"Swiss watchdog fines Coutts over 1MDB money-laundering breaches
SINGAPORE: RBS unit Coutts & Co was ordered to pay 6.5 million Swiss francs (US$6.57 million) for breaching money-laundering regulations in its relationship with Malaysian sovereign wealth fund 1MDB, said Switzerland's financial regulator on Thursday (Feb 2)."
The bank made US$6.57m processing the transactions! What did it actually produced? Nothing tangible though it made a lot of money!! Some of its employees raised the red flag on a few occasions but all overruled by top mgt as the money is too easy!!
Sad. For the bank n definitely more so for those oppressed "do the right things' employees. How they must hv been living in guilt n even some sense of shame for not bringing it to the authority earlier. Or risks of being called a traitor or spoiler!!
That brings me to another related matter: that of the need to pay our civil servants n "politicians" well so that we attract the BEST talents to run the country. The problem is: for some jobs that pay VERY VERY well, they produce nothing useful - tangible or intangible regardless! e.g. like this PRIVATE banking.
The elites, after getting used to million dollar packages, will do all means to keep the status quo. There lies the danger, when u r not paid million, u feel there is something wrong! Forget abt the mean or median national income maybe just a few thousand or 50k or 150k a year! The 'politicians' who r talented n can be in private banking or whatever high paying jobs will not go into politics n the nation will be led by lesser "talents".
Yet, when a bunch of similar background, thinking, motivation n behaviours folks r together, they r either very very good or they r very very bad singularly.
No diverse input, ideas, problems definitions n hence possible solutions. It is just too dangerous.
To believe the powerful will remain uncorrupted with absolute power is just delusional!!
Money is important n I m not asking talented people to go into politics get paid peanuts. A tax free S$500k/yr fixed salary is good enough for a decent living. Variable bonuses can be given as long as it is self-sustaining. Even that, to give a handful of persons a 0.01% of a GNP or GDP, the result of million of people's efforts, is just ludicrous! An absolute value has to be determined as "going beyond will b obscene n shameful".
May we hv 'educated' enough future generation of national leader that it is not just abt the money.
SINGAPORE: RBS unit Coutts & Co was ordered to pay 6.5 million Swiss francs (US$6.57 million) for breaching money-laundering regulations in its relationship with Malaysian sovereign wealth fund 1MDB, said Switzerland's financial regulator on Thursday (Feb 2)."
The bank made US$6.57m processing the transactions! What did it actually produced? Nothing tangible though it made a lot of money!! Some of its employees raised the red flag on a few occasions but all overruled by top mgt as the money is too easy!!
Sad. For the bank n definitely more so for those oppressed "do the right things' employees. How they must hv been living in guilt n even some sense of shame for not bringing it to the authority earlier. Or risks of being called a traitor or spoiler!!
That brings me to another related matter: that of the need to pay our civil servants n "politicians" well so that we attract the BEST talents to run the country. The problem is: for some jobs that pay VERY VERY well, they produce nothing useful - tangible or intangible regardless! e.g. like this PRIVATE banking.
The elites, after getting used to million dollar packages, will do all means to keep the status quo. There lies the danger, when u r not paid million, u feel there is something wrong! Forget abt the mean or median national income maybe just a few thousand or 50k or 150k a year! The 'politicians' who r talented n can be in private banking or whatever high paying jobs will not go into politics n the nation will be led by lesser "talents".
Yet, when a bunch of similar background, thinking, motivation n behaviours folks r together, they r either very very good or they r very very bad singularly.
No diverse input, ideas, problems definitions n hence possible solutions. It is just too dangerous.
To believe the powerful will remain uncorrupted with absolute power is just delusional!!
Money is important n I m not asking talented people to go into politics get paid peanuts. A tax free S$500k/yr fixed salary is good enough for a decent living. Variable bonuses can be given as long as it is self-sustaining. Even that, to give a handful of persons a 0.01% of a GNP or GDP, the result of million of people's efforts, is just ludicrous! An absolute value has to be determined as "going beyond will b obscene n shameful".
May we hv 'educated' enough future generation of national leader that it is not just abt the money.
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