The firm (Temasek Holdings), which oversees $130 billion, said senior management has volunteered a 15 percent to 25 percent pay cut.
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OH MY GOD. 15 – 25 percent? VOLUNTEER? oh my god oh my god, i see snow outside my window.
didn’t Temasek Holdings lose more than 25 percent in quite a few banking and long term investments? how about the years that they lost money and still increased their salaries anyway?
no mention about freezing of bonuses?
“Temasek, led by Chief Executive Officer Ho Ching, is seeking to cut costs amid a slump in financial markets that has wiped out more than $33 trillion in global stocks this year, hurting the value of its investments.”
she can start by axing herself. that’s the first and biggest cut, so that we won’t lose so much in future investments, plus we can save on her salary.
What experience or credentials did she have to be Chief Executive of Temasek in the first place? The numerous investment failures have clearly demonstrated that she and her management team have failed in all aspects. Temasek is like a giant whale now slowly being harpooned to death because of her.
Why pay cut?
Are they not making profits?
Are they not performing?
What is the reason to VOLUNTEER ? Can advise advise not?
Remember that some of senior management are former army generals. Like, former defence chief Ng Yat Chung “took up the position of portfolio management managing director on Sunday – a newly created role.” There are also probably scholars in those senior management posts.
Now, you do not really believe Ms Ho Ching will fire these high flyers who are “destined for greater things”. They can even “promote” Mr Tharman to a minister after his brush with the law. What is not possible then.
This is another smokescreen, I will bet that they will keep quiet when Temasek reinstates their salaries and raise the pays (for their sacrifices) once the good times are back.
Now, let’s see if they will do the same stunt for GIC.
hey! don’t you know that you need to lose BIG to win BIG! this is only the beginning. temasek has to lose BIG first before they can win BIG! ha! ha! throw the bunch of them out with the dish water, beginning with all the army personnel! what do they know about portfolio management or finance? they only know how to obey orders and angkat!!! how else to move up the ladder??????????????
Must give credit where it’s due this time man…not bad…
They are copying Goldman Sachs’ Senior Management..
sorry too little too late already…my view of them has sunk to new lows, as low as their investments are hitting every trading day.
4) Middle Voter on November 21st, 2008 10.48 pm
What is the reason to VOLUNTEER ? Can advise advise not?
Son: daddy, 2masay is very the chiak lat now so how ah? my taling ah ching everyday dunno wat 2explain to the peeper all cow peh cow bu now.
Dad: ah leng kia, dun werely, lim peh ka lee kong, ask ah ching quick-kerlee announce for 15% cow koo lee kang, so stupid peeper will think we oso have heart wat . .
Son: but but like tat, my taling sure tulang one and later give me more pressure then I oso chiak lat wat…
Dad: huh! you really a gong leng, later I will give green light to increase your pay up 15% then you take part of your salary and give back to her lah, bodoh! wats the difference? LP=PL wat!
Son: oh ya hor! how come my lau peh so clever one . . hehe!
Buying up people who could be perceived by the electorate as capable – one way to limit the pool available to other parties. Not forgetting the mayors appointed to constitencies that already have MPs looking after “3 streets of HDB blocks”. Ever wonder what these guys does in their office? – attend funerals in their constituencies? Our senior leaders are really not doing the country favors by putting together “sustenance systems” that they must know is at best precarious. They should perhaps be honest with themselves and look at the national interest more than anything else.
“The firm (Temasek Holdings), which oversees $130 billion, said senior management has volunteered a 15 percent to 25 percent pay cut.”
Are you kidding or mocking us ? You screwing and farting up big time all this while and you now telling you only take pay cut ? You should have been kick out ! Stop the pretension ! You are not screwing thousand of dollars, you are screwing billions of taxmoney. By the way, if you are paid millions and overpaid already, what difference does it even take for these pay cut ? These pay cut is only resolve the overpay portion since you can even give yourself any amount without transparency and accountability to the public .
“They are copying Goldman Sachs’ Senior Management..”
Goldman Sachs Group Inc. Chairman and Chief Executive Officer Lloyd Blankfein is eligible for an $87 million bonus this year after his firm shattered Wall Street’s profit record.
“http://www.bloomberg.com/apps/news?pid=20601087&sid=aoRx5nTmsFNs&refer=home”
Imagine those clowns who have total lack of transparency will pay themselve what figure. Even 75% of US$87millions = US$63millions.
Will I surprise if someone tell me that the senior at TH and GIC which shroud in secrecy in management and salary will be earning US$20millions per year ? Remember some old clown tell us they are managing trillions dollar of economy !
So please tell me what difference of up to 25% will make when our clowns are overpaid and without accountability for performance and loss ?
I must agreed that Temesak did the right thing now to cut pay of it’s senior mgmt. I think they wan to show to all the businesses by example that salary cut is the first step. Retrenchment should be the last option out of this recession.
They are showing by example and should be commended. We should give credit when it is due.
This crisis is very ugly and devastating. I am fearful what the outcome may be. Lots of unemployed for sure and many businesses will fold for sure.
“They are showing by example and should be commended. We should give credit when it is due.”
It is of no use until they show us how much they are paid just like the minister’s need to declare. Remember these entities are managing on behalf of government. They are no different from gahmen.
If those clowns want to show they are exemplary in salary cutting, first tell us how much their salary. Fancy telling the people to cut 15-25% ?
1) Are those clowns overpaid themselves ?
2) What are they trying to tell us to cut between 15-25% when they did not reveal how much these senior management earning ? If after cutting, their salary still exorbitant in the region of $50,000 per month, then the these 15-25% is not exemplary consider that they did not take any risk or responsbility for the loss.
3) If these looks good to you, let me ask , how about those who earn $1000 – $3000 per month ? Will 15% – 25% look a lot to you. Remember the company also paying less for CPF after these cut.
These cutting shows us NOTHING because it does not impact these senior management at all if they are already paid unlike those in the ground.
“They are showing by example and should be commended. We should give credit when it is due”
Clealy it’s a PR exercise. What a maganimous act – 15 – 25% pay cut, reports telling you the size of investment potfolio and the healthy returns on investments and all these occupying half the page. A newsconference justifying the rationale behind the investment in ABC Learning(a childcare service provider !!!! and bankrupt!!!!) and explaining how much is left of the hundreds of millions invested would be better.
PR can be deceptive. Things are mostly not what they seem. Remember Enron?
“Singapore PM to earn almost 2 million dlrs — after pay cut”
Checkout this article posted on MSN News
http://news.sg.msn.com/article.aspx?cp-documentid=1801164