Former SET president says Thailand is suffering from 'Corruption Disease'



BANGKOK, 18 Oct 2013 (NNT) - Former president of the Stock Exchange of Thailand (SET), Sompon Kiatpaiboon, indicated that Thailand is suffering from what he called 'Corruption Disease' while another senior economist showed his concerns on the public debt and the Government's lack of spending discipline.

Speaking at a seminar held by the Thailand Future Foundation and the Economics Reporters Association, Mr. Sompon described the Corruption Disease as influential factor disabling people in positions of power to see anything beyond personal benefits and gains. He said if the disease is left unattended, the nation would not be able to move forward.

Meanwhile, former Commerce Minister Narongchai Akaraseranee stated that although Thailand is not in its prime stage, it still performs well. He viewed the nation's dependency on the global economy as the cause of its drawback. He explained that whenever the international economy fluctuates, so will Thailand's economic status.

He also raised another concern: the public debt, which is now in a combination of old and new ones that the nation is unable to wash off as its administration does not have the spending discipline.


-- NNT 2013-10-18

No need to tell the world, everybody knows already, and the majority who has been brainwashed beyond brain damage repair, blindly and mindly accept corruption aka easy peasy money and free luxury goodies without wanting to work a sweat.

The head of the stock exchange moaning about corruption? How many insider trading cases they ever had in Thailand?

I mean honestly. Is this the case of the pooyai calling the kettle black?

Thailand's corruption is amateurish and negligible compared to USA's.

You can't expect former economics professionals to be more tuned in to their subject than a PM any more than military professionals would be more than a DM and Her Excellency has stated categorically that there is no corruption in her government.

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

In other words, Thailand, the future SHINA aka China, where police-controlled communism will terrorize the nation and therefore becomes the hub of government controlled IMPORT-(ONLY), aka backstabbing greedy borrowing theft from other Nations, without regard to human life. Export business and difference in thought authenticy and unique character, will become a crime punishable by SHINA-Law

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

Indeed, it looks like it is gaining momentum. How long can the rice thingamjig keep going? Sometime soon, the wheels have to come off. Did anyone see that public debt jumped nearly 2bn USD last month alone? It's only 44%, but at 2bn a month, that will go above 50% quickly enough. Lets not forget that this a ratio debt to GDP. If GDP doesn't move, then that ratio can sky rocket rapidly. What was predicted GDP growth at the start of the year? 5, 6, 7%? What is it in reality? 2,3,4%? But this figure was used to support an amount of government spending without increasing the debt to GDP ratio.

If they can't get GDP moving, all their borrowing plans will push the debt to GDP ratio way out of kilter. Beyond that, government's borrowing to buy perishable goods under subsidy can hardly be classed as sustainable borrowing. I would prefer it, if they went ahead with the trains, and promised to pay half the rice farmers a guaranteed 30k per month for 5 years to work as construction workers on the trains.

At least at the end you have a trainline.

waza Post # 6

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

The bottom of the cookie jar is covered in crumbs now and the ''experts'' are at last speaking out.

The blatant corrupt practices in from both the government and the business world are taking their toll.

The thought of the possible upcoming two trillion loan millstone is filling many a financial mind with unpalatable truths as to the long term consequences of this loan let alone the leakage of money that is definitely going to happen.

The problem is as ThaiatHeart describes. Possibly there is a problem with the ''commissions'' being collected now actually starting to hurt the financial and business sector hence the attempt at lancing of the boil of corruption by the lance wielded by Sompon Kiatpaiboon

Meanwhile, former Commerce Minister Narongchai Akaraseranee stated that although Thailand is not in its prime stage, it still performs well. He viewed the nation's dependency on the global economy as the cause of its drawback. He explained that whenever the international economy fluctuates, so will Thailand's economic status.

He also raised another concern: the public debt, which is now in a combination of old and new ones that the nation is unable to wash off as its administration does not have the spending discipline.

Above in a nutshell or should I say ''a quote shell?'' the underlined passage clearly tells us all something we all know but the government does not know nor does it want to know. The populist policies and the appeasement of the puppet master must go on no matter what the cost may be financially or the stability of the country.

One is led to wonder what will come first financial disasters or the frightening prospect of grave social disorder as a result of this governments profligate policies at the behest of one man?

waza Post # 6

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

The bottom of the cookie jar is covered in crumbs now and the ''experts'' are at last speaking out.

The blatant corrupt practices in from both the government and the business world are taking their toll.

The thought of the possible upcoming two trillion loan millstone is filling many a financial mind with unpalatable truths as to the long term consequences of this loan let alone the leakage of money that is definitely going to happen.

The problem is as ThaiatHeart describes. Possibly there is a problem with the ''commissions'' being collected now actually starting to hurt the financial and business sector hence the attempt at lancing of the boil of corruption by the lance wielded by Sompon Kiatpaiboon

Meanwhile, former Commerce Minister Narongchai Akaraseranee stated that although Thailand is not in its prime stage, it still performs well. He viewed the nation's dependency on the global economy as the cause of its drawback. He explained that whenever the international economy fluctuates, so will Thailand's economic status.

He also raised another concern: the public debt, which is now in a combination of old and new ones that the nation is unable to wash off as its administration does not have the spending discipline.

Above in a nutshell or should I say ''a quote shell?'' the underlined passage clearly tells us all something we all know but the government does not know nor does it want to know. The populist policies and the appeasement of the puppet master must go on no matter what the cost may be financially or the stability of the country.

One is led to wonder what will come first financial disasters or the frightening prospect of grave social disorder as a result of this governments profligate policies at the behest of one man?

The problem is, that the country is so immature in terms of political discussion and debate that to wean the farmers off, or modify the rice system creates enormous confrontations. So PTP have no choice but to blunder forward and spend more. No one is politically savvy enough, or has enough nous to explain to farmers what the hell is going on.

All the farmers know, is that for donkeys years they have been progressively screwed by middle men, and they were supposedly promised a way to make more cash. That's all they care about. They don't care to know how it is created, where the money comes from, just give me some money. Why should the care anyway? If the country collapses, they will still have the same lifestyle, and their rice will still be consumed.

Everything has been drawn down to the moment instead of any realistic political planning and economics. Every political idea is down to what can I do to get a headline today? Because it is all forgotten about tomorrow. So, spend the money, listen to the complaints, convene a committee, take the heat a little, spend the money, listen to complaints, and so it goes, on and on..... The eventual bogeyman in this are the international lenders and ratings agencies. So far they have muddled through to claim they don't know, they don't understand, they aren't truthful.

Won't be long people. Moody's, Standard and Poors and all the rest will need a whipping boy after they have finished with the USA. Just wait till they downgrade the USD, the baht will be so strong, Thailand won't be able to export anything.

Thailand's corruption is amateurish and negligible compared to USA's.

Being from the US..I agree....Here in Thailand it's alot more "in your face" and sort of behind the times in the way they do it..in the US..it exists, and probably on a much larger scale...just a bit more intricate and state of the art...but by all means it is there in just about any other country in the world...Politicians, once they have discovered their new found power, eventually make use of what they can do to benefit themselves

waza Post # 6

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

The bottom of the cookie jar is covered in crumbs now and the ''experts'' are at last speaking out.

The blatant corrupt practices in from both the government and the business world are taking their toll.

The thought of the possible upcoming two trillion loan millstone is filling many a financial mind with unpalatable truths as to the long term consequences of this loan let alone the leakage of money that is definitely going to happen.

The problem is as ThaiatHeart describes. Possibly there is a problem with the ''commissions'' being collected now actually starting to hurt the financial and business sector hence the attempt at lancing of the boil of corruption by the lance wielded by Sompon Kiatpaiboon

Meanwhile, former Commerce Minister Narongchai Akaraseranee stated that although Thailand is not in its prime stage, it still performs well. He viewed the nation's dependency on the global economy as the cause of its drawback. He explained that whenever the international economy fluctuates, so will Thailand's economic status.

He also raised another concern: the public debt, which is now in a combination of old and new ones that the nation is unable to wash off as its administration does not have the spending discipline.

Above in a nutshell or should I say ''a quote shell?'' the underlined passage clearly tells us all something we all know but the government does not know nor does it want to know. The populist policies and the appeasement of the puppet master must go on no matter what the cost may be financially or the stability of the country.

One is led to wonder what will come first financial disasters or the frightening prospect of grave social disorder as a result of this governments profligate policies at the behest of one man?

The problem is, that the country is so immature in terms of political discussion and debate that to wean the farmers off, or modify the rice system creates enormous confrontations. So PTP have no choice but to blunder forward and spend more. No one is politically savvy enough, or has enough nous to explain to farmers what the hell is going on.

All the farmers know, is that for donkeys years they have been progressively screwed by middle men, and they were supposedly promised a way to make more cash. That's all they care about. They don't care to know how it is created, where the money comes from, just give me some money. Why should the care anyway? If the country collapses, they will still have the same lifestyle, and their rice will still be consumed.

Everything has been drawn down to the moment instead of any realistic political planning and economics. Every political idea is down to what can I do to get a headline today? Because it is all forgotten about tomorrow. So, spend the money, listen to the complaints, convene a committee, take the heat a little, spend the money, listen to complaints, and so it goes, on and on..... The eventual bogeyman in this are the international lenders and ratings agencies. So far they have muddled through to claim they don't know, they don't understand, they aren't truthful.

Won't be long people. Moody's, Standard and Poors and all the rest will need a whipping boy after they have finished with the USA. Just wait till they downgrade the USD, the baht will be so strong, Thailand won't be able to export anything.

Thats why Thai foriegn investors are the largest group investing in the London realestate market. They have an exit plan.

“Thais visiting London are the highest spenders in the world,” Tom Eshelby, residential director of Land Securities, said during a presentation of the company’s new Kings Gate project in Southwest London. - See more at: http://www.property-report.com/thai-investors-swoop-on-londons-real-estate-market-31803#sthash.s4mdFupj.dpuf

Thailand's corruption is amateurish and negligible compared to USA's.

What corruption are you referring to in the USA?

Seem the situation is getting so dire that many ex financial leader are joining the chorus, this government is bleeding the economy dry and stealing Thailands future prosperity.

Same-same everywhere. Happens in most countries.

This chump ran a monopolizing agency dead set on stifling competition in every department. Technology, forcing brokers to use their online trading, back office front office clearing and settlement .... Investor education.... The list goes on. Sickening to hear such hollow words from one who did nothing to improve matters when he has the chance . The ramp bung of stocks that goes on on a daily basis also too hard to spot for the fwits at the SET and SEC. Part of the problem, certainly not part of the solution.

Sent from my iPhone using Thaivisa Connect Thailand mobile app

C'Mon.....That's brutal to talk about Thailand in such a strange way. Aeeh, I'd change my mind if somebody will send me 200 baht.-

Thailand is suffering from what he called 'Corruption Disease'

Say what? Bit like calling alcoholism a 'disease', it ain't folks, and I have inconvertible proof that it isn't. So they really should own up to the fact that they are all just greedy bastards who know they will neither get caught/nothing happens when they do. Rather like piss heads who actually like getting pissed.

Agree 100%, this will end in civil war, if they check what Corruption realy costs everbody in this country. O.K., it's all around the world, but here it is worse.

Thailand's corruption is amateurish and negligible compared to USA's.

What corruption are you referring to in the USA?

Naive much? USA's corruption is both systemic and terminal.

Please read the book, "The Creature from Jekyll Island".

So lets cut to the chase my Ex patties. Is the Bht going to crash or what? If so leave them to it. Bye

Many people have said the same thing, few people have cared.

Anyone been following the recent news about corruption in Australian politics ? And as for Russia... Thailand is far from exceptional in the business of nest-feathering.

Someone's gonna pay him to keep quite about this matter. Than he'll pay someone else to bring this matter up again.

Thailand's corruption is amateurish and negligible compared to USA's.

Well Trolled. The funny thing is you think you're a clever cynic.

By the way, whether or not one country is corrupt is irrelevant to whether or not it exists in Thailand and if it's ok!

Thailand is suffering from what he called 'Corruption Disease'

Say what? Bit like calling alcoholism a 'disease', it ain't folks, and I have inconvertible proof that it isn't. So they really should own up to the fact that they are all just greedy bastards who know they will neither get caught/nothing happens when they do. Rather like piss heads who actually like getting pissed.

"Head nail hit you have"
Yoda

Naive much? USA's corruption is both systemic and terminal.

Please read the book, "The Creature from Jekyll Island".

Read it a long time ago. The author has little credibility. He is not an economist.

http://en.wikipedia.org/wiki/G._Edward_Griffin

Edward Flaherty, an academic economist,^%5B40%5D characterized Griffin's description of the secret meeting on Jekyll Island as "conspiratorial", "amateurish", and "suspect".^%5B41%5D Griffin's response was that Flaherty had miscategorized the book with other publications and had labeled all criticisms of the Federal Reserve as the results of conspiracy theory.^%5B42%5D

And of course this is this:

In 1974, Griffin wrote and published the book World Without Cancer,^{%5B16%5D%5B17%5D} and released it as a documentary video; its second edition appeared in 1997, and it was translated into Afrikaans, 1988, and German, 2005. In the book and the video, Griffin asserts that cancer is a metabolic disease facilitated by the insufficient dietary consumption of amygdalin, a view which has been rejected by the medical community. He contends that "eliminating cancer through a nondrug therapy has not been accepted because of the hidden economic and power agendas of those who dominate the medical establishment"^%5B18%5D and he wrote, "at the very top of the world's economic and political pyramid of power there is a grouping of financial, political, and industrial interests that, by the very nature of their goals, are the natural enemies of the nutritional approaches to health".^%5B19%5D

Griffin also advocates the use of Laetrile, a semi-synthetic derivative of amygdalin as a treatment for cancer, often referencing the work of Dean Burk to support the use of Laetrile.^%5B20%5D Since the 1970s, the use of Laetrile to treat cancer has been described in the scientific literature as a canonical example of quackery and has never been shown to be effective in the treatment or prevention of cancer.^{%5B3%5D%5B4%5D%5B21%5D}

So again, what corruption are you referring to? The Fed is a legal enterprise. Like it or not. I don't, but it is legal And generally transparent.

References to USA corruption please.

No need to tell the world, everybody knows already, and the majority who has been brainwashed beyond brain damage repair, blindly and mindly accept corruption aka easy peasy money and free luxury goodies without wanting to work a sweat.

Unfortunately the whole world does not know. And further do not give a shit about some obscure South East Asian country. Corruption etc barely registers on the radar unless you are doing or want to do business there. And then it accepted as a price for doing business like many other developing countries. The big money is made elsewhere in this world of ours.

Bla Bla and more Bla. How many times have we read the words 'Corruption will stop the Nation moving forward'. Seems everyone talks a lot about it but nobody has the will to do anything about it, so why continue talking. I would bet that in 100 years time things will be the same here unless there is a massive public uprising that kills off the existing Fuedal system that dominates the country.

Bla Bla and more Bla. How many times have we read the words 'Corruption will stop the Nation moving forward'. Seems everyone talks a lot about it but nobody has the will to do anything about it, so why continue talking. I would bet that in 100 years time things will be the same here unless there is a massive public uprising that kills off the existing Fuedal system that dominates the country.

Corruptions not going anywhere cause the people are corrupt. Want your kids grade changed? Pay the teacher. Wanna take care of this DUI? Pay the COP. Want to put a restaurant in where it doesn't belong? Pay the local politician.

The USA references are funny. Corruption happens, but it's not present every step of the way at every turn. Bribes might happen, but not at every possible instance. Campaign contributions may effect politicians decisions, but they are made public, and the politician still has the chance to make up their mind. Believe it or not, some people in politics in the states do so with the intention of trying to make it a better place. That's all a BIG difference from what happens here.

It's interesting that people don't attribute the values of a nation to its success and civility. Consider two countries: in country A they have a general sense of justice, and long term well being, while in country B, there is no sense of justice, and a short term what's best for me policy.. Which country do you predict to be forever in a tailspin?

Chinese saying we get wool from sheep, that when we pay you to vote we will get back more what we have paid for . Never ending story!