It is time we stop pay private sector pay and private sector bonuses to people taking care of public funds and managing non-profit organisations? Why? Because it is not working!!!
First they unconvincingly justify paying ministers millions. How did they convince us? They say they are running Singapore Inc. worth billions in assets. What is a few hundred million $ a year for ministers' pay? Now we know how many of those billions are lost. Isn't there a parallel in the real world today? We see CEOs of multi-billion $ financial institutions paying themselves millions when their companies are losing billions and going into bankruptcy. Are we now seeing this mentality filtering down to non-profit organisations like the PA and CDC?
When pays to these people’s own pockets are secured, is there a risk that they may become more risk-tolerent when investing funds that are not their own? Didn’t some CDC invested in DBS High Notes? Did we not see how billions of our reserves are invested in Merrill Lynch, UBS and Citicorp in quick succession when warning after warning have been issued by economists on the impending sub-prime collapse. Now these people say they did not see the gravity and scope of the problem. How could they not see? They are the elite and they have the best brains on whom we have trusted with managing Singapore Inc. They are not your ordinary man in the street. At least that’s what they want us to believe to justify their hugh pays. It is so easy for them to now say that their investment decisions are long-term. Could a bank portfolio manager also say that his investments for the bank are long term after he has lost millions of the bank's money. Will he be spared and will he get to keep his job?
It is so easy to just step down and walk away after the orgainsation you headed have lost billions. No sorry and not a word of explanation, remorse or regret? A year ago, another high office holder couldn’t offer a good explanation for the lapses that led to a top terrorist escaping from detention. What he did is just as bad. He did say sorry in parliament but he did not resign (which is just as good as saying that he is not sorry).
Why can’t these people do the honourable thing. Do both. Say you are sorry AND resign.
First they unconvincingly justify paying ministers millions. How did they convince us? They say they are running Singapore Inc. worth billions in assets. What is a few hundred million $ a year for ministers' pay? Now we know how many of those billions are lost. Isn't there a parallel in the real world today? We see CEOs of multi-billion $ financial institutions paying themselves millions when their companies are losing billions and going into bankruptcy. Are we now seeing this mentality filtering down to non-profit organisations like the PA and CDC?
When pays to these people’s own pockets are secured, is there a risk that they may become more risk-tolerent when investing funds that are not their own? Didn’t some CDC invested in DBS High Notes? Did we not see how billions of our reserves are invested in Merrill Lynch, UBS and Citicorp in quick succession when warning after warning have been issued by economists on the impending sub-prime collapse. Now these people say they did not see the gravity and scope of the problem. How could they not see? They are the elite and they have the best brains on whom we have trusted with managing Singapore Inc. They are not your ordinary man in the street. At least that’s what they want us to believe to justify their hugh pays. It is so easy for them to now say that their investment decisions are long-term. Could a bank portfolio manager also say that his investments for the bank are long term after he has lost millions of the bank's money. Will he be spared and will he get to keep his job?
It is so easy to just step down and walk away after the orgainsation you headed have lost billions. No sorry and not a word of explanation, remorse or regret? A year ago, another high office holder couldn’t offer a good explanation for the lapses that led to a top terrorist escaping from detention. What he did is just as bad. He did say sorry in parliament but he did not resign (which is just as good as saying that he is not sorry).
Why can’t these people do the honourable thing. Do both. Say you are sorry AND resign.
