Sep 2, 2011

One of the larger investment scandals in Singapore - a city which is not short of investment scandals - was the saga surrounding Profitable Group, a land-banking investment firm that collapsed in 2009, taking tens of millions of dollars of investor funds with it. The Commercial Affairs Department investigation is ongoing, and the directors of the firm were ordered to hand over their passports and stay in Singapore. So imagine the High Court’s surprise when two directors - a husband-and-wife pair - failed to appear at a hearing earlier this week, because the police had handed back their passports and let them travel to England:

Aug 27, 2011

Update 2: as JRE exclusively predicted last night, the winner is Mr Tan! GIC chair Tony Tan scraped home late in the night, winning by just 7,000 votes out of 2.1 million. Tony Tan polled a total of 745,000 votes, which (thanks to @FakeSTCom for the gag) is still 745,000 more votes than S.R. Nathan ever polled. Update: at midnight Singapore time, we have a race on our hands! The @stcom Twitter feed is as good a source as any of “unofficial” (suuuure) leaked numbers; and their take is that it’s a dead-heat between PAP favourite Tony Tan and PAP-linked outsider Tan Cheng Bock, on about 35% of the vote each.

Aug 5, 2011

Josh Brown’s article from yesterday on the “ETF Singularity” is a winner. …we now have Concrete ETFs, Rare Earths ETFs, Global Aquaculture (Fishing!) ETFs, ETFs that hold only metals that are the color white (look it up – WITE, I kid you not)… We need to make an ETF of all the loony swap-based ETFs that have been launched over the last few years. And we could call it the World’s Traded Fund, so its ticker symbol would be WTF!

Jul 29, 2011

The price of COEs - Certificates of Entitlement, the piece of paper that allows you to buy a car in Singapore - has reached new 14-year highs. The COE for cars with engines larger than 1.6 litres - so, basically, any car that doesn’t suck - now costs $72,500 over and above the 105% tax on cars and the cost of the car itself. (The last time COEs cost this much was just before the 1998 Asian crisis; I’m not saying history repeats, but it occasionally rhymes.

Jul 26, 2011

Via Barry Ritholz: Aussie comedians John Clarke and Bryan Dawe (of “the front fell off” fame) discuss Greece’s debt problem: JOHN CLARKE: Well, they can’t pay their debts, Bryan. I mean, Greece owes 160 per cent of what it produces. I mean, the task is a Sisyphean task. It’s rolling a rock up a mountain. _ _ BRYAN DAWE: So Greece is insolvent? _ _ JOHN CLARKE: Bryan, put it this way: if it were a private company, there’d be a fire there on Saturday at about four o’clock in the morning.