You too, Brutus, my son?
Tu quoque, Brute, fili mi?
– Julius Caesar
In the beginner's mind there are many possibilities, in the expert's mind there are few.
You too, Brutus, my son?
Tu quoque, Brute, fili mi?
– Julius Caesar
ST April 4, 2008
Mark of a leader ‘not in his top grades’
That is the assessment of those who were top students. They value competence, leadership qualities, including EQ, more
By Jeremy Au Yong
ACADEMIC grades are a useful measure for identifying a potential political leader but it should not be the topmost criterion.
That assessment came, interestingly enough, from people who were top students, with four As in their A levels.
They were reacting to Prime Minister Lee Hsien Loong’s statement on his urgent search for a successor in an interview on Tuesday, when he also highlighted the brain drain among the 4As students. PM Lee had also indicated that based on past experience, it would take about three elections to groom a leader.
The Straits Times interviewed 10 people who had 4As, and the key traits they seek in the country’s leaders are competence, capability and leadership qualities, including emotional quotient or EQ.
Top grades are not critical, they added.
Even a PM without a university degree is not anathema to civil servant Jenny Tan.
BIGGER WORRY
Another civil servant, Mr C.L. Lian, 31, put it this way: ‘The person must have demonstrated intellect and problem-solving ability, but the emphasis doesn’t have to be on grades. I’m sure Bill Gates would be someone you want.’
Mr Gates, co-founder of software giant Microsoft, is one of the world’s most famous university dropouts.
Mr Lian added that though the current selection system was sound, the grooming period might have to be shortened.
‘Currently, there is this grooming period but we may not have 20 years to give,’ he said, referring to PM Lee who entered politics in 1984 and became PM in 2004.
Mr Lian said it was important for the political leaders to decide which parts of government need leaders with knowledge and experience in government, and which ministries can do with leaders without government experience.
He cited Senior Counsel K. Shanmugam – who is going straight from being an MP to Law Minister – as a case of a person who was not groomed to be a minister, but had the right skills and experience.
Some interviewed, like Nominated MP Siew Kum Hong, felt there may be a need to change the way leaders are chosen.
Said Mr Siew, who had 4As in his A levels: ‘Now, we seem to be going about choosing one like we go about giving scholarships. There’s this list of objective criteria.’
The answer to who should be the next PM will depend on how the question is framed, he added. ‘If we are looking for technocrats and managers, then you’ll be competing with the world. If you frame it differently, if you’re looking for leaders of the future, you probably could come up with a different characteristic.’
MP Baey Yam Keng, another top scorer, said academic excellence was a ‘necessary although not sufficient’ criterion. Even then, he said exceptions could be made. ‘Grades are important at the entry point but over the years, they become less and less important.’
In his interview with The Straits Times and Lianhe Zaobao, PM Lee had highlighted data that show one in four – 150 out of 600 – top A-level students yearly works overseas after their studies. ‘This flow is going to continue. So it’s a big challenge to find successors, particularly for politics,’ he said.
The extent of this brain drain does not surprise those interviewed, who added that it is not at the heart of the problem.
Said corporate tax associate Sarah Seow, 26: ‘I believe the greater problem isn’t the brain drain, but the political apathy of my generation.
‘I know that among my peers still staying on in Singapore, many of us are talented and intelligent enough to become the Government’s next tier of leaders – the only problem is that we may have become so caught up in our own careers and desires that we don’t see a reason to get involved in politics.’
2001-03-17 – 14:50:19
Dear Singapore,
You’re going to be 35 this year. You were born in 1965, which is the same year that you became an orphan. So every year we celebrate your birthday and also–the anniversary of a separation.
This is an image I can’t seem to get out of my mind: a birthday for the orphan. Teachers and classmates surround the orphan boy, sing him a song, and ask him to make a wish. It is the same wish that he has made every single year. Then he blows out the candles, they clap, and he sinks his knife into the cake. Because he is the birthday boy, they let him have the rose-shaped biscuits. He goes to bed with the smell of chocolate cream on his fingers. But what comes after that? What is the meaning of his birthday? Why does his presence in this world also have to coincide with the absence of those who brought him into it?
Maybe you think that I’m looking too far ahead. Why can’t I live just for the present? Why should my eyes be permanently aimed like cannonballs into the fortress wall of the future?
But isn’t that what you’ve taught me to do?
I was born in 1977, which is 12 years after you. According to the Chinese calendar, this would make the both of us snakes. The Chinese supposedly don’t like to have snake babies. I can only guess why: snakes are venomous, they are predatory, they are bad omens. They also shed their skins.
But no animal sheds its skin like you. The generation before mine was the last to see the National Theatre. My generation’s gift to the next is the rubble of the National Library. I could name many more casualties of your developmental frenzy: Van Kleef Aquarium, Chinatown, Kampung Wak Hassan, Capitol Cinema, Noah’s Ark, Sungei Buloh, Pulau Ubin. My inheritance is a legacy of collective amnesia.
I am a snake child too. And sometimes I feel like shedding this skin. Or rather, seven layers of skin: There is one with a permanent sheen of sweat, a souvenir from the current heatwave. There is one with cane marks. There is one where a patch is still burning with the memory of a touch. There is one dye-stained with the green of my army uniform. One tattooed with my I/C number. An iridescent one, coming from pure blue mornings when everything became abundantly clear, the hieroglyphs of clouds spelling out all I needed to know. And finally one bruised by nights when I was dreaming of inhabiting another life.
I went to KL some time last year, and it felt like home. I met all kinds of people involved in all kinds of activities committed to the enlargement of civil space: environmental activists, AIDS activists, people who run women’s shelters and small presses. How easy it would be a few years down the road to shed this skin of my citizenship and begin anew in a place like KL, where the people do not have to continually, helplessly witness spectacles of loss.
But the skin is not a garment. And whatever lacerations inflicted on it, I cannot peel it off and discard it like a tattered rag. The skin must heal, scars must purse their lips, ulcers close their eyes, scabs brushed off crumb by crumb. But healing takes time. And time for you is a luxury.
What I want from you, Singapore, is the recognition that you run the risk of being unrecognisable. Maybe it is economic necessity that propels your constant facelifts. But I don’t want you to shrug off successive incarnations like split-second sleights-of-hand. When you break my heart, Singapore, I don’t want it replaced with a new one, beating to the synchronous rhythm of the Singapore Heartbeat. I want the fracture to close up and heal, however long it takes.
Now I want to return to the orphan boy. Like you and me, he is a snake child too. On the night of his birthday, he lies in his bed and slips into a dream. He sees his parents, who are sitting under a tree. But in his dream he is a snake. He slithers up to his parents and in an outpouring of affection, coils around their bodies. He thinks, like him, that they will be able to shed their skins and return, rejuvenated, for another round of caresses. But they are crying, touching the red welts on each other’s bodies. They run away, and he is alone. Again.
On National Day, Singapore, you will embrace me in your python loops, and the blood will rush into my eyes, exploding in fireworks, and my strangled throat will break into song. But what about the marks you leave behind?
This is what I imagine: after a night of costumed bodies and showers of fire, a melancholy kind of dawn. Silent, except for the sound of brooms raking the ground, drink cans rolling down stadium steps. Black bags of rainbow-coloured confetti. Folded parachutes. Blisters from tight-fitting shoes. Flags dragged back into HDB flats like August laundry from the September rain.
Singapore, give me time to catch my breath. Give me time to examine the sheath of broken skin you have left behind in my hands as you slipped away. And you will return next year, the same snake, but with a different skin, while I can only remain the same. Sometimes I wonder what it would be like if you came back to this same spot, to shower me with your reptilian love, only to find–that I am no longer here.
I just want to strike this one bargain with you. You stay the same for me, and I will stay behind for you.
I will stay.
Love,
Eat this, GIC Special Situations Group!
Swiss bank UBS reports huge loss after subprime debacle
22 hours ago
ZURICH (AFP) — Swiss banking giant UBS plunged to its first-ever full-year net loss on Thursday after losing 18 billion dollars in the US subprime mortgage crisis.
Bank chairman Marcel Rohner said the losses were “unacceptable”.
UBS revealed a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007, compared to a profit of 12.3 billion Swiss francs in 2006.
“We are obliged to confirm these unacceptable results,” Rohner told a telephone conference on the figures.
“While most of our businesses continued to be very profitable, the sudden and serious deterioration in the US housing market, in combination with our large exposure in sub-prime mortgage-related securities and derivatives, has driven us into loss for the year,” he said.
Analysts said the losses were in line with expectations as UBS had already said two weeks ago it would post a full year loss of around four billion francs.
Helvea analyst Peter Thorne warned that UBS is less attractive to investors than its rival Credit Suisse, which on Tuesday announced full year profits of 8.5 billion Swiss francs after limiting its subprime exposure.
UBS’s balance sheet “remains a worry for investors,” the London-based analyst said.
“Our preference for betting on a recovery in financials is with Credit Suisse where exposures are lower and known, and management has for more credibility,” Thorne added.
In the fourth quarter alone, UBS lost 12.45 billion Swiss francs against a profit of 3.4 billion francs in the same period a year earlier.
“Last year was one of the most difficult in our history,” Rohner said.
In the fourth quarter, writedowns linked to the US housing market amounted to 13.7 billion dollars.
For the year as a whole, its exposure was 18.1 billion dollars, making UBS the third-worst hit bank after Wall Street giants Merrill Lynch, with 19.4 billion dollars, and Citigroup 21.1 billion dollars.
UBS said it expected 2008 to be “another difficult year” given plunging stock market values and growing fears of a recession in the United States.
However, the bank’s chief financial officer Marco Suter said there were unlikely to be any more “big surprises” with regard to subprime writedowns.
“We are not expecting any new major surprises and we are continuing to reduce (subprime exposure) in January and February,” he told reporters.
“We were clearly over-exposed in the high-risk US housing sector and ill prepared” for the financial crisis, Suter admitted.
UBS acknowledged that part of its market risk control framework proved inadequate as the subprime crisis gathered pace in the second half of 2007 but said it has taken steps to improve its oversight systems.
In December, UBS turned to Singapore’s state invesment arm (GIC) and an unnamed Middle Eastern investor to help restore its balance sheet.
GIC said it would inject 11 billion Swiss francs into UBS, giving it a stake of around nine percent and thus making it the largest single shareholder, while the Middle Eastern investor was to put up two billion Swiss francs.
Some shareholders have voiced unhappiness with the plans to raise funds from foreign, state-controlled investment bodies, fearing the terms of the deal could put existing investors at a disadvantage.
UBS’ share price has taken a pummelling in recent weeks and Thursday was no exception.
The bank’s shares were down 7.76 percent at 37.68 Swiss francs in late afternoon trade on the Zurich stock exchange, bucking an otherwise positive market trend.
I HAVE always associated Singapore Airlines (SIA) with exceptional customer service, but was disappointed before even boarding my flight.
I am a student going overseas on a six-month study attachment and am facing great difficulty in squeezing all my necessary baggage into SIA’s 20kg Economy Class Checked Baggage Allowance. Hence, I wanted to see if there was any solution other than paying high overweight baggage charges. This was the start of my frustration.
First, I called the Baggage Office number on their website. The baggage officer informed me that I could request for a Baggage Allowance Waiver with valid reasons by calling SIA’s Reservation Hotline. Several attempts to call the hotline were met with a dead tone. When I finally managed to get an officer on the line, I was informed that they had no authority to grant such waivers. He then said that I should call their ‘baggage department’ and directed me to SIA Cargo.
The officer at SIA Cargo directed me back to the Reservation Hotline. The second reservations officer then told me that if I required additional baggage allowance I should have booked my ticket via a travel agent, as there was some extra baggage benefit. Having booked my ticket several months back, this was not a viable alternative. Upon further enquiry, I was told that I should e-mail SQ Reservations with my request. The short reply to my e-mail was that they could not grant my request due to ‘high operational costs’.
My issue is not with being denied the waiver but with the constant redirection of my request to yet another inappropriate department and the shoddy way in which it was handled. With its reputation as a world-class airline, I expected better of SIA. I can only hope that such substandard service is the exception rather than the rule.
Angela Ang Jie Ling (Miss)
By May Wong, Channel NewsAsia | Posted: 01 February 2008 2115 hrs
SINGAPORE : Minister Mentor Lee Kuan Yew believes that Singapore needs to find its fourth generation political leadership by the next two elections or it will be in deep trouble.
Speaking at a conference on Friday on the future of Singapore as a global city, he also said he believes that the optimum size of Singapore’s population should be between 5 million and 5.5 million. This compares with the target of 6.5 million set by the country’s planners.
The audience heard Mr Lee’s views on why Singapore should not become like Hong Kong but maintain a certain greenery and space and be unique.
Mr Lee said: “I have not quite been sold on the idea that we should have 6.5 million. I think there’s an optimum size for the land that we have to preserve the open spaces and the sense of comfort.”
The main theme though was on how talent in a globalised world is scarce and for Singapore, this talent pool is scarce.
MM Lee said: “Now we’re confined to a Singapore team. It’s one thing going to the South China Sea for deep sea fishing. It’s another going to Sentosa lagoon. The size of the fish are different.
“But despite that, we have succeeded because I could sense that if we do not produce a team A, what the original team has done would peter away.”
Even among his grandchildren, only one took up a scholarship and he is concerned the rest may not return after their overseas study.
Mr Lee stressed several times that Singapore is losing its top talents abroad. And he is extremely worried that the country will not have enough people to produce a good team of leaders to come up with the best solutions to see Singapore through into the future.
He said that a core of “A” team Singaporeans, born and bred here, has to be found to lead Singapore in the next two elections.
Mr Lee added: “They are the guarantors of the values, the continuity, the sense of commitment that cannot waver in any crisis. I see that as our major threat. Not so much the attraction of talent coming in, but the loss of talent attracted out.
“If in this two elections, you don’t see the silhouette of a fourth generation A team, then you have reasons to worry.”
Mr Lee noted that many talented Singaporeans are drawn to big financial and legal institutions overseas. So the country has set up organisations like Contact Singapore to try and attract them back home with the opportunities available here.
If Singapore wins the challenge of retaining at least two-thirds of the nation’s top talents here, then the country will have a strong central core.
And it is these leaders who have to manage expectations of a population which will increasingly see income disparity.
MoS Int’l takes suit against S’pore licensee to High Court
By Chua Hian Hou
A LONDON-BASED nightlife company is taking its lawsuit against the firm running the Ministry of Sound (MoS) club in the Republic to Singapore’s High Court.
Ministry of Sound International earlier filed a suit against the Singapore licensee in the British courts, but it seems it has now moved this legal action over to the courts in the Republic.
The MoS outlet at Clarke Quay, which opened in 2005, is run by LB Investments, a subsidiary of listed Singapore firm LifeBrandz.
LifeBrandz told the Singapore Exchange last Friday that Ministry of Sound International has served a writ of summons on LB Investments.
It said the writ ‘alleges breaches of certain terms and conditions of a licence agreement pertaining to the ‘Ministry of Sound’ brand’.
LifeBrandz said it would ‘vigorously defend’ the ‘unmeritorious’ allegations.
The same announcement also said that Ministry of Sound International had ‘discontinued’ its ‘entire claim’ against LB Investments. These claims had been originally filed with the High Court of England and Wales in mid-November.
The lawsuit earlier filed in Britain alleged that LB Investments had violated its licensing guidelines. The alleged violations included not playing the right type of music, not maintaining a stable website and not using the right staff uniforms.
Ministry of Sound International was reportedly suing LB Investments for damages and to force it to stick to its licensing guidelines.
A LifeBrandz spokesman could not be reached for comment yesterday.
LifeBrandz shares closed unchanged at 5.5 cents yesterday.
When I joined the service, my first permanent secretary was Hon Sui Sen. When he died in harness, in the mid-1980s, he was the Minister for Finance, and I was one of the permanent secretaries in that ministry. He was my boss for most of the intervening 25 years. He was, without doubt, the best reporting officer I had, a perception that most of my contemporaries who served under him shared. I have tried to apply his template of leadership and management in the many areas where I have worked, albeit with nowhere near as much success.
Nonetheless, I was fortunate to observe that template at close hand and to try to replicate it. I suppose that is how traditions in an institution are built, and a culture of good governance is fostered. Like most good things in life, the concept is deceptively simple, the application a matter of discipline. It is a distillation of principles and practices that have stood the test of time. But for success, the environment has to be wholesome.
The example must come from the top. If that vital element is missing, good deeds below decks may ameliorate the situation, but cannot make up for that critical deficiency. So, what was it in Hon Sui Sen’s leadership style that many of my contemporaries and I admired?
Without doubt, integrity—not just moral, but intellectual. Some will say, “What is so unusual about integrity?” Surely, leaders must have integrity to get to their lofty position. Integrity is more than keeping the hands off the till, although scary examples in recent times suggest that some leaders cannot even refrain from doing that. Consider Enron, WorldCom, Tyco, Parmalat.
Then, there are shades of grey—ethical issues that do not transgress any law except one’s sense of honour and straight dealing. But intellectual integrity goes further than that. It is a matter of quietly defending your position no matter how unpopular it may be to the institution.
A second outstanding quality of Mr Hon was his ability to delegate a large measure of authority to his subordinates, to leave them to run their show, and to avoid breathing down their necks. Of course, they were held accountable for their actions, and Mr Hon was no namby-pamby when it came to disciplining people. Yet, he would always support subordinates who made an honest error, and did not shield himself by assigning blame to others. He took the rap for anything that went wrong in his bailiwick.
You may well imagine that such behaviour comes from enormous self-confidence, without arrogance. It is the measure of a person’s generosity of spirit, modesty, the even tenor of his ways, and a forgiving nature. At the same time, while Mr Hon was prepared to defend his officers and ministry, he was respectful of authority, following the age-old principle of rendering unto Caesar that which is Caesar’s.
A third, key attribute was his skill in drawing out ideas from his officers through a heuristic approach, gently challenging assumptions, and urging thinking out of the box. He got the best out of his people.
That, in a nutshell, is what characterises an outstanding leader and manager. Textbooks, management consultants, workshops, seminars, and executive courses, all play a role in the effort to learn about management and leadership; or, if you like, in the context of present-day Singapore, creativity, innovation and entrepreneurship. But above all, keep the eyes and ears open. There are always many examples of outstanding leadership around.
The attributes of good leadership are eternal and universal. They stem from traditional norms embellished by sound management-practices that have evolved and been refined with experience.
The starting point is clarification of the mission, based on a realistic assessment of the environment, and courage in pushing the envelope. Strengthen the organisation, paying particular attention to how people are managed and endowed with authority. Encourage openness, do not fear dissent within limits, and allow those now-cherished attributes of creativity and innovation to flourish. Finally, define and know your customer, and respond to his legitimate needs.
When I look back on the institutions in which I have worked, I do not see any fundamental difference in the package of leadership and management skills that contributes to success. Of course, each institution is unique, with its own mission and culture. An adaptable leader can, within reason, certainly function in many environments. The civil service, or at least the administrative service, testifies to that dictum. The key to successful leadership lies in the individual, the experiences he has been exposed to, the environment. Management gurus, seminars, consultants, and so forth, may be useful tools. They cannot substitute for the real thing.
~ JY Pillay, Reflections of a Recycled Bureaucrat, April 2004
You see? Temasek, you see?
Merrill Lynch seeking new capital from Chinese and Mideast investors – report
December 30, 2007: 08:46 AM EST
LONDON, Dec. 30, 2007 (Thomson Financial delivered by Newstex) — The new chief executive of Merrill Lynch (NYSE:MER) (OOTC:MERIZ) & Co Inc is in talks with Chinese and Middle Eastern investors this weekend that could lead to a capital-raising sale of another big stake in the US investment bank, the Observer reported.
John Thain is taking calls from a number of potential buyers, understood to include sovereign wealth funds from the Gulf and China, in a bid to raise extra capital, the newspaper quoted an unidentified US observer as saying.
Singapore state-linked investment company Temasek Holdings (Pte) Ltd said on Dec 26 it had invested 4.4 bln usd into Merrill — equivalent to 91.7 mln of Merrill’s shares at 48 usd a share — plus options to buy more shares worth up to 600 mln usd, as a vote of confidence in Thain’s leadership.
The newspaper quoted the unnamed US observer as saying the Temasek cash would not be enough to insulate the group from the impact of the global credit crunch and another unidentified source as saying Thain was seeking extra overseas capital to boost Merrill’s balance sheet and to avert potential future liquidity problems.
More propaganda to stem the loss of talent. It does not say what proportion of lawyers get nine months. Usually 1 or 2.
Straits Times, 29 Dec
Bonuses for top lawyers hit 9 months
Business boom leads to larger payouts this year, with big firms paying 5-1/2 months and upwards
By K.C. Vijayan, Law Correspondent
BIG law firms, buoyed by the business boom, are handing out bigger year-end bonuses this year, with the best payouts breaching the nine-month mark.
The Straits Times understands that top performing lawyers in top-league firms like Drew & Napier and Rajah & Tann are getting high payouts across the board as rewards to recognise good work when the going is good.
Other firms like Harry Elias Partnership (HEP) and KhattarWong also awarded fatter bonuses of between 5-1/2 and eight months to its lawyers.
HEP’s managing partner Latiff Ibrahim said its top performers are in the ‘booming corporate, construction and litigation practices’.
KhattarWong’s Subhas Anandan said the bigger bonuses also spilled to the non-legal support staff, with the best receiving up to 5-1/2 months.
Lawyers generally attributed the fat bonus cheques to the strong economy, increased revenues and the need to pay high performers for ‘all the hard work and all the nights they have put in’.
WongPartnership, one of the biggest firms here, has had an ‘extremely good year’ in terms of the transactions and briefs received, said Mr Chou Sean You, a partner in the firm.
‘We expect to remunerate our lawyers well for all the hard work they have put in throughout the year,’ he said, adding that his firm traditionally declared its bonuses in January.
The upturn has benefited small and medium-size firms as well, especially in conveyancing work, said senior lawyer N. Sreenivasan.
‘Whether the property boom continues into the new year remains to be seen,’ he added.
He said that ‘with expected rental and salary increases next year, law firms will have to be more efficient, to reduce the impact of these increased overheads on the cost of legal services’.
Small firms which may not be able to match the fat bonuses of their bigger counterparts are unfazed, with some noting the hidden toll in work-life balance for those working in the top league.
Said Mr R. Kalamohan, who has run his own firm for more than 18 years: ‘I don’t know how many ‘handicaps’ I have compared to big firms, but when you look at the work-life balance, it is a different issue.
‘I am not constrained to burn the midnight oil every day unless there are exigencies. I do not think income is the main criterion for a good life.’
Give that man a Tiger.