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Howard Winn

Guangzhou mayor's property comments draw public's ire
The mayor of Guangzhou, Wan Qingliang, has become the subject of angry comments by the online community. He was recently holding court  on the subject of property ownership. 'People need to change their ideas about property ownership,' he said.  'They don't need to own a place. It is sufficient for them to live somewhere.'  
Offering himself as an example, Wan (pictured) said: 'I pay 600 yuan [HK$708] a month and live in a 130 square metre  dormitory. I don't own a property and I live pretty well.' 
His comments prompted a furious reaction which has gone viral. It turns out his 'dormitory' is an apartment in an upmarket residential district where 600 yuan is well below the market rate by  at least 10 times. 
One commentator  likened his remarks to those of an  emperor many years ago who, faced with peasants complaining they had no rice, was believed to have said, 'Let them eat meat'.
Students of French history will note the similarity to Marie Antoinette's  famous comment, 'Let them eat cake'. And we all know what happened to her. 
Evian does the round
International think tank Evian Group  sent out a communique reminding us of the importance of completing the long-delayed Doha round of WTO trade talks this year. 
According to Jean-Pierre Lehmann,  the founding director of the group, it is important to conclude the  round, which has been running for 10 years, not because it will solve all the world's problems but for its symbolic significance as an indication that the world is moving 'in the direction of a collaborating world where all states and parties recognise that it is in their own enlightened self-interest to promote the global public good'. 
However, he tempers his comments with an amusing variant of an old joke. 
Barack Obama has an appointment with God and asks Him, 'When will the US deficit be reduced?' God replies, 'Not in your lifetime', and Obama begins to cry. Angela Merkel  meets God and asks Him, 'When will the euro zone be sturdy?' God replies, 'Not in your lifetime', and Merkel begins to cry. Hu Jintao goes to see God and asks Him, 'When will the province of Taiwan be reunited with the motherland?' God replies, 'Not in your lifetime', and Hu begins to cry. And then Pascal Lamy  shows up and asks,  'When will the Doha round be concluded?',  God begins to cry. 
Whether this remains a joke or a prophecy remains to be seen.
New Brazil still old
We hear a lot about the 'New Brazil' and its economic vibrancy. However, we recently heard a tale of someone trying to conduct a minor business transaction with that country only to find  the ways of the 'old Brazil' remain very much intact. The transaction required a power of attorney document to be drawn up and sent from Hong Kong to Brazil. We understand that to achieve this requires six visits to the Brazilian consulate and  two visits to a lawyer (required by the consulate). 
At no stage was our friend's identity checked. The consulate charges for the service but does not accept payment at its office but insists it is made in cash at a branch of the Bank of China.
It costs HK$608 to courier the document to Brazil, which is three times more than to the US, and it takes about six days to get there. Small wonder Brazil still relies on selling iron ore and soyabeans. 
Citi never stops
How can you tell if the person dying of thirst in front of you works for Citi? 
A: When you offer them tap water, they ask if you have  Evian, or, preferably, Perrier. 
A  report on Citi and its rescue by the US government  in 2007 shows executives griping that the terms of the taxpayer-funded bailout would be too costly for the firm,  which is no stranger to near-death experiences. 
'Many people' at Citigroup opposed the proposal, even after the bank's share price plunged below US$5, companies started pulling deposits and trading partners demanded collateral, according to the top  bailout watchdog. Federal Deposit Insurance Corp chairman Sheila Bair  worried the bank would not be able to open on Monday, November 24, the next business day.
The Treasury provided US$45 billion to Citigroup in two tranches in late 2008 and also provided a guarantee for a portfolio of US$301 billion in Citigroup assets. More support was extended in 2009 as the government exchanged its preferred shares for a 27 per cent equity stake in the company, which was fully sold off in December.
And still the bank complained. We wait with interest to see if the too-big-to-fail bank can manage to post a profit when it reports on Tuesday.



Lai See