Another victicm like mr brown
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Andy XieÂ’s Singapore swing
By Steven Irvine | 4 October 2006
Morgan StanleyÂ’s vocal star analyst suddenly resigns. An email he wrote about Singapore may explain why.
The market was shocked on Friday when Morgan Stanley announced that its Asia economist, Andy Xie, had resigned. The announcement was brief and mysterious, giving no explanation of why he was going or where he was going. With Morgan StanleyÂ’s bonus period only two months away, it looked like a very strange time for the Shanghai-born Xie to leave the firm.
The Hong Kong rumour mill quickly began speculating as to why Xie had left. Attentions have focused on an email that Xie penned on September 18. Many copies of the email – which was about Singapore – have since been passed around by the region’s fund management and banking community. advertisement
The subject line of Xie’s email was ‘Observations on the IMF/ World Bank conference’. That event was hosted in Singapore, and the email was written just after the conference finished. The email consisted of nine paragraphs but it is the third and fourth that have attracted most attention.
“I tried to find out why Singapore was chosen to host the conference,” wrote Xie. “Nobody knew. Some said that probably no one else wanted it. Some guessed that Singapore did a good selling job. I thought that it was a strange choice because Singapore was so far from any action or the hot topic of China and India. Mumbai or Shanghai would have been a lot more appropriate. ASEAN has been a failure. Its GDP in nominal dollar terms has not changed for 10 years. Singapore’s per capita income has not changed either at $25,000. China’s GDP in dollar terms has tripled during the same period.”
Xie then continued that he thought some “were competing with each other to praise Singapore as the success story of globalisation. Actually, Singapore’s success came mainly from being the money laundering centre for corrupt Indonesian businessmen and government officials. Indonesia has no money. So Singapore isn’t doing well. To sustain its economy, Singapore is building casinos to attract corrupt money from China.”
These remarks were made in an email that Xie intended to be circulated internally within Morgan Stanley. But it got leaked, and was soon making its way around the region. This proved to be a highly embarassing situation for Morgan Stanley. Singapore is one of the US firmÂ’s key investment banking markets in Asia.
Commenting on Xie’s departure a spokesperson for Morgan Stanley says: “We do not comment on personnel issues. We do not elaborate on the reasons of our employees’ departure.”
But on the subject of the email, the spokesperson adds: “This is an internal email based on personal suppositions and aimed at stimulating internal debate amongst a small group of intended recipients. The email expresses the views of one individual and does not in any way represent the views of the firm. Morgan Stanley has been a very strong supporter of Singapore and has a great deal of respect for Singapore’s achievements.”
Xie joined Morgan Stanley in 1997 and was a managing director. He regularly ranked highly in investor polls as one of the regionÂ’s most popular economists, thanks in large part to his direct style and forthright opinions. The 46-year-old, who has a doctorate from MIT, previously worked at the World Bank and Macquarie Bank. -
I'm not surprised.
There might be things lying beneath the surface which will sink many folks if it ever came out. -
Yah, there could be more than that. Just like Customs should check on their employee who surf sgforums during official working hours too... tax-payers money leh
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I think he could have been more tactful with his choice of words.....
Oh well, one's got to pay the price for the wrong things he/she says here -
We're a money laundering centre for corrupt Indonesian businessmen?! That hurts...
I agree ASEAN was a big flop. It has accomplished close to nothing. -
Originally posted by sgboy2004:Yah, there could be more than that. Just like Customs should check on their employee who surf sgforums during official working hours too... tax-payers money leh
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that is in Hong Kong, or Singapore ? ... -
bluelantern, which press did u get ur source from?
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Andy Xie must have seen it coming. It's alright
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Whether Asean was a flop or whether Singapore is a center for money laundering, I can't guarantee. But when he says that either Mumbai or shanghai can host it as they are seeing rapid economic growth, thus they should be hosting............ I think other wise.Originally posted by kaister:We're a money laundering centre for corrupt Indonesian businessmen?! That hurts...
I agree ASEAN was a big flop. It has accomplished close to nothing.
Firstly, China recently have exposed 2 high profile govt official corruption saga and the number of high ranking officials affected is so large that the investigation is said to be limited to a certain parameters, to avoid 'opening the pandoras box'. The first is Shanghai mayor corruption saga and the other is a few months ago high ranking naval officials caught embezzling 1.3billion RMB and keeping 5 mistresses. China like Singapore, is a highly authorian society in which the media is nothing more than a govt shoutbox. The media is also not allowed to discuss nor challenge govt policies, thus the corrupted ppls caught are only the tip of the ice-bergs -
While Andy Xie has been quite bearish on the sg,his colleague Daniel Lian in MStanley is just opposite.In short
Strategies Are Working
from Part 2 of below.
2.Morgan Stanley has been quite bearish on the structural prospects for the Singapore economy, with our regional economist, Andy Xie, believing that the high-wage and resource-poor Singapore manufacturing strategy is doomed to fail, and noting that it has no natural resources to supply to China or India. Furthermore, Singapore’s value is tied to Indonesia, and it faces the generic problem — like Hong Kong — of its shrinking role as a middleman to inefficient hinterlands. Singapore thus faces an inevitable decline in fortune.
---http://www.morganstanley.com/GEFdata/digests/20050808-mon.html
I disagree with Andy on these counts. ........
PART 1 of ''Singapore: Structural Re-Rating of Singapore?'' by
Daniel Lian (Singapore),Aug 08, 2005
3.Part 2 of ''Singapore: Structural Re-Rating of Singapore?'' by
Daniel Lian (Singapore).---http://www.morganstanley.com/GEFdata/digests/20050809-tue.html#anchor1
4.u need not agree on either one.But u have spend some time
to digest the data and draw conclusions .
5.can any one post Andy Xie research on Sg.
6.Singapore lessons for China,01 Jul 2005,A report by Dr Daniel Lian, Morgan Stanley. http://www.sedb.com/edb/sg/en_uk/index/news_room/publications/singapore_investment/singapore_invesdtment7/singapore_lessons.html
The manufacting is the saving line of Sg.This little red dot is going
Singapore's manufacturing sector has remained resilient, expanding its share of GDP from 24.3 per cent to 27.1 per cent
to double manufacturing value by 2018 or 2015. -
could the decision be affected by the ripples of the recent FEER saga?
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No one dares to write articles about singapore anymore. There goes our economy.
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Now, now dear.Originally posted by ditzy:No one dares to write articles about singapore anymore. There goes our economy.
You can write about Singapore.
Just make sure it's only about good things.
Like the best beef noodle or fried oyster. -
That's like writing about the african double tusked mammoth having sh|t that smells like Chanel No.9.Originally posted by charlize:Now, now dear.
You can write about Singapore.
Just make sure it's only about good things.
Like the best beef noodle or fried oyster. -
Think Andy deserve to be fired !
As a man of his position, he should be well verse in knowledge of economies of how each country earn their money .
Seem he is totally lost at it , and simply put it that Singapore is laundrying money for indonesia businessman ! yep but did he sit down and think about it, that is just a very little money !!!!
Like what I say, andy lack the knowledge that why he deserve to be fired !!!
Singapore money is from black gold - oil !!! We have one of the largest oil refinenary in Asia, what we does is we buy unprocess oil and refine them to expense usage fuel - yep oil producting country earn , but those who refine it earn a lot also .
Why not Singapore be consider successful - when it went into refinenary when others did not ! As he say no one want to foot the huge bill to hold that stupid IMF meeting, if singapore is able to afford it, then it been successful.
So this show how shallow is andy knowledge.
Think Andy want to come dress as a chicken to protest on KFC and was not let in, thus he wrote that email ! -
Another victicm like mr brown
it is not a fair title.Andy Xie not directly or indirectly fired by
sg,he was fired by MStanley.
A company of
US$647 Billion in Assets Under Management sure should know how to manage its staff,Managing Director or Morgan Stanley's chief economist in Asia.
2.can sg tell MS to fire his staff ? -
There is the possibility that Andy's comments might incur the wrath of our defamation-suit-loving gahmen.. we're talking abt alot of money here.
It's not hard to figure what could happen, since there are already so many examples of this in Singapore. So either they cld get sued for defamation by the millions + lose income from business deals, or drop the star who's not worth as much...
They simply weighed the options and made their choice. -
sg govt is a big client of morgan, not surprised by the 'departure' if the email thing were true.......
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I agree that the title isn't that appropriate though cause it's almost 2 seperate incident.
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well whats interesting and very relevant is that the average income has been stagnant for ever meaning we have been getting poorer
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This is no more news in Spore that why our sg gov didnot want 2 sign a repatriation agreement with Indonesia.Originally posted by kaister:We're a money laundering centre for corrupt Indonesian businessmen?! That hurts...
I agree ASEAN was a big flop. It has accomplished close to nothing.
If u r in the shares market,u should note of a few Indonesian tycoons how they played with their shares a few yrs ago!!! Right now,we also hve the china "cant c sun" $ in the share market,if u want 2 know which one!! just checked with yr dealers .
I can agree with some truth in the e-mail but further examination of the facts is also needed. -
You assume he is wrong. We know for a fact that there is considerable money laundering activity in Singapore, at least in the past.Originally posted by Rock^Star:I think he could have been more tactful with his choice of words.....
Oh well, one's got to pay the price for the wrong things he/she says here -
but banking IS money laundering, isn't it ? .. it just depends on who's doing it, and who's got an agenda against whoever's doing it eh ? ...Originally posted by scabstermooch:You assume he is wrong. We know for a fact that there is considerable money laundering activity in Singapore, at least in the past.
I mean, what about Switzerland ? ... the Bahamas ? ... liechenstein ? ...
those pesky little nameless numbered accounts ? ... those offshore tax havens ? ... what about those ? ...
