Thursday, July 30, 2009

It never rains in Temasek!

To every life, a little rain must fall.

However, the sun always shine in Temasek where nothing can and will go wrong.

Even tens of billions of dollars were lost in investments (ShinCorp, Merrill Lynch, Barclays, ABC and lately Australand [Link] just to name a few) and vanished into thin air, there is not a tinge of contrition, remorse or regret for the losses from those responsible. Or has the buck stopped at the lower ranks (who are already punished?) as in the Mas Selamat Jalan / MHA fiasco?

In contrast, the upwomanship and hubris displayed so far by Ho Ching and even the comments from Ministry of Finance leaves a bitter taste in the mouth of many. MOF is trying to keep clean by saying that meritocracy is the main criterion for selection of leadership position in Temasek. I do not know how they work the Report Cards in Temasek but if it's meritocratic to keep those who lost people's money by billions and act as if it's no big fcuk, then I think pigs can fly and the greatgrandma of my grandchild should be the Queen of England!

What Ho Ching has said so far on the losses in her empire and the succession plan deserves no repetition as it may trigger some to puke. I can't help laughing when I read that staff in Temasek including Ho Ching and her office attendants will receive "negative bonuses". So just WTF is "negative bonuses"? Are they getting bonus or are they getting their bonuses paid earlier clawed back? Which is which? Or are we expecting another "no answer" answer which they are so good at!

Ex-president Roh of South Korea committed suicide because of mistakes (real or perceived) he felt he was responsible for. Whether he did right in killing himself is not for me to comment. Is it an act of heroism or cowardice? I don't know.

However, considering the price one pays for core values like integrity and accounatbility, it is very unlikely that Ho Ching will fall on her own sword as in 'seppuku'. However, a little human-ness in accepting part of the blame for the losses in Temasek instead of perpectually riding the high horse may gain her more respect than the brickbats she's receiving now. To arrogantly say that there should not be any regret and to joke about the perceptions others have of the "no Goodyear' debacle is a little too much for the taste of many.

To every life a little rain must fall.

To the lucky few, it never rains in Southern California nor in Temasek.

One may be God's gift to the most powerful family in Singapore and one's hanger-ons. However, to brush aside the thoughts and reasoning (and the savings) of the common folks is to invite fury to the hearts of those who love and stay Singapore.

Temasek Brief 2008 states their values of:
  • Excellence
  • Teamwork
  • Meritocracy (or should it be spelt: Marrytocracy?)
  • Merit (or is it Married?)
  • Innovation
  • Integrity and
  • Respect for People
Do they measure up or is this another case of "Chui Kong Lumpar Song"?

Your guess is as good as mine.

Ultimately to each, no matter how powerful (and they never do no wrong), a little rain must and will fall!

Peace be with you.

feedmetothefish

[link one]

27 Comments:

At July 31, 2009 at 10:09 AM , Anonymous Anonymous said...

Why screw Temasek. Screw the 60% who put the PAP into power.

 
At July 31, 2009 at 10:24 AM , Anonymous chekhovian said...

You've a point Fish about Meritocracy. Heads should roll in the debacle and the biggest head should be Ho Ching's!

So why is she still helming Temasek? WHY WHY WHY? Can someone ask Lee Hsien Loong?

 
At July 31, 2009 at 12:06 PM , Anonymous famiLee enterprise said...

Spore is screwed when LHL the most expensive politician on this planet is at the helm, he also happens to be the biggest wimp.
Don't expect Ho Ching's head to roll because this wimp has no clue how to deal with an overly ambitious wife nor a senile father.

 
At July 31, 2009 at 2:44 PM , Anonymous Anonymous said...

Ho Jinx should be sacked. Someone should start a petition to seek her resignation or ouster by her own husband.

The happy-go-lucky Dhana must also be sacked to take full responsibility of his serious misjudgment and poor and irresponsible decision-making.

 
At July 31, 2009 at 4:10 PM , Anonymous Anonymous said...

Her behaviour on stage? Arogant, no tinge of remorse and seemingly unconcerned. She seems to be taunting us with 'what can you do to me'.

 
At July 31, 2009 at 8:05 PM , Anonymous Anonymous said...

I am just wondering, who among those who put the comment here votes for PAP?

I voted for the opposition in the last election but lee hsien loong still win the ward

 
At August 3, 2009 at 12:22 PM , Anonymous chekhovian said...

hey anon 8.05pm...i stay in lee hl's ward too..and i casted my vote for Yaw Shing Leong and his gang.

Guess you and I were among the 30 odd per cent who dared turn the other cheek during the GE 2006 battle in AMK GRC. :)

 
At August 4, 2009 at 5:42 PM , Blogger Poh Seng said...

While I accept the explanation that Temasek is a long-term investor and that we should not look at quarterly or for that matter, yearly results, I still would like to know Temasek's return on investment during Ho Ching's watch which I think is 6 - 7 years ... or more? Anyone can help on this?

OPS

 
At August 5, 2009 at 11:57 AM , Anonymous Anonymous said...

Only the famiLee knows for sure the real figures under Ho Ching's watch. The stooges involved are sworn to secrecy. It is logical to conclude that since Nathan has no clue, than obviously the famiLee does not want you and I to know.

 
At August 5, 2009 at 4:21 PM , Anonymous Anonymous said...

Let Nathan be clueless, but we need to know lah. If Nathan really knows, he would not be sitting there enjoying his decadent lifestyle while Rome burns.

 
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