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4/02/2009

When numbers are Pure Nonsense!

The saga of Liew Mun Leong is still on going. Another article by Lee Su Shyan in ST today questions the logic and ridiculous nature of the way numbers are being used to justified pay and think that it is reasonable and acceptable. Liew Mun Leong's bonus is equivalent to 0.7% of the company's profit which is very, very reasonable. Compare to Kwek Leng Beng's in percentage term, his $20.7m is smaller and thus fairer. Kwek Leng Beng's is 1.1% of his company's profit. Wow, too much! Such use of numbers as comparison and justification is an insult to the shareholders intelligence. And it make a mockery of Obama's pay compare to the US economy of US$10 trillion. Obama should be paid many times more. And closer at home, Hsien Loong's pay is ridiculously low in percentage term to the GDP or whatever national data one wishes to use. When would such cock reasoning be slammed as bullshit and a reasonable compensation formula become the norm in industries? Yes, the shareholders have a lot of questions to ask in the next AGM. They should also ask what the top twenty employees' bonuses were to be fair to Liew Mun Leong. If the top twenty employees are getting several millions each, then Liew Mun Leong should not be the one that is under the spotlight.

7 comments:

Kaffein said...

The whole economic crisis and downfall can be attributed to one of the main factors of greed. So when one is greedy for money, it doesn't matter how one justifies it.

I'm not saying to those who earn a lot. You can have $10 dollars in your pocket and still think about money all day long.

The whole idea about loan where a financial institution can loan a person more money than it has is actually creating virtual money and wealth.

Simple eg is with $10, a bank can loan a person $100 + interest.

See the flawed logic there? Not sure if this simple 'theory' has changed. I'd think the banks are the actual loan sharks.

Kaffein

redbean said...

our local banks has a cap to lend which prevented them from going the american way.

Anonymous said...

I think many Singaporeans would like to know how much each Director of the various Boards, especially the Managing Director, is paid in terms of salary, director's fees, allowances and bonuses.

Our attention cannot just be focused upon the CEOs but also the ones who decide on the CEOs' pays and bonuses. Those are real "evils" behind the scenes.

redbean said...

no they are not evil. they are just trying to make hay while the sun shines.

Anonymous said...

Writing down assets in 2002/3 and later wrting up assets in 2006/7 pegging at rates which are market driven not due to talent or influence of the management/ performace, rates went up due to market sentiments devoid of LML's direct involvement ; an accountant can do the jobs to balance up market rates.

; One does not need a such lame talent who is collecting monies whenever market sentiments goes up - an accountant can do the job to write up or write down assets, does the accountant deserves $20 mil.

The legacy of LKY will lives on forever... see LKY had said, we need good people.. these are the ppl.

redbean said...

in measuring talent by money earned, liew mun leong is now high up in cloud nine. no one can claimed to be as talented as him, not wee cho yaw, not kwek leng beng, not anyone in the govt service.

he is now a $21m supertalent, in a league of his own.

Anonymous said...

Hey folks; tis jus pure envy and jealousy.

Spend your time saving people from hell will be a lot more meaningful than thinking of others' fortunes.

Let the talents enjoy themselves, they do not need your cares !