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:
- Meritocracy (or should it be spelt: Marrytocracy?)
- Merit (or is it Married?)
- Integrity and
- Respect for People
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.