Sunday, June 02, 2013

Dishonesty and corruption

I want to quote this incident to show the dishonesty and corruption that is prevalent in the modern world for the past decade. 

Prior to the year 2,000, a few "experts" published papers to state that computer systems would break down on the eve of the new millennium, as they were not designed to handle this situation. It was a complete nonsense and could be easily demonstrated to be false. (I did).

The accounting and consultancy firms jumped into this concept to make money. They published papers to notify the boards of large companies about the risk and their responsibility to prevent the collapse of their companies. These firms knew that it was nonsense, but their greed and dishonesty overpowered their conscience.

Many corporate boards and government agencies spent tens of millions of dollars in consulting fees and technical solutions to avoid this imaginary catastrophe.

Many directors of these boards knew that it was nonsense, but they approved the expenses anyway, as the money went to their cronies in the consulting firms. When the retire from the board, they expect to be invited as directors or advisers to the consulting firms.

It was a grand scheme to cheat the "system". Billions of dollars must have been spent on fees and software.

Who gains? The elites in the top power echelons. Who loses, the ordinary people around the world who have to pay the price for the elites to become super rich.

This type of deception continues today. It comes in various forms, e.g. outsourcing of large IT. projects.

Singapore is very much a part of this global system of deception - both as actors and victims. I will describe them later.

1 comment:

Lye Khuen Way said...


Just an aside to this millennium bug farce.

Singapore had one good outcome. Remember the case of the SIA embezzlement that was uncovered by a eagle-eyed bank staff ? If not for that mad rush to cut-over to the "new" system, that clerk would have probably be still counting his ill-gotten millions.

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