celebrating singaporeans - Sim Wong Hoo

Sim Wong Hoo The non graduate entrepreneur who conquered the world with music and sound through his Sound Blaster Card is the new breed of successful and generous Singaporeans that we should be proud of, and bless him. He made his money through his ingenuity and perseverance. I still remembered his Cubic personal computer that was not much of a success until the Sound Card came. And he made his money not being an employee and demanding his company pay him exorbitant salary or ridiculous bonuses. He made his money from the worth of his company, Creative Technology, and the value of its shares. And he is giving them away. I have not kept track of his philanthropy but the amount donated is probably close to $100 million or more. The latest foundation which he set up to honour his mother, the Sim-Tan Siok Kee Foundation received $33 million for educations, arts, the poor and aged.

the money mind

Singaporean Students will now be ranked according to their monetary value each month, to reflect their potential value to Singapore’s community at large. This will begin at a negative value, since a Singaporean at the Primary One level has taken in resources to be educated while potentially achieving little. However, once the Singaporean has been streamed and categorised, the monetary value can increase exponentially. EM1 students, primed to go to top secondary schools, junior colleges, and exotic educational programs, are usually valued between SGD4000 - SGD8000 a month, depending on academic performance. “The impact this scheme will have is tremendous,” claims Mr. Fan. The above is posted in ypapforum. I am not sure of its authenticity yet. my blog is worth more than US$4000! how money crazy can we be?

There will be no Singapore in the future

Below is an extract of an article by Seah Chiang Nee posted in littlespeck.com. It spells out why Singapore will be no more in the future by exactly what we are doing today. It is like we know we will be damned if we take this route but this route we will take. Minister Mentor Lee Kuan Yew has projected Singapore as a vibrant city of up to seven million people by 2030, with probably a huge global element. By then, Singapore-born citizens will be a minority in their own country, helped by declining birth rates and Singaporeans working or settling abroad. They may be outnumbered two to one by foreigners settling here, not all of them permanently committed to this place. Singapore will likely remain a migrant society, but more so than before, seemingly destined to be a population in transition. Like at various stages of its past, there will – in future - be waves of foreigners settling down and then leaving for a better life. Its own true blue citizens, too, will increasingly become an international creature. MM Lee spoke of his concern of having too many Singaporeans living abroad with their families (estimated 150,000 to 200,000). “If more Singaporeans work abroad and their children forget their roots, there will be no Singapore node to send them out ... They dissolve and disappear and there is no Singapore,” he said. He worries about a new generation of Singaporean international workers who are open to different identities losing their roots to the home country.

culture of greed

A few days back I posted about US$40 million bonuses and today there is an article in the Straits Times titled, 'Fat bonuses for London bankers creating backlash.' The issues are the same, all the bankers are paying themselves crazy. And this has led to Tony Blair saying 'inequality matters. The big gap between those at the top and those at the bottom makes for a sick society'. And Cabinet Minister Harriet Harman called for 'action to stop these excessive ridiculous bonuses'. This perceived culture of greed represented a serious problem for business, acknowledged Richard Lambert, director of the Confederation of British Industry. I am not against individual enterprise and earning big bucks. But these fat bonuses are obscene and they are taken from the real owners and workers who have no control over them. It is left to a few sharks at the top to decide how much to share the loot. There is no control and accountability to the real owners, the minority shareholders, the small people in the streets. What corporate governance when everyone is scratching everyone's back? Power must be returned to the real owners of the wealth, and profits must be spread more downwards to the workers that are struggling to make ends meet. Why would these greedy honchos want so much money when a year's bonus is enough to last them several generations? It is all greed and the lack of corporate governance to control the excesses. In today's Straits Times there was another article about the role of independent directors and accountability. I don't think the problem is just in the independent directors.

Myth 109

'The illusion of higher income' Singapore is the only place in the whole world where the Govt has to help the middle income and higher income groups of people. What? Higher income people need govt help? Now what is wrong with that? Or are these higher income earners only higher income in name sake but actually poor like hell? Cannot make ends meet, and constantly juggling their finances to make sure that they can get by? I would have thought that once a person becomes higher income earner, he should be in a very comfortable position, to live well and enjoy life, not waiting for govt assistance.