it. So please stop being stupid, and go and do the right thing.

The Project Begins

I have started on my 6 PM Project and I wanted to tell you about the first few steps that I am taking.

Firstly, I am aiming not merely for a Clean Desk, but for an Almost Bare Desk. No piece of paper shall be on my desk, unless it actually requires me to take some specific action on it. Once the action is taken, the document must be thrown away or filed away.

Next, I am tidying up my hard disk. I am setting some new rules to create a more rational system for organising all my soft-copy reference materials. This will save me time whenever I need to search for something.

One new idea is not to just save one copy of a document, but to make multiple copies, and cross-file; them in all relevant folders. For example, if I have a document concerning commodity derivatives in Thailand, I would not file it just under my "Commodity Derivatives" folder, nor just under my "Thailand" folder, but in both folders. So in future, the document should be easier to locate.

As for relevant information available from public online sources, I will continue to use my blog, The Asian Banking Lawyer, to hyperlink to them. I will also be making greater use of Google's Email Alert service, to track industry developments relevant to my work.

You might be impressed to know that I usually have less than 10 emails in my office email inbox. I have a system for processing my emails quickly. They are rapidly filed away in a system of moveable folders and subfolders in Lotus Notes. These folders and subfolders themselves become my to-do list. Low-priority matters are pushed to the lowest parts of the list, while important matters go to the top.

I am setting an alarm in my iPhone to go off at 5:30 pm, from Mondays to Fridays. The alarm is to remind me to start wrapping up my work, in preparation for leaving the office at 6 pm.

I will be getting an alarm clock and placing it on my desk. If I need to focus on an important piece of work, I will hang up my phone and set myself a definite time (eg 45 minutes) to tackle the piece of work. I won't be taking any calls during those 45 minutes.

I have printed out a monthly calendar. This one gets to stay on my desk. I will tick the days on which I do succeed in leaving at 6 pm sharp. For the days on which I fail, I will jot down the reason why. After a few weeks or maybe a month, I think that I will have some useful data to to identify any recurring obstacles for my 6 pm project.

That's it for now. I expect to roll out more ideas in the near future, for greater efficiency and effectiveness.

My Six O'Clock Project

When I was a kid, my parents often emphasised the importance of hard work. My mother would even say, "It doesn't matter if you score badly in your exams, so long as you had studied hard and tried your best". At first sight, this philosophy sounds plausible enough. However, upon closer scrutiny, you might find that it doesn't quite hold up.

Consider your workplace. Make a list of the most successful people (those who are on the promotion track, those who got the biggest bonuses, and so on). Then for each of these people, write down what you think are the top 3 reasons for his or her success. I suspect that you'll end up with quite a variety of different reasons. For example:

"good interpersonal skills",
"smart and talented",
"very experienced",
"handles the high-profile work"
"outstanding problem-solving ability"
"because he has plenty of important clients"
"excellent communication skills"

Less politically-correct reasons (which is not to say that they are invalid) may include:

"his skin is of the right colour"
"sucks up to the Boss"
"very good at taking credit for other people's work"
"her father is the CEO"
"PSC scholars always get promoted even if they are idiots"

Anyway, my point is that there is little correlation between hard work and career success. People who actually get ahead in the workplace may get ahead for a wide variety of reasons, other than old-fashioned hard work.

Laziness is probably detrimental to your career progression. But diligence is definitely no guarantee of success. To see if this is true, check your workplace again. Make a list of the most hardworking people. You'll probably notice that some of your colleagues work very hard, but don't seem to even get appreciation, much less achieve career success.

(Actually, this is true of our education system as well. There are plenty of students who slog very hard and produce only mediocre grades).

Unfortunately, many Singaporeans are culturally conditioned to work hard. I say that this is unfortunate - because as I've already pointed out, hard work doesn't necessarily get you anywhere. On the contrary, there is a personal price to pay for hard work (think migraines, heart disease, stomach ulcers and hypertension). And excessive diligence at work will also deprives you of your personal time, including time with your family.

So ....

Come 2012, I am going to launch a new personal project. I call it my 6 p.m. project. My mission is to leave the office at 6 pm sharp as often as possible. Ideally, 5 days a week, for most weeks. I'll even keep a log.

On average, in 2011, I left the office around 8 pm. So if I now succeed in leaving at 6 pm instead, I save 10 hours per week, or 40 hours per month. That sounds pretty good to me.

I don't intend to get sloppy with my work. I do intend to become more efficient and productive. I plan to find good ideas and clever ways to get all my usual work done on time and done well, despite my working 40 hours less per month.

How exactly will I do that? Stay tuned. I'm still figuring it out myself. As the 6 p.m project progresses, I'll let you know the details.

Poetry by the People

Moving Words was a literary project that launched in Singapore earlier this year. I was one of the 12 featured poets in Phase One, which meant that a poem of mine was chosen and displayed on a billboard featured at various MRT stations. If you are a regular train user, you've probably seen some of those poems from the different writers.

This was part of the promotional publicity for Phase 2, a writing competition which was open to all members of the public. The response was quite excellent, and the organisers received nearly 2,000 entries. In the final phase of Moving Words, about 125 of these entries were selected for publication in a book, which was then launched during the Singapore Writers Festival. The editor was Alvin Pang, a well-known face in the Singapore literary scene.

One interesting thing about such a book is that it shows you new, fresh writing by people whom you had never even heard of before. The vast majority of writers featured in the anthology have not previously published their own books nor won any literary award. Nevertheless the quality of writing remains decent, for these are, after all, the best 125 pieces culled from a much larger pool of nearly 2,000 entries.

As Moving Words was a multi-lingual project, the poems come in four languages - English, Chinese, Malay and Tamil. All the non-English poems in the book also come with an English translation. The editor You can order the book directly from the publisher here or from Select Books.

From the book, I offer a sample poem, written by one Gan See Siong, who is a lecturer at Temasek Polytechnic. It's a rather mischievous poem, with a particularly naughty ending.


You Need Me

"You like to enter me in the wee hours of morning
That part of yours in protective sheath
And go romping with me
Three to four times a week.

A gentle man you are not
For without warning you would spread me wide
To accommodate the full extent of you.

You strapped me up
With those dexterous fingers
So close I can see your grim determination
The even rise and fall of your chest.

And just like that
You would head me
Down the pleasure road
Growing all hot and hard in me.

If only you knew how I long for these sessions,
They are the reason why I even exist," said the pair of running shoes.

The Ups and Downs of 2011 for Me

As the year draws to a dark and rainy close, I thought I would pen a few thoughts about how 2011 has played out for me.

It wasn't the best of years. It wasn't the worst. The biggest change was moving to my new house, getting all the renovations done and helping everyone to adjust and adapt to the new home. It wasn't always easy, but now we are nicely settled down and I'm grateful.

We had a few incidents with unpleasant neighbours. There were also various unhappy incidents between other neighbours (not involving me). One of them reached the point when a defamation lawsuit was actually threatened. I spoke to friends and acquantances and it seems that such unhappy incidents aren't exactly that uncommon in cluster houses.

A contractor told me point-blank that in his experience, the owner of the largest unit always has problems with neighbours (I happen to own the largest unit). According to the contractor, the underlying cause is their jealousy. Well, I put all that unpleasant stuff behind me now. But there is a particular neighbour whom I will completely ignore for the rest of my life. Either that, or I will give her a cold glare. My children call her the "fat bitch". In this particular instance, I won't object to their language.

I was pleased that at the start of the year, we managed to get our son transferred to a better primary school. He is now a Catholic High student. He has adapted well to his new school and enjoys being there. At his previous school, he was shy and quiet and had been targeted by bullies more than once. Catholic High seems to have given him more confidence and he has even assumed a leadership role as class monitor.

My daughter had a great Primary 1 year in school and enjoyed herself thoroughly. She isn't in one of the top schools, but sometimes maybe things work out better that way. She's having a fun time being one of the top students. It's a self-esteem building experience which  she probably couldn't have had, if she had gone to a more competitive school.

At work, I had two surprises in the early part of the year. The first was a surprise of the disappointing kind. Despite many earlier promises and positive words, I didn't get promoted. The second surprise was that I received what was a rather large bonus (considering the state of the financial industry these days).

I think that to some extent, the organisation was trying to make up for my non-promotion by giving me a bigger bonus. Oh well. All in all, not such a bad deal, after all. Between an improved corporate title and a big sum of cash, I'll take the cash anytime.

The work itself was pretty interesting. I did a lot of legal work relating to very new developments in the industry, concerning how the governments in various  countries are creating new laws to regulate the OTC derivatives industry, post the 2008 financial crisis. I think I've carved out a niche in this area. I was invited this year to speak at a conference on such topics, and I have another invitation to speak at a conference in April next year.

I took another CMFAS exam, and passed. I am now qualified to be both a stockbroker and a personal financial adviser. Not that I have any concrete plans to do so anytime in the near future, but hey, everyone needs some kind of Plan B. In 2012, I may sign myself up for more CMFAS exams.

I didn't travel much this year. I did take the family to Penang and Langkawi in June, and to Korea this month. Penang has plenty of good food, and a temple or two that's worth a look, but otherwise it's still a rather sleepy town. I found Langkawi more interesting, for the eco-tourism aspects. We explored a bat cave and fed some eagles and visited a fish farm, things like that.

It was very cold when we visited Korea. The temperature was down to -2 degrees in Seoul, and even colder when we went to the mountain area to see their national park. But the kids had plenty of fun in the snow and ice. We also went to the northernmost point of South Korea, where after passing several military checkpoints, we got to peer at the mysterious land of North Korea, using telescopes at an observatory.

On the writing front, I had a few old poems published in new anthologies. I was a featured writer in the Singapore Writers Festival. I was also part of the Moving Words project, and had a poem featured on Singapore's MRT trains. Those were the highlights, but overall it wasn't a great year as I hardly wrote anything new.

A dear old aunt of mine passed away in February. Colorectal cancer. I worry sometimes about my uncle (her husband), who's in his 80s and now lives all alone in a little HDB flat in Ang Mo Kio. I know that he was very, very affected by my aunt's death. I hope he's gotten over it by now.

It waa a crap year, as far as my own health and fitness was concerned. For a while, it appeared that I had borderline high blood pressure. I resolved to exercise regularly, but it didn't quite work out that way; I just never managed to stick to the plan. All the good intentions would peter out in a few weeks, then two months would pass, then I would try again, then the cycle would repeat.

I did succeed in eating more healthily (I now often have a salad for both breakfast and lunch). My BP has fallen back into the normal/healthy range, but whatever the reason was, it sure wasn't because of exercise.

I'd say a few things about Mrs Wang's year too, but she's told me not to. She likes her privacy.

My happiest moments of the year were the same kind as the happiest moments of the past seven years or so. Private moments with my two children - playing with them, talking to them, hugging them. I love being a dad, and watching them grow up.

P.S. My daughter just asked me why my blog is known as "Mr Wang Says So", and not "Mr Koh Says So". Long history, my dear. Tell you another time.

The MRT Train Breakdown - Passing the Buck in a Blame Game

One year ago, I had already written several posts about the falling standards of public transport in Singapore. Of course, those posts attracted a few of the usual criticisms that I was irrationally anti-PAP.

Well, as you know by now, the MRT trains broke down very badly a few days ago. Service was disrupted for many hours. Passengers were trapped in darkness without ventilation. Someone had to use a fire extinguisher to smash the glass panel of the train door, so that everyone else could breathe. Passengers had to force the doors open themselves, in order to get out.

Problems like that don't happen overnight. They never do. They are just symptoms of deeper systemic failures. What those failures are, we'll eventually know - if the goverment actually reveals its findings in an honest manner.  But the point is that when something like this happens, it's typically the result of an extended period of time over which the trains are badly managed. If the train system had been regularly inspected and properly maintained, it wouldn't just massively break down like that.

I read the news, and I see that Mr Lui Tuck Yew, the Transport Minister, is making a big hue and cry. Oh, how clever. Immediately, he shoves all the potential blame at SMRT and talks about how he's going to get a panel of experts to inspect SMRT and find out the problems yadda yadda yadda.

Well, I'm sure that SMRT is to blame. But what about the PAP government itself? After all, this is public transport. Mr Lui, do you mean to say that the government has no regular role in making sure that the public transport actually works? That the trains run properly, that buses are safe, and so on? Come on, Mr Transport Minister. What has your ministry been doing all this time?

I'm scared, you know. I am a regular train user. I don't want to be trapped underground, for who knows how long, in the dark, without ventilation, on a crowded train, with oxygen running out.

If Lui and the SMRT can't solve the problem quickly, I suggest that as an interim measure that every train must be equipped with emergency torchlights and sledgehammers. The torchlights are for lighting, and the sledgehammers are to prevent suffocation.

"Singaporeans must be self-reliant and not expect the
Government to do everything for them."

Commodity Derivatives in a Rapidly Changing World

I just got invited to speak at another conference. This one is about commodities and will be held in April next year. The organiser is Marcus Evans.

My topic will be something along these lines - "The Global Regulatory Landscape: Developments for OTC Commodity Derivatives".

I'll be speaking on recent developments in the U.S., and then I will move on to talk about Europe. Finally I'll wrap up by discussing a few countries in the Asia-Pacific region.

I will probably have just one hour to cover all that. So the talk is going to be quite "big picture" and "high-level".

I used to do a lot of legal work relating specifically to commodities - oil, gold, sugar, steel and coal, for instance - but I haven't done much of it in the past year. However, I have been doing plenty of work relating to the G20 commitments made in September 2009.

The G20 commitments aim to revamp the derivatives industry worldwide. To a greater or lesser extent, they will affect all classes of derivatives, including commodity derivatives. And for the purposes of my April conference, the commodities angle is what I'll be focusing on.

From a career perspective, many people in the derivatives industry are worried about the G20 commitments. Potentially, the changes might greatly benefit the exchanges (such as SGX). But they will hurt many bank employees currently working in derivatives-related jobs. I predict that many of those jobs will eventually disappear, perhaps by as soon as the end of 2012.

As for myself, well, I too am a bank employee working in a derivatives-related job. So I think that I am at some risk too. But for at least the next two years, I should be okay. That's because with a little luck and strategising, I've managed to position myself as an expert on the legal issues arising out of the G20 commitments. In other words, I'm still needed to guide and advise my employer - on those very same developments that will eliminate many other people's jobs.

In fact, because the legal developments from the G20 committee are so new and complex, there are still relatively few lawyers who know them well. That's why I even get invited to be a conference speaker on such topics.