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3/27/2009

Would Wee Cho Yaw pay himself $20m bonus?

He owns the biggest bank here. The turnover of UOB is not less than Capitaland. The profits made by UOB were consistently higher than Capitaland. Why did Wee Cho Yaw pay himself a miserable $6m or thereabout when an employee in a public listed company could be paid $20m? My take is that in the case of UOB, there is ownership. When you own the company, when you know that it is your money, you will be more careful. You would not just pay away the profits of the company. If the top guy got $20m, what about the next 10 guys and the next 100 guys? Together, their bonuses will become a bomb, maybe $100m or more. The rot in Wall Street was exactly due to a lack of ownership. The Wall Street thieves and robbers literally robbed their shareholders of their wealth by paying themselves crazily. And the small minority shareholders got the crumbs and paid for all the losses should the companies go bust. The employee CEOs and top management staff will just send in their resignation letters and laugh all the way to the bank. This is the anomaly and injustice in public listed companies, where the employees just dipped into the coffers, legally, all approved by the board of directors. Very familiar isn't it?

4 comments:

Matilah_Singapura said...

Uncle Wee can do whatever he likes when it comes to paying himself — simply because he is a fantastic private wealth creator, and has been nicely tekaning the govt right throughout his business life.

Uncle Wee has another (among many) admirable quality. He keeps it "under the radar". He knows that he doesn't have to prove to the world how big his dick is by paying big bonuses and telling everyone about it.

Keep it in the family. Fuck the government.

Anonymous said...

Wee Cho Yaw was probaly one of the benchmarks. Singaporeans should be thankful that he did not pay himself $20m bonus. Otherwise the regime will say that ministers are making even greater sacrifices to serve the people, by comparing their incomes to his.

Will we have a new much higher benchmark after this?

Lost Citizen

Anonymous said...

haha i agree with beanie

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