Wednesday, July 07, 2010

Those Minister Salary Hikes in Retrospect....

"......you have to pay the market rate or the man will up stakes and join Morgan Stanley, Lehman Brothers or Goldman Sachs and you would have an incompetent man and you would have lost money by the billions" - MM Lee, April 2007 [Link].

Lehman Brothers has collapsed due to incompetence and greed of its higher management. Lehman paid its people well but it collapsed. Goldman is under investigation for committing fraud[Link] and various forms of unethical behavior.

There are many lessons learnt in the recent financial crisis but it can all be summed up in several words - transparency, accountability, check and balance. Paying vast sums of money to people cannot bring you the desired results if these ingredients are missing. You attract people with mony, you will only get the greediest people in management and the end result can only be disastrous. We do not have a Freedom of Information Act (FOIA)....the PAP govt put in place a draconian Official Secrets Act (OSA) which is the reverse of the FOIA so that ordinary citizens will not have information needed to press for changes that can improve their lives and the country. The PAP govt engages in pork barrel politics (linking upgrading to votes) and repress the opposition so that there will be no check and balance in place - the PAP can do what it wants to preserve its own hegemony and serve its own interests ahead of those of ordinary citizens.

The PAP tells us that we need to pay more to get better leaders. It has been 3 years since those massive pay hikes for ministers ....are things better today than they were 10 years ago? Our lives will improve only when the system is changed and to change it we need to exercise our votes wisely in the coming elections....put in place the check and balance, demand the transparency that is missing and hold this govt accountable for what it has done.

57 comments:

Anonymous said...

CEOs of big companies eg Singtel, SMRT, Keppel, Capitaland etc are paid by the millions. And they are in charge of only a company.

Ministers, however, are in charge of affairs for the whole nation. So the logic is that they must be paid similarly. Or else no million dollar talents will want to be a minister. Or else people will say ministers are cheapskate compare to the million $ CEOs.

By the way these million dollar talents are the "best available". There may be bester ones but they are not available.

So we can see the type of results with the "best available".

Just like PAP is the best available Party. (BAP)

woodpecker said...

I dont mind the ministers getting multi-millions and even more IF AND ONLY IF that person is a REAL talent who can and will improve the quality of life for us, the taxpayers.

But if all were getting are self-serving "Yes"-men for their party, and will not even be responsible for their ministry's errors, then even one of them is too many.

Naturally, with commercially-pegged pay comes commercially-pegged expectations.

When commercial CEOs fail to deliver, they are fired. When ministers cannot perform and are still mollycoddled for their party's own survival, then they are having the cake and eating it too.

Like shareholders, we cannot be overly enarmored with a CEO's past performance. If a CEO cannot deliver profits this year or screws by badly, he has to go. No question about that.

This system has the potential to make our lives much better by providing incentives to attract the best to represent us, so that we'll all have a brighter future.

However, the other critical ingredient for this reward system to work well is for an alternative group of people who will keep the incumbents in check and be ready to take over should the incumbent get too complacent and arrogant.

We owe it to ourselves to vote out any party that abuses this generous reward system at our expense.

Legion said...

http://www.yeocheowtong.com/Salaries.html

Have a real sense of what the ministers are really getting... click the link.

Anonymous said...

"CEOs of big companies eg Singtel, SMRT, Keppel, Capitaland etc are paid by the millions. And they are in charge of only a company."

Singapore has closed loop system for many things:

CEOs of Local large companies (mostly government linked) are paid higher because otherwise they would go to government.
Ministers are paid higher because otherwise they would go to local large companies.
In my view the Singtel, SMRT executives are already paid much too high compared to the size of thei companies; how much are their employees paid; what is the ratio of the highest to lowest income? to the median income.

Not only Singapore has one of the highest GINI coefcicients, the same is repeated at local companies it seems.

Anonymous said...

"Our lives will improve only when the system is changed and to change it we need to exercise our votes wisely in the coming elections....put in place the check and balance, demand the transparency that is missing and hold"

It's true we need transparency and accountability from those who have been given the privilege to rule. The problem we are facing is because we recognize only one type of image. By granting them absolute power to promote their kind, it will inevitably offset the ecology of the well being of the people.

It is also reasonable to conclude that the only way out of this imbalance is to change the system. But exactly what makes this system "betterest" and how do w go about achieving it?
And then you went on to link the change with exercising our votes in the coming election which makes me wonder whether you understand where the problem had originated.
Don't you know that whatever shade of party they come in, you will always end up with minority rule usually of a self serving kind? If you want real changes, you need to get out of party politics because it always become a .... "private party" if we pander to their egos long enough.

Anonymous said...

Don't say big local companies, even smaller companies, the GINI coefficients of staff salaries are also high.

Reason is simple. There are cheap and good foreign "talents" readily available to fill jobs at the lower levels.

And for big local companies, especially govt linked, even if salary Gini coefficient is high, the lower level staff are still well paid compared to the private sector. For instance long serving non graduate staff doing routine or maintenance jobs can have monthly basic salaries around $4K to $5k. In the private sector these staff would have been replaced by young foreign talents.

Anonymous said...

Pap has played the political game so well that you can't change the system without toppling them. Not only many singaporeans think they are the best team for the money they pay themselves, many infuencial people outside of SIN tend to think so too.
Looks like the current system of governance going to remain for quite a while.

Anonymous said...

any idea why are the ministers still on pension scheme while the rest of the singaporeans can only opt for CPF scheme

Anonymous said...

any idea why are the ministers still on pension scheme while the rest of the singaporeans can only opt for CPF scheme

Anonymous said...

Not only many singaporeans think they are the best team for the money they pay themselves, many infuencial people outside of SIN tend to think so too.

I am not taking sides but supposing that stm is correct, it still doesnt solve the problem of the dearth of talents outside the ruling party which means the incumbent is still the best party for the country. Most of the opposition members rooting for a change are relatively new faces and untested in the sense little is known abt their past performances or even their pte lives.

so an unproven candidate, is he better than someone who is tested?

Anonymous said...

Wah lau, i read that Legion site,
if the contents abt the pay is true, it wud mean for their pay our President and PM together shud be running (US, UK, Australia, HK, Japan,Canada, Germany,France) X 2

Alan Wong said...

Did someone forgotten to tell us that he is actually paying millions (out of taxpayers' monies) so that his preferred son can continue to remain in power ?

Or someone must have been hiding the fact that in order to qualify for a Minister position, the most important criteria is that that particular candidate SHALL NOT possess an independent mind of his own ?

Or did someone deliberately and conveniently forgotten to tell us that if even if you don't have to pay millions for the position of a Minister, there are actually many other equally if not better qualified candidates who are willing to take up that a Minister's position for very much less. (eg. someone in the mould of Goh Keng Swee ?) But the problems is that that someone also happens to have a very independent mind of his/her own.

There can be a thousand and one reasons for not having the necessity to pay a Minister millions but yet you can get the same results. Just look at other countries.

And equally true, there can also be a thousand and one sinister reasons for having to pay a Minister millions.

Whatever the reasons, the most most important factor is the degree of reasonableness. If it does not even passed the test of reasonableness, then the given official reasons should be suspect.

For a second, do you believe without the slightest possible doubt, that our PAP Ministers are really that sincere ?

Anonymous said...

lucky pointed out that our lives will only change when we change the system. but most will think like.....so an unproven candidate, is he better than someone who is tested?

which makes lucky's rant pointless

Anonymous said...

i understd your pt, and lucky's rant is not pointless, they are all valid

Anonymous said...

pointless because you can't change the system because many think is the bestest team given that our talent pool is so small.

you can rant till the cow jump over the moon and change unlikely to happen given the present mindset of our 'besets team'

unless you are hoping for a miracle then go try the casino

Anonymous said...

Pay them more and we get fatter and greedier and greediest monkees!

They become big, biggerer, biggerest and lazy, lazier and laziest!

That is why, no one should feed wild monkees!

Alex said...

I guess there are still many ordinary folks that could do the job of these highly-paid MPs. The most important factor is that he/she must have us as the main priority & are not afraid to speak his/her mind. Problem is, with so much money at stake, most people would rather keep quiet & get on with life. They probably know that many Singaporeans are suffering but yet, they wont bothered themselves too much by speaking up. Why would anyone wanna break the iron rice bowl over a few unfortunate individuals?

Nowadays, I think MPs are just for show & nobody really does anything productive during Parliament meetings. Most just stare aimlessly into the air & the rest are just day dreaming. I would love to see a good mix of Opposition & PAP members in Parliament one day & see how they measure up to their promises before election. I don’t need my MP to be some scholar with 10 A’s or a brilliant heart surgeon, I just need my MP to give a shit about my welfare & care for the unfortunate. Now, I am not been greedy, right?

Anonymous said...

we dont have good opposition members
..that's fact

Anonymous said...

Aiyah, who doesn't want to be opposition member of parliament? 200k salary for ranting like lucky with no changes(since when they ever made changes to the system or policies to improve our lives)? Landing the job is as good as striking lottery man.......

Anonymous said...

Dear Mr Lucky

... psst ... the opposition have already lost the next election ...

A country goes into decline not because of rent seekers or evil bastards but because its good people (thats you Mr Lucky) do nothing.

Mr Greedy said...

true, true, only greedy people are attracted to money.

people with a genuine desire to serve the country will not be tantalized by money to join the corporate world.

pap: FAIL

Anonymous said...

to anon 7/7/10 18.20

we dont have a good government under PAP... that's a PROVEN fact

Anonymous said...

now a days there is little difference between answering the noble call to serve the people as a politician and answering the call of god to be a pastor.

both deny they are in it for the money and yet they have no shame fattening their coffers and living in the graces and privileges of kings and princes.

gone were the days when men would lay down their lives for their beliefs or neighbors.

these days, you need to promise them no less than 30,60 and 100 million fold returns if you want their wayang or highfalutin services.

it is no longer easy(grey) to tell the frauds from the freedom fighters!

Use your vote wisely said...

To Anon 7/7/10 18:20.
I beg to differ. Looking at the last election, the opposition candidates are a good lot and definitely not inferior to the PAP MPs. The problem is that we do not have enough of them to form a government. It's a question about quantity, not quality.
Having said that, most people will still not vote for the opposition because of our kiasu nature. Most Singaporeans believe the lie that the opposition are untested candidates (unlike the PAP ones). Well, looking at what has been happening in Singapore lately, can we say that the PAP MPs have been tested? Hmmm ... probably tested and found most wanting!

Anonymous said...

the only long term solution is to re-merge with a bigger country..

voet against vote for is just an ilusion in a small island

Anonymous said...

Things are so much worst in the last three years.

"the only long term solution is to re-merge with a bigger country.." I think you mean treason.

Anonymous said...

I dun think this is treason. Long time ago, we were part of the Majapahit Kingdom. It was geopolitically stable. Then the colonialist came around and carved up the land for their plundering. Today we are painted into a little red dot corner and without a hinterland. We can live like this with our reserves as buffer for rainy days or we should merge like the east and west germans did, the CIS, the EU and the US of A. I think it will come to pass. dt

Anonymous said...

"Well, looking at what has been happening in Singapore lately, can we say that the PAP MPs have been tested? Hmmm ... probably tested and found most wanting!"

Use your head.If (some) have been found wanting, the untested and inexperienced opposition members(most) may or will be worse if we throw them in the water.

The entire ship may even sink under their charge or in fighting.

runroad said...

...the untested and inexperienced opposition members(most) may or will be worse if we throw them in the water.

And what is your basis for saying that? Can you prove that the opposition will be any the less competent than the incumbent? Well, can you? No? Then you are talking through your rear end aren't you? By your absurd logic the FAP and LKY would never have been allowed into power in the 50's because THEY too were untried political amateurs at the time who had never held office and were therefore unfit to rule.

You are being dangerously disingenuous when you insinuate that our current rulers are 'special' in some God-like way. The truth is that any fool who can get himself elected to office can function perfectly well in whichever portfolio he is given: Lim Swee Suay is proof enough of that. Why? Because all the work is done by backroom staff in the civil service, that's why. That's what they're paid to do by you and me in order that political parties may come and political parties may go but the equilibrium of the nation shall carry on regardless.

Effectively all a minister need do is pick which he prefers of the several alternatives he is given. Tick the box and tell his minions to make it so. Finish. How do you think other countries manage OK with their 'unqualified' leadership? Have any collapsed in ruins just because the Minister for Finance failed his GCSE in Economics?

Sweep away all the smoke and mirrors and the stark truth is crystal clear. The FAP is living, breathing proof of one simple maxim: that absolute power corrupts absolutely - always, no exceptions. If they are returned to power in the next GE without their wings being substantially trimmed, then heaven help us all.

no country for poor man said...

Paying a person large sums of money makes it easier for him to do your bidding. Principles can be sold for the right price. Addiction to money is even worse than narcotics. This old man sure knows how to use it to his benefit. At the end of the day, there will be enough well paid men and women to defend the dynasty he has built.

Anonymous said...

I have always maintained that I have no problem if the MIWs want whatever pay they want. But they have to make sure that S'pore is next to Heaven. However it has been living hell for some, endless work/responsibility, lousy work/life balance, declining fertility etc. We have been shortchanged massively, think recent fiascos (SMRT, floods etc). I want my money back.

Anonymous said...

"It has been 3 years since those massive pay hikes for ministers"

Actually the PAPpies have already been giving themselves big fat salaries & bonuses for far longer than the past 3 years. It started way back in 1999 or 2000. By 2003, PM's pay already AT LEAST $2,000,000.

In 2004/5, the shameless pigs wanted to increase their salary by 30% but somehow created a big hoo-hah among citizens. So the greedy pigs said ok, ok, We will split the increase (30%) over 3 years. That's why the old freaker finally vented his anger in 2007 by talking down to us.

Can't wait for general elections. My fingers itching to select opposition liao --- any opposition also can, even cat, dog, pig or rat.

VOTE FOR ACCOUNTABILITY, VOTE OPPOSITION!!

Anonymous said...

I have been lurking on Lucky's blog for some time now but have never spoken up. I absolutely agree with some points here but I do not believe a change in government may actually solve our problem. It may or it may not. I believe a lot of folks including are quite tired of tired of their promises never being fulfilled.

I left Singapore years ago to live abroad for this very reason i.e. Singapore was more autocratic than democratic. There is no transparency and accountability behind every single decision. There is no community involvement to help shape the country.

I remember that I was heavily involved in national debates when I was younger and had met up with leaders like Lim Swee Say, Seng Han Tong etc In this particular year, we were debating on national issues like Foreign Talent Versus Local Talent, Singapore, an aging society etc I think there were some good views in those debates but they were never taken into consideration. Now that I flash back, why wasn't the community involved? It was all a show. At the end of the day, we are just living the dreams of our 'leaders'.

I apologise for the blabbering above but I believe is for the system to change. It has to become more community driven. As citizens, we need to be able to help shape the country and not live the Singapore dream that someone else has built.

Cheers mate!

Anonymous said...

"Use your head.If (some) have been found wanting, the untested and inexperienced opposition members(most) may or will be worse if we throw them in the water."

OMG, there are actually such daft singaporeans (or pap internet brigade operatives) as anon 8/7/10 02:16...

Anonymous said...

Anon 8/7/10 2:16

Nice good try !

Try harderer and then harderest.

Then all will believe you as they had believed many decades ago with much regret now.

Anonymous said...

"Paying a person large sums of money makes it easier for him to do your bidding. Principles can be sold for the right price. Addiction to money is even worse than narcotics. This old man sure knows how to use it to his benefit. At the end of the day, there will be enough well paid men and women to defend the dynasty he has built."

Do you think it will be any different with the next-in-power wannabe?
The current regime figures that Sg only means of survival is to be exceptionally rich and therefore to achieve that, she has to indulge the rich and give them the freedom to do their thing.
If the next incumbent denounces highfalutin paychecks and employ conservative fundamentalists to run this joint, we may see an exodus of Jews back to Egypt, leaving the rests of you baked under the hot sahara sun.
The moral of the story?
When those who want to run your life have tasted salami, they won't want to go back eating kandang again.

Anonymous said...

"Paying a person large sums of money makes it easier for him to do your bidding. Principles can be sold for the right price. Addiction to money is even worse than narcotics. This old man sure knows how to use it to his benefit. At the end of the day, there will be enough well paid men and women to defend the dynasty he has built."

Do you think it will be any different with the next-in-power wannabe?
The current regime figures that Sg only means of survival is to be exceptionally rich and therefore to achieve that, she has to indulge the rich and give them the freedom to do their thing.
If the next incumbent denounces highfalutin paychecks and employ conservative fundamentalists to run this joint, we may see an exodus of Jews back to Egypt, leaving the rests of you baked under the hot sahara sun.
The moral of the story?
When those who want to run your life have tasted salami, they won't want to go back eating kandang again.

no country for poor man said...

Anon 12:18,

Yes, there is no guarantee that the next-in-power won't give themselves big paychecks like the incumbent. So it comes down to deciding between the devil you know and the devil you don't. How about not asking for so much like change of government? How about a more balanced parliament where real debates and questioning can take place? How about doing away with ISA so that bona fide political opponents are not put away on trumped up charges? Most of us are by no means asking for the sky, just baby steps toward true democracy. Perhaps the fear of losing the lucrative pay is creating a seige mentality. Unable to accept any alternative views.

Anonymous said...

"Effectively all a minister need do is pick which he prefers of the several alternatives he is given. Tick the box and tell his minions to make it so. Finish. How do you think other countries manage OK with their 'unqualified' leadership? Have any collapsed in ruins just because the Minister for Finance failed his GCSE in Economics? "

Runroad, you are pretty simplistic with your view on leadership aren't you?
There are generally two kinds of leaders. One that rules with a stick and the other rules with clout.
To tell those under your charge what to do is the easy part. If they are not happy obeying, beat them into submission if you have to. But to rule with respect is the hardest.
lky was very lucky to be positioned in history to do what he did. No one can deny he has build up more clout than anyone else here. And I am not saying he doesn't rule with a stick. I am saying his impressive resume does most of the talking now a days.
Now what is it about this clout we are talking about?
Clout is like a proven brand. Unless things here go terribly awry, this brand thing will mobilize resources better than any other unproven parties.
Point I am making here is that these other parties have as much clout as low thia kiang.
People like him cannot stop the pot from brewing over.
Community and foreign politics will stab them in the back with so many holes they won't know whether they have been slapped in the face by pimps or the pope.

Alex said...

I dont really understand why people are saying that we dont have credible Opposition. First of all, these people arent some gangster from Johor Rd nor are they uneducated boorish people. I think most Opposition candidates hold a diploma, at least. It doesnt really matter how much they have studied, the main question that needs answering is how much they care!

Just look at the PAP MPs, most of them are straight A students, dont smoke or drink, live a healthy lifestyle, hold a high paying job in some GLC & NONE stays in some HDB pigeon hole! Now, what have these Saints contributed to make life easier for you & I? You have LSS asking us to be Bestest, you have LKY blaming us when MAS escaped, you have LHS not wanting to be our Platoon Commander & you have some MPs you have never heard drawing many thousands a year & doing nothing! The PAP has been telling us that their candidates are the best cos they could achieve 10 A's in their exams, but do we need some smart-arse scholar telling us that we are Lesser Mortals? I would rather give this position to a Regular Joe cos at least, he understands that my salary isnt enough to get me thru the month. Therefore, pls dont judge the Opposition badly just cos they arent some Oxford scholar or CEO of DBS/ST or whatever.

Anonymous said...

daft. the "anointin"g is passed down that's the major difference.
most can drive so the only diffeence is whether you have been certified to drive or not,understand?

Anonymous said...

"...By your absurd logic the FAP and LKY would never have been allowed into power in the 50's because THEY too were untried political amateurs at the time who had never held office and were therefore unfit to rule..."

Yes it is fair the oppositions shud be given a chance.

"...The truth is that any fool who can get himself elected to office can function perfectly well in whichever portfolio he is given: ....Because all the work is done by backroom staff in the civil service, that's why. That's what they're paid to do by you and me in order that political parties may come and political parties may go but the equilibrium of the nation shall carry on regardless...."

Yes, that is fair conclusions when the backroom is staffed with tons of scholars.


"..Effectively all a minister need do is pick which he prefers of the several alternatives he is given. Tick the box and tell his minions to make it so. Finish. How do you think other countries manage OK with their 'unqualified' leadership?.. "

Yes the work is not as tough when the office is filled to the corners with lots and lots of high calibre assistants in attendance.


"..Have any collapsed in ruins just because the Minister for Finance failed his GCSE in Economics?..."


The HK leader is not a graduate, neither was Winston Churchill, both were great leaders of world class capabilities. Deng Xiao Peng and Hitler wasnt college educated either yet they make such impact on their countries with their leadership.

"...The PAP has been telling us that their candidates are the best cos they could achieve 10 A's in their exams, but do we need some smart-arse scholar telling us that we are Lesser Mortals? I would rather give this position to a Regular Joe cos at least, he understands that my salary isnt enough to get me thru the month. Therefore, pls dont judge the Opposition badly just cos they arent some Oxford scholar or CEO of DBS/ST or whatever..."


We need intelligent backroom staff, perm secs etc. Regular Joe is fine by me as Minister, and US didnt collapse with Bush in charge becos he had alot of capable assistants. Our backroom assistants are world class, plenty of scholars etc and they are highly efficient too. Hence we could end up missing not much without the incumbent party in charge, it is just business as usual.

Anonymous said...

The caveat to the above is that the backroom staffs are slow and blur, otherwise we may miss nothing much with new people, oppositions running the govt.

Anonymous said...

daft again. If it is so easy to churn out winston churchill, countries with much greater talent pool would have done so.
and if you are that daft,scholars under you would want to quit and seek for greener pastures.

Anonymous said...

Truth is we have great staff at every levels, even at the top we have councils of advisers, plenty of top dogs to guide the new leaders so that the orchestra team wud still be delivering good music even with a lousy conductor in charge and that piece of wisdom has been highlighted before.

Anonymous said...

Anon 18:55, you are daft indeed, this place of all places we have no shortage of talent pool and no deprivation of super pay scales; furthermore many of our original leaders were not born here so it is nothing new to recruit expatriate Ministers if you pay them well and offer them citizenships. BTW, there is nothing stopping bright perm secs from running for govt as oppositions if they think they are able, or are seeking greener $$$ pastures. The people will benefit with the upsized choices. Think out of the box and stop talking like a goondu.

Anonymous said...

daft opposition logic.if it is so easy, there won't be coup against top dogs.open your eyes to the reality around you pls.

Anonymous said...

Go read Animal Farm by George Orwell.

Anonymous said...

Me loves the argument that if a capable leader ends, the nation ends with him or something to that effect.

It's coming, age will take a man away and based on the Arguments' premise, the Man will bring the Statehood along. Nice reasoning.

Maybe, if a tycoon or a corporation buys the whole of the Island and change its' name and run it as a business entity, this tiny dot could prosper many more decades. As a country, hard to tell its' fate, so the analysis that without a branded leader, survival may not sustain holds a very high probability.

patriot

Anonymous said...

8/7/10 13:56

That's more reasonable. Unfortunately we have adopted a false democratic model from the days of the greeks luminaries. We have indulged in their philosophy for centuries and modified it here and there.

I thnk that the people in power now are caught up in creating and building waves. Until they slam themselves against the walls, we can only hope for a true democratic model of governance to emerge.

Anonymous said...

Many key appointment holders work on the basis of " quan xi". I believe many are engaged that way. These ppl have high respect for those who call upon them. Remove the " quan xi" the whole dynamics of this place changes with the change of leadership from top down.
Don't play play dafties. :)

Anonymous said...

Why can't we have minister that is cheaper, better and faster like what Mr Lim Swee Say preach so highly.

Anonymous said...

Paying so much for our mini-stars will take its toll one day. So a PM gets over S$3 million a year, let's break it down.

There are 365 days a year, assuming he works a 5day week & that's 104 off-days, leaving 261 working days. I would think he will have a 21 day annual leave, leaving 240days. I would reckon he takes 10days MC a year & that leaves him with 230 working-days. Supposed he works 12 hours a day, that means he only actually works 115 days! Out of this 115 days, let say he takes a 2 hour lunch daily & that would leave him with 105 working-days. Out of these 105 days, he takes a 30 minute break everyday, so that leaves him with 103 days of work. Therefore, if you take S$3million divide it by 103, you get S$29126 a day or S$1213 for every minute!! Our dear leader is getting more a minute than many people get a month!! Amazing!!!!!!!!!!!!!

Anonymous said...

if u interested u can ask your neighbors and friends to vote for u the coming elections, rewards better than big sweep.

Anonymous said...

Even MPs laugh their way to the bank. For doing what? Just enough to laugh more to the bank?
Oh pls send more opposition to the same miserable fate. Lol

Anonymous said...

At least the Lehman Brothers got punished when they lost their job. But our ministers were never judged and continue to make BIG bucks.

Anonymous said...

better to hire Obama at 5 times his salary? if they encourage foreign talent and wants to attract the best in the world, why not do that?

it;s not like our leader have a proven track record in global success prior to taking up their roles and for them to be even in the consideration as capable for GS Global CEO is laughable.