8/18/2018

Ho Ching’s salary – Everyone is asking


Ho Ching’s salary is the hottest topic in social media for the last few months. Everyone has a reason to want to know how much she is earning and there have been plenty of speculative figures being tossed around ranging from $20m to more than $50m a year. Given that she has been in the position for 16 years, if she is getting $20m pa, she would have made a salivating $320m till now for being the CEO of this sovereign wealth fund, oops Mahathir has another term for it, sovereign debt fund. But both are wrong as this fund does not belong to anyone it seems. Now everyone is also wondering who really own this fund and whose money is it?
Here are some comments posted in TRE and thestatestimes.
‘According to Ang, before Charles Goodyear was hired to be CEO of Temasek Holdings in 2009, he was already earning a salary of $54 million at BHP Billiton. Ang then said, “Logically, Charles must have been offered more than his $54 million salary to quit BHP Billiton”.
He also then calculated that “Conservatively assuming Ho was earning $54 million then and had worked without any break, this works out to $147,945 a day or about 25 times of the PM’s salary”.
After looking at the doubling portfolio value of Temasek Holdings, Ang then speculates that Ho earns “about $300,000 a day”.
Similarly, earlier this year, socio-political activist Leong Sze Hian questioned why Singapore sovereign wealth fund Temasek does not disclose its management costs such as the salary it pays to its chief executive.
He added, “To the best of my knowledge, I understand that Temasek does not disclose its “management costs” (such as the CEO’s annual remuneration) like Norway’s SWF (sovereign wealth fund).”
Leong also added that in 2017, it was reported that Temasek incurred “administrative expenses” of S$8.4 billion, against a net portfolio value of S$275 billion. The fund, however, has claimed that such expenses were not incurred by the fund alone, but represents the total “administrative expenses” of the fund and its subsidiaries.’
From the above once can feel the envy and unhappiness over the supposedly big salary of Ho Ching. I would like to take a different view that may sound similar to Chok Tong’s wise comment about ministers not being paid enough. Everyone Singaporeans subscribe to the point that if the ministers performed well, they would not mind even giving them a bigger pay rise. The caveat is if they really performed well, not scheming to take more of the people’s CPF savings or raising more taxes and fees. What is $10m, so they quipped. They, I mean the natural aristocrats. $100 is big deal to the oldies picking cardboards or cleaning tables in the hawker centres.
Take a look at Ho Ching’s performance as quoted above. Read this, ‘After looking at the doubling portfolio value of Temasek Holdings, Ang then speculates that Ho earns “about $300,000 a day”.’Many of you would be staring at the $300,000 a day with eyes turning green or red. I say, look at the other number in words, ie “doubling portfolio value”. Temasek is managing something like $200b! If Ho Ching could double the value, to $400b, what is $300,000 a day or $50m a year? I say pay her, pay her $100m. She deserves it. Caveat, if she could really double the portfolio through profit from her investment. No one will dispute with the principle of rewarding good performers.
And if she could double the $400b to $800b, I will say pay her $1b. And I am not being generous. True talent must be paid well. Of course fake talents should be not paid even a cent. I am very sure Chok Tong would fully agree with my suggestions.

However, the reward formula must be equitable to both employee and organisation. It cannot be a one way thing, when employee made profit, they want to be paid big bonuses, when they lost a fortune, they also want to be paid in the millions. The HR people are not that daft that they could not come out with a formula that is fair and just to all parties.
What do you think?
PS. I deserve a National Day medal.

63 comments:

Anonymous said...

Perplexing question - does the sovereign wealth fund Temasek Holdings belong to PAP or to all Singaporeans ???

Whoever said...

Temasek Holdings is not a sobering or sovereign wealth fund. It is a government holding company, comprising many other holding companies like Singapore Technology, DBS, Keppel, Changi Airport, Singtel, etc. And it has an Investment Arm. All the capitals and funds that Temasek Holdings have actually come from CPF members and Taxpayers' money, channelled through the Ministry for Finance. It should therefore be a public organization like a statutory board. But for reasons kept secret from us, the citizens, Temasek Holdings has been registered as a private company. As such, many questions arise.

How can It be a private company when it uses public funds?

How can it be legally private when it absorb national assets into its fold?

Therefore, there are fundamental conflicts not only regarding personalities but also legality.

Ⓜatilah $ingapura⚠️ said...

@ RB

I think they are using the Two and Twenty "rule", common in the hedge funds industry.

That is 2% of total value assets under management, and 20% of the annual profits.

This is in keeping with the PAP's policy of "reflecting private sector pay" for people working in govt and at The State level....to "prevent corruption".

No surprises there. Temasek is a hedge fund. It's called a "Sovereign Wealth Fund", but it is actually a hedge fund.

Many senior govt executive level types, fancy themselves as "killer business minds", as good or even more superior to those in the private sector.

All bloody fool who uses 100% of Other Peoples' Money can do likewise. The majority of private sector hedge funds were initially capitalised by their founders. i.e. Private hedge funds are run with people who have Skin In The Game.

Anonymous said...

Lee Hsien Loong: 2018 is a good year, cost of living is affordable

http://statestimesreview.com/2018/08/17/lee-hsien-loong-2018-is-a-good-year-cost-of-living-is-affordable/
-----------------------

Do you think I know why he is saying the cost of living is affordable?

Chua Chin Leng aka redbean said...

Many MNCs have been stolen by the people managing them, right under the nose of the shareholders.

These private public companies have been controlled by the management that they could treat them as their private fiefdoms, do what they like, pocket as much as they like at the expense of minority shareholders.

The 2/20 rule is only applicable when they are making money. When they are losing money, or stealing money, it is 20/2 rule. they still insist on taking 20 percent and leaving 2 percent to the shareholders, without the shareholders knowing what is happening, with no accountability.

Virgo49 said...

Wise words from Matilah.

"Bloody Fools, who uses 100% of other People's Monies" Any one also can do it.

Likewise, Bloody Fool Ministers with feedback and input and computations of all sorts from the Silver Serpents, cannot give a proper policy speech must be a DUD.

If comes to the crunch, just like PSLE exam, choose 1, 2 or 3 for the answers.

Things turned out to be disasters, then just have a COI on others account and lives.

You think they use their brains for their policies?? Only the Credits.

The wayang of having Charles Goodyear is just a fascade. They wanted the public to be smoke screened that they are getting someone independent to run the show.
Later said, different culture or whatsoever to that effect. Then have her back to the cushy salaries.

They will have excuse to say, not say we are not transparent.We already tried to source for suitable ones but unfortunately things do not work out.

Anyway, let them have all the monies and try to stuff as much into their caskets before they are buried or shove into the furnance.

Or they be like the elderly gentleman who donated his 500K to charity saying he cannot bring them with him.

Irony of man, spend whole life pursing the wealth and in the end still has to depart with the Wealth.

Whoever said...

Ho Ching's annual total remuneration (basic salary, annual bonuses, reward, allowances and perks) is easily estimated at $100 million. Not $54 million. $54 million is too conservative.

Temasek Holdings' Investment Arm started with $50 billion. It keeps doubling in phases. Until today, its portfolios are estimated at $300 billion. How the amount doubles, only a few people knows - whether from returns of investments or from added funds from Finance Ministry or from added high-value assets sold to Temasek at very low price, such as SIA, Changi Airport, DBS, 5 Power Stations, Singtel, M1, StarHub, etc.

If the doubling of the portfolios is due to smart investment skills, then those who perform well deserve to be rewarded handsomely.

If the doubling is due to assets and funds added, then there is nothing to cheer about. Nobody should get any bonus or extra reward. A basic salary of a bank investment officer of $8K to $10 p.m. will suffice.

Ⓜatilah $ingapura⚠️ said...

@ RB

>> The 2/20 rule is only applicable when they are making money. <

No, the 20% part is (incentive). The 2 % part usually is not (management fee). But, these arrangements do vary from fund to fund. Hedge funds are mostly unregulated, so they can essentially structure any way the founders choose.

Most investors hate the 2 and 20 "culture". They think it is far too "greedy". But it is what it is. No one forces you to invest. You do so from your own choice.

Temasek and GIC are different: whether you like it or not, they are going to deploy capital, whether the citizens approve or not.

Temasek is making money. Chip Goodyear left, Ho Ching took over. Since then total assets values have about doubled! OK, it's suffered losses. ALL FUNDS and ALL INVESTMENTS do lose money on some of their "bets". Aiyah RB, you already know lah: the objective is to make more than you lose!

>> Now everyone is also wondering who really own this fund and whose money is it? <<

The owner of both Temasek and the GIC is The Government of Singapore. They are the LEGAL owners (look it up!).

>> without the shareholders knowing what is happening, with no accountability. <<

Wha are these "shareholders"? If you tell me they are "the people of Singapore", you would be factually wrong.

Ⓜatilah $ingapura⚠️ said...

@ all---double double, here comes trouble

I have big problems believing in the "genius" of people claiming to make FANTASTIC profits and radically BOOSTING asset values. I want to see some dips, drawdowns and even the occasional "bad years" in the enterprise. That is how "normal" enterprises function.

When there is "doubling of assets values" or rapid growth, I always suspect these fuckers using OTHER PEOPLES' MONEY are going too far out on the risk curve to generate such spectacular "performances".

This is very dangerous. All looks rosey and people are joyful since all this Big Money is being made. One day, it could very easily come to another Long Term Capital Management moment.

One day the likes of a Carson Block could come in and short one of Temaseks holdings like he did to Olam a few years ago. Ho Ching had more money than him, so she "successfully" beat him and he lost. Next time, it could very well go the other way.

Using OPM does not incentivise the financial managers to be prudent. They probably all have delusions of being a Singaporean Buffet or Ray Dalio.

Fucking dangerous bullshit lah!

Whoever said...

@ 10:20 am

"Temasek is making money. Chip Goodyear left, Ho Ching took over. Since then total assets values have about doubled!"

Ho Ching took over from who? From Chip Goodyear?

Ⓜatilah $ingapura⚠️ said...
This comment has been removed by the author.
Ⓜatilah $ingapura⚠️ said...

@ Zapper:

Quote: On February 6, 2009, Temasek Holdings, which had a portfolio worth 185 billion Singapore dollars ($123 billion US dollars) at the time,[10] announced his appointment as a Board member and CEO-designate, to commence on March 1, 2009, succeeding Ho Ching from October 1, 2009.[11] He was identified as a possible candidate for the top office in Temasek in 2007, when the Temasek Board began reviewing internal and external CEO candidates since early 2005. Goodyear would have been the first foreign executive[12][13] to run the Singaporean sovereign fund company,[14] however, on July 21, 2009, the Temasek Board and Goodyear announced that they had mutually agreed that he would not be taking over as CEO, citing differences in opinions on strategy.[15] Instead, Ho Ching continued in the position, while Goodyear stepped down on August 15, 2009.[16] Unquote

Source: https://en.wikipedia.org/wiki/Chip_Goodyear#Career

There is only ONE shareholder of Temasek (a private company BTW, so it has NO OBLIGATION to disclose anything it doesn't want to). The sole shareholder is The Ministry of Finance---the ULTIMATE in OPM. I think OPM should be changed to APM---ALL the People's Money πŸ€£πŸ˜‚

Anonymous said...


Singapore urgently needs opposition parties to join forces to form Singapore Harapan to win the next General Election. After winning the right to govern Singapore Harapan will sure not disappoint Singaporeans in unravelling the mysteries of the sovereign funds and other mystic deals and hopefully pack all the dishonourables to their rightful abbot.

Anonymous said...

Who really owns this fund? The one who wants to keep its size a secret. Who needs to make it so secretive if it does not belong to him?

Who owns your HDB flat or your CPF? You know the answer. It is not you, of course!

The answers, my friend, is staring you in the face!

Ⓜatilah $ingapura⚠️ said...

@ 1120

GIC (they manage the reserves) is owned by the Singapore govt. LHL is the boss. Temasek is OWNED by the GIC. Ho Ching is the boss. Money comes primarily from the Ministry of Finance.

In other words, The Government owns the whole fucking ball of wax. Voting in opposition won't change not even a whit. The ownership is LEGAL, and part of our laws. Whichever party forms government, are the ones who will OWN the lot.

>> Who owns your HDB flat or your CPF? You know the answer. It is not you, of course!
<<


You are right, spot on there! The HDB is public housing, so it is managed by HDB. You buy a 99 year LEASE when you obtain an HDB.

If you are so concerned about "owning some stuff", go into the world in the private sector, work smart and hard, then you'll be able to buy stuff which you can really OWN for YOURSELF.

When it comes to public goods, you don't own Jack Schit. When you "sell" your HDB, you sell a LEASE, which is time sensitive and will eventually expire.

I fail to see the point in all the noise on the internet about who owns this and that, not fair lah, KPKB government cheat my money lah, simi taichi, simi lan jiau hoo ha...blah blah blah...but nebermind , I vote PAP again and again and again...sampai tua.

As Lee Kuan Yew said: "The Govt is the PAP and the PAP is the government." Opposition via a "Harapan" movement? Good luck lah. It won't happen.

"Harapan" happened in Malaysia because Najib had all sorts of evidence pointing to his complicity and probable GUILT in criminal conduct.

There is no such situation in Singapore. The govt goes to great lengths to "appear to be" transparent and accountable. Plus they are well aware of the "heat" from Singapore's netizens keeping an eagle eye lookout for corruption and corporate malfeasance.

Conspiracy theories abound on the Singapore internet about the govt and the cuntry's finances. Adding to the "drivers of citizens' discontent" is the fact that sg.gov pays outrageous salaries to the top executives. As if that is not enough, now they are giving CLEAR SIGNALS that "nation building" is being raised to a new level, so TAX INCREASES are definitely on the horizon.

There are no mysrteries lah. All the relevant data is publicly available for your analysis and checking. What they don't reveal they tell you straight: "We won't reveal that", and there's nothing you can do but take them at their word, or don't.

To me, I don't care about corruption. I'm more concerned about risk management, because humans are hopeless at evaluating and COSTING risk properly. The tendency is to undervalue risk and overvalue their ability to manage risk. If you are going to have sleepless nights over the cuntry's finances, the propensity for making errors related to risk is the Granddaddy of all human shortcomings.

Any fool using OPM can make "big gains" during a bull market, and we've had a bull for 10 years already. Despite all the cracks and dangers in the global system (which everyone knows about), the bull is still roaring. China, for e.g. has crashed ~ three times already, but recovered to reach new highs each and every time. Dow---record highs S&P 500---record highs (Jan 2018)...and they are still going, despite everyone calling a crash in 2016, then 2017 and now 2018. The market can stay irrational longer than you can stay solvent---Maynard Keynes.

So of course Temasek can boast "spectacular performance". Bull market lah! OPM lah! Take insane risks lah!

BTW, did you know your next phone (especially you gamers) could be made with Temasek money? πŸ€‘

Anonymous said...

Renumerations should commensurate to performance principle is key.
RB you are wrong that if TM made lots of money HC should automatically be paid lots of money. You cannot be more wrong.
Let me explaun why:
TM is basically a historic key shareholder of GLCs in Spore. The value of these shareholdings got almost nothing to do with HC or the current administrators. The shareholdings just reflect the performance of these companies.
If overall these companies share appreciated by 7% per annum for past 16 years, TM portfolios on these shateholdings should appreciate 7%. Matching the "part of this market". So if at 7%, she neither underperformed or overperformed. She should just get her basic pay. But if it under performed for a year or two or three then like otjer fund manager she should be sacked. However if over-performed above 7%per annum then she should get a decent bonus. Of course if parts of historic portfolio are booked at low historic prices, managers can "play cheat" by revaluing to mark to current market to show accounting appreciation. Unfortunately are many ways to get bonuses not thrpugh actual out-performance n true superior investing skills. If renumeration committee are non market people they will be totally blur. Without transparency n right honest market professionals to determine performance bonuses, many "tricks" can be performed.
The other part of the huge TM portfolio is the Overseas Portfolio. This should be marked to the global stock Index to measure under or out performance. If global stock market is up 6% per annum for past 16 years of HC tenure. Then she is just matching the market if this Overseas Portfolio gained an average of 6% per year. Nothing to shout about. Get Badic pay. But if under performed by a number of years by 1% or 2% per year (big absolute money) then should be sacked. But if out performed by 1% or above consistently yearly then should be generously rewarded for the part that is above the benchmark of 6%, not the 6% basic return per year.
As TM money source is from the nation ie public money not "ownself bulit up or raised or earned money through building up a business from.scratch" it will be wrong to get the so called 2% hedge fund admin fee n also the 20% performance fee. No sovereign funds in the world pay hedge fund fees to their internal managers n if TM did then it would be scandalous n very very fishy.

Anonymous said...

Most hedge funds were proven to be ripoff over time except for a very small minority of very skilful traders n managers who truly bring consistent gains to their investors over a 10 yr period or longer.
Too many are just bull market freeloaders n exercising the free option of taking Other People Money by taking big risk to get an ocassional big gains for big payout. N almost for sure the customers/investors will pay for big losses plus big fees in due time.
Too many half baked managers got rich by gaming this "hedge funds" playground.

Ⓜatilah $ingapura⚠️ said...

@ 1234

I said I think they're using the 2 + 20 hedge fund rule. My reasoning is that the PAP will suka suka grab at some well known metric to justify paying its top execs---like they do when they pay ministers. GCT (& wife) have consistently held the view that if you pay peanuts, you attract the wrong type of monkey, and $500k a year will get you "sub standard" talent for the nation's governance; and that eventually Singapore will "pay the price" for such foolhardy actions.

It is not that the 2 + 20 is good or bad, wrong or right. My suspicion is that they are using it because it is well known in finance circles. In other words, Ho Ching is as talented as any top hedge fund manager.

Whether or not my "hypotheses" is correct will depend on what comes out of their mouths when they try to "explain" the situation. Which they will, because they can't stand being criticised by netizens, and they cannot control themselves...they have to respond.

Hope that clarifies my point.

Ⓜatilah $ingapura⚠️ said...

@ 1234 again:

>> Renumerations should commensurate to performance principle is key. <<

In the private sector, maybe, but "yes" if the manager has "skin in the game". If they don't, then they are not incentivised enough to take care of risks properly. They can (and will) just use OPM to take more risks, get higher returns and look like "super stars".

If they have their own money in the pool (like many of the hedge funds founders), they will definitely be incentivised to not take silly risks just for a disproportionate amount of returns. Like I said, any monkey throwing darts at a dartboard can get "lucky" in a roaring bull. Plenty of upside here. However they do not adequately protect their downside. Thus they are able to claim their "superior skills" during profits and blame it on "market unpredictability" or "mob psychology" when it breaks and they lose OPM. This is known as The Attribution Bias---you take credit when you win (you are a genius), and blame other factors when you lose (not your fault).

If you are an officer of the state or the government, you just cannot have Remuneration should commensurate to performance, because that type of system leads to all manner of conflicts of interest, risky behaviour and moral hazards.

Anonymous said...

Financial markets are big fires, a lousy big ego player will be found out and be burned in due time if she/he stays long enough even with 5.5 mln of blue Sinkiee monies, the highest forced savers in the world just like during the GFC in 2008/9.

Anonymous said...

It's ok to keep your salary a secret if you are working for an entity managing non-public money. That's your privacy.

But it's NOT ok to keep your salary a secret if you are working for an entity managing money belonging to the public, funds belonging to the country.

There must be TRANSPARENCY, and ACCOUNTABILITY to the citizens.

It should not be shrouded in secrecy, so that the public has ease of mind that nothing is amiss.

We cannot just base on "TRUST" !

Chua Chin Leng aka redbean said...

Anon 12:34pm. Fully agree with your points. No compensation professional would reward anyone for doubling the portfolio over a long span of time when the increase is due to small increments over the years.

The formula is not rocket science to reward good performance. It is a measure of genuine returns on investment and not cooking the books through all kinds of means or asset injection.

A decent honest A level student would be good enough to come out with a decent and workable model. The problem in the real world is that there are too many vested and personal interest to obstruct the creation of a decent and workable model that is equitable to all parties. Many formulas are so loaded that they looked so silly except to those who are creating them and benefitting from them and pretending that it is the best formula on earth.

Heard of the silly formula that you need to pay people in the millions to become politicians? Laugh all you want, because this is the most silly and stupid and loaded formula that no thinking person would dare to champion. You can dump the minister salary formula into the same category.

Have I said enough, clear enough?

Anonymous said...

Reagan said sometime like this, "yeah i trust but i verified".

Anonymous said...

There are too many crams PAP leaders have been cooking and the Sinkies have been eating meat and sbell, fully swallowed without questions. The WP in Parliament should have asked all those questions but never did. In the end, the crams become cramps. And the cramps become scams.

CPF, GIC and TH - these three are the BIGGEST CRAMS.

Anonymous said...

When the whole government machinery is working in favour of the PAP, asking questions also need the MP numbers in Parliament to support. What is the point when you are outvoted, outflanked and outnumbered? A voice in the wilderness is never going to be heard.

The pertinent question to ask is why did Sinkies not vote for more opposition MPs in Parliament, but keep voting for lightning to strike at will, and then blame the opposition for not asking questions.

Who created the conditions for this sad state of affairs in the first place?

It will only get worse, never better!

Anonymous said...

Anyone can report great performance by using 2008/9 as base lah. That was the market crash bottom leh. Please note this year is 2018, the 10-year base was 2008/9....so even a long only stocks' monkey who buy-high and sell-low throughout, you can also report super 10-year absolute results!

7% average stock gain per annum for 16 years as in a passive Index Fund with minimal fees would mean 295% return lah. That is without any special gains from mark to market of shares inherited from 1970s which are priced at usually par of $1. Eg if you inherit DBS shares, plus bonus of POSB, at $1 or lower 40 years ago, and can revalue to market now, you can show some spectacular returns without any market skills except Accounting skills leh.

So a $100bln passive stock portfolio will become $295bln by doing NOTHING in 16 years if it is Indexed well. No skill, nothing but on paper can shout we made $195 BLN!

Anonymous said...

The PROBLEM is that for BOTH Temasek & GIC, their performance over the last 10-20 years is really MEDIOCRE --- either same as, or even worse than, passive index ETFs.

This is not fake news, but real facts & figures from both Temasek's & GIC's annual reports over the last 10 years.

Passive index ETFs or funds only cost 0.05% to 0.2% annual expense ratios.

Compared to Temasek which is 3.05% ($8.4B out of $275B).

Norway's SWF expense ratio has always been consistently below 0.3%.

Anonymous said...

The PROBLEM is: WHY SHOULD WE PAY "HEDGE FUND"-LIKE SALARIES TO PEOPLE WHO CAN ONLY PRODUCE MEDIOCRE PERFORMANCE?!?!?!

BTW, vast majority of hedge funds have died / closed over the last 10 years as many multi-billionaire "star fund managers" can't even beat the index benchmark. A famous example is Warren Buffett's 10-year bet against a bunch of hedge funds.

The 2-and-20 hedge fund remuneration framework has NOT been workable for many many years already. And many billionaire & millionaire investors are voting with their feet, pulling out their money by the hundreds of billions.

There are MANY new hedge funds (and even normal funds for normal investors) who now use the 0-and-20-above-high-watermark as the new salary compensation. This has disrupted many of the old fucker hedge fund managers & the hedge fund industry.

0-and-20-above-high-watermark means:
1) If same or worse performance than index, then no salary.

2) If better performance than index, then 20% of the outperformance as salary.
BUT
3) If the better performance didn't result in higher price than the last time salary was paid out --- then no salary.

These new hedge funds are run by managers who are already financially independent (don't need to depend on salary) & they also have substantial portion of their own money in the funds they run i.e. plenty of skin in the game.

This totally aligns the managers' interests together with the investors and basically if they don't keep performing & improving, they get nothing. No kill no eat.

Anonymous said...

If 2019 is election year, we can almost be sure 2009 mkt bottom base will be conveniently used to play up the SUPER 10 YR RETURNS. And of course with courtesy of Shit Times n friends...and most Sinkies will blur blur accept the true fact yet Fake truth. HC did well just like STAMFORD RAFFLES....hahaha. You can always used selected true statistics and turn a Jinx into a George Soros for a selected time period.

Virgo49 said...


Anon 4.19

Cannot used LKY anymore. Scared Dishonorable Son issue brought up. So have HC and Stamford Raffles for canvassing the votes.

What has Stamford Raffles does for Singapore except their colonization. Sang "God Save The Queen"

The Queen so many sins have to save by her Almighty.

My God, they still bowed to a Sinner.

Anonymous said...

You divide 72 by the annual rate of return you receive on your investments, and that number is a rough estimate of years it takes to double your money.

$1 invested at 10% takes 7.2 years (72 divided by 10) to turn into $2.
$1 invested at 3% takes 24 years (72 divided by 3) to turn into $2.

So if you invest SG$308 billion in risk-free US 30-year Treasurys at 3.0% yield, the $308 billion will double to roughly SG$616 billion in 24 years.

No need to pay yearly 2% hedge fund manager fee.

I can do it for just 0.0002% yearly fee. Guarantee assets will double in 24 years.


b said...

What to do? The world is not fair. But Jesus said rich people will be very difficult to go heaven unless they give everything away to the poor. Anyway, so much wealth also cannot bring along when time is up. ηŸ₯袳常樂. contentment brings joy.

b said...

''Keppel Land CFO Lim Kei Hin dies'' - what is the point? btw, anyone knows how he mati?

Anonymous said...

Tribute To Kofi Atta Annan

Kofi Atta Annan, born as a twin with his sister, Efua Atta,, to a rich family in the Gold Coast, later Ghana, past away at the age of 80.

He was the second UN Secretary-General to have won the Nobel Peace award.

He served two terms as the Secretary-General of the United Nations, until the US "ousted" him, because of his insistence that the Invasion of Iraq was illegal.

He was the first African to be elected as the UN Secretary-General.

No amount of words can fully describe the immense achievements he had contributed to world peace and overcoming humanitarian crisis.

His main timeline in brief:

Kofi Annan: Key dates
1938: Born in Kumasi, now Ghana's second city
1962: Starts working at the United Nations in Geneva, Switzerland
1965: Weds Titi Alakija. They have two children, a boy and a girl
1984: Marries Nane Lagergren, having divorced a year earlier
1991: Twin sister Efua dies
1993: Becomes head of peacekeeping operations
1997: Appointed seventh Secretary-General of the United Nations
2001: Wins Nobel Peace Prize
2006: Steps down as secretary-general after 10 years
2012: Made chair of The Elders, a peace and human rights advocacy group

May he rest in peace. One minute silence .....

Anonymous said...

7.05 pm, whatever it is, the man has died so don't be rude cause he has not done anything to u. U definitely do not want him to visit u and bring u along so please be nice. πŸ˜€

Anonymous said...

Virgo 49August 18, 2018 4:51 pm
//My God, they still bowed to a Sinner.//



69.9% blind liao lah ...? Eyes coated with cement? Human beans mistaken as "gui", and "gui" mistaken as "human beans"?

Anonymous said...

@ Virgo49 August 18, 2018 10:13 am
///You think they use their brains for their policies??///



When they stink, yew know it is not?

Anonymous said...

@ Virgo49 August 18, 2018 10:13 am
//Things turned out to be disasters, ...//



Well ... This is naseating ... Head they win, tail you lose! Wtf???

Anonymous said...

Ho Ching is the Top Highest Paid Civil Servant in Singapore,
higher than the PM,
higher than the President,
higher that the highest paid CEO in the private sectors!
Can anyone prove me wrong?
Please prove me wrong......

Anonymous said...

Virgo49 August 17, 2018 11:42 pm
//Alternatively, we hear what's Hai Kow Yew he is selling.//



Dunno what is that ... but doesn't sound anyth "flattery" ... Actually the easiest thing to do is NOT to turn on YOUR TV or tune in to any radio station? Save YOUR EAR DRUMS from the "unbearable torture"?

What is hai kow yew? Need Virgo49 to enlighten the younger generation ... said...

Perhaps a more meaningful thing to do is go to a park where the ants colony is and watch the ants tear apart a dead dragonfly and moving endlessly, directionlessly, purposelessly, meaninglessly and headlessly, maciam very bz but perpetually to NOWHERE ...?

Anonymous said...

Virgo49 //Anyway, let them have all the monies and try to stuff as much into their caskets before they are buried or shove into the furnance.//


In the name of chasing to be par excellence and creme de la creme in almost anything that are outward material tangibles, ostentatious, vain, egoistic, opulent, decadent mirror image reflections …… etc, who holds the divine rights to adjudicate what is right or wrong? Kuan Yin, the Goddess of Mercy or Kuan You, the “God” of the “Lightning Rod”? Is it really that important to one’s existence to be perched on the throne of self glorification and righteousness when many suffered terribly and some even died in agony in the process in our supposedly wealthy society? Where is the compassion? Are people still human if no sense of remorse or empathy still exists in them in their selfish pursuit of one more gold nugget, one more converted sycophant, one more self serving corrosive yes man and woman to carry out their biddings ……

Anonymous said...

Virgo49 August 18, 2018 10:13 am
//Irony of man, spend whole life pursing the wealth and in the end still has to depart with the Wealth.//


What exists in a human society when there is no more care, concern, empathy, mutual help and understanding to see each other through this journey on earth? A hollow empty object? Oh yes, an extremely inflated balloon with hot air floating higher and higher without any sense of direction into thin air and oblivion …… Is this the vision of a great leader? Is this what sycophants, yes men and women are unquestioningly and blindly complying every single day in awe of their GREAT LEADER? Are we the S E Asian close cousin of one pariah state in N E Asia?

OldDragon28 said...

(Young) BRO Virgo49,

Below a poem dedicated to our acquaintance, our common hope, our common pain in the heart ...

Title:

The Sound of OldDragon's Heart


Releasing the shackles of time,
The wings of freedom are expansive,
Soaring above the ocean in the sky,
Every drop of tears flowing,
Gushing backward towards the cosmic sea,
The seawaves drowning the nightfall in unfathomable depth,
Spreading till the horizon end in the sky,
Hope swimming through the cracks in the dream,
Gazing at the deeply asleep beans,
The sea and the sky in synchronous colour,
Hearing the wind howling the rain falling,
Persistently braving in the wjnd and rain clearing the endless gloom,
Sunshine piercing through the gaps opened up,
In such moments of need,
Fearful that you will fly away to a faraway land,
And leaving the hapless alone,
But even more fearful that you are motionless and grounded in frozen time,
Watching you flying away,
Watching you leaving everything behind,
It dawn upon many that you do not below here,
Every drop of tears flowing,
Backward towards the beginning of the stream.

Virgo49 said...

Hi Bro OldDragon,

That's a meaniful Poem.

What's Hai Kow Yew?? What's 4G Leaders and whats's that funny name Manure-niels called themselves Manure which are stinky staff of Cow's shits don't know about Peddling Hai Kow Yew.??

In our time, we have Street Performers especially at People's Park, Chinatown with kungfu skills and magic to charm and memorise the masses before they sell their Medicine which they claimed can cure whatsoever ailments you may have.

All guarantee sure to work cures as transfered from the past Generation of Sifu.

The masses were memorised by their display of Martial Arts skills where they can even pierce a drinking straw into an unripe coconut.

Should have learn the Art from them and in any farcas with the Chow Ang Mohs, just show them that you can kill with a straw.

So, this is how they warner their living.

Now, our Pinky Loong gonna peddle his also renowned Hai Kow Yew in his NDP Rally Speech.

His display of KungFu with straw that can pierce your Souls and his descendent Magic Portion will memorise and charmed the masses.

So, next GE, next year, the result be 90% dafts who are memorised by his skills, whether crafty or not will buy his medicine.

So to recap.The masses who brought the expensive Hai Kow Yew- SEA LION medicine do not cure all ailments as claimed by the Sifu.Only lose their monies.

Likewise, the policies of The What's 4G or what's camping 5G or G-strings Leaders will also not cure all ailments.

So, let's listen what's medicine he is peddling and feed the masses.

Now,China Tours, they cut down the usual Hai Kow Yew hard sell waste time talks as many old unkos and aunties already sucked dry by them just like the PApies Leaders did to the Sinkies.

Cheers

Anonymous said...

Literally, "Hai Kow Yew" means Seal Oil in Hokkien.

Metaphorically, "Hai Kow Yew" means "BIG BULL SHIT"!

Anonymous said...

@ Virgo49 August 19, 2018 3:47 am
//..... expensive Hai Kow Yew- SEA LION medicine .....
All guarantee sure to work cures as transfered from the past Generation of Sifu.//


Oh .. Oh .. Oh ..

No wonder sounds so "famiLEEr" ...

"I Con You" ... or "Hai Gong Yew"?

"Pass down from sifu grandmaster, knucker duster kungfu better than thaison or tazan"?

Supposed to be "cure" for "daftness" but becum "worst"?

Becum no "cure"?

"1% daft becum 100%"?

Better go genting more often?

At least have choice?

"I con u Want or no want" no hv choice?

"δΈθ¦δΉŸεΎ—εƒ"?

No no no?

Better go do sthg more meaningful ...?

Like watch the ants crawl here crawl there?

What "hai kow yew", "i fart u", "i con you" or "hai gong yew" ...?

Grandmaster sifu passed down "snake oil"?

LATEST robotic Artificial Intelligence version "10X"

"Sian Tao YOU"?

"10 Times more potent than I Con U"?

Whoever said...

Russian President Putin offered 3 million hectares (7.5 million acres) of land to China for agriculture purposes.

China will be using it mostly for soya beans farming, as imports of soya beans from the US has been reduced significantly because of the trade war started by the Pussy-grabbing Dotard Trump.

The land offering gesture by Putin reflects the solid strategic partnership between Russia and China, standing up against the US in solidarity.

Anonymous said...

Knn I really very upset but botak said curiosity alone does not justify release of official secret in the name of national security and unfortunately her salary is the national security type as it risk kidnaping etc😰

Anonymous said...

7.05pm anon, for making insensitive type of statement, u need to be sodomized lar

Anonymous said...

Its not curiousity about Ho Ching pay, it is proper accountability. It is also not proper to set up a private company to manage national funds n assets ie taxpayers' monies n hide behind this peivate company veil. It already reveals the intent. This are not private monies of Ho Ching nor Loong nor LKY. Wake up, Goalie!

Anonymous said...

Virgo //Likewise, the policies of The What's 4G or what's camping 5G or G-strings Leaders will also not cure all ailments.//



Matland there is this "prophesy" called "RAHMAN"?

Rahman
Abdul
Hussien
Madhater
Abdullah
Nahjeep

In one tiny snort, there is one also "TCSS"? NOT "talk cork sing song" lah ...?

Tuo Tao
Cha Tao
Sian Tao
Shok Tao ...?

Anonymous said...

Anon 7:27 am , you are likewise making insensitive type of statement.

Future Investigations said...

When PAP falls, Temasek Holdings and subsidiaries must be thoroughly investigated. The more secrets they hide, the deeper and wider the investigators should dig.

This secrecy thing is getting more and more absurd and drawing more and more suspicions.

If everything is above board, then there is nothing to hide.

National Security can be used as the umbrella to cover all sins. Sinners must be exposed.

The Keppel Corruption case had been going on for 13 years, yet Singapore is kept in the dark before the US Justice Department exposed it to the world. Moreover, up till now no criminal charges have been made against any of the culprits by AGC? Only a slap on the wrist and a lecture by the Chairman of Temasick???

This case must also be dug out when PAP falls.

What do you think?

Anonymous said...

I think PAP very difficult to fall one, as long as Sinkies 70% remain daft, selfish, kiasu, Kiasi and Kia chenghu. This has become the culture of Sinkapoor already.

With more foreigners converted to new citizens voting for PAP every five years, the foundation for PAP to rule forever has been set.

Only chance for PAP to fall is economic disaster or external interference (CIA-sponsored regime change or invasion by Malaysia or Indonesia).

Chua Chin Leng aka redbean said...

I would like to add one comment on Ho ching's salary. As speculated, some said her salary could be $54m. I think this is preposterous. You know how much is $54m? The combined basic salary of all the minister added together would still be less than this amount. So no one can earn so much money to make the salary of ministers meaningless. It will be an insult to the ministers for working so hard to help the people and the country and really earning peanuts if this is true.

Chok Tong's comment that minister's salary is not enough cannot be because of this.

This is just my reasonable guess and view. Cannot be. Just too much to be true.

Anonymous said...

Just too much to be true. But it may be too much by being true.

There cannot be smoke without fire. Go figure out!

Ⓜatilah $ingapura⚠️ said...

@ RB

What is preposterous is this insane belief that executives of The State should be compensated in a manner reflecting their (alleged) earning capacity in the private sector, and the whole darn process determined not by "market forces" but entirely by FIAT by the govt and parliament.

The people making tons of money in the private sector have to beat off the competition. There is no such mechanism in when one is employed by The State. The State is essentially a legal territorial monopoly. You simply cannot use "free market" arguments in matters relating to stuff the govt does.

When you have a monopoly, and then you have "private market" incentives, you can rest assured that your are going to get all sorts of moral hazards and adverse "knock on effects" (negative externalities). The most obvious one being that as private sector compensations increase (which they do), it would follow that compensations paid out by The State to their executives should follow in concert.

I've been saying, sarcastically, that PAP ministers and other top-tier govt execs who run their personal fiefdoms we know as "Statutory Boards" should be paid double or triple their present salary. Lo and behold, Goh Chok Tong---Emeritus, no less---comes out to reaffirm my snark by saying that ministers are not being paid enough, and that they have to offer BIG BUCKS to "incentivise" talent from the private sector to join the govt.

Well, I've been vindicated, once again---despite all the ad hominems hurled at me by people who take my writing way too seriously. I was right: Top tier govt salaries are TOO LOW! πŸ€£πŸ˜‚ WE ARE EXPECTING THESE PEOPLE TO ENDURE POVERTY and INORDINATE SELF-SACRIFICE by paying them like indentured servants or low-waged slaves to run our cuntry! Aiyoh, so Poor thing! Poor thing! Have mercy on them They are suffering. Pay them more...and more! πŸ€‘πŸ’°πŸ’°πŸ’²

What GCT has done is create an Entitlement Mentality in the offices of government. Once upon a time, in a galaxy faraway....there was a belief that you went to work for The State because it was an honour and privilege to serve your nation and its peoples.

That shit no longer applies. We now have a MONOPOLY with the wrong INCENTIVES, and what a fucking God-Awful mess it is.

It has become a CULTURE. You know when a culture is in existence because it has twisted logic and out-and-out pure BULLSHIT as The Glue which keeps everything together.

To sum up:

We have a One Party government/ Parliament which controls everything. It determines its own salary and compensation, by "benchmarking" to the private sector. It applies solid principles of SOCIAL ENGINEERING to manipulate public opinion, using State Controlled Media. It disallows political discussion. It defines "limits" of what you can say and what you can't. It responds very badly to any form of criticism. The idea of Moral Hazards don not apply because every one of these special elites are beyond reproach.

And the Sheeple accept this shit? Obviously. They bicker and complain. But never fail to acquiesce at the ballot.

And the PAP, know that!

Anonymous said...

Mathematically, if $54m, salary plus bonuses if worked for 20 years can add up to more than ONE BILLION S$ !!! Cannot be lah ! Not possible lah !

Anonymous said...

Who said not possible $1bln for Jinx over 20 yrs, maybe possible???. Just think Lee n Lee n Lee n Lee a few decades monopoly on HDBB legal contracts.... $1bln..possible or not???

Ⓜatilah $ingapura⚠️ said...

@ anons

Eh guys. Husband in charge of cuntry, also in charge of GIC. Wife in charge of Temasek. Father law firm in charge of settlement for HDB, which uses CPF money component for purchases.

$1 billion is not just possible lah. To me, it is the minimum Expected Value lah. 🀩

You all...standard too low lah. C'mon, you are Singaporean. That means your money-talk must be big big...or we revoke your birthright ok? πŸ˜…

Singapore Elite govt is the best of the best of our culture. We should be so proud of them. All Singaporeans worship money. They love the stuff, they love living good lives. And lets face it lah...put aside all the whinging, the majority of us live damn well in Singapore.

So Singaporeans in their wisdom chose The Top Money Worshippers to run the cuntry and its finances.

The Preacher, Brother Goh Chok Tong, has testified that The Money Worshippers need more money, and have urged The Faithful to Answer The Call and be "charitable" in their future givings.

The Church Of Singapore is the best church of all. We are rich. We are so rich we choose rich people to enrich themselves even more by "serving the community".

Lee Kuan Yew died for us. If he didn't we would have had to kill him just so we could be like the Christians 😝 (err...just to be clear, this is satire, a joke...so fuck off with any legal shit you choose to throw at me 🀑)

Have a blessed Sunday.

Amen-Ah-Lah-Akhbar!

Chua Chin Leng aka redbean said...

Matilah is in top form today.

See the great difference when he is not high on drugs.

Ⓜatilah $ingapura⚠️ said...

@ RB

You seem to think that being high is somehow a "bad thing". 🀣 Check out the current research on hallucinogens. For e.g. micro dosing of LSD offers many benefits.

And you simply assume that I'm not high, even though it's a weekend, when most hedonistic, freedom-living people do actually get high.πŸ˜‚

Anyway, I'm not high on any street drugs---which IMO, are to be avoided at all costs, for many reasons. Get your drugs from Big Pharma. These corporate giants spend billions on making the best drugs possible, which they then sell to the (public at high monopolistic prices). The public like being medicated. Over medicated is now the standard. Thus Big Pharma is always willing to oblige and "serve the customer". πŸ€‘πŸ€‘


Due to a minor temporary medical condition, I'm presently dosed with steroids. Thus my brain is racing and my mood is "very high energy". Unfortunately for my "party brain", the doc says the course is 7 days. Well, make the most of it, I suppose. 🀣