SMRT a moral hazard!

We are screwed. Anything that is essential is too important to fail. SMRT is a story of the failure to live by the adage that a stitch in time saves nine. Now there are huge tears and it is very expensive to fix. So expensive the billion dollar company could not afford it. What to do? Throw the problem at the tax payers. This is screwing us the second time but the fact of life is there is nothing we could do. As I have lamented over may posts to this blog we are becoming like everywhere else. Wall Street also screwed the Americans and beyond which get bailed out even as Main Street jumped the tracks and crashed.

Meanwhile this government never could frame the issues to include the risk of moral hazard. Of course we must start shopping for better administration and leadership. Now this is really hard. At least we can pressure them to work harder. Persuasion never worked and so it has got to be raking them over hot coals. How sad. This is no way to run Singapore. But this is not just a problem of governance, companies especially the publicly listed ones are even more guilty.

Anyway Desmond Kuek would surely lose his job if he fails to pass the buck to the tax payer. At least we must not make it easy for him beginning with the government taking the necessary time to consider his traitorous proposal.

If shareholders backed the wrong company, they should be made to pay as much of the price as possible. No socialization of failures here please. Voters here are smarter than nearly everywhere else. If you screw us, we will surely return the favor.

My failure was I could see this coming but my sense of right and wrong didn't allow me to see clearly and confidently to buy SMRT stock to exploit this special situation earlier. Fancy they hired an LG not to solve the problem (actually impossible to solve) but to pass the buck. Just thankful to God we didn't need to count on him to lead the SAF in a war.