uob makes $1.7 billion profit

wee cho yaw has done it again. $1.7 billion profit. i think uob makes the most money compare to all the other local banks. and i think uob is the only one without foreign talents. the talents are found in the father and son team. both local talents.


Matilah_Singapura said...

The Wee Capitalists Beat the Lee Statists, each and every time.

Congratulations, Venerable Uncle Wee!

redbean said...

wee chow yaw seems to be doing the right thing the chinaman way. or is it his son doing the western way?

Speedwing said...

What is the borrowing rate in Singapore? 4% or 5%?

How much do banks pay to saver? 0.5%?

That is how they make so much profit I think.

How long does it take for a cheque or a money trnsfer to clear? Another avenue where the banks make loads of money.

Matilah_Singapura said...

Uncle Wee has always done what is best for Uncle Wee.

Remember, in these familes, the kids are groomed form young, to preserve the family business and its assets for generations to come.

As they grow up, the kids develop their own individual styles. At the end of the day is what works, and what doesn't.

Private enterprise rocks. When Uncle Wee does well, everyone with a stake in uob benefits.

When the sg.gov glc's do well, the private sme's suffer, and the sg. public has got to go begging the govt for a portion of the loot. The govt hands a pittance over, with a whole stream of conditions guaranteed to boost their powers.

There's no business like your own business! :-)

redbean said...

let me answer speed.

it seems that it is alright and encourage for big corporations to make money from the populace. yes .25% interest for savings and the banks charge 5 or 6%.

it is called the rich robbing the poor. it is perfectly alright and decent to pay employees in the millions while the poor shall be paid as little as possible. if no takers for their jobs, can always import foreign workers.

Matilah_Singapura said...

Almost all real capitalists hate the banks. Banks are protected monopolies - even the private ones.

Once formed, a bank can make whatever margin it chooses on loans. The only regulation is competition from other banks - also protected monopolies.

They can create money out of loans - this is magic, but sadly only a govt sanctioned financial corporation - i.e the bank can have this monopoly. You cannot. If you have funds to lend, you have to cut the bank in the action... If you need to get something expensive - like property - you have to cut the bank in the action.

Everytime you use NETs, the banks get some of the action.


No one forces you to put your money in a bank. No one forces you to borrow money from a bank.

I am a great supporter of free-banking - a completely deregulated full-market system, where even the Ah Loong is allowed to trade. Same thing applies - no one forces you to associate with the Ah Loong.

I also believe that Uncle Wee will make it whether or not he has a govt granted monopoly or a pure free market. Wee's just a bloody good businessman.

Elfred said...

He is one of those I'd be reserving my opinions...

During the CLOB issue, I called up UOB and guess what rubbish explanation the management gave me on the custodian fees?

'...Oh, if those Malaysian can do things to CLOB shares bla bla bla we can... (something like this)' and other trash logic.

Which shows something about this Mr Wee C Y. And untill now, I still got bills for investing through (then) UOB broking arm. Heard his son cocked up somewhere back then on one case, which shows as well as much.

Very much regret to invest thru UOB then. I have minimum dealings with it nowadays.

Problematic people.

Let's not be to smart... No one force you be born in any place. But just because of that no one force you to force a rebellion or make others fools...

redbean said...

the banks will behave like banks. fair weather friends. agree with matilah. you went there to do biz with them. you choose them. mutual consent to deal. can't blame any party.

but banks do not operate in a free market environment. it is not only protected. they protect themselves through monopoly and cartel.

it will be good to chop off the hands of cartel operators huh?

Matilah_Singapura said...

err.. when you want to chop off their hands, do tell me. I'll give everyone a free parang :-)

redbean said...

hey, free enterpriser?

cartellers and monopolists are your nemesis. you should be doing it yourself man.

Matilah_Singapura said...

No lah. Too expensive a venture to be done alone. And risky - can die one! So need to spread the risk...

I've learnt to deal with cartels and monopolist. The biggest cartel and monopolist is the state - who has the absolute monopoly on force and power over EVERYONE in its territory.

So, I reckon, once you can deal with the biggest evil cartel - the govt - all others are pale by comparison.

I've learned to "walk between the raindrops" (but occasionally you get a bit wet, no matter) and "pick up the crumbs" left by cartels and monopolists.

Can make a reasonable living lah. Not hard to be happy... But the freedom, that's priceless!

redbean said...

you have just cited the basic truth of survival. make yourself useful to whoever is in power. whoever that can bestow goodness to you. be on the winning side, communist, capitalist, monopolist, anarchist, triad boss or anyone.

just be useful.

elfred, you must learn this principle of survival. join the winning team. even if you don't have the rump steak you can still fill your tummy with crumbs.

Elfred said...

Reddie, your logic is always true for commoners... But if it's for organisations in higher level and for politics, only a bum would just stick to such logic.

There are certain people who ain't that useful under certain leadership in certain position.

And you can say this, that there are certain people who under the right leadership and in the right position makes a losing team winning.

Many people just flood into the winning team but they really get very little over the long run and yet, their existence only drag down a winning team and turn it into a losing team.

Therefore for very talented people, it's always this: Their luck to hit the right opportunities.

It's a very long story, but you may go to nemesiz2006 to read.

But about pur Mr Wee, whenever I see the bloody custodian fee bill, I am always reminded what sorta person he and his son is. Not to mention, it is very hard not to remember that self-proclaimed white knight...

Yeah, he white-knight, then where got evil? F+++ing society full of Durai-s and craps...

Wholesome good reason people as myself must find a way to evacuate in time.

redbean said...


if you are as good as kongming, liu pei will come to you. but if you are just a wandering street fighter trying to be a samurai, you will have to find your own master.

the good people will gravitate to each other. it is like flies attracted to shit and bees attracted to honey. once the shit or honey is there, it is only a matter of time when the company will appear.

as for wee cho yaw, or anybody for that matter, there is the personal side to the person and the business side to it. he is well known in business for what he is. that's how he survives and builds his fortune. on his personal side, i won't know as i am just a commoner. a bean, a human bean.

Elfred said...

Hahaha... It's pure fate in politics, Reddie. Don't you get it? Even the initial gang of PAP is by pure fate. Whether I am good or not, it's one thing, but I definitely assess the relevant issues of whom to help.

I can tell a political leader when I see one, ie.

Mr Wee CY's just too notoriously greedy. And that S$1.7b you talking of includes this bloody custodian fee + the faith to local banking + the interest and trust to the local finance + the acknowledgement of some 'white knights'...

Mr Wee is a grown up, and I suppose he sees and eats enough salt he knows what he is doing. There is no excuse for him to run things like this. This kinda man, how do you expect people to like? If the same thing happens to him done by me, why not he loves me?

I am sorry. I am sensitive to such 'men of honor', as sensitive as towards the self-proclaimed white knight.

My personal view is there is no need to have a golden coffin. Mr Wee had a choice, and he made it.

redbean said...


you don't need a golden coffin. but he does. there was this guy who paid $200k to a private hospital knowing very well that his uncle would die even after the operation. at best his life would be prolonged for another few months.

it did look silly to throw away $200k for a sure death situation. the money could be very useful to elfred.

but his answer was that he could afford it. no problem throwing the money as long as he is happy.

you cannot blame wee cho yaw for making the money. be it fate, he is there earning his money playing according to the rules set out for everyone. he is not given any special privilege to make this money. as for his notoriety, that is a different issue.

you are unhappy with wee cho yaw for the money he earns? that is not fair. he is not taking taxpayers' money. his is a commercial enterprise and the shareholders can question him and blast him if they don't like the things he is doing.

and why is he still doing it that way? i ask the same question myself about lky. he does not need any more money. he or his family has wealth that would last generations to come. why don't he announce that he will work for $1. the rest of this pay will be donated to a lky charity foundation to help the poor. won't that make him superhuman, selfless and noble? but he is like wee cho yaw in this way. never say no to too much money.

Elfred said...

Reddie, please don't bullshit with me, thanks.

I am not that idiotic to accept this sort of crap argument. And only a crap financial hub agency based on such political governance will allow such crap arguments and thingys to fly around.

From the way these Wee-s handle things, it'd make people as myself 'sensitive' to them. Might as well hail the bloody Abbas Khan who wanna be the 'white knight' to get CLOB shares at dirt cheap prices...

You are pissing me, Reddie... and insults the entire Singapore's intelligence as the government is by putting Mr Wee as a community leader.

This PAP is finished.


Now you should understand why there would people adamant I be blocked from politics. Do you think I'd accept such d@mn craps... and do nothing?

redbean said...


i don't want to be harsh on you. but you must wake up, face the real world. remember what tommy koh said at rajaratnam's funeral?

he simply said that there is still a good man or some goodness in this wicked world. this is a wicked world.

the world is designed for the strong to thrive and the weak to perish. sorry, but you are on the losing end. which means you are not what you think you are.

Elfred said...

I never said I am that strong in anything.

And I never said PAP is never 'strong in this wicked world', even if it is going to be voted out...

I know what I am talking about, Reddie.

Regardless of what Mr Tommy Koh said, but if a world goes on as such, then precisely there is long point to vote for PAP. Singapore'd just be anindifferent wicked world as the rest of the world. What'd then be special is that it's tiny, it's boastful of its 'results' but it is still a lousy wicked world... :D

It really depends... When people as myself are in power, then it'd be a wicked world for people as Durai... Reddie, you really shouldn't be that shallow.