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Author Topic: Star economist quits job after sending an email that went too far  (Read 2049 times)
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« on: October 05, 2006, 04:45:28 AM »

He shot his mouth off ... and himself in the foot
Star economist quits job after sending an email that went too far
 
— AGENCIES, with additional reporting by Valerie Law
 
HE HAD made a career out of being outspoken. But Morgan Stanley's star Asia-Pacific economist Andy Xie, who abruptly left the United States investment bank last week, may have gone too far when he sent out an email to colleagues that he himself now describes as "cavalier".
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Hong Kong-based Mr Xie, who built up a high profile airing his provocative views on the Chinese economy, visited Singapore recently for the IMF-World Bank meetings — and then decided to launch into a tirade against the Association of Southeast Asian Nations (Asean) in general and Singapore in particular.
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He shot off his email on Sept 18, just as the conference was wrapping up. The subject line read: "Observations on the IMF-World Bank conference".
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"I tried to find out why Singapore was chosen to host the conference," wrote Mr Xie. "Nobody knew. Some said that probably no one else wanted it. Some guessed that Singapore did a good selling job.
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"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.
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"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." .

Mr Xie then went on to say 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".
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It appears that while the email was meant only for internal circulation, it leaked out and was soon making the rounds of the region — embarrassing both Mr Xie and Morgan Stanley.
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Speaking to the Financial Times, Mr Xie refused to discuss the reasons for his departure. But he said of the email: "It was written in a hurry and some of the language used was cavalier and inappropriate."
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Asked what he would do next, he replied: "I might go off and become a monk. I don't know."
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The 46-year-old, who has a doctorate from the Massachusetts Institute of Technology, has become one of the region's most high-profile economists.
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He had earlier angered the Chinese authorities by claiming that Shanghai's property market was a potential bubble.
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Of the circumstances in which Mr Xie left the company, Morgan Stanley said: "We do not comment on personnel issues. We do not elaborate on the reasons for our employees' departure."
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Pressed specifically on the email, it added: "The email reflects 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."


http://www.todayonline.com/articles/146802.asp
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